Valentine's Day is one of those holidays that can sneak up on your budget. The first thing I recommend before discussing with your partner that you are planning on cutting spending is what the end goals are on saving money. I call this the dream meeting. It is one thing having conversations around getting out of debt pr savings in retirement, while it is another to have discussions around all of your goals. If you both have the goal of getting out of debt so you can take a special vacation or so that one of you can step away from a job you hate. 

In 2018, according to a study by the National Retail Federation and Proper Insights and Analytics found that total Valentine's spending hit $19.6 Million. That is a lot of money! The average person spends almost $150 for Valentine's. Where is all that money going? 

• 19% give jewelry

• 32% opt for a night out

• 36% buy flowers

• 17% on clothing

• 15% on gift cards/gift certificates

• 55% buy candy  

• 46% of cards

Now that you have a rough idea where the millions of dollars go, let's talk about ways to cut back. 

1. If your loved one is dead set on jewelry for a holiday, there are ways to cut the costs. Instead of opting for the crazy expensive Jared diamond, check out what is available on Etsy or at your local pawn shop. One of the most romantic pieces of jewelry my husband ever gave me was a bracelet that had an engraved message from one of my favorite books. It was $19 shipped, so there was no budget-busting there. 

2. For those that typically go out to eat, how about you plan a meal at home, light the candles and enjoy the night with your loved one. Even if you splurge and get dessert to go, you will be saving a ton to save on the meal and to save on having to tip the wait staff. Another creative solution is to go out for breakfast instead of dinner. On average, breakfast out will be 20-40% less expensive than dinner. A nice break from going out and the hustle-bustle of the day to day is to have a movie night in your own home where you can snuggle under covers with your loved one. 

3. Are you one of those that typically buy flowers for your partner? One of the best ways to cut the cost of stems is to go directly to your local florist and get your flowers there. Flowers.com and others are middlemen that will charge fees on top of what your local florist can do. The other upside to going directly with the florist is that you can save in two other areas. Going to a florist, you can ask them to create an arrangement for you. Florists will often have extras from weddings or other events, and you can get premium plants rather than paying more for some overly cliched roses. Getting an unusual arrangement will ensure all the ladies in the office come over to ask about it. Lastly, if you drop the flowers off yourself, you can save the delivery charge. 

4. Clothing is another opportunity, before jumping out there to buy the latest shoes or a new hoodie, check out with Honey to see if there are any available coupon codes. You can also take the time to clean out the clothes in the closet that you no longer wear to a consignment site like Poshmark, ThredUp, or eBay. Making a habit of getting rid of before adding to will also help keep the closet from being overloaded. 

5. Gift cards can seem like a great way to give someone the exact thing that they are wanting. Though this may seem like the best option, it can put a big ding in the budget. Gift certificates can be very impersonal, and taking the time to plan a night of dedicated time together can be a much better choice. 

6. Candy is a low hanging fruit option that I only usually encourage people away from this one if they tend to go wildly overboard. 

7. Gift cards are one of the most common expenditures on Valentines is gift cards. I heard the funniest ways to save on this one from my second coaching client. He and his wife used to go to the store for grocery shopping, and they would split up, and one would do half the grocery shopping while the other went to the card section. Then they would switch off, and they would meet at the card section of the store to "exchange cards" and then put them back. That night they would go home and take a couple of pieces of paper and write each other a note expressing their love for one another. 

I know that love can be something that we feel we need to use dollars to express our love for one another, but being on the same page with your money can make a massive difference in the overall well being of your relationship. Getting together with your partner to discover their dreams and goals will allow you both to be walking the same path together. If you are interested in learning more about getting out of debt or working with your partner without fighting check out a free session.