Love Your Finances This Valentine's Day: Balancing Affection, Gift Giving, and Financial Goals

As Valentine's Day approaches, the air is filled with love and romance, but it's also a time when wallets may feel the pinch. According to the National Retail Federation, (NRF) consumers plan to spend a staggering $25.8 billion on Valentine’s Day this year, with an average of $185.81 per person. While it's tempting to splurge on lavish gifts and extravagant dinners, it's essential to keep our financial goals in mind and stay true to our spending plans. However, we still want to be able to spend with fun and enjoyment. If you haven't built fun and gift giving into your budget I encourage you to think about some of these questions and statistics to start building into your budget for the next gift giving opportunity.

Movie and Drinks

Some of the things that I find most challenging about Balancing Affection, Gift Giving, and Financial Goals during these moments is figuring out who I am gifting to and how I am gifting to them. We all have different love languages and those love languages play directly into how we want to gift and what we want to be gifted which can present big budget challenges when we don't plan for them.

How are you celebrating your love this Valentine's Day?

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• Dinner date with your love
• Gifts
• Choosing to celebrate in the future
• Decided to skip

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I am sure at this point if you are giving a gift you've already made that purchase or you have a plan in mind. I thought this infographic from the National Retail Federation was an interesting graph on per person spending in age groups. I can see my age group and I am probably in that spending bracket because I am a gift-er of quality time so I usually find myself gifting experiences and adventures which can be hard to find a sale on.

I love this infographic from the NRF. It is an infographic that shows the average dollar amount spent for Valentine gifts per age group. Did you look at the graph do you know if you are below, within or above the average? If you don't know it is likely because you haven't made a plan or tracked those purchases. But rest assured the information lies in your bank accounts and you can figure out where you stand.

How can we balance expressing love and affection with our financial intentions? Here are some open-ended questions and thoughts to consider:

1. What does Valentine's Day mean to you financially?

• Reflect on your past spending habits during Valentine's Day. Have you ever overspent or felt financial strain after the holiday? What lessons have you learned from those experiences?

1. How can you express love without breaking the bank?

• Brainstorm creative and meaningful ways to celebrate Valentine's Day without spending excessively. Perhaps it's a homemade dinner, a heartfelt letter, or a shared experience like a nature walk or stargazing.

1. Are your spending habits aligned with your financial goals?

• Evaluate how your Valentine's Day spending fits into your overall financial plan. Are you prioritizing short-term gratification over long-term financial stability? How can you make adjustments to ensure you're staying true to your financial intentions?

1. What are your partner's (child, teachers, classmates) expectations, and how can you communicate yours?

• Have an open and honest conversation with your partner about your financial boundaries and expectations for Valentine's Day. Understanding each other's perspectives can help prevent misunderstandings and financial stress.

1. How can you make Valentine's Day a celebration of your financial partnership?

• Use Valentine's Day as an opportunity to reinforce your commitment to financial teamwork. Discuss your shared financial goals and celebrate the progress you've made together.
  

Remember, expressing love doesn't have to come with a hefty price tag. By prioritizing your financial goals and staying true to your spending plan, you can enjoy a meaningful and financially responsible Valentine's Day celebration. I hope to hear from you in the comments below about how you plan to balance expressing love and keeping within your financial goals. Until next time. Stay connected with Sip Into Savings, on instagram.

Cheers,

Sara

PS as I finished writing this post I got a ding on my phone from a store offering me $4 to finish my Valentine's shopping list. Another ploy to get me to spend even more. Remember to unsubscribe and reduce the consumer noise in the background distracting you from your goals.