It might be a holiday that sneaks up on you. Valentine's Day could mean a last-minute dash and a heavy dose of overspending if you don't plan ahead.
Valentine's Day is expected to see a record amount of spending this year -- over $29 billion, according to the National Retail Federation. On average, shoppers expect to spend about $200 on gifts. It's also a holiday of procrastination. More than a quarter of shoppers wait until the last few days to buy gifts for their valentine, according to a Finance Buzz survey of 1,000 adults.
You may dread pulling out that credit card if you're still paying off December and January holiday bills. Here's how to show your love (even if it's self-care) without going deeper in debt.
Social media plays a role in increasing the pressure that already exists for Valentine's Day, according to Brittany Greene, head of community at Self Financial, a credit-building company.
"It should be about intentional spending versus the emotional," Greene told Yahoo Finance. "They should take an honest look at their budget. So what is the number that they're comfortable with spending around this amazing holiday to share love with your person?"
A conversation with their partner can help set expectations -- and budgets.
"Transparency can build trust over time when you focus on collaboration," she added. "If they have shared goals, like owning a home, getting an apartment, or getting a car, they can have resources that they can pool together."
That can ease the pressure of Valentine's Day spending because you share life goals to consider.
Greene advised that if a couple decides to allocate funds to gifts, they should make sure that they're sticking to their budget and not spending outside of their means.
Another idea: Create a "fun fund": a small savings stash for holidays and special events so that you don't have to tap a credit card when a spending occasion arises.
It's no surprise that on the National Retail Federation's list of the top five Valentine's Day gifts, candy is at the top. With half the popularity and likely the most expensive item of all, jewelry is at the bottom.
In between are the traditional standbys: greeting cards, flowers, and an evening out.
Notice how the pricier the item might be, the lower its ranking in the list. Love can be frugal.
Greene suggests DIY gifts can be even more meaningful: "cooking together, with nice jazz playing and candles," -- that sort of thing. "That's what people will remember more than a gift."
The day can be about time and attention.
If you're between valentines right now, it's time for some self-care. Greene said the spending priorities are the same: Focus on your long-term goals rather than the short-term Valentine's Day pressure.
First, look at your current spending and where you are relative to your long-term goals.
"Then focus on creating an experience for yourself, rather than going out and just spending a bunch of money," Greene said. "This is giving yourself that time to start practicing, 'Hey, when I'm with my future person, I want to make sure that I have a beautiful, healthy, financial life that I'm able to contribute with that person.'"