Single phase mean your are getting electricity by one wire, three phase mean you are getting electricity by three wires. It depend upon your house load if your house load is simple a fridge, a tv, a water pump, even a 1.5 ton ac then single phase is enough. For heavy load i.e two acs require three phase meter. Now a days there is voltage problem and three phase connection provide better voltage.
Single phase and three phase consume same electricity on same load.
Digital meter count even 6 watts energy saver, while analog meter ignore the load upto 60 watts depending upon meter condition.