Fundivo.com offers a number of statistics on Mother’s Day spending: in 2015, people in the U.S. spent $22.1 billion on Mother’s Day gifts with $173 as the average amount spent per person.
The National Retail Foundation was encouraged because their research found that people were going to spend about $10 more on mothers and maternal figures in 2015 than in the previous year.
We don’t want to get anyone in trouble with mom but we do want to caution you about overspending for this holiday. Having to call your mother to borrow money in June can diminish the glow she had when you presented her with gifts in May.
While spending does help the economy and retailers and restaurants will certainly be happy to have you give them some of your hard-earned money to let your mother know what she means to you, you have to think about your personal economy. If you tend to spend money you don’t have for special occasions, you may need to develop some new spending habits. It would probably hurt your mother’s heart if continual overspending put you in a financial crisis.
And if you are a mother or grandmother who suspects that perhaps your children are spending more than they have to show their appreciation to you on Mother’s Day, would you consider letting them know that they don’t have to spend so much? If they continue to overspend, that is their choice. However, there is a lot of pressure in our culture surrounding this holiday and it is possible that they might spend less if they knew that you were more concerned with financial stability than lavish gifts.
And if it is your mom who needs help with her finances, consider helping her out by gifting her a session to see a Fee-Only financial planner if you think she would be receptive.