The slings and arrows of financial planning: Scotiabank provides tips for Canadians celebrating Valentine's Day

TORONTO, Feb. 13, 2013 /CNW/ - Romance may be in the air this Valentine's Day, but have you thought about how much money you'll be spending on your sweetheart? Once the rose-coloured glasses come off and the chocolate high has subsided, your romantic ways may leave you a bit brokenhearted - about your savings. According to a recent Scotiabank Valentine's Day poll on Facebook, a few of the top things Canadians are planning to spend on to make this year's Valentine's Day memorable are chocolates, flowers and a romantic dinner.

Valentine's Day has become such a popular day to show that special person in your life how much you truly care. Thinking and planning ahead about how much you want to spend on each other and making it special in your own way is what really counts.

According to the poll, Canadians are thinking frugally this year, with most saying they are not spending money this year and making a gift or spending $100 or less.

Some simple tips to keep in mind as you plan to celebrate Cupid's big day:

1. Have Some Romantic Foresight By Planning Ahead: Whether you want to have dinner out, give your loved one a new watch or jewelry, or book a trip, having a financial plan can help you get organized for these types of expenses.
2. Time for a Romance Fund? Make your goals measurable. If you want to create a romance, rainy day or emergency fund on top of your other savings plan, put a plan in place to get there in a set amount of time. This way you will know if you are getting off track.
3. Make Sure Cupid Doesn't Run Amuck: It is easy to get carried away while finding the perfect something for your sweetie - make sure you keep an eye on your spending. By using online banking, mobile banking and/or InfoAlerts, you'll see an accurate picture of how much you are spending and where. If you recognize that you are going overboard, you can adjust and start building healthier spending habits.
4. Be creative! You don't need to spend a lot to make this Valentine's Day a special one. Handmade gifts are often the most memorable. Creating a personalized gift can be a great alternative to the standard flowers and chocolates.
5. Bring in an expert: Like your maître d' will know the best entrée, consider asking an expert to help you with your finances. A financial advisor can help with any budget, not just larger sums.

About Scotiabank
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 81,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $668 billion (as at October 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE: Scotiabank

For more information or to book an interview with a Scotiabank expert, please contact:

Diana Hart
416-866-7238
[email protected]

Devinder Lamsar
416-933-1171
[email protected]