RATESDOTCA’s 3rd Annual Cost of Love Study Finds Price of Romance Increased 11.4% Year Over Year
Have you met that special someone? Your bank account better shape up - from first date to cutting the cake, love will set you back a heartbreaking $50,339.21, according to the third annual Cost of Love study from RATESDOTCA.
The 2015 edition, which crunched the costs associated with a one-year dating period, one-year engagement and the average Canadian wedding, finds the price of romance is on the rise - up 11.4% from last year.
“While no financial formula could fit each unique relationship, our research does find that, on average, the prices associated with dating, engagement and nuptials have increased,” says Penelope Graham, Editor at RATESDOTCA. “And, as costs for food and travel grow amid today’s low currency environment, our findings underscore the importance of being financially prepared for life’s milestones.”
Graham adds that while you can’t put a price on a personal connection, “Individuals should be aware how increased spending - whether on entertainment, travel, or a certain piece of jewelry - can derail the best-laid of financial plans.”
Pro tip: Are YOU earning the most cash back or travel points on those dining and vacation costs?
So Cupid… Will That Be Cash or Credit?
To find the total cost of love, RATESDOTCA conducted a cost analysis on the top expenses faced by couples, from casual dating to wedding day:
One Year of Dates: $7,740.21
12 Fancy Dates: $2,335 Avg cost: $194.50
(nice dinners + theatre tickets)
36 Casual Dates: $489 Avg cost: $13.58
(12 takeout dinners, 12 coffee dates and a Netflix subscription)
12 Movie Dates: $570.96 Avg cost: $47.58
(movie tickets, concessions)
2 Weekend Getaways: $821.50 Avg cost: $360.75
(2 days away, 2 nights away, $100 credit card bill)
Beach Vacation: $2,254.67 Avg cost: $1127.33 Other Expenses: $1270.08
(Flowers: $126.98 Men’s Wardrobe: $1143.10)
One-Year Engagement: $10,913.99
Another Year of Dates + 50% Wardrobe update: $4,913.99
Engagement Ring: $4,000
Engagement Party: $2,000
Tying The Knot: $31,685*
*Source: 2014 Weddingbells/Mariage Quebec Reader Survey