Love is in the air this February, but don’t let the romance cloud your judgment. While Cupid’s arrows may aim for your heart, they can sometimes hit your wallet instead.
There are a variety of pressures we all face every Valentine’s Day — find a new partner, take your current relationship to the next level or spend beyond your means to show your affection to those in your life. Unfortunately, while grand gestures are appreciated and applauded, there are people out there who are only in it to receive.
Americans lost $1.14 billion in romance scams in 2023, according to the Federal Trade Commission. The average person lost $2,200 from sending crypto, gift cards or bank transfers to someone they thought were dating. Many victims even go so far as to invest in their new partner’s “idea or business.”
It’s easy to feel more trusting and generous during this romantic season, but it’s crucial to evaluate your connections before offering financial support. While these tips are especially timely now, staying vigilant against scams is something to practice all year long.
Don’t trust sad stories
Often, scammers will try to tempt their “love interests” into sending money by telling them they are ill, hurt, in jail or even stuck abroad with no way to get home. If anyone asks you for money, and you haven’t met them in person, it’s a major red flag. Scammers prey on your emotions, so do your research and trust your instincts.
Never share your financial information
Aside from trying to attain gift cards or a simple Venmo payment, scammers may try to take it one step further and get your bank information. By no means should an online friend have a reason to ask for your bank account details, credit card numbers or social security number.
Keep your guard up
It’s a simple rule, but it's easy to let your guard down when you feel a romantic connection with someone. Scammers will say anything to make you feel safe and loved. Then, they take it to another level. Do your due diligence and verify details they share, such as their job, location or background through a quick online search. If something feels off, listen to your gut and cut off communication.
On the other hand, for those of you who are in a committed relationship — one that is very much in person — you may be thinking now is the time to take your relationship to the next level: moving in together or popping the question.
Merging your lives also often means merging your finances. Experts say money issues are a common source of tension among couples. And, as a reminder, the average divorce costs $15,000.
So, if you find yourself in this next stage of life with your significant other this Valentine’s Day, it’s important to approach your financial future with care.
Talk regularly and openly about finances
One of the most common mistakes couples make is simply not discussing money. While it may feel uncomfortable at first, having honest discussions about your financial habits — like how you handle rent payments, dining out or saving for the future — can prevent misunderstandings. Set aside time to talk about your financial goals, monthly expenses and how you’ll manage shared costs.
Define short- and long-term goals together
It’s also important that you develop goals as a couple. Different priorities can make a relationship rocky. If one person wants to save for a house while the other plans to spend thousands traveling Europe, conflicts are bound to arise. Have an open discussion about saving for big goals to ensure you’re both on the same page financially.
Weigh pros and cons of a joint account
The decision to create a joint account or maintain separate accounts ultimately depends on the couple's financial preferences and goals. A joint account can simplify bill payments, shared expenses and long-term financial planning — if you’re both on the same page about that Europe trip. Some couples prefer separate accounts to offer autonomy and privacy. If you see the value in both, many couples do a hybrid approach and create a joint account while also maintaining separate accounts.
Online and offline love, though vastly different, can both cost you. Romance scams and real-life quarrels put thousands of people into debt every year. Open communication, setting boundaries and being mindful of potential red flags can save you from emotional and financial heartbreak this Valentine’s Day. Love responsibly — your future self will thank you.
