While some people view Valentine’s Day as a day that focuses on love and romance, others may view Valentine’s as nothing more than a time to make money by companies trying to cash in on ‘yet another holiday’.

Regardless of what your personal views about Valentine’s are, it does seem that a ‘successful’ Valentine’s does seem to correlate with the amount of money spent.

Some people want to have that ‘one special night’ that can easily run up a huge bill.

Smart Budgeting For Valentine’s Day

Spending a large sum of money on Valentine’s might not fit in with the couple’s yearly budget. For couples who are planning to buy home, a car, etc. or planning their wedding, financial obligations may mean cutting back on other expenses. Many Canadians also have student loans that have now become payable as well.

So while the romantic side of a person may be to spend the extra money and ‘go the extra mile’, i.e. buying a larger diamond ring that really isn’t financially feasible. The more financially responsible thing to do may be to buy a “nice, but not extravagant” ring and use any extra savings towards the wedding, honeymoon, purchase of a home, car, etc.

Open & Honest Financial Communication

While openly and honestly discussing finances may not be considered very romantic, it can be more beneficial in the long term. It is also important to realize that the larger diamond companies are at their high point in the advertising season; for them, this is the number one season for the high sales items.

The same also rings true with other expensive items such as cruises, honeymoon getaway packages, etc. This means that for approximately a month before Valentine’s Day, the media will be bombarded with advertisements and commercials regarding all the romantic things to do and buy, as well as spending money to impress the other person. But it is also important to understand what each other considers to be a necessity and what is considered a luxury.

For some, it may be more important to save for a down payment for a home, for some it will be getting out of debt as quickly as possible, and for some others as well, it may be buying a new car or going on an expensive vacation.

Contact Baker & Baker

Having a successful financial plan may be a little tricky and some hard work, but it doesn’t have to take the romance out of the relationship. By both people taking an equal share in financial planning, both parties have an equal stake in the couple’s financial health.

This can be a great opportunity in making the future plans meet realization, and therefore can actually be a positive bonding experience for both.

Please call our toll free number 1-866-369-4474 to speak with our team today!

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