Don't break the bank on Valentine’s Day

Whats Love in the News

Are you pressured to break the bank on Feb. 14, maybe this is just for you?
Bankrate’s survey has reported that only 6 percent were being disappointed by a Valentine’s Day gift because it was too cheap.
Majority are impressed by the sentiment behind what their partner did for them, like a surprise call from a local radio station, with 62 percent reporting in the survey that they were never being disappointed in a gift from a current partner or spouse.
Now these are few ways to go about keeping the flame alive while securing the bag.

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Communication
The first step to avoiding overspending on the holiday is communication. Have an open discussion with your partner about your expectations and wishes for the holiday.
For most people, when they do well is when they’re communicating to their partner about what the expectation is on Valentine’s Day. Are you going to exchange cards? Are you going to exchange gifts? As a couple, it’s about being engaged and connected.

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Create a Valentine’s Day fund in your budget
Once you are comfortable as a couple, allocate a portion of your finances to creating an “us” fund. Talking about money however, might be a glitch that’s if you are not married or are in newer relationships.
Use the occasion to create an open dialogue about money as it’s an important aspect of any relationship’s well-being.

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Research shows that a mere 10 percent say they set a price limit and follow it, while 19 percent say they arrive at a number as a couple but often go over the number.


Buy Smart! Avoid emotional spending
Have a grip on your spending this holiday. For example, if you know your partner or spouse loves jewelry, a relationship with an independent jeweler or diamond dealer could be a cost-effective alternative to buying something at Cartier or Tiffany every holiday.
Make sure your spending is consistent with your income level while also still allowing enough breathing room to save for emergencies and retirement no matter what age group you’re in.


Consider low-cost alternatives
Don’t go overboard on your budget just to please your lover, consider a low-cost alternative. You can buy Ghana made chocolates if your half has a sweet tooth than whooping out a fortune on amazon for one in Swizz, just doesn’t make sense.
For more established relationships, it is absolutely appropriate to discuss what’s reasonable, feasible and sustainable with spending.
Make sure you’re on the same page about money.

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What's love go to do with this?

The bottom line is both money and love are an important part of any relationship. Not being on the same page on either of those topics could lead to problems down the road.
Another way of looking at this is to set reasonable expectations regarding expenditures while dating within one’s budget without adding to debt. If one feels tremendous pressure to overspend on a date, it could be that the relationship or at least the approach is flawed from the very beginning.
Remember that disagreements over finances represent a key factor contributing to divorce or break up. It is important to get these issues set into a healthy pattern from the very beginning.


Source: Bankrate.com