My son, who’s in fifth grade this year, does enjoy getting a box of chocolates on Valentine’s Day. But I always get him a gift or two, as well. Because Valentine’s Day falls so near to Christmas a time–when some other high-dollar bills may still be coming in–it can be a good time for frugality.

Perhaps the most obvious way to save money on gifts is to buy less expensive gifts. But when it comes to purchasing gifts for your children, this isn’t always the most effective method.

Valentine’s Day-related items (products or clothing with heart themes developed especially for Valentine’s Day) often have a limited duration. Are your kids going to wear/use their heart-decorated items after the holiday has passed? If not, then even low-priced items may end up being costly when you figure how much use you’re getting out of them.

So consider passing on the frilly, message printed, heart-covered items in favor of gifts that will be used for years. You can stick with red or pink if you want to give a nod to the holiday. Here are a few ideas for Valentine’s Day gifts for boys and girls that will get lots of use, giving you a lot more bang for your buck:

Video Game Accessories–PS3 Dualshock controllers in red, candy pink, or classic white. PS3 controllers wear out / get sticky over time and need to be replaced anyway, so why not do it on Valentines Day?

Family movies on Bluray or DVD–provide the perfect opportunity for family-time. If you need a last-minute gift, you can go for an Amazon Instant Video–which don’t require any shipping time.

Cautious spending doesn’t always mean going for low-dollar items.