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RateSupermarket.ca

February 11, 2013 10:12 ET

Turns Out You Can Put a Price on Love! It's $43,842.08

TORONTO, ONTARIO--(Marketwire - Feb. 11, 2013) - A recent study by RateSupermarket.ca, Canada's independent financial rate comparison site, has uncovered startling evidence that, despite what troubadours and beat poets may tell us, love DOES indeed cost a 'thing'… in fact, many, many 'things.' The sweetheart study crunched the costs associated with a romantic relationship from wooing to weddings and has determined that the list price of love is a wallet whopping $43,842.08!

To determine love's perilous price tag, the research team came to a consensus on the basic elements of a modern relationship, then undertook extensive analysis into those hard costs to determine a final tally. Since all relationships are unique, median costs and timelines were used for the calculations.

The following is a breakdown of the 'cost of love' (based on a one-year courtship, one-year engagement, and average costs for a wedding in Canada):

The Costs of Courtship:

EXPENSE RESEARCH REVELATIONS QUANTITY AVERAGE COST PER ITEM TOTAL
'Fancy' Dates Nice dinners / theatre tickets / etc. 12 $160 $1,920
Movie Dates Two tickets + snacks 12 $42.95 $515.40
Casual Dates (substantially less fancy) - Take-out dinners
- "Movie Date" at Home
12
12
$25
$5.99
$300
$71.88
- Coffee dates 12 $11.99 $143.88
Weekend Getaways 2 days and 2 nights, room + $100 in credit charges. 2 $426.46 852.92
"Apology" Flowers - delivered Only needed after 'major' disputes 3 $49.95 $149.85
New Wardrobe for him For when she 'improves' him Excludes a sweater (which his partner will buy him for his birthday and he will wear to all social outings.) $980.81 $980.81
Beach Vacation Travel is the ultimate test of your relationship mettle Winter, all-inclusive, 4+ stars $1,001.00 each $2,002
TOTAL Courtship $6936.74
One Year Engagement:
EXPENSE RESEARCH REVELATIONS QUANTITY AVERAGE COST PER ITEM TOTAL
Engagement Ring Cannot be used as a birthday, holiday or Valentine's Day gift under any circumstances 1 $3,500.00 $3,500.00
Another Year of Dates, etc. Repeat of previous expense, less a beach vacation since couple will be going on a honeymoon, and with only 50% of first year's wardrobe 'upgrade' cost 1 $4,444.34 $4,444.34
Engagement Party Low-key, wine & cheese + desserts 1 $2,000.00 $2,000.00
TOTAL Engagement: $9,944.34
Wedding Wallet Wallop:
EXPENSE RESEARCH REVELATIONS AVERAGE COST PER ITEM TOTAL
Wedding The research team recommends one wedding only Venue = $9,255.00
Honeymoon =$5,470.00
Rings/Bands = $2,470.00
Photographer = $2,206.00
Bridal Gown = $1,847.00
Decor/Florist = $1,343.00
DJ/Musicians = $1,247.00
Limo = $753.00
Cake = $584.00
Jewellery = $483.00
Hairstylist = $467.00
Guest Favours = $452.00
Invitations = $384.00
TOTAL Wedding: $26,961.00
The Total Cost Of Love: $43,842.08

"We're having a little fun with this, but all kidding aside, money problems are the most common reason for break ups," said Kelvin Mangaroo, President of RateSupermarket.ca. "It's important for couples to have common financial goals, and to share a strategy for achieving them before committing to a long-term or lifelong relationship."

RateSupermarket.ca has also prepared an infographic further illustrating the financial effects of romance, which can be viewed here: http://www.ratesupermarket.ca/what_is_the_cost_of_love/

Source: The Vanier Institute of the Family: Divorce: Facts, Causes & Consequences, Dr. Anne-Marie Ambert

About RateSupermarket.ca (www.ratesupermarket.ca)

Over 2.8 Million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada's largest and most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.

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