The Crazy Amount of Money America Spends on Valentine's Day
Americans are expected to spend a near-record $20 billion this Valentine's Day, but what are they shelling out all that money for? Lisa Rowan, Writer at The Penny Hoarder, joins Your Cheddar to discuss how you can keep the love in your wallet this Valentine's Day.
If you can believe it, Americans will spend $4.7 billion on jewelry, $3.7 billion on an evening out, $2 billion on flowers and $1.8 billion on candy! But because of supply and demand, a lot of the usual Valentine's Day gifts go up in price. Rowan says you may want to avoid going to a restaurant or booking a hotel room for a romantic evening because prices could increase up to 30%.
So what should you do if you don't want to break the bank but still want to give your partner a little something? Rowan suggests thinking about what their hobbies are and aligning with something they love to do. Maybe its a smaller gesture, but it will mean more than flowers or candy.
The parent company of stores like TJ Maxx, Homegoods and Marshalls, posted mixed results in its latest quarter, prompting it to slash its outlook for the full year.
A survey says about 20% of Americans have a high-yield savings account. Preston Cherry, founder and president of Concurrent Financial Planning, joined Cheddar News to explain why it's a good time to open an account now.
