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

Ceyda Erem

06 Dec 2018

Xmas presents content

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.

  • Virgin Money Virgin Australia Velocity Flyer Card - Balance Transfer Offer

    0% p.a. for 28 months and then 20.99% p.a.

    20.74% p.a.

    $129 $0 in the first year

    Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 28 months on balance transfers.

    • 20.74% p.a.

    • -

    • 0% p.a. for 28 months and then 20.99% p.a.

    • 20.99% p.a.

    • 55

    • 0.0

    • 3.30%

    • $129 $0 in the first year

    • $30.00

    • 2.7%, Min $2.70

    Read our Mozo Review to learn more about the Virgin Australia Velocity Flyer Card - Balance Transfer Offer

    Details Close

  • Virgin Money Virgin Australia Velocity High Flyer Card

    0% p.a. for 12 months and then 20.99% p.a.

    20.74% p.a.

    $289

    Earn up to 100,000 bonus Velocity Points (minimum spend applies) plus snag a $129 Virgin Australia Gift Voucher and two free Virgin Australia domestic Lounge passes each year to kickstart your travel adventures.

    • 20.74% p.a.

    • -

    • 0% p.a. for 12 months and then 20.99% p.a.

    • 20.99% p.a.

    • 44

    • 3.30%

    • $289

    • $30.00

    • 2.7%, Min $2.70

    Read our Mozo Review to learn more about the Virgin Australia Velocity High Flyer Card

    Details Close

  • Westpac Low Rate

    0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)

    13.74% p.a.

    $59 $0 in the first year

    Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. No annual card fee for the first year, $59 thereafter. New Cards only. Offer ends February 24th 2022. T&C's and exclusions apply.

    • 13.74% p.a.

    • -

    • 0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $59 $0 in the first year

    • $15.00

    • 3%

    Read our Mozo Review to learn more about the Low Rate

    Details Close

  • Bankwest Breeze Mastercard

    0% p.a. for 15 months and then 9.90% p.a.

    0% p.a. for 15 months then 9.90% p.a.

    $49 $0 in the first year

    Enjoy 0% p.a on balance transfers for 15 months then 9.90% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Breeze Mastercard customers only.

    • 0% p.a. for 15 months then 9.90% p.a.

    • 0% p.a. for 15 months

    • 0% p.a. for 15 months and then 9.90% p.a.

    • 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

  • Apply By 24 February 2022

    Bank of Melbourne Vertigo - Balance Transfer Offer

    0% p.a. for 32 months and then 21.49% p.a.

    13.99% p.a.

    $55 $0 in the first year

    0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends February 24th 2022.

    • 13.99% p.a.

    • -

    • 0% p.a. for 32 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $55 $0 in the first year

    • $15.00

    • 3%

    Read our Mozo Review to learn more about the Vertigo - Balance Transfer Offer

    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.