Dating is Down… And Your Wallet Might be Why!

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Hello Reader,

Dating is fun, but it’s also expensive. Recently, a new dating trend has emerged that doesn’t have anything to do with pickup lines or an app.

The trend? People are dating less to save money. According to BMO Financial Group’s Real Financial Progress Index, people are dating less or opting for less expensive experiences to combat the high cost of living.

And it’s not only about saving money, but it’s also about prioritizing financial goals. When Gen Z and millennials were surveyed on their dating preferences, many said that dating isn’t worth the cost of an average date which is around $200 to $250.

Between buying the perfect outfit, eating out, transportation, gas, and other activities, dating costs can quickly add up and eat into your budget.

That said, let’s take a deeper look at why dating is no longer a priority for many!

Dating is getting expensive fast

A comfortable dinner date at a popular restaurant can run between $50 and $100. And if you’re going on weekly dates, those costs can add up.

Plus, there are additional costs such as Uber, gas, and other date activities like movies, shows, or drinks after dinner. Each additional dating cost can slowly drain your paycheck.

People are prioritizing financial stability over romance

While many enjoy that heart-fluttering feeling of staring into the eyes of someone you like, financial stability can feel equally satisfying.

Not worrying about paying off debt, having reliable savings to fall back on, and simply buying that new purse you’ve been eyeing are all good reasons not to spend money on dating.

Many people are focusing on financial goals first, and dating second.

Economic stress is changing behavior

When costs rise, we tend to cut unnecessary expenses, and dating is one of those optional costs. Nowadays, people are spending more money and filling their refrigerators with less food.

And let’s not forget student loan debt, squeezing every penny from us, making it easier to cut costs like dating.

More people are opting for low-cost or no-cost connections

Romance isn’t entirely lost. Many people are seeking connections that aren’t going to make them sweat every time they swipe their card.

Dating can be enjoyable and inexpensive by starting with low-maintenance dates. Instead of a first date at a fancy restaurant, you can meet up on a free museum day. Likewise, a second date can be lattes at your favorite coffee shop.

The dating scene is shifting from trying to impress your date by knowing all the wines on the menu to being practical and connecting on a different level.

Living at home is impacting dating life

The phrase “come by my place” is often avoided when many young adults are living with parents, family members, or roommates to save money.

Even if you want to save money and cook a meal for your date, having to coordinate around whether your roommates are home or worrying about your parents wanting to show off your baby pictures is enough to avoid the situation completely.

Dating apps aren’t hitting the same

Swiping across photos until you find a match is alluring at first, but it can cause fatigue and disinterest. The reality is that apps allow us to reach people we might never have met by going to the local bar.

Yet having more choices and matches doesn’t always lead to more connections. Many times, meeting someone on an app can lead to conversations that eventually fizzle out.

Additionally, many apps have a pay-to-play feature that many users don’t see the point in investing in if dating isn’t a high priority.

There’s a mindset shift happening

Apart from people not wanting to spend money on dating, people are being more intentional. The return on investment of meeting a date for Friday night cocktails is rather low.

If you meet up with someone in real life and you laugh and have deep conversations, then a $60 meal feels worth it. Yet if you go out with someone and the vibe is off, then any money spent feels like a waste.

As a result, many people are pausing before asking, “Can I take you out Saturday night?” Some people are making sure the vibe is actually there, while others aren’t taking the risk right now.

Focus on your own clock.

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What this really means for your money

Whether you’re on the side of skipping dating entirely or saving dinner reservations for someone really special, here’s how dating can fit into your overall financial plan:

Dating isn’t a necessary expense

Just like eating out or buying the latest iPhone when you have a perfectly functioning phone, some expenses aren’t vital to your lifestyle. When you remember that, it can help take the pressure off.

Connections don’t come from how much money you spend

At the end of the day, we are all looking for someone who understands us and with whom we can have a good time. Finding that special connection doesn’t need to come with a high price point. Remember, low-cost dates can be just as romantic and memorable as the more expensive ones.

Create a dating budget

You know we love a flexible budget that can be adjusted for extra expenses like dating. Set a monthly limit for how much you want to spend when it comes to courting someone. This budget can help you be more selective about who you spend your time with and save money.

Don’t be afraid to press pause on dating

Everything has its seasons. If you’re focused on paying off debt or building your emergency fund, it’s okay to take a break from dating until you’re more financially stable.

If you’re currently dating, don’t be afraid to be honest with your significant other about your financial goals. This could lead to low-cost dates, focusing on building a friendship, or simply taking a break until you’re ready to be in a relationship.

Let’s be honest, skipping out on dating might feel like a drag, but it can also be a great way to save money. Occupy your time by doing a savings challenge.

Check out our completely free course on savings challenges you can do to reach your financial goals.

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