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 to $5 each, but you can save money with homemade cards, said Christina Poulsen, of the Nifty Thrifty Homemaker (NiftyThriftyHomemaker.com). She makes custom 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 MyFrugalLife.com. Or you can print out one of the vintage Valentine’s Day e-cards at DoverPublishing.com.

Romantic ideas

You can name a star after your partner, according to John Vantine of JohnVantine.com. Some star registries charge only $20 for naming rights and documentation. Other ideas include gifts of time, experiences or food. “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 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 Manage-ment International.

“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,” Kim McGrigg, community manager of Money Management International.

Sweet treats

For less than $10, Kate Ashford of 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.