Be creative, don't overspend on Valentine's Day

Planning and budgeting are essential steps in the journey towards financial wellness. It's vital to learn how these two concepts work together to avoid making financial commitments that may leave you sinking in debt.

With Valentine’s Day being celebrated today, you may want to show your loved ones how you feel with a special gift. However, if you have not planned and budgeted for this day, do not overspend because it will affect your future finances.

“There is nothing wrong with spoiling our loved ones. However, you should not spend money you did not budget for or use credit to buy gifts. You can still enjoy this special day with your loved ones by keeping it simple,” says FNB consumer education operations manager Pearl Cele.

“Valentine’s Day comes around each year, and one of the great things you could do from a budgeting perspective is to plan ahead of time. Planning will help you to not overextend yourself financially when celebrating or purchasing gifts.”

She says you could also use your loyalty rewards programmes.

“If you are a member of a loyalty programme and have points that can be used to purchase gifts or vouchers, rather use them, than using credit to buy gifts.

“Do your homework and look for ways to reduce costs, generally different companies are offering discounts for their in-demand products and services around this time.”

Is playing in the kitchen not fun? Cele says you could have a cook-off and save on expensive restaurants.

“This is more fun and cost effective. Challenge yourself to make something creative or find a less costly activity that you can do with your loved ones. For example, a picnic. Avoid buying presents you can’t afford,” she says.

“Also, remember it's the thought that counts and celebrate love in ways that align with your financial situation."

mashabas@sowetan.co.za