Record romance spending is predicted this Valentine's Day.

The cost of love is apparently $189 per person this year, that is the average spending the National Retail Federation is predicting.

Ted Rossman, Bankrate senior industry analyst, says, "The key categories are things like candy, flowers, greeting cards, nights out and jewelry were a little bit further down the list."

This puts American spending at a record $27.5 billion on the holiday, up 7%. That includes gifts for significant others, friends, coworkers, and even pets.

If you are looking to save some money on the holiday, the experts at Bankrate have some ideas. Rossman says, "you could participate in some time shifting if you are up for it, maybe go out to dinner the night before or the night after. A lot of times on Valentine's Day itself restaurants do these fixed price menus that really jack up the price."

Also, maybe you are sitting on some money that will fund a romantic night. Rossman says, "Half of Americans have unused gift cards and the average value is over $200."

Money that could be put toward a gift or to a restaurant to help with the bill.