Love Can Hurt Your Bank Account

You might not realize it now, but your first date could have very well been the beginning of the largest spending spree of your life. Since the average courtship before a marriage lasts more than two years, dating is an expensive venture. Flowers, presents, dinners, and movie tickets are just the beginning of the list of items single men should factor into their budgets, according to dating and relationship experts. Meanwhile, let’s not even get started about the costs of maintaining a long-distance romance.

By the time you actually walk down the aisle, you could easily have spent more than $40,000 on vacations, jewelry, wedding expenses, and meals out, according to calculations.

In some cases, people are so intimidated by the cost of dating that they actually avoid it, and this is a manifestation of personal finance fanaticism, according to experts. Some people have actually stated that they don’t want to get into a relationship because it’s going to cost them an expensive piece of jewelry. But most people don’t think about it. They feel true love is worth what it costs for a relationship to evolve.

Money makes up for a lot

Don’t be misled by this, however. Money is frequently high on most single people’s priority lists. Nearly 70% of women and 50% of men said they were interested in marrying for money, according to a Prince & Associates survey of 1,134 men and women earning $30,000 to $60,000 a year. When asked just how much money it would have to be, in all cases it was over $1 million in net worth and, in some instances, as high as $2 million.

As men and women think about the potential trade-offs of a relationship, money seems to carry a lot of weight in terms of balancing other considerations they would rather overlook.

Meanwhile, the courtship period is usually the ideal time for couples to make comprehensive statements about how much they care for each other, through the purchase of expensive gifts and dinners. In most instances, men tend to spend more money overall, especially when it comes to women’s jewelry.

Crazy for love

For example, the average amount spent by a jewelry buyer in 2007 was $3,267, with men spending nearly twice as much as women.

How much people spend and their buying behavior is very much linked to personality and their basic attitude about buying and spending in other areas of their lives. When the idea of romance comes in, rational behavior tends to go out the window.

Also, dating brings in millions of dollars to the retail industry each year, much of it on Valentine’s Day. People between the ages of 25 and 34 – when many couples are dating or engaged – plan on spending the most on that day, with those in that demographic planning to shell out, on average, $160.37.

Romance and love are a big business in the retail industry. Small gifts such as a sweater, apparel, flowers or large gifts, including expensive jewelry or a trip to someone’s favorite spa, or sports tickets, really speak volumes when it comes to showing someone how much you appreciate them.

Buying your bride

Indeed, most people tend to view the amount of money they spend while dating as an indicator of a long-term future together. This is especially true for men.

The data shows that their commitment depends more on tangible and financial investments. It could be that men pay more attention to that sort of thing than women, and it could also be that men are investing more than women.

Those first few months of dating are prime splurging opportunities. To impress their dates, men will do such things as ordering a bottle of the restaurant’s most expensive wine or tipping lavishly – even if they can’t afford it. Women typically respond positively to these gestures. Money essentially serves as a “subterranean language” between couples. It is never spoken but is understood by both people.

Still, there is a limit to how much people can spend. When they finally decide to tie the knot, men may be even happier than women. Why? They can’t afford to date for much longer.