Why You Should Have A Dating Budget

By Sanesh Mathew | May 15, 2018

Do you have a dating budget? No? Maybe it’s time you created one before the cost of romance wrecks your finances.

Why You Should Have A Dating Budget

Don’t we all have a monthly budget? At least, most of us here do. Creating a budget is one of the first things that we do once we are out of college and start working. Isn’t it? At least for most of us, it is! There are a lot of advantages to having a budget. It helps to keep track of your expenditures and save better for your future. Besides, it brings about a sense of discipline in your life, especially when it comes to paying all your debts on time.

Now that we know budgeting is important, how about budgeting in different areas of your life like your dating life for instance? Yes, a dating budget! You might be wondering why someone would need a dating budget. Aren’t you? Well, there are a lot of costs attached to going on a date. For example, you’ll have to invest in good clothes if you want the date to work, you will have to pay for the food and drinks at a fancy restaurant and you may have to pay for the taxi ride back home after your date. If you are a single parent and you’re going on a date, you’ll need to hire a nanny to take care of your kids or you may have to take them along and pay for them as well. Wow, that’s a lot of expenses!

Just like your regular monthly budget, a dating budget keeps you prepared for dating-related mishaps and saves you from appearing stingy in front of your date. At the same time, it prevents you from spending more than you can afford. Well, finding love isn’t easy and it isn’t cheap either! And since you now know that dating comes with a price attached to it, it’s important for you to determine how much you can put aside for it.

Additional Reading: How To Balance Your Income And Expenditure

There are going to be a lot of bad dates and failed relationships in your quest to find the right one. So, we would advise that you be smart about what you’re looking for so that you don’t end up spending a bomb on awful dates. Cool, eh?

Here are three things that would help you set the right dating budget:

Are You Looking For Something Serious Or Casual?

If you’re in the dating business for some real relationship, then you got to loosen the purse strings. Since you’re trying to step into a serious relationship, you’ll be looking at something more romantic and extravagant than usual. And that is going to cost you more money than usual.

If you’re looking a casual date, you are basically in the mood for some fun and enjoyment. Since you’re not committing to each other, you wouldn’t want to spend much on your dates.

Your Dating Service

A lot of people use dating services to find themselves a date. Most of these services are free, but some of them may charge a fee for certain services or they may require a paid subscription. You need to set your priorities before signing up for these services – what are you looking for, will the service help you find that you are looking for, etc. Would you mind getting texts from some creepy stranger in the middle of the night? If you don’t, then you may have to pay for upgrading your free account and allow the service to find you suitable matches.

We would suggest that you first use the free trial to see if the dating service will be able to find you your soulmate before you pay for its services. And if you don’t want to pay, there are a lot of free services out there (like Tinder for instance).

Prepare For Dating Emergencies

Just because it’s a date, you can’t expect everything to go right. A lot of things can go wrong. For example, your date might forget to get his or her wallet. Or you get a bill that’s way more than what you estimated. Or the taxi you took home charged surge pricing. What would you do if any of these situations arise? That’s why we are telling you to create a dating budget emergency fund. You wouldn’t have to worry about such contingencies if you plan for it in advance. Got it?

Setting a dating budget may seem unnecessary, but it will let you set a limit on your social spending. So, how do you create a good dating budget? Men and women are usually faced with different financial challenges when they are looking for the right one. So, we decided to give tips to single men and women separately. Hope you find them useful.

Additional Reading: The Dos And Don’ts Of Budgeting

Dating Budget Tips – Single Men

  • What can you afford and not? Well, unless your date agrees to either split the bill or cover the entire bill, you got to be prepared to foot the bill. And this is why you need to figure out how much money you can spend on your dates beforehand. If you think the money you set is not enough for your dates, you can cut down on other leisure activities that you pay for, like your Netflix subscription.
  • Don’t go overboard on your first meeting. Of course, you need to impress your date, but just avoid the pricey dinner and movie sessions on your first date. You could instead grab a cup of coffee or go for lunch. You’ll be saving a lot of money if the date doesn’t go well. And if it does go well, you can treat your date to a fancy dinner at your second date.
  • Use coupons to cut your costs. You can grab amazing discounts at fancy restaurants or other activities from Nearbuy, Mydala, etc. Some people may find it tacky, but it is surely a smart move.
  • Outdoor romance is the best way to maximise savings on your first date. A stroll in the park is something that you can do on your first date. You could grab a cup of coffee and a doughnut on the way too.
  • Ensure that your plans are specific. If you planned to meet for drinks only, stick to it. Don’t extend you plan and include dinner and a movie also. You’ll end up overspending and if the date doesn’t work out, you are going to curse yourself. If it works out well, you can plan a bigger second date.

Dating Budget Tips – Single Women

Although women usually don’t spend much during their dates, but they do invest in a lot of other things before their dates. And, of course, there are the ones who prefer splitting the bill or paying it entirely. In short, women need to budget for dating too.

  • How much should you be spending? Create a pre-date budget for yourself. The amount you assign to this budget should be able to cover clothes and salon expenses. Please don’t dedicate your entire income on just grooming. Okay? Also, please keep some cash handy for the unexpected dating emergencies.
  • Coupons will help you save a lot of your money (or your date’s money). Ladies, carry coupons with you when you go on a date and your man is going to fall in love with you all the more.
  • Don’t buy a new dress to impress your date. You are just wasting your money. Most guys aren’t much concerned about what you are wearing as you think. Besides your clothes aren’t going to make a good impression, rather it’s how you wear them that makes an impression.

Additional Reading: Lame Excuses People Give To Not Start A Personal Budget

Awesome Ideas To Date On A Budget

Don’t let the cost of romance wreck you financially. Here are some cost-effective dating tips:

Dinner And Movies Are Old School – Seriously, skip the ‘dinner at a fancy restaurant and then a romantic flick’ tradition. Do something better. How about something more creative and free? Like an outdoor concert, maybe!

Eat Outdoors – Ever thought about going on a picnic or hitting up a food truck for a date? Try these on your next date. They are fun and they don’t cost much either.

A Walk To Remember – How about taking a long stroll with your date? Sounds like a good, economical idea, right? Maybe you can grab a cup of coffee or a glass of fresh juice on your way. Now, that’s what we call a healthy date!

The Good Ol’ Beach – A romantic beach date is fun and cheap. What are you waiting for? Get to the beach with your date now!

Are you constantly on the lookout for the right person? Do you often go on dates just so you can find your true love? How are you planning your finances then? Do you have a dating budget? Let us know in the comments section below.

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2 thoughts on “Why You Should Have A Dating Budget

  1. Drake Papali

    What u suggest better to use- credit or debit card? Credit means I can able to get cash backs even if date is bad. Just saying my view. Also, if I use 1+1 movie ticket offer then everything free. OC only

    Reply
    1. Team BankBazaarTeam BankBazaar

      Hi Drake,

      Before buying either of them-Debit or Credit Card, it’s crucial that you do some need-based research. Credit Card may help you get rid of your cash woes but using it responsibly is of the essence. Credit Cards also come with loads of benefits and rewards. But before buying a Credit Card, check if those benefits make sense for you.

      Cheers,
      Team BankBazaar

      Reply

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