The Real Cost of Love

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The Real Cost of Love

Being in love in the Great White North is more expensive than you might think. According to its 3rd annual Cost of Love report (link), Canadian financial news company RateSupermarket reports that couples spend approximately $50,339 in the pursuit of love and marriage. This number includes the expenses associated with one year of dating, a yearlong engagement and the average price of tying the knot in Canada. This figure is 11.4 percent higher than it was in 2014.

Understanding the Rising Costs

Why the big jump in price? There are several factors believed to contribute to the 11.4 percent year-over-year increase. One is the declining value of the Canadian dollar which, in recent months, has flirted with the all-time lows reached in the spring of 2009. A declining dollar impacts the price of most goods and services sold in the country including food, clothing and travel, all of which factor into the cost of dating and hosting a wedding. However, the largest contributing factor to the price increase was the $4,000 jump in wedding-related expenses. RateSupermarket partially attributes this phenomenon to engaged couples opting for pricier options for their big day.

Dating

Dating expenses are not always factored into the equation. However, they should not be overlooked for couples who want to end up at the altar. RateSupermarket estimates that couples spend an average of $7,740 on one year of dating. This includes fancy dinners, casual dates at the movies, weekend getaways and incidentals like flowers and new clothes.

The Engagement

Many couples are engaged for a year before they marry and it can be an expensive 12 months. According to RateSupermarket, engaged couples should expect to spend approximately $10,914 during the year. More money for dates and apparel are two of the line items. The big ticket elements associated with this period are an engagement ring and party.

The Wedding

The actual wedding accounts for over half of the $50,339 total and comes in at $31,685. The wedding dress, all the costs that come with the venue and the honeymoon are the most expensive line items.

Ways to Lower the Tab

For couples distressed over the numbers, there are ways to spend less money on the entire process.

  • Spend Less but Don’t Skimp on the Romance

Instead of going for pricey dinners at trendy restaurants, consider packing a picnic and heading to a scenic spot. Cooking at home is also very cost-effective and, if you plan it right, doesn’t have to be less romantic. Skip movies at a theater and the overpriced popcorn, and watch a film at home. Many of the online movie subscription services have near current releases. Their options are typically much less than the price of two tickets in a movie theater. There are also many older romantic movies that are fun to watch.

  • Go Casual for Your Wedding Rehearsal Dinner

A rehearsal dinner does not have to be an elaborate sit-down affair. Consider having a BBQ or having the party catered by food trucks. Your guests may actually have more fun.

  • Avoid Saturdays

Saturdays are typically the most popular day of the week for weddings. Planning yours for a Friday or Sunday will probably save you money. If you are planning a wedding in your hometown and most of the guests don’t have to travel, this can be a particularly viable option.

  • Wear Informal Wedding Attire

Gone are the days when a bride had to wear an extravagant dress and have ten bridesmaids attired in expensive dresses. Tuxedos are also no longer necessary for the groom and groomsmen; suits can be a great alternative.

Dating and getting married is a very wonderful and exciting time in your life. Hopefully couples can focus on the joy of being in love rather than on how much everything costs.

The Real Cost of Love

Being in love in the Great White North is more expensive than you might think. According to its 3rd annual Cost of Love report (link), Canadian financial news company RateSupermarket reports that couples spend approximately $50,339 in the pursuit of love and marriage. This number includes the expenses associated with one year of dating, a yearlong engagement and the average price of tying the knot in Canada. This figure is 11.4 percent higher than it was in 2014.

Understanding the Rising Costs

Why the big jump in price? There are several factors believed to contribute to the 11.4 percent year-over-year increase. One is the declining value of the Canadian dollar which, in recent months, has flirted with the all-time lows reached in the spring of 2009. A declining dollar impacts the price of most goods and services sold in the country including food, clothing and travel, all of which factor into the cost of dating and hosting a wedding. However, the largest contributing factor to the price increase was the $4,000 jump in wedding-related expenses. RateSupermarket partially attributes this phenomenon to engaged couples opting for pricier options for their big day.

Dating

Dating expenses are not always factored into the equation. However, they should not be overlooked for couples who want to end up at the altar. RateSupermarket estimates that couples spend an average of $7,740 on one year of dating. This includes fancy dinners, casual dates at the movies, weekend getaways and incidentals like flowers and new clothes.

The Engagement

Many couples are engaged for a year before they marry and it can be an expensive 12 months. According to RateSupermarket, engaged couples should expect to spend approximately $10,914 during the year. More money for dates and apparel are two of the line items. The big ticket elements associated with this period are an engagement ring and party.

The Wedding

The actual wedding accounts for over half of the $50,339 total and comes in at $31,685. The wedding dress, all the costs that come with the venue and the honeymoon are the most expensive line items.

Ways to Lower the Tab

For couples distressed over the numbers, there are ways to spend less money on the entire process.

  • Spend Less but Don’t Skimp on the Romance

Instead of going for pricey dinners at trendy restaurants, consider packing a picnic and heading to a scenic spot. Cooking at home is also very cost-effective and, if you plan it right, doesn’t have to be less romantic. Skip movies at a theater and the overpriced popcorn, and watch a film at home. Many of the online movie subscription services have near current releases. Their options are typically much less than the price of two tickets in a movie theater. There are also many older romantic movies that are fun to watch.

  • Go Casual for Your Wedding Rehearsal Dinner

A rehearsal dinner does not have to be an elaborate sit-down affair. Consider having a BBQ or having the party catered by food trucks. Your guests may actually have more fun.

  • Avoid Saturdays

Saturdays are typically the most popular day of the week for weddings. Planning yours for a Friday or Sunday will probably save you money. If you are planning a wedding in your hometown and most of the guests don’t have to travel, this can be a particularly viable option.

  • Wear Informal Wedding Attire

Gone are the days when a bride had to wear an extravagant dress and have ten bridesmaids attired in expensive dresses. Tuxedos are also no longer necessary for the groom and groomsmen; suits can be a great alternative.

Dating and getting married is a very wonderful and exciting time in your life. Hopefully couples can focus on the joy of being in love rather than on how much everything costs.

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