• Friday, May 24, 2024
businessday logo


5 ways to avoid overspending on Valentine’s day

5 ways to avoid overspending on Valentine’s day

While multiple Christian martyrs bore the name Valentine, it’s suggested that the day possibly derives its name from a priest martyred around 270 CE under Emperor Claudius II Gothicus.

Forget the dictionary; love speaks its own language. Around the world, love is spoken in a chorus of unique customs and different traditions, each a vivid stanza in love poetry.

To avoid an issue which can put you in financial debt, here are 5 ways to avoid overspending on Valentine’s Day:

Create a budget.

Before you start any Valentine’s shopping for a loved one, it’s important to take the time to create a budget for your expenses. Add the cost of travel (if any), gifts, decorations, and any other possible expenses. You can avoid the traps of overspending by staying on budget and avoiding impulsive purchases by having a clear spending plan.

Make a list of your needs and wants.

This is what is called a scale of preference in economics. What distinguishes a necessity from a want? Something necessary for your survival is referred to as a “need.” Necessities include access to food, clothing, shelter, and healthcare. A “want” is an item of luxury, such as designer clothes, a vacation home, or a sport utility vehicle, that you wish to have but isn’t necessary to live. You’ll have more money to save for future needs when you can reduce the amount you spend on life’s wants. List all of his/her requirements and desires first. Attempt to be frank about the classification they belong to. After that, go over the things on their want list. Choose the desires that are “high priority” and those that you can live without. Next, make an effort to strike a balance between your desires and necessities.

Benefit from sales and cash-back incentives.

Additionally, it may be beneficial to keep an eye out for online and in-store promotions, discounts, and cash-back incentives. In this Valentine’s season, many retailers run special promotions. By taking advantage of these, you can save a lot of money. To optimise your savings, you can also find it useful to use credit cards with rewards or cash-back applications.

Think about making your own gifts.

Alternatively, you might use your imagination and make some of your gifts. In addition to being more personalised than store-bought things, handmade gifts can also be less expensive, allowing you to avoid going over budget. Handmade presents, like a candle produced at home, a scarf knitted by hand, or a batch of delectable cookies, can be economical and considerate. This is an excellent method to show your loved ones how unique they are while also saving a few bucks. In addition to giving you the chance to add a personal touch, recipients frequently appreciate the time and work you put into making them.

Give experiences rather than material possessions.

Give experiences rather than material goods if your generosity exceeds your means. While the enjoyment of store-bought gifts can be brief, experiences often yield greater joy and lasting memories. A fancy jumper or a new kitchen gadget is not nearly as valuable as an outing or having a picnic by a lake with a loved one.