How Much Does Valentine’s Day Cost?
The cost of Valentine's Day is increasing sharply. Don't worry though, we've explained why this occasion doesn't have to break the bank.
In this article, we'll cover:
Today is Valentine’s Day. If you’re only just remembered that fact, and you’ve got a significant other, you might want to think of a plan sharpish. Before you get carried away though, you might want to think about the effects of today on your wallet.
According to Finder, the cost of Valentine’s Day is increasing in the UK. Although each person – on average – intends to spend £35 on their celebrations, more than five per cent expect to shell out at least £100.
Comparing that with 2018, this means the average cost of Valentine’s Day has increased by almost 25% for each person celebrating it. The reasons for this are unclear; perhaps we’re becoming more generous or maybe nights out are getting increasingly expensive. Regardless, there’s no argument that this occasion can get quite pricey.
Can you put a price on love?
Although Finder’s research suggests money is critical to enjoying Valentine’s Day, it revealed more than nine million Brits planned to celebrate the occasion while spending no money at all. Interestingly, compared with 2018, that figure has also increased by 16%.
Therefore, if you’re struggling to make the day special while preserving your finances, you can follow in the footsteps of millions of Britons and have a successful Valentines’ without spending anything. Have you considered preparing a romantic home-cooked meal, curling up on the sofa with a movie, or perhaps just going (weather permitting) for a nice stroll?
The important thing to remember is that your partner probably won’t want you to get into debt on their behalf. Chances are, they care more about you and your wellbeing rather than spending an evening in an expensive restaurant.
If you’re struggling to think about organising a Valentine’s Day on a budget, the best thing you can do is be honest and talk to your significant other. Between the both of you, we’re confident you can have a nice evening without breaking the bank.
What should I do if I’ve overspent on Valentine’s Day?
If you’re worried that Valentine’s Day has got you into debt, and you’re concerned about your financial situation, you should enquire today about a consolidation loan.
A solution designed to help deal with your lenders and make money more manageable, debt consolidation could be the perfect way to restore order to your finances. Make an application with us, and you might have the money you need in just a couple of hours. You could then get on top of your debts by tomorrow!
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APRs from 5.8% to 89.9%
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Unsecured Loan Representative 69.9% APR
Borrowing £7,500 over 36 months, repaying £502 per month, total repayable £18,083. Total cost of credit £10,583. Interest rate 69.9% (variable). The lenders on our panel offer loans for 12-60 months, with rates from 5.8% APR to 89.9% APR. The Representative Example is based on all loans paid out by lenders between 19th Apr 2022 and 23rd Dec 2022.
Secured Representative 11.7% APR
If you choose to add fees to the loan: Assumed borrowing of £25,000 over 120 months, plus a broker fee of £2,500 and a lender fee of £250 would result in monthly repayments of £345.55, the borrowing rate is 8.6% (variable), the APRC is 11.7% (variable), total charge for credit £16,466.00 and the total amount payable £41,466.00. You can opt to pay the lender and/or broker fees upfront, your adviser will discuss these options with you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. All rates vary subject to loan amount, loan type and status. Repaying your debt over a longer period of time may increase the amount you pay.
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