Toronto-based RateSupermarket.ca's 2016 Cost of Love study, which crunches the costs associated with a one-year dating period, one-year engagement and the average Canadian wedding, finds the price of romance has increased to $61,821.60, up by 22.8% from last year.
Specifically, the cost of travel and dining out — exacerbated by the Canadian dollar's recent tumble to about US70¢ — account for a greater portion of the dating budget this year, according to the study.
Here's what your clients need to know about the rising costs related to dating and getting hitched.
The cost of loveSlideshow
One year of dates: $10,684
The 2016 Cost of Love study tabulated the expenses for 12 fancy dates, 24 casual dates, 12 movie dates, two weekend getaways and one beach vacation. Whether you are splurging for a gourmet dinner, or snuggling over Netflix, the costs can quickly add up.
A one-year engagement: $12,165
Factor in $5,000 for an engagement ring and $2,000 for an engagement party, plus a wardrobe update and flowers, not to mention another year of courtship.
The wedding: $38,973
According to the 2016 Cost of Love study, a reception will set the couple back $15,227,and the ceremony will cost $2,875. Additional costs include $2,105 for the bride and $637 for the groom. And don’t forget the honeymoon, $2,453.
How to handle the costs
As the study highlights, the road to marriage can be expensive. Help your clients establish their budget and a dedicated savings and debt pay-off timeline before the big day. The report recommends setting up automated monthly savings for clients’ nuptial nest eggs.
Reap the rewards
If clients use a rewards-based credit card to pay for wedding costs, they could earn enough points to pay for part of the honeymoon or any other important costs. Just remind your clients that they need to pay off the balance before incurring interest.