According to a recent BMO spending survey Canadians polled expect to spend an average of $1,610 this holiday season, up from $1,397 in 2011.
The survey also looked at intentions for budgeting and when participants plan to begin spending this holiday season.
? Nearly half (47 per cent) will set a loose or flexible budget and 29 per cent will set a fixed budget for the holidays.
? One-in-five (21 per cent) do not plan on creating a budget.
? Almost all of those with a fixed budget (91 per cent) and three-quarters of those with a flexible budget (75 per cent) said they generally stick to it.
? More than half (53 per cent) said they often make impulsive purchases during the holiday season, even those with a fixed or flexible budget in place.
To make the most of your money this holiday season, BMO offers the following financial tips.
? START EARLY WITH A PLAN. Last-minute shoppers run the risk of over-spending, going off budget and possibly missing out on the gifts at the top of the list.
? MAKE A BUDGET; CHECK IT TWICE. Set a budget as early as possible and revisit it often to help prevent impulse spending.
? RESEARCH BEFORE YOU SPEND. Do your homework to determine which stores offer the best deals so you can get the best value for your money and avoid over-spending.
