Valentine's Day Spending
February 7, 2020
Valentine's Day is all about spending time with your loved ones and sharing in the love you have for each other. Realistically, though, there's at least a gift involved, perhaps some flowers and candy, and even a night out. Valentine's Day has changed significantly over the years. While it used to be a day focused on couples, today it's about celebrating all love. Perhaps that's why Valentine's Day spending is likely to be the biggest it's ever been this year.
How Much Do Consumers Spend on Valentine's Day?
There are reports indicating that consumers will spend $27.4 billion this February 14th and throughout this season. The National Retail Federation says that's up from the $20.7 billion spent a year prior in 2019. It's a good sign for the economy – it means consumers are spending and confident in where the economy is right now.
The organization points to an average expected spend of $196.31 per person. When you consider that many people purchase Valentine's Day gifts for their family members, such as children, and even good friends, that may not seem like all that much. Even a meal out with just the two of you can easily top that amount on this holiday weekend.
What Else Could You Be Doing with Your Money?
When you think about that total cost, especially if you are spending more than this, it may have you wondering if it is really the best way to spend your money. There's no doubt that celebrating the love of your life is important, but it may be also important for you two to come together to start thinking about what your future goals are. Take into consideration a few additional goals you may have.
- Set up an emergency fund to pay for unexpected bills and fees. That way, you can avoid spending money on credit when a car or home repair is necessary.
• Why not set up a savings account for a dream vacation? Putting a small amount into it each month could help you to have a trip that is perfect for celebrating the love of your life.
• Consider setting up a retirement plan. The sooner you start putting money into it, the sooner you'll be able to stop having to worry about going to work. It takes very little to get started.
• Are you dreaming of owning a home together? A mortgage is a big commitment, but a down payment makes it far easier to achieve. Set up a specialized savings account to help you work towards this goal.
• What about a new car? You can often get a low-interest loan if you have a good down payment, and the right lender to work with to help you secure a loan that's right for your needs.
Valentine's Day is one of the best, lighthearted days of the year. It is more than worth spending a bit of money on it to show off that love. Also, consider a few long-term goals that you and your significant other (or the rest of your family) may appreciate as well. Those big dreams that you have all started with opening a savings account and tucking money into it. What can you get started today?
What Are You Investing in This Valentine's Day?
Let's think big here. While spending on Valentine's Day can be a lot of fun, make sure to tuck some of it away to help you with those big goals, like securing a mortgage to buy a home. Let Guaranty Bank & Trust help you find out how to get the home of your dreams with the love of your life.