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TORONTO, ONTARIO--(Marketwire - Dec. 20, 2011) - According to the BMO 2011 Holiday Spending Outlook, Canadians expect to spend $1397 during this holiday season - up from $1305 in 2010.

The survey, conducted by Leger Marketing, revealed Canadians plan to spend an average of $582.70 on gift purchases, $359.80 on trips, $307.30 on holiday entertaining and $147.50 on other expenses.

Holiday Spending Allocation - Year over Year Comparison

Holiday Spending Across the Country

"Given the current challenges when it comes to managing the household balance sheet, it's important that Canadians put a budget in place and track their holiday spending to avoid over-extending - which can happen pretty quickly this time of year," says Su McVey, Vice President, BMO Bank of Montreal. "Online banking features, including tools such as BMO MoneyLogic™, allow Canadians to set spending limits and get immediate insights into whether or not they are staying on track."

To help shoppers make sense of their money, avoid overspending and save more this holiday season, BMO Bank of Montreal offers the following tips:

Set a Budget and Stick to It - Build your budget as early as possible and revisit it often to lessen the impact of the holiday spending surge. Using online tools, such as BMO MoneyLogic, to set and track spending limits can help keep you on track.

Get a Head Start - According to the survey, while the majority of Canadians plan weeks or even months ahead for their holiday shopping (81 per cent), one in 10 consider themselves last-minute shoppers. By waiting until the last minute to get your holiday shopping finished, you risk over-spending, going over budget and sometimes missing out on the gifts at the top of your list.

Spend Smart - Get the most out of your purchases this holiday season by using a credit or debit card that offers rewards for purchases at multiple retail locations. Combine this with programs such as the AIR MILES® Reward Program to accelerate your rewards earnings by allowing you to double dip, essentially earning rewards twice on the same purchase.

The survey was completed on-line from October 17, 2011 to October 20, 2011 using Leger Marketing's online panel, LegerWeb, with a sample of 1508 Canadians. A probability sample of the same size would yield a margin of error of +/-2.5 per cent 19 times out of 20.