How much should you spend on Valentine’s Day?

LOVED-UP couples need not go all out and splash their cash on Valentine’s Day.

Hopeless romantics say it’s the thought that counts, not the amount spent on each other, that signifies true love.

New data from lender ME Bank – which quizzed 1000 Australians – shows about 56 per cent of lovers do celebrate Valentine’s Day, whether it’s by dining out with their other half or buying them flowers or a gift.

However, what will impress your lover more is the thought behind the gesture, 81 per cent of Australians say.

Jasmin Watts, 29, and Ben Tivnen, 30, have been together for more than five years and have significantly cut back how much money they will shell out this Thursday.

“We used to go all out and spend loads, but when we got a joint bank account a couple of years ago, we thought, ‘what’s mine is yours’ and stopped buying elaborate gifts,” Ms Watts said.

“This year, we’ll probably just have a nice bottle of wine at home, instead of spending money on going out when all the restaurants are packed.”

The research found lovers spend, on average, about $50 each on Valentine’s Day, but women have proved to be a bit stingier than men.

Consumer finance expert Lisa Montgomery said times had changed and the shine had gone off Valentine’s Day gift giving.

Instead, lovers prefer to do something special together.

“People are opting for an experience, or something special on the day between two people, like a dinner or a picnic,” Ms Montgomery said.

“Giving someone something special on the day has lost its appeal.

“It’s really the thought that counts, rather than how much money is spent.”

ME Bank spokesman Matthew Read said it was easy to go overboard and blow the budget, but this was avoidable.

“For people in new relationships, it’s easy to get carried away,” he said.

“Set an amount that you are going to spend, shop early and do your research.”

He also urged lovers not to “feel pressured to overspend” to impress their partner.