Happy Mother’s Day weekend to all the moms out there! You’ll be very happy to know that on your day tomorrow, you might be receiving a little more than usual. According to a new survey conducted by the Bank of Montreal, loved ones are planning on spending an average of $107 on the mom on their lives this year; which is up 27 per cent from last year. And, moms that live in Ontario or Alberta can expect to see even more being spent on them, with loved ones in these provinces spending over $10 more than the national average.
So what gifts can you expect within that price range? Traditional gifts are still some of the most popular, with 47 per cent of respondents giving cards, and 45 per cent giving flowers. 38 per cent will be treating mom to a bite to eat at a restaurant, while the majority of people, 68 per cent cent, will be heading to the store to buy that special something mom’s had her eye on.
And while showering mom with gifts is always a great feeling, and unquestionably well-deserved, BMO director Nick Mastromarco says that it’s still important to ensure that you’re not overspending and going into debt. And that mom will be just as happy, if not happier, with a simple expression of love and a gift that comes from creativity and true generosity, rather than something that comes from a store.
“It can be easy to lose track of financial priorities during holidays and occasions such as Mother’s Day, so it’s essential that all spending is planned and accounted for in the overall household budget,” he says.
“For those looking to be generous to mom while managing a tighter budget, consider redeeming rewards points not only for gifts, but also experiences such as a weekend get-away or spa treatments. But of course, the most important thing is spending time with your parents on Mother’s Day and Father’s Day.”
