Lovebirds may feel the impact of Cupid's arrow this year in a particularly uncomfortable place: Their wallets. Prices of traditional Valentine's Day gifts have shot up, making a material declaration of love extra costly. But with a little savvy and an internet connection there are new ways to sidestep the price increases, and your sweetie will never know the difference.

The higher prices are coming from the most unromantic of areas: Rising commodity costs, high food prices and the threat of inflation. The price per-ounce of gold, a popular inflation hedge, jumped more than 25% last year, and prices for polished diamonds, which appeal to developing countries' growing middle classes, rose 10%, according to the Rapaport Diamond Trading Network. The price of cocoa's been rising steadily for years and shows no sign of stopping. In January alone, prices rose 12%. Roses? Up 4%, to an average $76.15 per dozen. "Everything is going up," says Jack Plunkett, the chief executive of Plunkett Research.

Some of the old Valentine's Day savings strategies remain get the shorter-stemmed roses, bring your own bubbly. But there are some new twists this year. One biggie: As group-buying services have become more popular, so have sites on which people re-sell their discounts and coupons to last-minute shoppers.Lifesta has an old Groupon for $20 worth of candy at The Chocolate Place in New York, marked down from $10 to $6.50. And a deal for a $99 dinner at Opaque (a trendy Santa Monica, Calif., restaurant where diners eat in the dark) sold out in mid-October but it's still available on CoupRecoup.

SmartMoney.com looked at some of the most common Valentine's Day gifts who doesn't love flowers and chocolate? and how to save this year:

Flowers

It's not your imagination -- you do spend more for a bouquet on Valentine's Day, says Christine Boldt, the executive vice president for the Association of Floral Importers of Florida. Increased demand leads to higher costs, and rising fuel prices to transport all those extra flowers hurt, too. So at other times of the year, a consumer might spend $50 to $60 for a dozen red roses, says Janice Cutler, the owner of North Raleigh Florist in Raleigh, N.C. Today: $83. "Come February 1, prices for all our roses go up," she says.

Old strategy: Buy shorter stems and mixed bunches.

New strategy: Go with the group. Group buying sites have made buying through a local florist as economical as ordering online without the risk that what you ordered isn't what the recipient gets, Boldt says. One deal still ongoing: GiltCity is selling a dozen roses for $73 (40% off the regular price of $123) at national delivery service KaBloom. Just make sure to check prices before and after you buy a voucher. Groupon users who paid $20 for a $40 voucher to FTD.com reported seeing higher prices when they tried to buy their flowers for example, charging $40 for a mixed-rose bouquet instead of the $35 non-voucher-users saw. FTD.com did not respond to requests for comment.

Virtual Gifts

Sending your sweetheart a virtual bouquet is in vogue (and hypoallergenic): Last year, 35% of social networkers also sent a virtual Valentine's Day gift, reports virtual goods purveyor Viximo, and s pending on virtual items is expected rise 50% to $2.67 billion in 2011, according to ThinkEquity. The gesture is an inexpensive one -- paying to access the FarmVille bonus "Purple Valentine's Cow" costs roughly $10 -- but could be more romantic than a physical gift for a fan of the game, says clinical psychologist Eric J. Dammann.

Old strategy: Pony up.

New strategy: Start playing. Many games will let you start off with some free credits for gifts, or let you earn gifts by playing. Or if you can't stand the idea of tending your virtual fields, consider redeeming loyalty points through your credit card provider. In December, Citibank (C) began offering $25 cards for Caf World, FarmVille and other social networking games for 3,500 points, the same per-point rate for a retailer gift card of the same value.

Dinner Out

Dinner Out

Valentine's Day is second only to Mother's Day in terms of restaurant traffic. Read: No discounts for you! As it is, 70% of diners in one survey said they planned to spend more than $100 on the holiday, the same or more than they spent last year, and about 18% more than they spend on a typical dinner for two. It's easy to see why: Between special prix fixe menus and rising food prices, dinner will be an expensive proposition. One example: On Valentine's Day, Adour at the St. Regis in Washington, D.C., will offer a three-course prix fixe menu for $105 per person nearly twice the price of its usual $65, four-course offering. A spokeswoman says the special menu includes fancier dishes and a take-home box of the restaurant's signature macaroons, regularly $20.

Old strategy: Bring your own Champagne.

New strategy: Go out this weekend. Monday's not a great date night anyway, and couples will save a bundle, says restaurant consultant Aaron Allen. To save even more, make a reservation through a site like DinnerBroker or Village Vines , both of which offer discounts (Village Vines' discounts are often deeper, but there's a $10 fee, while DinnerBroker is free, but limited to American Express cardholders), and don't require diners to present a coupon. In other words, your date won't know that your splurge on Champagne or lobster comes with a built-in deal. Just check restrictions -- holidays usually aren't excluded, but those special menus often are, he says.

Chocolates

Good news, chocholics: Valentine's Day chocolate made it to shelves before the latest spike in cocoa prices. "Our chocolate pricing is based on what we agreed to buy last year," says Katrina Markoff, the owner of Vosges Haut-Chocolat. Vosges is likely to raise prices by fall, she says, but declined to specify how much. The stores' signature 16-piece box of truffles currently sells for $40.

Old strategy: Buy on Feb. 15.

New strategy: Whenever you buy, buy in bulk. "Eat all the chocolate you can," advises Marcia Mogelonsky, a global food analyst with Mintel. Compared to what you'll pay later this year, solid chocolate bars and truffles are a bargain: prices are expected to jump at least 5% by Easter. One note: Don't plan to stock up on high-end goods that contain real cream, which will spoil after a week or two.

Jewelry

Valentine's Day spending on jewelry is expected to top $3.5 billion, up 17% from 2010, according to the NRF, outpacing the 10% rise in prices. And although shoppers will find plenty of sales this time of year, many jewelers use sales to disguise that what you're getting -- maybe a synthetic diamond or gold-plate which wasn't so valuable to begin with, warns Antoinette Matlins, the author of "Colored Gemstones: The Antoinette Matlins Buying Guide." Of particular concern, she says, is that many are selling composite rubies -- low-quality stones filled with lead glass. Confirm with an independent appraiser that you bought what you think you did.

Old strategy: Compare prices in person.

New strategy: Use your phone. In September, Blue Nile (NILE) launched a free app that lets shoppers browse its inventory via mobile phone a way to compare prices with what you see in the stores, while you're there. (Of course, Blue Nile would also love to sell you one of their pieces, which you can also do by phone. There's a 6 p.m. ET Saturday deadline for Valentine's Day orders). Also, Zale (ZLC) has partnered with coupon apps and social media sites like Foursquare, offering shoppers on-the-spot discounts they wouldn't otherwise have access to, like $50 off a $200 purchase.