Valentine’s Day is next week and for those who will observe the loving occasion, it means shelling out some cash. While Americans will not spend as much as they do during the holiday season, Valentine’s Day still ranks among the top holidays in terms of spending, according to the National Retail Federation. Spend for Valentine’s Day is projected to reach over $20 billion with consumers spending an average of $161.96 on gifts.
Professor of Accounting Practice John Petosa of Syracuse University‘s Martin J. Whitman School of Management has some tips for consumers looking to cut back on Valentine’s Day expenses while still showing your loved one some attention.
- Decide how much you want to spend and stick to it. There’s nothing wrong with creating a budget and sticking to it. You have other opportunities to spoil your significant other during the year.
- Make that dinner reservation early and research the best places that may be offering deals for the holiday. If you have leftover restaurant gift cards from the holidays, use them! It’s not re-gifting, if you spend it on yourself, too!
- Plan ahead and be thoughtful about your gift. You may even be able to make something that will save you significantly over purchasing diamond earrings or cuff links. Plan and cook a nice candlelight meal! Or agree to go to your in-laws with a smile on your face!
- Save money on flowers by visiting your local florist rather than ordering online. It’s likely he or she will be more understanding about your budget and will help you find the perfect mix for your bouquet without breaking your bank. While not the same quality as the florist, Walmart and Costco have nice stuff and, let’s face it, all flowers get thrown out eventually!
Valentine’s Day is a time to show love for your family and friends, but also your finances. Remember to stay single and mingle and your pockets will jingle. Happy Valentine’s Day!
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