3 tips to get you financially ready for cuffing season in Canada
As we make our way through cuffing season, your budding relationship’s next step needs a little more than an official IG grid post as you hold hands toward spring…
It’s about time you and your partner talk money, don’t you think? But don’t let financial stress make you re-download those dating apps just yet!
Discussing finances with a new partner, while intimidating, can ultimately make you more secure in your relationship, but it can be a little overwhelming knowing where to start. The first step is to build your confidence when it comes to your financial situation, and this is where Capital One Canada comes in.
To help you take control of your finances, Capital One Canada has a variety of products and services that promote healthy money habits so you can work towards building a positive relationship with your credit. Capital One Canada’s Life and Credit blog offers tips and tricks to assist with your financial wellness and help you be a better you — and a more confident partner.
Using insights from a recent Capital One Canada survey*, we’re highlighting the financial habits of the average Canadian when it comes to dating to get you through cuffing season without any financial stress weighing you down.
Don’t break the bank for a date
It’s only natural to pull out all the stops during a first date, but that can sometimes come at a cost.
The survey finds the average first date among surveyed Canadians costs $130 — with the largest expense being food and drink at $51. Other top expenses include activities ($32), outfit ($26), transportation ($12), and your grooming regimens including hair and makeup ($10).
In this case, age does matter, as older Canadians on the dating scene (35 years and older) tend to spend more on food and drinks on a first date compared with their younger counterparts.
The most important thing to spend money on during a date is being your best self, which should be free! So, budget accordingly and make adjustments to your spending where you can. Just make sure you’re not showing up to your library date unkempt (and no, I’m not speaking from personal experience…).
Being financially compatible with your partner
If you’re looking for that fling to become a thing, it’s important to have similar financial values — at least 89% of dating Canadians seem to think so.
The excuse of a first date is as good as any to prioritize your financial health. Financial habits and little to no debt were among some of the more important values, followed by family situation, living arrangements, education level, and cultural background. Those with a higher net worth valued mutual financial compatibility more than those with lower income.
Those relationship money talks may also be coming sooner than you think, because nearly 32% of surveyed Canadians said they would discuss finances within six months of dating their new partner — with 28% discussing it during their first year together.
You don’t want to get caught stretching the truth about your financial situation (which 18% say they often do), so take stock of your financial habits and any outstanding debts. It’s important to present your authentic self both personally and financially — including the good, the bad, and the ugly.
Don’t let your money hold your love life back
Ever gone to pay the check, only to have a little moth fly out of your otherwise empty wallet? No, because that’s a cartoon scenario and you’re being ridiculous.
But those anxieties can help prevent you from going on dates, as over 40% of Canadians feel their financial situation limits their dating options — with that increasing to 50% for those earning under $60,000.
Take gifts for example: almost half (45%) of Canadians experience stress when purchasing gifts for their partner, and just talking about it is even more stressful!
You don’t have to let your finances limit your possibilities — especially in a new relationship. However, it’s important to communicate your expectations when it comes to gift-giving or spending money with your new partner; it lets them know what you’re capable of contributing.
Learning to deal with your finances in a healthy way takes time, and you’re not going to get there all at once. But you can get started by visiting Capital One Canada’s Life and Credit blog right now to help you go from table for one, to finding the one!
*Capital One Canada commissioned an online omnibus survey through Leger. Leger fielded an online survey of 1,502 adults across Canada in November 2023.
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