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  • Buying a Home in 2022? Here’s Some Things to Consider
FROM THE HEART

Valentine's Day 2022: Spending Without Breaking the Bank

There’s no doubt about it, Valentine’s Day has a strong impact on our hearts and wallets. According to a recent annual survey conducted by the National Retail Federation (NRF), more than 53% of U.S. consumers plan to celebrate Valentine’s Day in 2022, up from 52% in 2021. Spending is also expected to increase by reaching $23.9 billion, up from $21.8 billion in 2021. The second-highest year on record! Here are some other “sweet” and interesting predictions from the National Retail Federation:

— Shoppers expect to spend an average of $175.41 per person on gifts (up from $164.76 in 2021).
— Top spending gift items are forecasted to be: candy (56%), greeting cards (40%), flowers (37%), and jewelry (22%). Jewelry is estimated at $6.2 billion, up from $4.1 billion in 2021.
—  An evening out this year is expected to be up 24% this year, for a total of $4.3 billion.
— 41% survey respondents would love to receive a “gift of experience” (tickets to a concert or sporting event), increased by 36% compared to last year.

How to Spend on Valentine’s Day Without Breaking the Bank
One of the best ways to celebrate Valentine’s Day (or any holiday) is to plan early as part of an overall spending strategy. One option to consider is to target 50% towards needs, 20% at future goals/emergency funds, and 30% to wants. So if your needs and goals are adequately met, you can have sufficient funds for a special gift for that special someone.

However, as the holiday approaches, and you do need a quick spending solution, here are 6 ideas to help you celebrate within your means:

1. Visit a museum. Some also have unique restaurants and affordable gift shops.
2. Make a meal at home. Restaurants are pricey and crowded on this day. You can find great recipes online on sites like Food.com and Epicurious.
3. Shop for flowers online. Shop and compare flowers online by visiting sites like ProFlowers. Skip the roses, and search for coupons.
4. Take a scenic drive. Stop for a warm drink at your favorite coffee shop.
5. Set a spending limit. Not having a spending limit can cause overspending. Have a frank conversation with your loved one before you spend.
6. Share the cost. If you cannot spend Valentine’s Day with your loved ones or wish to split the cost of gifts with others, you can do quickly and easily with Zelle® located inside the NIHFCU mobile app. Within moments, you can send your family or friends a surprise deposit to help celebrate the occasion. Click here to learn more.

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