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3 Secrets to a Better Valentine’s Day

It's Valentine’s Day. 

That means a lot of people are planning to treat their significant other and create a special experience.

Unfortunately, that means a lot of people make some poor financial choices in an effort to really make an impression. Estimates show that Valentine's Day spending will be almost $20 billion this year. The average American will spend close to $150!

Now, depending on your current financial situation and whether or not you’ve been budgeting for this event, it may or may not sound like a lot of money. Either way, being cautious and aware of your potential partner’s financial habits will pay off in the long run, when you consider that couples fight more about money than about issues in the bedroom. And also the average cost of divorce can be as high as $30,000 – most of that being spent on legal fees. 

Here are some things to watch out for while Cupid shoots his arrow:

Credit cards

While it seems like it might go without saying, but if you’re on a really tight budget, don’t go out to fancy dinners or expensive Valentine’s dates. An afternoon stroll in the park with ice cream is just as romantic and a lot less expensive! A terrible mistake is that people wait until Valentine’s Day to “show” how much they love their partner. The trick is this – why wait until some arbitrary day? Why not let them know with a regular display of affection? Don’t allow yourself to give in to the temptation of trying to impress someone by overspending on credit cards. In the long run, you’ll pay a lot more in interest, and being burdened by credit card debt really isn’t worth that fancy gift or that expensive bottle of wine.

Keep track of your expenses

You don’t want to be in an awkward position of having to explain why your card was declined. It can be embarrassing and sends a terrible signal to your date – that you’re irresponsible with your money (whether it was a bank error or not).

Nowadays there’s no reason why you shouldn’t be able to track your income and expenses since online tools are abundantly available.

Instead of getting an unpleasant surprise at the end of an overly expensive dinner, rather plan ahead, knowing that you can definitely afford whatever might be thrown your way. Research the places that you’re going, look them up on Yelp, or choose a more affordable option.

Here’s another tip – if you’re going to a fancy restaurant, assume that your date is going to order the most expensive things on the menu. That way you won’t be surprised when the bill arrives.

Pay attention

For new couples or first dates on Valentine’s… If the wallet is “accidentally” left at home on the first date, or if your date wants to “share the bill” at dinner but doesn’t offer to “share the bill” of all the money you spent getting ready for your date, or doesn’t tip the waiter, or, or, or… there are a thousand things that could send signals of bad financial habits. Watch out for these, and pay attention to them.

Remember that when people start dating, they’re usually on their best behavior, showing off the best version of themselves in an effort to impress their dating partner. If you’re seeing bad habits now, they’ll only get worse over time.                                                                                             

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.

 

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