February is finally here after a long and arduous Jan-U-Worry. Many are finally done with paying school fees, uniforms and other January-related expenses and are ready to enter the month of love. Financially, however, the stress is never done and with Valentine’s Day around the corner, planning to take care and spoil your significant other is key.
I probably sound like a broken record, but I will continue to encourage couples to intentionally have healthy and honest conversations about money. As the excitement and anticipation of Valentine’s Day quickly mounts up, there is no better time than now to start.
This week’s article shares tips to help you avoid overspending and going broke.
Prioritise acts of love
While we know that ‘Love doesn’t cost a thing,’ sadly the pressure to buy a bigger and more expensive gift is real, especially on social media platforms. There is often pressure to overspend during Valentine’s Day which leads to many problems such as taking unnecessary loans to keep up. This V-day, find creative ways to show and express your love without breaking the bank. Instead of spending money to buy that expensive gift, spa voucher or dinner, stay home and use the groceries you bought to cook dinner and save money.
Ignore the hype.
After a very long and financially challenging month, are you able to spend money on gifts? In the article ‘Stop living from pay cheque to pay cheque’, I emphasized the need to break the ‘more month, than money cycle’ and focus on making lifestyle changes.
Spending large sums of money to impress your significant other especially when you have high-interest-rate loans, low savings or struggling to budget will lead to a financial crisis. Instead of following the hype, prioritise getting yourself out of the financial rat race.
Spend on value-adding gifts.
At the risk of taking out all the fun from Valentine’s Day, I do advocate for balance. So, if you do have a budget to spend on gifts for your loved ones go ahead and buy. However, prioritise gifts that will add value and pay off in the longer term. This includes but is not limited to personal development short courses, books on finances or wellness consultations with fitness, financial and mental health coaches. Finances are among the contributing factors that lead to breakups or divorce. Set up your relationship for success by prioritising your financial well-being. If you are spending Valentine’s Day single or alone, remember that no rule says love can only be expressed by couples. You too can practice self-love, take care of your finances and who knows what next year holds.
