How to Budget for Love

I don’t care what hardcore romantics say. You can put a price on love. In fact, with more single people than ever in the U.S., singles are throwing down some serious dough in search of a soulmate — or just a suitable partner.

Let’s look at some numbers, shall we? For starters, dating services alone make up a $3 billion dollar industry. And according to a Match.com survey, the average single person in the U.S. spent $1,596 on dating in 2016.

As it may take you months —  or even years —  to find love, you may want to sock away some funds for dating. Take a look at 4 cost centers to factor into your “love” budget:

1. Dating Site Subscriptions

While there is no shortage of free dating apps — Tinder, Bumble, OkCupid and Plenty of Fish for starters — you might consider signing up for a paid dating site. Those who pay for a dating service tend to be more serious about finding a partner, after all. Prices vary depending on the dating service and subscription you choose. Popular dating site eHarmony, for example, charges $39.95 a month for a three-month subscription. But, if you opt for a six-month subscription, it’s $29.95 a month, which works out to $180 for half a year.

If you have more cash than time to find love, you can link up with one of those elite matchmaking services, such as Kelleher International. These services, which oftentimes include coaching too, can cost anywhere from $5,000 to $50,000 (yes, count those zeros) a year.

2. Dates

Whether you grab drinks at a bar, partake in fancy dinners, or buy tickets to see one of your favorite bands, dates add up quickly. Unsurprisingly, according to the Match.com survey, men spent $1,855 a year on average, compared to $1,423 spent by women on dating. This includes everything from dating subscriptions, new outfits, entrance fees to clubs, and beautifying oneself.

While you can go splitsies, there will still be times when you’ll want to treat your date. And let’s not forget those expensive “let’s kiss and makeup” reconciliation steak dinners out (they do happen).

3. Weekend Getaways

When you’re dating, don’t forget about those impromptu weekend trips. While it depends on what you and your partners want to do, it’s safe to budget $1,000 a year or more on trips with your boo — based on my personal experiences. And, if you are in a long-distance relationship, you’ll need to factor in travel expenses to spend quality time with your significant other.

When I was dating more actively, my partners and I would go on trips at least several times a year. This easily added up to at least a thousand bucks a year in travel, which included long weekend getaways up the California Coast, friends’ weddings, or a short summer stay in other parts of the country. 

4. Special Occasions

According to the National Retail Federation, a person can spend about $136.47 on Valentine’s Day. So, it’s not surprising that you might want to budget for getaways and gifts for occasions like birthdays, holidays, and anniversaries.

Depending on your relationship dynamic, spending money on special occasions can be negotiable. One of my exes and I actually moved our anniversary celebration date so that it wouldn’t bump against a month that was super crowded with birthdays or major money-burning holidays like Christmas. This way we could allocate ample time and money to celebrate our anniversary.

Save for Love to Alleviate Stress

If you’re actively dating or plan to start the process soon, you can start to save up for these expenses by adding a bit of padding to your discretionary spending each month, or, better yet, start earmarking money into a dating fund. The search for romance is rarely easy, and expenses can quickly balloon. However, setting aside some funds for dating will alleviate some of the stress that comes with romantic courtship.

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