Moneda Moves (117): A Note About Valentine's Day & Crypto In Latinx Communities
Feliz Valentine’s Day eve, mi gente! In a newsletter where we talk about money, I want to remind you that while gift-giving is a big love language advertised during the holiday, gifts can take on different shapes, sizes and price points. For holidays both Valentine’s Day and beyond, I’ve found that spending intentionally is where my personal happy spot lies for both my heart and wallet.
In light of the upcoming holiday, here’s a few tips and reminders:
1. Make no mistake, being financially responsible is attractive. Folks in relationships this year are set to spend about $208 on their partner and are preparing to go out this year with Covid restrictions being lifted, per CNBC. I’m not here to tell you if that’s good or bad, because personal finance is *drumroll, please* personal! But setting some guardrails for yourself if you’re spending on the holiday is important so you’re still financially comfortable after the one day passes.
2. Celebrating on a different day could reduce your costs majorly. We’ve all heard about supply chain issues in the last few months, and as it turns out, main products sold on Valentine’s Day were not exempt from the damage. Inflation and supply chain are both affecting the price of chocolate this year. So now is as good time as ever to employ one of our tried-and-true strategies to get the same chocolatey satisfaction at a fraction on the price: Just wait. Usually, I’d buy chocolates the days after the holiday (Valentine’s Day, Easter, Halloween, etc.) and chocolates are slashed at major pharmacies and chains.
3. Put your money where your values are. All this said, in no way would I shame anyone for spending on Valentine’s Day. I’m a romantic and I love love. Do what fits your budget and makes you happy. I’ll be spending sometime this week on a little treat, and that said it probably won’t be Valentine’s Day related —my preferred kind of gifts are outdoor leisure with a loved one.
And in the spirit of supporting Latinx businesses for the holiday, remember to use this directory of Latinx businesses, often :) : Shop Latinx.
Headlines to put on your radar.
If you’re investing in crypto, you may not think of it as a way to make crucial payments, but latest reports show that this may be increasingly the case for Hispanic populations.
Why Hispanic people may turn to cryptocurrencies to pay bills: Compared to other groups of color, Hispanic people are leading the way in cryptocurrency ownership. 24% of cryptocurrency owners are Hispanic, per a recent report from Morning Consult and reported by CNBC.
Many opportunities of growth in crypto have been in Latin America, including Mexico, Brazil and Argentina.
“There are communities out there that need better ways to pay,” said Charlotte Principato, financial services analyst at Morning Consult. “And that is one of cryptocurrency’s big promises, especially for bitcoin.”
Among these “better ways to pay” a crypto use case for Hispanics in the US is the ability to better send part of their salary or money back home to their families in their native countries.
Thank you for joining us! Until next week, catch us here on Moneda Moves.