According to the 2017 Cost of Love study from RateSupermarket.ca, the cost of a budding relationship through to full bloom is $66,444.09, up seven per cent from last year.
The fifth annual study totalled the average costs associated with a one-year dating period, a one-year engagement period, as well as the cost of an average Canadian wedding, including a honeymoon.
“While we understand that each relationship has its unique circumstances, finances have to be considered when preparing for life’s milestones, including finding love,” says Leonie Tait, Vice President of Marketing at RateSupermarket.ca.
The modest increase in the cost of love year over year could be attributed to rising prices in restaurant food, which led to more expensive dinner dates and event catering for weddings compared to the prior year.
As dining out becomes more expensive, so does our taste in food. With the growing popularity of the “foodie” culture, the bride and groom may wish to stand out at their wedding by creating a distinguished food experience for their guests, translating into higher reception costs.
From Dating to the Honeymoon, Love Costs a Pretty Penny
To find the total cost of love in 2017, RateSupermarket.ca considered many factors including fancy dinner dates, casual movie dates, getaways, engagement rings, engagement parties, wedding attire, venues, a honeymoon, and more.
How to Subsidize the Cost of Love
Don’t let these numbers give you cold feet. Thankfully, there are ways to subsidize costs and keep the love alive:
- Build a Newlywed Nest Egg: Establishing a budget between the two of you is important to starting your life together on the right foot. Meet with a financial advisor or use budgeting apps to create a dedicated savings plan. This way, you can manage any debt the two of you may already have, and avoid accumulating any more from wedding costs.
- Reward Your Relationship: Get a rewards credit card that can earn cash back towards gas or groceries, or even points towards travel to help you pay for that honeymoon. To make things go by a little faster, create a joint account with multiple cards so both you and your significant other can make purchases that contribute to the rewards pool. But make sure that you are able to pay off your balance in full at the end of each month.
- Invest in Your Future Together: While looking forward to, and saving for, things like buying a house, a car and starting a family, you may want to look into high-interest savings options like GICs and TFSAs to give your savings a boost. As a bonus, make an agreement to put all cash wedding gifts into your savings as well.