Love is in the air and soon, it will be waltzing out of your bank accounts. We understand that Valentine’s day is special and you would want to make it amazing for that special someone. However, you don’t have to look back on the 14th and all you can see is a huge hole in your finances. Financial management is an everyday thing; valentine or not. That is why we have put together our top 5 Tips on Spending this valentine:
Spend After Saving
Once money comes in, you don’t have to spend it all just to proclaim how much you love your partner. In Warren Buffett‘s words, “‘Do not save what is left after spending; instead spend what is left after saving.” This applies to the dinner date/surprise gift you have got planned as well. (ALSO READ: Top 3 Must-Visit Beach Resorts In Africa)
Avoid Ego-driven Spending
Ego-driven spending decisions prevent you from being on your financial management A-game. Like, buying expensive things to create the perception you’re doing better financially then you are. You do not have to prove a point to your partner. Certainly, you risk jeopardizing your ability to take care of other financial needs when the D-day is over.
Keep Your Emotions In Check
Spending decisions that are made when you are “in your feelings” aren’t always the wisest money decisions. Also, spur-of-the-moment purchases might be a set up too. Before you make that spending decision, we advise that you think about how important the item/service is and its financial implications. If it’s all positives, then you can go for it! If it leaves you with some doubt, that is probably not the right step for you.
Stay Out of Debt
This is perhaps the most important of our top tips on spending this valentine. The only thing worse than going broke in the name of love is being in debt. You may have the best intentions but things can get expensive quickly. Surely, your significant other won’t thank you for going into debt. So no matter how tempting it may seem, spending beyond your means is not the answer.