5 Money Mistakes Most People Make on Valentine

While Valentine’s Day may be a day to celebrate love, it's also when would-be Romeos’ and Juliets’ end up making financial mistakes. Love doesn’t cost a thing but financial mistakes made due to love do. 

You don’t want your Valentine’s Day to be one that made history for all the wrong reasons so before going out and painting the town red, here are five money mistakes many people make on Valentine’s Day.

1. Waiting Till the Last Minute 

John got a new job. The new job takes up most of his time; he eats, sleeps, and even breathes work. He is so consumed with work, that his colleagues are convinced he lives in the office building because he is always there! Outside of work, John is committed to his girlfriend, Judy, the love of his life. On the 13th of February, John returns home, tired as usual. He receives a text from Judy that reads, “I can’t wait to see what you have planned for Valentine’s Day” His heart sinks. 

He checks the time, it's 10 pm, and every florist in town is closed. He starts to google frantically for the most romantic restaurants in town while beating himself up for forgetting. The next day, there is love and panic in the air. John rushes to a florist and buys flowers at twice their usual price.  He is running against the clock and has very limited options, as an attempt to save Valentine’s Day, he takes Judy to the most luxurious restaurant in town. Judy shows up, gift in hand and his heart sinks again, he forgot to buy her a gift so he lies and says his gift was being shipped and there was a bit of a delay. 

All in all the day wasn’t a complete disaster however it may take John a few months to recover financially.  John, however, learns from this, and he starts to prepare for the next Valentine’s Day well in advance, he has a florist on speed dial, a gift checklist, an evening planned, and money saved.

2. Overspending 

Valentine’s Day is a day when you get to shower your other half with love and affection but if one is not careful this might put a strain on your finances from buying lavish gifts to having extravagant dinners.  Some might argue that you can’t put a price on love but you can at least make a budget for it. One of the biggest financial mistakes made during this month of love is not making a Valentine’s Day budget. Showing affection and buying gifts for your loved one is one thing, spending more than you can afford is a whole different thing. 

Without having a clear picture of your spending limit, it's easy to get carried away. The most important part of Valentine’s Day is spending time together, there are plenty of free fun activities that you can do as a couple and still save money, you could:

• You could make a homemade gift

 Instead of overspending on traditional gifts like flowers or chocolates,  consider getting creative with your gifts this Valentine’s Day, brush up on your writing and write a heartfelt letter or bake your partner’s favorite cake. Buying a gift is fairly easy but taking the time to make something makes the gift feel more special and personal. 

• Watch a movie at home

You might have movies that you and your partner have been wanting to watch for a long time, instead of spending money on a trip to the movies you could find a movie that you and your partner both want to watch and get cozy at home. 

• Have a meal at home 

Instead of going out, you could make your meal together at home, this could be a great way to bond while also helping you save money.

Other low-cost activities you could consider are planning a long walk or a romantic picnic.

3. Not Taking Advantage of Discounts and Deals

Perhaps one of the easiest ways to save money and not have to break the bank is by taking advantage of discounts and deals. If you are planning on buying a present for Valentine’s Day, consider keeping an eye out for discounts. Some businesses offer discounts or couple’s discounts for Valentine’s Day, taking advantage of this not only saves you money but also helps you avoid overspending. By looking out for discounts and deals well in advance, you are also eliminating some of the stress that comes with planning for the special day. 

4. Not Being Open with Your Partner

You could be married or dating your soul mate even though you might be perfect for each other, you still can’t read each other’s minds. You still need to communicate with each other clearly to avoid misunderstandings that might cause anger, resentment, or confusion. 

Not discussing expectations for Valentine’s Day could lead to misunderstandings. For instance, your partner wanted to spend Valentine’s Day at home to give you time to talk and enjoy each other’s company but you planned a day filled with many activities, a hike, a dance class, etc. As a way to avoid financial strain and misunderstandings discuss expectations and your budget with your partner. 

5. Impulse Buying

Jedidiah is going above and beyond this Valentine’s Day. She wants to show Derrick how much he means to her. As a result, she purchases every item she comes across, including a basketball jersey even though Derrick knows nothing about basketball.

Like the December holidays, you might feel the desire to make it rain for your loved one, or you may have the urge to impress them. This desire may drive you to make spur-of-the-moment purchases without considering the long-term implications it will have on your finances. Some of the consequences of impulse buying are debt, financial strain, and in some cases feelings of regret.

Fighting the temptation to impulse buy something is an uphill battle but there are various things you can try to curb impulsive spending habits. You could;

• Slow down and Reflect

Before making a purchase consider slowing down and thinking things through. Some questions you could ask yourself before making a purchase are 

• Does this item meet a want or a need?
• Can I afford this item without sacrificing something more important?
• Will purchasing this item bring long-term value and satisfaction?

• Make a Shopping List and Stick to it

Having a shopping list by your side gives you a clear plan of what you need to purchase and reduces the chances of impulse buying. It could also act as a reminder of your goals. 

• Sleep on it

Give yourself a window of time before making that purchase. Often, the initial desire and need to buy something diminishes after some time passes. By holding off, you provide yourself time to think more clearly about the purchase.

Wrapping Up

There are lots of ways you can show love on Valentine’s Day without going bankrupt. If you want a bigger budget for next year, you could start putting some money away as you prepare for the next.