The economy affects how we live our lives and how we spend our money. As the world changes, so do our spending habits.
The world is different from what it was a decade ago.
Financial planning: How to balance dating and savings
Everything is now more expensive, including housing, food, and everyday life. For many, the job market is less secure with the unknown effect of AI on our ability to have meaningful employment and the uncertainty caused by our trade war with the U.S.
The Bank of Montreal recently released a report summarizing how financial issues are shaping Canadians’ dating attitudes. Single Canadians have gone on fewer or less expensive dates due to financial constraints.
From a financial planning perspective, there are a lot of thoughts about how to allocate your finances. What is a fair way to share the cost of a date? Some single people prefer to be more frugal now so they can spend money later after they find a life partner.
Would you spend $174 on a first date?
The average cost of a date is $174, which seems expensive, but in addition to the cost of food and drinks, money is also spent on transportation and pre-date costs like grooming and clothes.
Spending is a delicate balancing act. Economically, we spend money to maximize our enjoyment. That means that as the economy grows and people move through the various stages of life, we spend money differently.
The ‘ripple effect’ of less dating on Ontario businesses
That affects our lives and the lives of others. Fewer dates mean fewer people are going to the movies and dining out. That affects those businesses. Other low-cost options, for example, joining a running group, evolve as a different way to live your life.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com.
