Easy ways to not blow your budget this Valentine’s Day

Romantics spend hundreds each year celebrating Valentine’s Day, but there are some easy ways to keep your spending in check.

Romantics plan to splash out $178 each this Valentine’s day, and most will be celebrating the day by dining out.

Men will be more generous than their female counterparts – males will spend on average about $210 each compared to women who will shell out just $134, new data from financial comparison website Finder shows.

But the research shows not all lovers will be doing something special on February 14 – about 40 per cent of couples say they don’t celebrate Valentine’s Day.

It also found 34 per cent will be treating their partner with dinner or gifts, while 28 per cent are single and will be spending the day alone.

Sayantani Chatterjee, 27, and her fiance Russel Vincent, 27, from Macquarie Park in Sydney’s north, say this will be their first Valentine’s Day together since they recently engaged.

Russel Vincent and his fiancee Sayantani Chatterjee are planning on spending about $300 this Valentine’s Day. Picture: Adam Yip

The pair plan to go out for a nice brunch together and purchase a Nintendo Switch, spending a total of about $300.

“We are both students so we’re careful with money, we will be using our debit card to pay for Valentine’s Day,” Chatterjee says.

“We try to budget for special days otherwise not go out a lot and we’re also saving for our wedding.”

While the pandemic has taken a financial hit on many people’s hip pockets, Tribeca Financial’s chief executive officer Ryan Watson says for those who are celebrating Valentine’s Day it’s not all just how much money you spend to make it a special occasion.

“It’s the thought that counts, not the dollars spent,” he says.

“The best financial advice I can give to someone around Valentine’s Day is to focus on having an experience with your loved one, as opposed to spending big.

“The memory of a fantastic experience will last a lot longer than a very expensive bunch of flowers.”

He urges hopeless romantics not to get caught up in the moment and spend excessively.

“Stick to your set budget for Valentine’s Day and avoid spending on credit cards or Afterpay, which will simply cost you more down the track,” Watson says.

Thousands of loved-up Aussies are set to celebrate Valentine’s Day this year by going out to dinner. Picture: iStock

He says for those dining out to make it a local restaurant to help support small businesses who have been among the hardest hit during the COVID-19 pandemic.

The research shows for those who are spending on average $178 each, this will include $65 on dining out, $19 on dining in costs, $17 on flowers, $58 on presents, $11 on chocolates and $8 on other expenses.

Finder’s spokeswoman Kate Browne says there are ways to celebrate Valentine’s Day without going overboard.

“There are plenty of quarantine-friendly date night ideas from meal deliveries to virtual wine tasting for those who have got used to spending a lot of time indoors,” she says.

“People often feel obligated to buy expensive gifts on Valentine’s Day but there are 364 days other days in the year you can show your appreciation if money is tight.

“Something as simple as a handwritten card is affordable and sentimental.”

@sophieelsworth

VALENTINE’S DAY SPENDING TIPS

• Don’t overspend, it’s the thought that counts.

• Set a spending limit.

• Be creative, make your own cards, flowers and gifts.

• Use debit, not credit to pay.

• Look for specials on items such as chocolates and flowers to save.