Love hurts – in the pocket

With Valentine’s Day fast approaching, men and women across the land are now booking restaurants, calling florists and buying gifts, oh and looking in their wallets wondering where all the cash has gone.

The day itself doesn’t tend to be cheap and after Christmas and birthdays it’s the day that we spend the most on each other. MoneyExpert.com can help you not break the bank on the day. The broken hearts are up to you…

It adds up..

MoneyExpert research discovered that we spent a hefty £744 pounds or £62 a month on our partners. This is equivalent to 3.5% of the average UK salary proving that while money can’t buy you love it certainly can help.

With over half a million big spenders admitting to shelling out £500 a month love really does come at a price. If you’re thinking about making a big, albeit expensive gesture this Valentines Day then why not give a bouquet of gold trimmed roses which come in at £1,199!

Covering the cost

If you’re anticipating a financial hit on February 14th then it could be the excuse you need to get your finances in order.

A MoneyExpert.com survey published this week discovered that as a nation we could all save as much as £547 each by switching five of our biggest financial products to the market leading product. The average credit card saving was estimated at £60, roughly the price of a Valentine’s dinner for two.

By switching to a strong all round card you could easily attain this sort of saving if you are currently paying a standard APR of 16% or more on your balance. By switching to Barclaycard’s Platinum 14 month balance transfer card for example you would receive three months at zero per cent interest on purchases. The balance transfer fee is relatively low at 2.90%, meaning that you transferring a balance of £3000 for £87 and then pay 0% interest on this for 14 months.

If you’re specifically interested in getting the most out of purchases then it’s worth considering Halifax’s One Card MasterCard, which charges zero percent interest on purchases for the first twelve months.

Borrowing for the big question

If you’re planning on proposing on Valentine’s Day then you could find yourself digging deep to fund the big occasion, particularly if you still need to purchase an engagement ring, an account with a low cost overdraft facility may come in handy in the mean time.

The Alliance and Leicester Premier Direct Current Account for example charges zero per cent interest on agreed overdrafts for the first 12 months, leaving you plenty of time to pay off any big costs. For a mere £850 you can pay for a plane to fly over your house with a banner popping the question being towed behind!

While it’s difficult to put a price on making your partner happy, be sure that you spend within your limits this Valentine’s Day. Small debts can soon grow if you don’t have the means to repay them, but nobody likes a scrooge either so bear that in mind before proposing McDonalds for dinner!

Leave a Reply

Your email address will not be published. Required fields are marked *