With drinks, dinner, movie tickets, cab fare, a haircut and new clothes, dating can cost a fortune. The average single American spent $1,596 on dating in 2016, according to a survey by Match. Men spent $1,855 on average, and women spent $1,423.
And in the era of endless dating apps, young people are spending more time on dating than ever before — one survey found millennials spend 10 hours a week swiping through suitors.
For young people searching for their soul mate, Kevin O'Leary, personal finance author and investor on ABC's "Shark Tank," has a word of advice: Think of dating like an investment, and make sure it's one that will pay off.
"You're going to spend money and you're going to spend time [on dates], so look at that significant other in the context of, 'Do I want to spend time with them?' And, 'Do I want to invest money in them?'" O'Leary tells CNBC Make It.
"If it doesn't look like a good return is there, don't spend the money," he says. "Move on, meet somebody else."
But until you're sure about the other person, there's nothing wrong with inexpensive dates, O'Leary says — you can be frugal without looking cheap.
"If you think about dating on a budget, because when you're starting out you don't have a lot of money, you've got to be crafty," O'Leary laughs.
If you plan to eat out on the first date, "make it a low budget restaurant," he suggests.
Or, if dating is high priority, look to your budget to see where else you can save instead, suggests personal finance expert Dayana Yochim. “What else are you spending on that’s not bringing you joy, or not bringing you closer to your life goals? Cut back there," Yochim tells The Washington Post.
After the meal, if you're interested in the person, pick up the check, advises O'Leary. (Though according to etiquette expert Lizzie Post, the great-great-granddaughter of Emily Post, "it's the person who does the asking who should do the paying," Post tells CNBC Make It. "Or at least who should be prepared to offer to pay.")
With later dates, consider low-cost ideas like taking a walk — or cooking, says O'Leary. On his second date with now-wife Linda in 1982, the pair made dinner at his apartment.
"I went to the grocery store and bought a bunch of stuff that would be really hard to chop up so we could do it together in the kitchen," O'Leary says. "We had a great time and we got to know each other a little bit."
Ultimately, for O'Leary, love isn't just about what the heart wants — it's also about setting yourself up for success.
"The whole idea is to remember you're building for your future. Don't get into debt, save, save save and invest," he says. "It's a fantastic way to protect yourself down the road."
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Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."