With Valentine’s Day looming, Brits may be ordering roses, booking tables for two, or shopping for diamonds, but if they invested that money now, they could be almost £60K richer in five years’ time.
Financial services platform Unbiased.co.uk suggests that lovers show their affection in more thoughtful and less expensive ways, in order to make huge savings.
CEO Karen Barrett says: “ Being in love is a wonderful thing, but the price hikes surrounding romantic conventions are not. Furthermore, if you want to spend your life with that significant person, saving and investing can help you to build that future together.”
The cost of loving has risen considerably in recent years. A recently released stat suggests that the cost of being single is £860 per month more than being in a couple (so being coupled up might save Brits 10K per year)
The average price of a meal for two is £105 (so once per month = £1260 per year)
M&S sells a dozen red roses for £25.99
Grooming could cost £50 upwards per month per person
Dating platforms cost an average of £15 a month
The average cost of an engagement ring is £2100
According to Unbiased’s financial advisors, saving £800 per month could result in a huge nest egg, assuming 5% growth and that payments increase by 3% per year.
Saving £800 per month could add up to:
5 years = £58,625.20
10 years = £ 142,009.67
25 years = £ 646,847.86
Karen Barrett says: “ Taking control of your finances is empowering and positive. Ask yourself whether you need that treat, or need to follow trends- or can you reinvent your relationship to navigate not only challenging times, but also save a deposit for your first home, or take a holiday of a lifetime at a milestone anniversary? Not spending isn’t showing less affection, it is showing your commitment to the future. Saving is the new sexy!”
Neuropsychologist Dr Rachel Taylor agrees that expressions of love do not need to be expensive: “, Things that are worth more than Valentine’s gifts include appreciating each other, collaborating on projects, devotion to each other and enjoyment elicit brain reactions that are more valuable than expensive gifts. Being able to share joy with another through stargazing, forest bathing, beach walking, painting, baking, dancing, singing, listening to music, or any activity that utilizes the senses to connect you both with something outside of yourselves is magical.”
A recent survey conducted by Unbiased showed that Brits are keen to make money-saving choices when it comes to socialising, with 47% planning to give up takeaway and 40% resolving to stop eating out and going to the pub in 2023. Other cutbacks include not buying tickets to sporting events (22%) or festival tickets (24%).
£860 per month cost of being single taken from Hargreaves Landsdown “single tax”
£2100 average cost of an engagement ring is quoted by Browns Family Jewellers
Unbiased is a platform that enables consumers to find regulated financial advisers, from mortgage brokers, to accountants and financial advisors. Unbiased currently connects more than 27,000 trusted advisors with people in need, and to date has helped over 10 million people.
Karen Barrett is the CEO and founder of Unbiased, and hosts “The Unbiased Podcast: Your Money Your Future”.