There are many ways to celebrate Valentine's Day, where some may be more expensive than others. With a little planning and ingenuity, one can share this day with loved one's, even on the tightest of budgets.

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Amid the celebrations on February 14, here are some financial tips to follow:

Build a budget

According to Palka Chopra, senior vice president, Master Capital Services, it is most important is to build a budget in mind for the day.

"Having proper planning is essential to avoid overspending. This will help in celebrating the day in the best way without burning a hole in the pockets," Chopra suggests.

Also read: How millennials' spending habits are changing with time

Do not overspend on credit cards

Individuals should keep their spending within limits while planning Valentine’s Day and not overspend on credit cards.

“Credit card bills carry a huge fee for rolling over or not paying on the due date. In case people buy a gift for their partner that they cannot pay for immediately, they should try the EMI option. It could be through credit card or finance. It will ease repayment burden,” advises Chopra.

Check for the best offers available

Whatever spending people are planning, be it travel, food, online shopping or a hotel stay, they should check the best discount offers available.

As per Chopra, most banks offer their customers special discounts and offers on their debit and credit cards. Many couple offers are also available on days like Valentine’s Day.

Also read: 7 ways to financially spice up your life

Go for short-term lending options

According to Gaurav Kumar, founder and chief technology officer (CTO), Valyu.ai, if individuals want to go grand this day, it's not right to don't dip into savings.

"Rather they should go for short-term lending options that don't put them under financial stress," he advises.

Gift something mindful like an insurance

Aatur Thakkar- co-founder and director at Alliance Insurance Brokers suggests couples to be mindful while planning gifts.

“Some of the best gifts which can be part of the bouquet for the loved one, could be health insurance, term insurance and specialty insurance for the things/products most valued by the partner. Though this may sound boring in the first place, this can be accompanied with a nice home-cooked meal and a candlelit dinner, and chocolates will be the icing on the cake," Thakkar opines.

Disclaimer: The views and investment tips expressed by experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

(Edited by : Jomy)