Inflation is no joke. We’re all paying more for everything from food to utilities, and everything in between. Many of us are readjusting our budgets, and finding ways to cut back where we can. For millennials, it’s gotten worse in a very specific way. According to a new report from a LendingTree survey, millennials are literally going into debt looking for love. As if dating isn’t horrible enough as it is.
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For 61% of daters, inflation hasn’t impacted their dating lives. But 19% say that they are definitely going on fewer dates.
Some of the other changes daters are making: going on fewer dates, spending less money on dates, being more selective of who they go on dates with, less likely to pay, more likely to pay, and downgrading dating apps to free subscriptions.
Millennials going into more debt from dating
According to this LendingTree survey, most Americans (85%) have gone into debt because of their dating habits. But it’s definitely hitting millennials harder with 22% of them saying they have. Gen Z is next with 19%, Gen X – 13%, and 4% of baby boomers have debt from dating.
Well, according to chief credit analyst Matt Schulz, “Millennials are already in an expensive time of life, and inflation isn’t making that any easier.” “They may already have kids. They may be drowning in student loan debt and probably have a higher rent payment than they did when they were younger. Given what they’re going through, they might not have much savings — or what they have might be earmarked for a down payment on a house.”
So what can you do?
Again, according to Schulz…
- Make a budget. Whether you’re in a committed relationship or dating around, setting aside any leftover cash can help relieve the financial stress of going out on a date. Even a little bit can help in the long run.
- Utilize your available credit card rewards. To save on your next date, Schulz says you should first check if you have any unused rewards from your credit cards. “You may have points to put toward a nice dinner, a concert or even your car ride home,” Schulz says. “The truth is that if you’re not leveraging your current credit card rewards, you’re leaving money on the table, and that’s the last thing anyone should be doing today.”
- If you’re short on points, consider shopping for a new rewards credit card. “The right card, used wisely, can really extend your dating budget,” Schulz says. Beyond the typical rewards offered, Schulz says certain cards can get you access to special events that could make for an amazing date. “Whether it’s presale access for concert tickets or an exclusive dinner cooked by a celebrity chef, there are plenty of unique opportunities out there if you keep your eye out for them,” he says.
Looking for some ways to cut back on your dates? Here’s something you can try. Visit some of the most Instagrammable places in Boston and Beyond and see the city.