Valentine’s Day is a special day set aside to celebrate love. However, as beautiful as it maybe we tend to overspend which leaves us with a huge hole in our pockets.
The fundamentals of savings should be applied to any special and celebratory occasions. “Whether you spend on a special birthday, wedding anniversary or Valentine’s Day ensure that you plan accordingly and start saving early,” says Ester Ochse, Product Specialist at FNB Wealth and Investments. “Your budget should highlight your daily, household expenses as well as investments and your celebratory expenses.”
Celebratory expenses or events can be costly and depending on what you are buying, may leave you with a little less at the end of the month.
Ochse adds that, “We enjoy spoiling our loved ones but care should be taken on how much we spend on such events. The cost of gifts increases drastically around events like Valentine’s Day, so ensure that you budget properly. There is nothing wrong with spoiling your loved ones, but try to stick to the basics money management and not overspend as prices are sometimes double the actual price.”
“It’s important for consumers to look at buying gifts that are within their budget. Trying to impress someone with a gift that is costly will not help your balance sheet. So stick to what you can afford,” adds Ochse.
Occasions like Valentine’s Day give you an opportunity to be innovative and creative around gifting options. There are many alternatives to shopping for your loved ones. If you haven’t planned consider online shopping which will help you save some time running to the shops for last minute gifting ideas. Plus, everything will be delivered to your doorstop. If you cannot get a booking at one of your favourite restaurants in town, consider Do It Yourself (DIY) dinners. Be creative and cook up yours or your loved ones favourite meal.
“If you don’t celebrate Valentine’s Day, use your money to open a Tax-Free Savings or investment account. That money invested now will help you save for your future and help kick-start your investment and savings journey. Budgeting for Valentine’s Day should be done on a yearly basis. If it is something that you celebrate faithfully, try to include this in your budget,” concludes Ochse