‘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

  • American Express Explorer® Credit Card

    0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)

    20.74% p.a.

    $395

    Generous perks include a massive 50,000 bonus points when you apply online and meet the spend criteria, a $400 Travel Credit each year, 2 complimentary Amex Lounge passes and more! Note: point redemption rates will change as of 15 April 2019, please visit the Amex website for more information. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2018.^

    • 0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)

    • $395

    • 20.74% p.a.

    • 55

    • Transfer points to a range of airline programs or redeem your points for travel, gift cards, retail rewards and shopping gift cards.

    Read our Mozo Review to learn more about the Explorer® Credit Card

    Details Close

  • Apply By 28 February 2019

    Woolworths Everyday Platinum Credit Card

    0% p.a. for 14 months and then 21.99% p.a.

    19.99% p.a.

    $49 $0 in the first year

    Perfect for practical spenders, pay no annual fee in the first year and save up to $50 on your Woolies shop each month. Plus new cardholders can score a $50 Woolies eGift Card when you spend $150 a month for the first 3 months. Too easy!

    • 0% p.a. for 14 months and then 21.99% p.a.

    • $49 $0 in the first year

    • 19.99% p.a.

    • 55

    • 21.99% p.a.

    • 3%, minimum $5

    • Woolworths Money Shopping Card sent every 4 months if enough points have been accrued.

    Read our Mozo Review to learn more about the Everyday Platinum Credit Card

    Details Close

  • Apply By 30 April 2019

    Qantas Money Qantas Premier Platinum

    0% p.a. for 18 months and then 21.99% p.a.

    19.99% p.a.

    $299 $149 in the first year

    Receive 70,000 bonus Qantas Points when you spend $3,500 within 90 days of card approval, and an additional 30,000 bonus points after the first anniversary of the card. $299 per year. Special Offer- $149 annual fee for the first year, offer ends 30 April 2019.

    • 0% p.a. for 18 months and then 21.99% p.a.

    • $299 $149 in the first year

    • 19.99% p.a.

    • 55

    • 21.99% p.a.

    • 3%, min $3.00

    • Points are automatically credited to the Qantas Frequent Flyer program.

    Read our Mozo Review to learn more about the Qantas Premier Platinum

    Details Close

  • Bankwest Breeze Mastercard

    0% p.a. for 26 months and then 12.99% p.a. (2.00% balance transfer fee)

    0% p.a. for 6 months then 12.99% p.a.

    $79 $0 in the first year

    0% purchase rate for the first 6 months, then moving to 12.99% thereafter, great for consolidating debt. 0% p.a. on balance transfers for 26 months (2% BT fee applies)

    • 0% p.a. for 26 months and then 12.99% p.a. (2.00% balance transfer fee)

    • $79 $0 in the first year

    • 0% p.a. for 6 months then 12.99% p.a.

    • 55

    • 21.99% p.a.

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the Breeze Mastercard

    Details Close

  • American Express Essential Credit Card

    0% p.a. for 12 months and then 14.99% p.a. (3.00% balance transfer fee)

    14.99% p.a.

    $0

    Receive a $50 Dining Credit when you apply by 13 March 2019, are approved and meet spend criteria. Earn up to 1 Membership Rewards point for every $1 spent. Point redemption rates will change as of 15 April 2019. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2018.^

    • 0% p.a. for 12 months and then 14.99% p.a. (3.00% balance transfer fee)

    • $0

    • 14.99% p.a.

    • 55

    • Transfer points to a range of airline programs or redeem your points for travel, gift cards, retail rewards and shopping gift cards.

    Read our Mozo Review to learn more about the Essential Credit Card

    Details Close

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.

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