Valentine’s Day tips to keep budget on track

LOVE is in the air this month – but it doesn’t need to mean wasting money on expensive gifts and floral arrangements.

Aussies haven’t embraced Valentine’s Day as much as other shopping-related events, such as Christmas and Easter, but many can still get stung financially.

Less than two weeks before Valentine’s Day, new research by comparison website Finder.com.au shows just 24 per cent of Australians will be buying a gift or flowers for their loved one for February 14.

Millennials are the group most likely to participate, with 16 per cent looking to buy flowers and 17 per cent planning on cooking dinner, it found.

Finder personal finance spokeswoman Kate Browne said it was easy to get swept up in the excitement but for businesses, Valentine’s Day was an opportunity to lift prices and capitalise on consumer spending.

“Valentine’s Day often comes with a bill that can make your eyes water,” she said.

Ms Browne said couples could avoid the price increases by swapping gifts a week later.

If you play your cards right, it’s more than possible to celebrate the day on a budget.

Financial planner James Gerrard recommends having a cooked meal at home.

“You can create your own special Valentine’s meal or, even better, pack a picnic blanket and a reasonably priced bottle of bubbly and have a quiet night out under the stars,” he said. If you’re a hopeless cook, fear not: the supermarkets are sure to be pulling out all the stops, with special prices on ready-made and frozen meals.

Mr Gerrard said there were numerous budget-friendly gift ideas that wouldn’t drain your bank account.

“While a dozen roses is a nice gesture, imagine how much more precious and memorable a heartfelt handwritten letter to your loved one would be,” he said.

“Whether it’s a romantic walk or a swim, the main thing is that you’re spending quality time doing something that you both enjoy.”

For singles, Valentine’s Day is prime time for raking in some extra cash. Uber, for example, charges surge prices during peak times.

And side hustlers who moonlight as babysitters will also have an easier time finding work in the evening.

“Valentine’s Day is the biggest day of the year for florists, so if you want to cash in on the bonanza, jump on to Airtasker and pick up some flower delivery jobs as many stores will struggle to get all their deliveries done,” Mr Gerrard said.

It might not sound romantic, but Valentine’s Day could be a good time to discuss your financial future. From comparing your income to your debts and expenses, to setting your saving goals, you and your partner can plan to achieve your dreams together.

‘Imagine how much more precious and memorable a heartfelt handwritten letter to your loved one would be’ Financial planner James Gerrard