It's the most romantic time of the year, but this Valentine's Day, consumers are expected to break the bank more than ever before. According to the latest National Retail Federation survey, total spending on the holiday is projected to hit a staggering $29.1 billion - the highest on record.

What this really means is that lovebirds across the country will be shelling out an average of $199.78 per person on gifts, flowers, candy, and more. While that may seem like a sweet gesture, the bigger picture here is that many consumers could end up going deeper into debt to fund their romantic gestures.

Overspending Puts Financial Health at Risk

As CNBC reports, the surge in Valentine's Day spending is being driven by "middle- and high-income shoppers who are expanding their gift lists to include friends, co-workers and even pets." While it's great to spread the love, this kind of indiscriminate gifting can quickly add up and strain household budgets.

In fact, a recent survey by Credit Karma found that 56% of Americans go into debt to pay for Valentine's Day expenses. With the average debt load standing at over $90,000 per household, the last thing consumers need is an extra financial burden from Cupid's arrow.

Tips to Avoid Overspending

So how can you celebrate the holiday of love without jeopardizing your financial health? Here are some tips:

  • Set a realistic budget. Determine what you can comfortably afford to spend and stick to it. Avoid the temptation to splurge.
  • Focus on experiences, not just material gifts. Plan a special date night or weekend getaway instead of expensive jewelry or gadgets.
  • Get creative with homemade gifts. Put together a personalized photo album, cook a romantic meal, or make a heartfelt card.
  • Suggest a gift exchange with friends or family. This can help spread the costs around.

The bottom line is that while it's great to show your loved ones how much they mean to you, it's not worth going into debt over. By being mindful of your spending this Valentine's Day, you can keep your finances - and your relationship - healthy.