Credit Union offers ideas for savvy spenders this February

According to Statista, "Americans Planned Valentine's Day spending in the United States was expected to reach approximately 26 billion U.S. dollars in 2023."

It's clear that thousands of dollars could be spent by just one couple between cards, chocolates, dining, and jewelry. This year, many Americans are looking for ways to scale back spending this season.

As Americans continue to navigate uncertain economic changes and the potential of a recession, Chief Financial Credit Union experts offer these money-saving tips to plan for Valentine's Day 2023.

• Set a budget ahead of time. Whether you're planning an evening out, or a girls' get-away, determine now what your spending limits are, and stick to them. Setting a budget will allow you to set expectations for yourself and those you're celebrating the holiday with this year.

• Get creative.
  • Valentine's Day is a time for families to show loved ones, friends, and teachers how important they are in our lives. Set aside time to have children create cards or make small crafts that can be gifted rather than specific items that can add up. These crafts from Good Housekeeping are a great place to start.
  • Couples, make your favorite dinner or cocktails at home. Creating a perfect date night doesn't have to be expensive and allows for one-on-one time with that special someone.
• Remember your talents. The days of offering coupon books aren't over! Offer to help with tasks you love that someone else might find daunting; organizing a closet, baking cookies, or even a simple letter in the mail can make someone's Day.

• Use reward savings or reward points to make purchases. For those with reward checking accounts or credit cards, saving up those rewards throughout the year is a great way to splurge on Valentine's Day without even touching the bank account. Rewards can often be redeemed for cash, gift cards, or even experiences. Check out your card's benefits and have some fun!

• Give back. Valentine's Day can be a time to share with those in need by donating time or resources to local nonprofits. Is there an elderly neighbor that you could share a meal with? Call your local soup kitchen or shelter and find out what their needs are during the month of February.

Whatever you choose, remember that spending time with loved ones doesn't have to cost a dime.

About Chief Financial Credit Union

Chief Financial Credit Union is the only financial institution headquartered in the Greater Rochester Area. With a commitment to empowering financial success and inspiring creative philanthropy, Chief Financial has been meeting the needs of its members since 1941. Passionate about being an integral part of each community it serves, Chief has locations in Dearborn, Pontiac, Rochester, and Troy Michigan. Chief Financial is also the official credit union of Leader Dogs for the Blind and Rochester University. For more information, visit www.chiefonline.com.