February 14th is not the day for austerity. It’s the time of the year when you want to shower the one you love with indulgences to show how much you care. But if your bank balance is as red as the hearts in the card shops, you might find it difficult to splash out.

Making a personal commitment to ensure Valentine’s Day 2013 will be one to enjoy means cutting down on spending, paying off those debts on  bad credit cards and freeing up some cash to squirrel away.

Paying off debts can seem like an impossible task, especially if you have multiple bad credit cards or different creditors. However, by prioritising one at a time, it is possible to slowly tackle the mountain of borrowing and get your finances back on an even keel.

There are different ways to go about deciding where to start. If you need a morale boost, opting for the loan with the smallest balance will mean that you clear it far more quickly, giving you a lift and spurring you on. However, the most sensible way to go about it economically is by identifying which bad credit cards or loans charge the highest rate of interest and aiming to pay them off first.

Once you have paid for all your essentials, putting all of your spare cash into paying off one debt – while ensuring you have paid at least the minimum on all of the others – is a sure-fire way to reduce your borrowings, one step at a time. And having a structured approach will also make you feel more confident that you will be able eventually to become debt-free.

To enjoy a more financially stable future, you need to show your money a bit of love. Finances need as much TLC as relationships in order to flourish. Simply ignoring them means you will inevitably end up in a mess.

Research has shown that if you label your savings you are more likely to put money away and at a greater rate. Therefore, rather than just having a ‘savings account’ in the bank, you could have ‘Rainy day money’ and ‘Holiday in Europe’ funds. By separating your savings goals and labelling them, it is much easier to see the progress you are making and visualise the end result.

You may think that you have absolutely no spare cash to save but if you scrutinise your spending habits you will probably find you waste a fair bit of money on needless expenses. Ask yourself whether you have the best deal on your mortgage? Do you pay more for your energy than you should? Would a different bank account provide you with more benefits?

Many people stick to the same providers out of habit and familiarity when they could save a lot of cash by switching. Even changing the supermarket used for the main shop can provide substantial savings and having several loyalty cards means you don’t lose out on special discounts or points.

There’s many ways to both pay off debts and to start saving and the most important thing is to give your finances the attention they deserve. Looking after your money properly needn’t be hard work and could be the start of a beautiful relationship.