Valentine's gifts have always been so expensive, and when we were first married, hubby used to feel badly about not being able to afford a nice gift. I soon talked him out of seeing things that way by showing him just how wonderful it could be the day after. Everything is marked down at least 50% and really, what's one day? We started hitting the sales the day after and even stocked up on our chocolate for a few months. So many times you can find other things - not just the overpriced boxed hearts, but things like Hershey Kisses, Snickers, Reese's, etc. as well as baking items and even apparel. I've come home with some really nice sleep pants and t-shirts at a huge savings - just because they had hearts on them or were marketed for Valentine's Day!
Remember, being frugal does not mean you have to give up the finer things in life - it just means you know when to purchase them.