As Valentine’s Day quickly approaches, Australians are feeling more than the pressure to plan. A new survey shows many lovebirds are expecting to spend big on their partners this year.

It’s easy to overspend around holidays like Christmas, but it looks like Australians are really blowing their budgets this Valentine’s Day.

According to a new survey from money.com.au, more than one in five of us feel pressured to splurge on our partners.

We’re already well and truly familiar with the ongoing cost of living crisis, but are we entering into a 'cost of loving' crisis too?

Love actually does cost a thing

The singles tax forces many of us to pay more for housing, holidays and bills, but it looks like couples are feeling the pressure to overspend in other areas.

Dinner alone could be more costly for couples this year, as restaurant prices have increased by close to three per cent in the last year.

The survey found that on average, people celebrating Valentine’s Day feel they’re expected to spend up to $200 on their significant others. Men on average expect to spend around $20 more than their female counterparts.

Young lovers seem to be going all out on the holiday, with Gen Z and Millennials budgeting $220 for their celebrations, compared to Boomers’ $120.

While 22 per cent of Aussies are preparing to splurge, it seems like the majority of the country is keeping their celebrations small this year, as 78 per cent said they don’t feel pressured to spend money on their partner. New South Wales is apparently the exception, with lovebirds expecting to spend the most of any state on February 14, averaging $260.

Money.com.au’s Finance Expert, Sean Callery says this is because “most Aussies are either finding budget-friendly ways to celebrate or simply treating Valentine’s Day like any other day.”

Want to celebrate your significant other without breaking the bank?

Tips to save money this Valentine’s Day

#1. Set a spending limit with your partner

#2. Get creative with DIY gifts

#3. Swap an expensive dinner for a romantic home-cooked meal or picnic

#4. Postpone your celebrations to a day when restaurants and florists aren’t already in high demand

#5. Think outside of the box and find free or cheap activities you’ll both love – think walking around a gallery or watching the sunset from a great lookout.

Callery’s tip for lovers on February 14? “The key is finding a balance between expectations and what your budget realistically allows. If cash is tight, couples should focus on meaningful gestures rather than just the dollar figure attached to their gift."