While it still might be true that money can’t buy you love, it turns out love itself comes with a pretty hefty price tag.
According to a new study put out by RateSupermarket.ca, a website devoted to personal finance, falling in love in Canada costs an average of $45,151.88.
The study came to this total by breaking down what it would cost for a year of dates, an engagement and then a wedding.
Here’s a more detailed breakdown:
A year worth of dates: $7,494.94
This includes 12 “fancy dates,” at a total cost of$ 1,884.72, or $157.06 per date.
Then of course you have to take into consideration those “casual dates” like takeout dinners and coffee dates. Thirty-six of these over the course of the year will cost $489.00.
Then when you add two weekend getaways to the mix ($914), a beach vacation ($2,426.66), and then those other little expenses like flowers and a new wardrobe ($1, 265.16), you’re looking at one large chunk of change.
Engagement: $10,693.94
If you’re rolling eyes at this point, just remember that you’re not even at the wedding yet. RateSupermarket says an engagement ring alone will run $4,200.
Then when you have factor in another year of dates, plus a new wardrobe that complements your ring when you’re showing off to your friends, you’re out another $4,493.
And you’re still not off the hook: an engagement party will set you back another $2,000.
Wedding: $26,963.00
You’ve finally made it to the big day. But this is by far going to be your biggest expense. Pre-wedding costs alone -- which includes the rings, invitations, styling and gown – can add up to $5,805.
Then, on the wedding day itself, you’re going to have to dole out $9,430 when you factor in favours, the cake, a limo and a venue. And then when you add the cost of decor, photos, music and the honeymoon, you’re looking at another $9,728.
Suddenly those friends of yours, the ones who got married at city hall and had a small lunch at the groom’s mother’s house, aren’t looking so dumb after all.
While the editor of RateSupermarket.ca admits the study is a bit tongue and cheek, she says it highlights the need for daily budget awareness.
“While you can’t put a price on a personal connection, Canadians should be aware that they will incur expenses as a result of their dating habits and relationships,” Penelope Graham said on RateSupermarket’s website. “These costs in turn should be accounted for, along with the long-term impact ongoing relationships will have on a financial plan.”
