Valentine’s Day may feel less romantic this year than it did in the past. Many couples are still facing economic uncertainty, and they might prefer to spend their evening at home.
We encourage you to use this Valentine’s Day to make plans for the future. Set a goal for saving up for something special, and be sure to pay for it before next Valentine’s Day.
You can save money on Valentine’s Day gifts by following these six tips:
Savings for travel and vacations.
Plan a trip for the two of you once we’re past this pandemic. You’re building a special vacation together by committing to save money on Valentine’s Day. If you plan well, you can pay for your vacation in full before you leave. You won’t have to worry about the cost of your vacation.
Spend less on fun activities.
Do you and your partner enjoy cycling together? Skiing? Camping? Start saving for new camping equipment or bikes. Don’t borrow money for these items. You can buy new gear for each other with the money that you’ve been saving.
Save for your wedding.
Saving for your wedding can be a great topic to discuss on Valentine’s Day if your relationship is serious, but you’re still not married. In the months before the wedding, both partners can show their commitment. Every dollar that each partner sets aside shows how committed they are to being married.
Start saving up for a downpayment on a house.
If you’re tired of renting and want to become a homeowner sooner rather than later, consider how much it would cost to save for a downpayment. This goal isn’t as far away as you think. You can get an FHA loan for as little as 3%. If you are ready to begin thinking about your savings goal, speak to a housing counselor to get pre-purchase counseling. This will help you to know what you can expect. You’re serious about building your future with your partner if you share this goal on Valentine’s Day. What could be more romantic than that?
Continue to pay off your debt.
Talk about how you can eliminate your debts by Valentine’s Day next year. Are you willing to commit to a budget that will allow you to pay off your debts? You can focus on what really matters in your life – your relationship and your future – when you have the financial freedom that comes with paying off your debts. Please focus on the future this Valentine’s Day, not on paying off debts. Speak to a credit counselor about your debts if they are too big to be paid off by the end of next year.
Save money before you buy expensive jewelry.
There’s an emotional reason why some of the romantic gifts are so expensive. If one partner lavishly spends on a gift, this is a sign that they’re really committed to their relationship. We don’t believe that every gift should be a surprise in order to show true commitment. Saving money together over time to purchase a special gift is an important way to demonstrate devotion.
If you don’t use a credit card, the purchase is paid in full. You can enjoy it without second thoughts. Consider making a special gift, like jewelry, a shared goal that you and your loved one work towards. You can give your loved one a series of romantic gestures throughout the process of saving and working towards that special gift.
