Money Smarts Blog
STICKER SHOCK: THE COST OF FALLING IN LOVE
Jan 8, 2022 || IHMVCU
Finding your fairy tale romance doesn’t come cheap. Not shockingly, dates cost money (although there’s certainly no shortage of free ideas you can do within your community). You’ve found your person? Weddings cost even more money. And, you guessed it — even ending a marriage will set you back.
To find out the cost of love, we did some digging. Here’s what your wallet has to look forward to during the course of your relationship.
Cost of Dating:
Date Nights: The average cost of dinner, drinks and a movie in Illinois is $100.83 (Source: USA Today).
Valentine's Day: Shoppers in 2020 were projected to spend an average of $196.31 on Valentine's Day, totaling in $27.4B (Source: National Retail Federation).
Engagement: The cost to put a ring on it ranges from $4,770 to $5,580 (Source: WeddingStats.org).
Cost of Marriage:
Wedding: The average cost of a wedding in 2021 was $22,500 (Source: The Knot).
Vacation: Couples spend an average of $4,466 on their honeymoon (Source: Brides.com).
Children: The average cost of raising a child through the age of 17 was $233,610 in 2021 (Source: Bankrate).
Cost of Divorce:
Separation: Time together is one of the top conflicts for couples (Source: Psychology Today).
Stress: Money is one of the biggest stressors in a relationship (Source Psychology Today).
Divorce: The average total cost of a divorce lawyer in 2021 was $11,300 (Source, Nolo).
