Lucky in Love? It'll Cost You

By RateSupermarket.ca

Feeling the warm fuzzies for a special someone? Well, hang on to your cinnamon hearts; a new study by RateSupermarket.ca shows that there are actual monetary costs associated with falling in love.

The research, titled "What Is The Cost Of Love", crunches the expenses of an average one-year dating period, one-year engagement and the average Canadian wedding. As it turns out, the financial effects of Cupid's arrow go far beyond jewellry; the study includes casual bonding time, weekend getaways and nights on the town in addition to the bling.

You'll be shocked at the sticker price.

Wear Your Wallet On Your Sleeve
Thinking of taking your sweetie out for Valentine's Day wining and dining? Such an event can be chalked up as a "Fancy Date", 12 of which are included in the study and total $1,920 over a one-year period.

Casual Dates which refer to chill nights in with takeout and Netflix, or meeting up for coffee, tally up to $515.76 for 36 dates over the initial first year, along with $515.40 for 12 movie dates (just another indicator that movie popcorn is waaay overpriced).

The study also includes references to "Other Expenses" including apology flowers, and a new wardrobe for "when she improves him". While tongue-in-cheek, these categories illustrate that frivolous daily spending and unexpected expenses can incrementally creep up over time - proving that being in the doghouse really can cost you! The total for an average one-year relationship? Those dates will set you back a whopping $6,936.73!

Here Comes the Debt
It's when your relationship really starts to get serious (as in, you've put a ring on it), that the big numbers roll out. The study found that the average one-year engagement came to $9,944.34. While this includes the engagement ring, dollars were also set aside for a $2,000 engagement party, as well as a second year of dates (though only 50 per cent of the wardrobe "improvement" budget are allotted, and the tropical getaway is passed over in favour of a future honeymoon).

Wrapping up the sweetheart stats is a colossal $26,961 - the cost of the average Canadian wedding. This includes pre-wedding purchases, such as a bridal gown ($1,847), invitations ($384), and jewellry ($483). Wedding day costs included $9,255 for a venue, $584 for a cake, and $753 for a limo, among other expenses. And don't forget those outstanding bills to be paid off after the big day - that DJ will set you back an average of $1,247!

No Need to Break Up With Your Bank Account
If these proposed expenses have you thinking twice about settling down with your sweetie, fear not; RateSupermarket.ca has some savings tips to ease the financial impact of amour:

1: Invest In a Proposal
Considering a future proposal? Why not put your funds to work now with a high interest-earning short term investment? A foolproof option like a GIC or Government of Canada bond will keep your funds secure, and will mature with a payout just when you need it.

2: Don't Let Love Go To Your Head
It's easy to get giddy in the thralls of a new relationship - but don't let that translate to impulse spending. While it may not be romantic, sticking to a basic budget while dating is necessary to protect your finances.

3: Crush On the Right Credit Card
If you're planning to travel or indulge in fine dining or theatre, why not use a credit card that'll reward you for these purchases? Pick a travel rewards card to offset the cost of that tropical couple's getaway (the Scotiabank Gold American Express recently took top spot in RateSupermarket.ca's Best of Finance rating), or specialty rewards that offer points you can put toward a night on the town.