The most frugal way to celebrate Valentine's Day is not to celebrate it!
I'm not a big fan of commercial holidays that create expectations individuals feels they must live up to. Also, I think the years of having to purchase or create 30 Valentines cards for each child's class have left me jaded about this holiday. I do remember loving to cut, paste, and draw cards when I was a kid (paper doilies, stickers, and construction paper--bliss!). Our family celebration today consisted of wishing each other a happy day, and sharing a small chocolate cake with UFF Grammy (she brought it over) and a neighbor.
A few coworkers brought treats to share at work as well.
How do you feel about Valentine's Day?