This year, Americans will spend $25.9 billion on Valentine’s Day and on other upcoming holidays, according to data released by the National Retail Federation and Prosper Insights and Analytics, a $2 billion increase from 2022. With 2023 projected to be one of the highest spending years for Valentine’s Day, we’ve turned to the experts at Silver Lining Wealth Advisors (SWLA) for tips on how to save money on Valentine’s Day all while keeping the romance alive.
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Dining
Arguably where you may spend the most money, SLWA says there are many ways to save when it comes to the dining portion of your holiday. With many restaurants will be offering specials, be sure to check menus ahead of time to take advantage of 2-for-1 offered dinners.
If you and your partner are more of the homebody type, try ordering carry out to save on spending money on the extras such as appetizers, cocktails, sides or desserts. While you’re staying in, try opting for renting a movie and watch it in the comfort of your home.
Gifting
Only a month and a half into the new year, more than likely you may have left over gift cards from the December holidays. Both using gift cards for gift purchasing and searching online for discount codes or benefits offered by stores will keep a few extra dollars in your wallet.
For the smaller gifting details, consider buying the staple Valentine’s Day heart-shaped box of chocolates from a grocery store versus a specialty shop. You will even be pleasantly surprised by the card selection you’ll find at a dollar store! We all know it really is more about what you write on the inside that matters.
Think Outside of the Gift Box
Thinking outside the box can also save you when it comes to holiday spending. Putting a personal touch on a Valentine’s Day gift with something homemade or a framed picture of a fun memory can be just as sweet as a store-bought gift.
Your partner may also be on board for a non-traditional date. Try a lunch versus dinner, matinee movie or an outside activity such as a hike or bike ride.
Use your Savings for Another Day
“The average American will spend more than $140 for Valentine’s Day this year,” says Nayan Ranchhod, Managing Director of Silver Lining Wealth Advisors. “You can use one of these cost savings options and then plan your next date for March with the savings.”
As a private wealth advisory practice, Silver Lining Wealth Advisors provides financial advice that is anchored in a solid understanding of client needs and expectations and provided in one-on-one relationships with their clients.
For more information, visit www.silverliningwealth.com or visit the Ameriprise office at 16220 N. Scottsdale Road, suite 250.
