Valentine gifts that warm the heart without draining the bank account

The average shopper will spend $103 on Valentine's merchandise for friends, family, co-workers and pets, compared to $102 in gifts last year, according to National Retail Federation. But couples plan to spend less on partners, with gift values dropping to $63 per person, compared to $67 in 2009.

But dollars are not the only way to measure gifts. Time, imagination and other materials can warm the heart and bank account. Here are frugal, but meaningful gift ideas for Valentine's Day.

• Creative cards: Valentines cards can cost $1-$5 each, but you can save money with homemade cards, said Christina Poulsen, of the Nifty Thrifty Homemaker (www.niftythriftyhomemaker.com). She makes personalized cards by creating collages with words and images from magazines. Print free cards from the Internet by searching for "Valentine + download," said Pamela Munro, author of www.myfrugallife.com. "Or you can print out one of the vintage Valentine's Day e-cards at www.doverpublishing.com."

• Romantic ideas: "My favorite frugal Valentine's gift is a homemade coupon book. Each page looks like a large heart-shaped valentine, adorned with lace, sequins, buttons and glitter," said Carmen Nesenson of www.gobankingrates.com. Each page contains a coupon, with offers for a home-cooked candlelit dinner, housecleaning service or massage.

• Financial bonus: Fiscal commitments can pay a romantic dividend, said Kim McGrigg, community manager of Money Management International (MoneyManagement.org.) "Make an agreement with your partner to forgo the gifts on the occasion you are celebrating. Instead, put that money toward achieving a shared goal, such as homeownership, paying off a debt, or saving for a romantic vacation," McGrigg said.

• Sweet treats: For less than $10, Kate Ashford of www.hertwocents.com baked memories that have stayed fresh for 10 years. "I found a recipe for homemade fortune cookies. I made a batch, filled them with little messages I'd typed, and packaged them in two Chinese takeout containers," Ashford said. The project was "labor intensive," but her husband was impressed, she said. Jason, a romantic man from Minnesota, is creating Valentine's month. "I've got something planned for every day in February, and nothing is expensive," Jason told me in the Frugal Living forum at WiseBread.com. His list includes a weekday candlelight breakfast, love letters and a framed copy of their wedding invitation.

Sharon Harvey Rosenberg is the author of the "Frugal Duchess: How to Live Well and Save Money" — a coming-of-age memoir about money — and a contributing writer in Wise Bread's "10,0001 Ways to Live Large on a Small Budget."