Your Valentine’s Date Doesn’t Want You Going into Debt
Americans are projected to spend a record-setting $19.6 billion this Valentine’s Day, according to the National Retail Federation. Gifts range from candy (55%) to a planned evening out (35.2%), but they all have one thing in common. Valentine’s gifts are a potential source of unnecessary debt.
A new study shows 89% of consumers do not want or expect a Valentine’s Day gift if their partner is already in debt. 48% of respondents said they did not care if their partner did not spend any money for Valentine’s, regardless of his or her financial status. Of the remaining respondents, 44% wanted a gift that was under $50, and 7% expected something between $50 and $100. Only 1% said they wanted a gift over $100 or Valentine’s Day.
Before you plan an extravagant evening with your loved one, assess your financial situation. Chances are your partner is not expecting a costly gift. A simple dinner at home would be sufficient, cost less money, and be more thoughtful in the long run than a dinner out.
This advice doesn’t just apply to couples. In fact, the NRF survey revealed that 30% of Americans have a Valentine’s Day celebration plan that isn’t specifically for Valentine’s Day. This includes get togethers with single friends or “anti-Valentine’s Day” events. 11.5% of respondents plan to treat themselves on February 14th. If this is your plan, try to keep your costs down to save money for debt payoffs.