FRANKFORT, Ky. (LEX 18) — With Valentine's Day just a few days away, the Kentucky Retail Federation is expecting Americans to spend more than $14 billion on the holiday.
KRF’s Steve McClain says, "It’s about $26 billion that people, you know that couples are planning to spend."
That averages out to nearly $200 per person. On average that’s nearly $8 more spent on the holiday than Valentine’s Days over the last five years. Most money is spent on candy, greeting cards, and flowers.
McClain says, "It’s the type of thing people may be putting money aside from things as they’re looking with what they normally spend, they may be putting money aside for certain things."
It's still early in the year, and financial advisors say many people make New Year's resolutions around budgeting and personal finance. Quint Tatro of Joule Financial and the top-rated finance podcast on Spotify, "DIY Money", says the spending can be a good thing or something to watch out for.
Tatro says, "I think it's great for stocks, I think it's great right? I mean listen I wear two hats, I’m an investor that’s good for the economy that’s good for the markets but if people cants afford that, that’s painful to me."
The "DIY Money" podcast has around 500 episodes and gives tips and tricks for keeping your finances in check. Quint says it’s important to check in with yourself throughout the year to make sure you’re staying on track.
Tatro says, "So it's one of the reasons we do the podcast because we want to be in someone’s ear on a regular basis saying that this is a daily battle if you’re trying to achieve a financial goa if you’re trying to pay down debt, if you’re trying to pay off a student loan, if you’re trying to just get through the month without running out of money like a lot of people are."
National surveys show that more than 50 percent of consumers are planning to celebrate this Valentine's Day. Financial advisors and the Kentucky Retail Federation remind us that there is always more than one way to celebrate.
Tatro says, "20 years ago when I was married and trying to get out of debt what did we do for Valentines Day, we made sandwiches and went to the park. We didn’t do a lot. Are you gonna take steps backwards? Yes. Are you always gonna be perfect? No. But what do you do? You get back up and you keep going."
McClain says, "In kind of what we've seen too over the last few years is couples have said let’s go to the store and get something and cook from home. So, it’s kind of one of those that it’s a variety of ways that people can use their dollars for different things.
