The cost of falling in love? A cool $45,000, study finds
Published Wednesday, February 12, 2014 4:44PM EST
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.
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.
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.”