February 10, 2016 2:37 pm
Updated: February 10, 2016 5:15 pm

Why falling in love could cost you over $60K

WATCH ABOVE: All those fancy dinners and dates sometimes add up to marriage. But they’re also leaving a big dent in your bank account. Here’s what we’re shelling out for love.

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Being in a relationship does not come cheap in Canada.

RateSupermarket.ca has done some number crunching and found one year of dating can cost a person over $10,000. In 2016 that breaks down to: 12 fancy dates ($3,330.50), 24 casual dates ($521.22), 12 movie dates ($570.96), two weekend getaways ($1,251.50) and the grand prize of a beach vacation ($3,523). The study even took into account additional expenses like flowers ($140).

Things only get more expensive as a relationship progresses. An engagement could set someone back the cost of another year or two of dating on top of the ring (plus a pricey party to show off the pricey ring). 

READ MORE: What to spend and how to save on a diamond ring

Tying the knot is now estimated to cost some $39,000.

That brings the total bill for love to almost $62,000 — a 22.8 per cent increase from last year and a whopping 41 per cent jump since 2013, when the study debuted.

So why are the costs of coupledom on the rise? Those behind the study feel the loonie’s recent tumble has taken a toll on the cost of dining out and travel.

WATCH: Top vacation destinations in Canada that won’t empty your wallet

“For couples planning significant financial milestones, this year may be especially hard on the wallet,” said Penelope Graham of RateSupermarket.ca.

“While not terribly romantic, it’s important for couples to take economic factors, such as the strength of the dollar, into account when planning leisure activities.”

Relationship expert Dr. Jess O’Reilly stresses people don’t have to spend a lot of money to show their love.

“When we look at the numbers, people who invest more in their wedding actually have higher divorce rates,” she said.

O’Reilly added that while relationships are worth investing in, spending on expensive dinner dates and flowers in February is not a good idea.

“The bottom line is that it’s not actually worth it.”

WATCH: More from O’Reilly

She advises couples avoid the packed restaurants on Valentine’s Day and opt for 14 days of kindness instead. That might involve couples preparing each other food or giving one another a massage.

Those daily demonstrations of affection can arguably be worth more in the long run than anything money can buy.

Here’s a closer look at how the cost of love breaks down:

cost-of-love-infographic

Global News

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