Dating in Debt: Finding Love in an Expensive Place
Nowadays, the cost of dating is skyrocketing, leaving many eligible singles in financial debt from all their outings. Check out the findings from a recent survey from LendingTree.
The Cost of Dating
Going out on dates is getting more expensive than ever. According to a recent survey from LendingTree (TREE), 22% of millennials (ages 26 to 41) and 19% of Gen Z have taken on debt from dating.
On average, women spend approximately $81 on a night out compared to $104 for men. So, even just a few nights out per month can quickly result in over $500 worth of dates. But with inflation hovering at over 8%, the cost of dating is on the rise.
Breaking It Down
There are a lot of different costs at play during a date night. And, unfortunately, pretty much all of these costs are increasing.
For example, a typical date usually involves costs like buying new clothes, arriving with flowers, attending a fancy dinner or some other type of event, buying drinks at the venue, and possibly taking a rideshare home.
While none of these factors are prohibitively expensive on their own, they are all increasing in price slightly due to inflation. All of these small increases add up to make dating a much more expensive event than it was just a few years ago.
How To Date Responsibly
Luckily, there are still ways to go on dates without breaking the bank. Simply being aware of the way prices have gone up can help prevent overspending on dates.
It’s also important to be honest with your partner about your budget. Chances are they are probably in a similar boat. The last thing that you want is to overspend when it puts both parties in a bad spot.
Another strategy is to go through your budget at the beginning of every month and set aside a specific amount that you want to spend on dating. Then after each date, you reduce the amount that you spent from your “dating budget.” When you reach $0, you’re done dating for the month.
Finally, consider going on much more budget-conscious dates such as a museum or cooking a meal at home. Despite the negative stigma surrounding cheap dates, around 85% of survey respondents said that they wouldn’t feel offended if their partner took them on a low-cost date.
The world around us is getting more expensive, which makes it more important than ever to stay on top of your budget – even when looking for love.
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