‘Forced to play the Grinch’ - 1 in 4 parents are cutting back on buying presents for their kids

Ceyda Erem

06 Dec 2018

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When you’re a kid, there’s no better feeling than waking up at the crack of dawn and running to a stack of Christmas presents with your name on them.

But according to new Mozo research the rising cost of living might be putting an end to long wishlists, as 1 in 4 parents are planning to spend less on gifts this Christmas.

“It looks like many parents are being forced to play the unwanted role of the Grinch this Christmas with pressure on family budgets starting to bite for many Australians,” said Mozo Director, Kirsty Lamont.

“It’s not just kids though who’ll be receiving a little less cheer this year with nearly 1 in 3 of us spending less on presents for a partner.”

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Financial stress this festive season was also felt nationwide as 16% of those surveyed said they found the holidays ‘extremely stressful’, 23% were moderately stressed, 32% were a little stressed, while 27% were not stressed at all.

Christmas lunch and end-of-year holidays are also being reconsidered, with Aussies revealing this year they plan to spend 40% and 36% less, respectively.

While it’s not uncommon for the Aussie shoppers to pay for Christmas using their credit card, Lamont says that making slight changes to your plastic habits can help big time.

“Avoiding impulse purchases and effectively managing your credit card can help to reduce the financial strain you’re feeling,” she said.

“For example, if you are carrying a balance forward on your credit card then taking advantage of a low rate balance transfer can ease the repayment burden you’re under. It’s also worth checking your credit card’s interest rate.”

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So if you think a balance transfer card could be right for you, start your search by checking out the five offers down below, or head on over to our credit card comparison tool.

5 balance transfer offers to help you blast debt

Rates updated daily. Advertiser disclosure.

  • Apply By 31 May 2021

    Bendigo Bank Low Rate Credit Card

    0% p.a. for 18 months and then 11.99% p.a. (2.00% balance transfer fee)

    11.99% p.a.

    $45

    0% p.a. balance transfer for 18 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.

    • 11.99% p.a.

    • -

    • 0% p.a. for 18 months and then 11.99% p.a. (2.00% balance transfer fee)

    • 13.99% p.a.

    • 55

    • 3.00%

    • $45

    • $15.00

    • 0.50%, Min $3.25

    Read our Mozo Review to learn more about the Low Rate Credit Card

    Details Close

  • Bankwest Breeze Mastercard

    0% p.a. for 26 months and then 10.99% p.a. (2.00% balance transfer fee)

    10.99% p.a.

    $49 $0 in the first year

    Enjoy 0% p.a on balance transfers for 26 months (2% BT fee applies) then 10.99% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Mastercard Breeze customers only.

    • 10.99% p.a.

    • -

    • 0% p.a. for 26 months and then 10.99% p.a. (2.00% balance transfer fee)

    • 21.99% p.a.

    • 55

    • 0.0

    • 2.95%

    • $49 $0 in the first year

    • $25.00

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the Breeze Mastercard

    Details Close

  • St.George Vertigo

    0% p.a. for 24 months and then 21.49% p.a.

    13.99% p.a.

    $55 $0 in the first year

    0% p.a. for 24 months on balance transfers requested at card application. No balance transfer fee. Rate then switches to applicable variable cash advance rate. First year annual card fee waived for the first year ($55 thereafter). Available to new cards only, Eligibility criteria and T&Cs apply. Offer ends March 2nd 2021. Mozo Experts Choice Balance Transfer Credit Card Winner 2020^.

    • 13.99% p.a.

    • -

    • 0% p.a. for 24 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $55 $0 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo

    Details Close

  • Hot Deal Limited time balance transfer offer

    Westpac Low Rate

    0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)

    13.74% p.a.

    $59

    Enjoy 0% p.a. interest on balance transfers for the first 24 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.

    • 13.74% p.a.

    • -

    • 0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 3.00%

    • $59

    • $15.00

    • 2%, Min $2.50, Max $150

    Read our Mozo Review to learn more about the Low Rate

    Details Close

  • St.George Amplify Platinum

    0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    0% p.a. for 7 months then 19.74% p.a.

    $99 $0 in the first year

    Get 0% p.a. for 22 months on balance transfers requested at card application. 1.5% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. Bonus 0% p.a. on purchases for 7 months. Rate then switches to applicable variable purchase rate. Get your first year annual card fee waived for the first year ($99 thereafter). New cards only, Eligibility criteria and T&Cs apply. Offer ends March 2nd 2021.

    • 0% p.a. for 7 months then 19.74% p.a.

    • 0% p.a. for 7 months

    • 0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $99 $0 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Amplify Platinum

    Details Close

^See information about the Mozo Experts Choice Credit cards Awards

Mozo’s tips for staying financial afloat this Christmas

  • Keep it a secret - If you come from a big family, then there’s no doubt that buying presents can often leave your bank account hanging on by a thread. But if you’re determined to cut back this year, suggest a Secret Santa approach to presents this year.

  • Stick with digital carts - As much as we don’t like to admit it, some of us tend to go over the top when Christmas shopping in store. Remove the temptation to overspend by strictly doing your Christmas shopping online. This will keep you from jumping from store to store and it will be easier to stick to your list.

  • Be honest - Sometimes, honesty really is the best policy and if you’re really feeling the pinch financially this year, it might be worth sitting your family down and opening up. Who knows, with 73% of Aussies feeling at least a little financially stressed this Christmas, they might even be feeling the same way and will be relieved you brought it up.