Valentine’s Day Gift Ideas to Grow Your Money

With Valentine’s Day on February 14th, we turn our heads to the usual gifts like flowers, chocolate, jewellry, and pricey restaurant dinners. But, have you thought about the gift of financial well-being and the freedom that comes with it? As a newcomer couple to Canada, wisely managing your finances together can be the greatest Valentine’s Day gift! Discover how these Valentine’s Day ideas can grow your money.

Knowing each other’s views about money and spending is vital to building a bright financial future.  As a newcomer couple, discussing your joint finances and views on money is important. An open discussion about saving and spending money will ensure you focus on joint financial goals and priorities. Investing in each other, beyond traditional Valentine’s Day gifts, can strengthen your bond.

Stick to a Valentine’s Day Budget

Celebrating your love on Valentine’s Day is a great reason to spend your cash, but stick to your budget. Avoid the pressure to overspend.

Before you start shopping, set your Valentine’s Day budget and add the cost of travel, gifts, decorations, and other expenses. Avoiding the trap of overspending on impulse purchases.

If your partner is open, dine at a restaurant a few days before or after Valentine’s Day. Some restaurants and florists boost prices to take advantage of Valentine’s Day demand. 

Use Cash-back Rewards for Valentine’s Day Gifts

You can stay within your Valentine’s Day budget using credit card rewards or cash-back offers. This can save you money if you redeem your points for travel, merchandise, gift cards, or other offers. But, avoid the lure of spending beyond your Valentine’s Day budget to earn rewards or points. 

Some cards offer higher earnings for groceries, dining, or travel. You may get valuable sign-up bonuses when you meet initial spending thresholds. 

Reward credit cards are a great way to earn points or cash back on everyday purchases. However, many cards charge annual fees that can be expensive. Without careful planning, even Valentine’s Day gifts could lead to higher annual percentage rates (APRs) making them less attractive if you carry a balance. 

When deciding which rewards card is for you, consider how much you spend, what rewards you prefer, and annual fees.  

  

Discuss Your Joint Finances

While discussing your joint finances may not sound romantic, it goes a long way in reducing conflict. Financial stress is a leading factor contributing to divorce and separation in Canada. However, you’ll build a strong foundation when you discuss money and how to merge it. Make money talk a regular part of your relationship.

Consider building a framework to discuss money monthly or quarterly to review your goals, saving strategies,  and progress. Or, explore budget planners to create a custom budget.

Save for Special Events

Discussing your short-term financial goals may include tackling credit card debt before setting aside savings. Valentine’s Day is one of the biggest commercial holidays in Canada. And, if your loved one’s favourite gift is more expensive this year, it’s easy to overspend using your credit card. But, focusing on your short-term savings goals may be smarter.   

You may want to open a joint savings account for special events like Valentine’s Day, anniversaries, birthdays, and trips. Small contributions add up over time.

 

Save for the Future

A solid savings plan can help you achieve your financial goals faster, whether saving for a wedding, your first home, or your child’s education. A thoughtful Valentine’s Day gift idea may be a special homecooked meal and movie night without racking up your credit card bill.

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Build a Joint Emergency Fund

Saving money for an emergency fund to cover unexpected expenses or situations, like an urgent car repair or job loss is smart. An emergency fund to cover three to six months of household expenses can provide the safety net and peace of mind you need. 

As a couple, a joint emergency fund can give each one access to cash. Using a high-yield savings account offers higher interest rates than traditional savings accounts. Your joint fund should be easy to access, but it’s best to use it for real emergencies.  

Before you use your fund, assess if it’s an emergency. Perhaps the expense is something you can put aside and save for in the future. 

It can take months or years to reach your desired emergency fund goal. But, contributing a small amount regularly will make a big difference. Or, skip the expensive Valentine’s Day dinner and roses and deposit the money you save into your joint emergency fund!

Put Thought into Your Valentine’s Day Ideas

Make each day Valentine’s Day by saying “I love you”. No amount of heart-shaped boxes of chocolates or roses will match that! Or, if you have crafting skills, you can make a gift for your loved one! Do-it-yourself (DIY) Valentine’s Day gifts are a great idea!

You can make just about anything when it comes to DIY gifts. Be creative with your Valentine’s Day ideas. Think about what your loved one will appreciate. A DIY gift is more personal and romantic than a store-bought gift. What’s even better? DIY Valentine’s gifts are easier on your wallet. 

For the hopeless romantics, consider compiling a photo book from your favourite memories. You can write romantic captions or add quotes from poems or books.

However you celebrate the day, thinking of long-term financial goals and staying within your budget, can be the greatest Valentine’s Day gift idea!

WRITTEN BY

Corinna Frattini

Senior Editor, Prepare for Canada

Corinna Frattini is the Senior Editor and Content Director for Prepare for Canada. She contributes articles to help newcomers achieve their goals in key areas related to living, working, and settling in Canada. With an extensive background in human resources and leadership development, her articles focus on what Canadian employers seek and how newcomers can continue their careers in Canada.

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