Yahoo Finance Valentine’s Day 2024: More Than 20% Overspend — What Does the Average V-Day Cost?
Valentine’s Day is almost upon us, and most Americans have barely recovered from Christmas debt — 37% of Americans say it will take them two months or more to pay off their 2023 holiday bills, according to one study from personal finance company Achieve.
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Even in the midst of rising costs and increasing debt, a study from Trustpilot revealed that younger Americans most especially feel pressured to spend more than they can afford for this upcoming Valentine’s Day. According to the survey, 33% of millennials and 21% of Gen Z (or 27% overall) in relationships feel more pressure to spend this year than they did in 2023.
Amongst all survey respondents across age groups, 21% of those in a relationship feel obligated to spend more than they can afford, and 19% feel their partner expects them to spend more than they can afford.
The rising cost of living has put a crunch on Valentine’s Day plans, with 30% of Americans in relationships telling Trustpilot that they aren’t celebrating Valentine’s Day because it’s simply too expensive.
The average expectation for a Valentine’s Day gift amongst those who are celebrating? A whopping $157.52, according to the survey.
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The High Cost of ‘Failing’ Valentine’s Day
While love shouldn’t come with a price tag, survey respondents had clear feelings about what they would do if their partner didn’t meet their expectations for Valentine’s Day.
According to the survey, 21% would just buy something for themselves. But 17% would insist the partner make up for it at another time, while 16% would give their partner the silent treatment.
Twenty percent had an even more extreme reaction, with 10% saying they’d cancel the Valentine’s Day plans if they didn’t meet expectations and another 10% saying they would break up with their partner.
Meet Valentine’s Day Expectations Without Breaking Your Budget
With such high consequences for not meeting Valentine’s Day expectations, it’s no wonder that 26% of both Gen Z and millennials said they would sacrifice their normal living expenses, including gas, food or rent, to pay for the perfect Valentine’s Day. 25% of millennials said they would resort to credit cards, going into debt for the holiday.
But with some careful planning, you may be able to save money on Valentine’s Day and still meet your partner’s expectations.
1. Buy Restaurant Gift Cards from Costco
You can get two $50 gift cards to the upscale Brazilian steakhouse Fogo de Chao for just $79.99 at Costco, giving you 20% off your dinner. Costco offers an even better deal for Landry’s restaurants, with two $50 e-gift cards for $75. Landry’s brands include Morton’s the Steakhouse, Rainforest Café, Del Frisco, and others.
2. Cash In Your Credit Card Rewards Points
If you used your credit cards during the holiday season, you may have accrued some valuable points. Cash them in for restaurant gift cards, travel accommodations or a one-of-a-kind experience to celebrate Valentine’s Day.
3. Plan An Activity That Doesn’t Cost a Lot
Depending on where you live, hiking, bicycling or a picnic in the park can create a romantic and memorable Valentine’s Day without breaking the bank. Even a short road trip to a location that’s off the beaten path can set your celebration apart.
To save more money, check out Groupon for discounts on activities and attractions in your area.
4. Give a Subscription
If you’d like to give a thoughtful gift but can’t spend a lot upfront, consider investing in a monthly subscription box for your partner. Here are 10 subscription boxes for every taste, all under $65 per box.
5. Choose An Affordable Winter Vacation Spot
You’d be surprised by how many cheap winter travel destinations you can find. From all-inclusive resorts in Mexico to affordable ski resorts on both coasts, a little advance planning and shopping around can yield great deals. For instance, GOBankingRates recently shared 10 vacation destinations that cost less than $250 per night.
Bottom Line
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Valentine’s Day shouldn’t create financial stress for couples. Be open and honest about what you can afford, and discuss your plans in advance to create a date you’ll both enjoy.
This article originally appeared on GOBankingRates.com: Valentine’s Day 2024: More Than 20% Overspend — What Does the Average V-Day Cost?
