The Cost of Love May Put Pressure on Money Management

Published on

"Toronto Is Mine: Who Says Love Don't Cost A Thing"Spending on a loved one may see consumers developing financial difficulties, it has been suggested.

Couples splash out thousands of dollars on their partners every year. However, with an average of $3,000 being spent per annum those who do not plan their budgets wisely may well see their ability to manage their money come under strain as they struggle to meet other demands on their day-to-day spending, for instance credit cards, personal loans and overdrafts. The study also indicated that 5.9 million people believe that their partner does not spend enough money on them, with 792,000 splitting up for this reason.

According to the firm, a “staggering” $1,800 is taken up via eating and drinking, both out and at home, while some $500 per year is spent on dates such as trips to the cinema, theatre and day excursions. Meanwhile, Christmas and birthdays – perhaps obvious times for spending on loved ones – account for $250 and $150 respectively.

“Love doesn’t come cheap. It costs over $2,500 a year to be in a relationship and love keeps on getting more expensive as you get older.”

Research from financial services firms also revealed that the most pronounced difficulties in meeting loans and other borrowing repayments are as a result of spending on their loved ones. Consumers were revealed to be splashing out the most at an average of $3,200.  Money management problems may be rising for men as they are paying out $3,000 every year. Women, on the other hand, have a typical expenditure of $2,000 for their loved ones.

As a result, those people who are worried that their loved ones and other demands on their spending are causing them to struggle in managing their finances may wish to consider opting for a personal loan. Earlier this year, Sean Gardner, chief executive of Money Expert, advised that although few people are likely to get into debt difficulties due to spending a high amount of money solely on presents, “it’s worth considering whether it’s really necessary to buy expensive gifts when a small gesture can go a long way”.

And with consumers said to be “coughing up more than ever before” he urged them to take a moment to ponder their capacity to manage their money when considering buying a gift. His comments come after research from the company showed that the typical person spends 3.5 per cent of their salary on their partner.

Watches, computers, digital cameras and jewellery were revealed to be some of the most popular gift choices. Once again, men were revealed as potentially having the greatest difficulty in servicing their finances due to gift buying, as they splash out some $115 per month, with a low-rate loan one way of helping them to manage their spending…

Article Source:

About the Author:
Steve Smith writes for 1 Stop Finance Shop, where our visitors have access to all types of finance from payday loans, and unsecured tenant loans, to self employed loans for homeowners. Visit today

Copyright ©2008-2018. Toronto Is Mine – Toronto's Number One website for business professionals · Log in