The Cost of Love in Canada: $50,339.21

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RateSupermarket.ca’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 RateSupermarket.ca.

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.

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The Cost of Love in Canada in 2015.

“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 RateSupermarket.ca. “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.”

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To find the total cost of love, RateSupermarket.ca 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

 

 

Related Topics

Personal Finance / Personal Finance News / RSM News / Savings / Savings News / Your Budget

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