14 ways to save more this Valentine’s Day

Between the cards, extravagant gifts, red roses, romantic dinners and delicious chocolates etc. costs around and on Valentine’s Day can escalate quite quickly; leaving you with much less in your pocket than you initially started with.

“Couples find it quite stressful especially if they haven’t budgeted enough for Valentine’s Day. This can cause needless frustration and push couples towards unnecessary debt. Just by budgeting correctly and with the right savings goals in place; couples can save more and waste less,” says Ilse Smuts, Head of Marketing: FNB Cash Investments.

Smuts highlights the following cost saving tips that will ensure that this Valentine’s Day will be extra special and unforgettable:

1. Your Valentine’s Day Checklist: Valentine’s Day for many is an important event. Get your checklist in order so that you don’t miss anything and make the day memorable.
2. Have a money box: Sometimes and especially after the festive season, we find ourselves cash strapped. Put those extra coins in a money box. The spare change can help you buy that special gift. FNB’s Savings Account serves as an electronic/digital moneybox; you can register for Bank Your Change® for free and your change will be rounded up and transferred to your Savings Account, from your Cheque Account, every time you swipe your Debit/Cheque Card.
3. Look to your future: Consider your future. Saving for retirement is a great way to ensure that your future is secure. It’s never too late to start saving for your retirement.
4. Open a savings or investment account: There is nothing wrong with spending on your loved one. But why not also open a savings or tax free savings account or even an investment account for your loved one or yourself. Not only does the interest returns increase on the same capital invested but if those returns are re-invested along with the capital, the compound interest increases significantly.
5. Long term and short term savings needs: Throughout the process it is important to identify your longer and short term savings needs. Not only will it influence your budget but also give you an idea of what you should focus on this year.
6. Shop around: Look at the online and instore sales. You can get the same item at half the price. The extra savings can be added to your Savings Account which will benefit you in the long term
7. Red roses: Valentines is characterised with the Red Rose phenomenon. Why not grow your own roses?. If you don’t have green fingers, buy a few roses and invest/save the rest of the money for another occasion.
8. Date night: Going out to a fancy restaurant is great, but why not prepare a home cooked meal. Various websites have easy to make recipes that you can follow.
9. Go DIY: Make it fun and do it yourself which will help you cut costs. Design your own wrapping paper or approach a small business or family member to help with innovative gifts/décor – this may be the cheaper option. There are also a large number of websites that can give you great DIY ideas.
10. Budget: Look at your budget and outline what your key focus areas will be for the year. Include items like education, new car, Valentine’s Day and birthdays. This will give you a clear picture of the total cost, and influence how you prepare your savings plan.
11. Be smart about your money: Family gatherings, special events etc. tend to consume money quite quickly. Be smart and allocate a certain portion of your money towards events like birthdays or Valentine’s Day.
12. Savings goal: What are your savings goals for 2018? Identify those important areas that will benefit from your savings.
13. Heart to heart talk: Before doing anything, talk to your loved one about your savings goals. It’s fun to splurge on gifts but make sure that you are both on the same page with regards to your objectives.
14. Enjoy: “Valentine’s Day can be stressful, but if you have managed your budget and planned efficiently – your valentine’s day will be extra special,” concludes Smuts.