February is in full swing – and the month of love offers us a chance to treat our loved ones. Many of us plan to spoil our someone special with something special this month. But don’t let those loving impulses put your budget at risk.
As well as Valentine’s Day, there’s another reason this February is special: 2024 is a leap year, and February 2024 will have 29, not the usual 28 days as a result. Leap years serve as calendar correctors, keeping our timekeeping aligned with the Earth’s journey around the Sun. Leap years therefore symbolise balance, harmony, and the importance of alignment between timing cycles.
There couldn’t be a better analogy for earned-wage access (EWA). EWA allows you to access a portion of your wages before the end of the month, enabling you to align your income and your budgeting needs.
Paymenow, South Africa’s leading EWA provider, understands that expenses do not always wait until payday. Paymenow gives employees real-time access to their earned wages when they need it, easing the burden inflicted by payday and micro lenders through affordable, real-time, access to cash.
Denise Neethling, Head of Marketing at Paymenow, cautions, “While we devote more attention to making our loved ones smile this month, it’s important not to let other things become neglected – especially the monthly budget. A month, especially this February, can feel like a long time when you’ve exceeded your budget, and it’s important not to let spending get away from you without making a proper plan.”
Here are six ways you can show your love for your partner and your money this February.
Be realistic in your budget
Relationships often suffer due to unrealistic expectations, and the same can be said of a budget. Unless you have a realistic idea of your financial situation, it is very difficult to assess how much you can actually afford to spend on spoiling your loved ones. So take a moment to assess your income and expenses to get an idea of your disposable income – the money you can spend without compromising your overall financial stability. Being realistic about this money is the first step towards a financially stress-free month of love.
Prioritise essential expenses
Dreaming of your partner’s face when they get your special gift is wonderful. But if you haven’t paid your bills and essential expenses first, once the 14th has passed your own joy will probably fade. Before buying a big gift, make sure that your bills, rent, mortgage payments, groceries, and other essential expenses are covered. This way, you (and your budget) can smile the whole month through.
Consider thoughtful, budget-friendly activities
Love doesn’t have to come with a hefty price tag. Instead of splurging on expensive dinners or extravagant gifts, consider planning more budget-friendly activities that focus on quality time together. Picnics, homemade dinners, DIY gifts or even just a romantic stroll in the park can be just as meaningful without breaking the bank.
Make use of discounts and special offers
February is a great time of year for discounts. Many businesses run Valentine’s Day promotions, allowing you to enjoy romantic experiences or purchase gifts at a much more affordable price. This means your romance budget can stretch further! So be a savvy shopper and keep an eye out for special offers from retailers and service providers you plan on using during the month of love.
Communicate openly when budgeting
Communicating is hard, and communicating about finances is harder. But good communication is key to a good relationship, and to a good financial situation. Make sure to discuss your budget and expectations with your partner, and raise any financial concerns openly. This will ensure you’re both on the same page. And if you plan your activities with your finances in mind, you will avoid self-inflicted pressure to overspend. This will lead to a more meaningful and stress-free celebration.
Embrace continuous financial education
Finally, commit to continuous learning about personal finance. Stay informed about financial trends, understand new investment opportunities, and be aware of the economic factors that may affect your finances. Educating yourself empowers you to make better financial decisions.
Paymenow has made financial education a key component of its offering, and offers tips and tools to help its users reach their financial goals. The aim is to empower users on how to migrate from indebtedness to becoming investors, gaining control over their finances and building a foundation for financial freedom.
Neethling concludes, “Budgeting in the month of love doesn’t mean sacrificing romance; it’s about finding a balance that allows you to express your affection without compromising your financial well-being. By setting realistic budgets, prioritising essential expenses and getting creative with thoughtful gestures, you can enjoy a harmonious and financially responsible celebration this February. Careful planning around special offers and communication are key, ensuring that your expressions of love contribute to a lasting and sustainable relationship.”