‘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.”

RELATED: The best travel money cards for your summer holiday revealed

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.”

RELATED: How to score a bargain summer holiday with your credit card

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

  • Promoted

    Apply By 31 October 2019

    Qantas Money Qantas Premier Everyday

    0% p.a. for 12 months and then 21.99% p.a.

    19.99% p.a.

    $49 $29 in the first year

    Receive Up to 42,000 points (7,000 points each month for the first 6 months when $1k or more each month). With a low annual fee of $29 for the first year.

    • 0% p.a. for 12 months and then 21.99% p.a.

    • $49 $29 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 Everyday

    Details Close

  • Promoted

    Suncorp Clear Options Platinum

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

    0% p.a. for 14 months then 20.74% p.a.

    $129 $49 in the first year

    Save with 0% interest for 14 months on Purchases and 0% p.a. for 14 months on Balance transfers. Plus, $49 annual fee for the first year, offer ends 30 September 2019.

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

    • $129 $49 in the first year

    • 0% p.a. for 14 months then 20.74% p.a.

    • 55

    • 21.99% p.a.

    • 3.50%, min $3.50

    • Redeem your points for travel, gift cards, retail rewards and shopping gift cards.

    Read our Mozo Review to learn more about the Clear Options Platinum

    Details Close

  • Promoted

    CUA Low Rate Credit Card

    0% p.a. for 13 months and then 21.74% p.a.

    11.99% p.a.

    $49 $0 in the first year

    0% balance transfer rate for 13 months and up to 55 interest free days. No annual fee for the first year and $49 after.

    • 0% p.a. for 13 months and then 21.74% p.a.

    • $49 $0 in the first year

    • 11.99% p.a.

    • 55

    • 21.74% p.a.

    • 2.00%, Min $3.50

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

    Details Close

  • Promoted

    Apply By 31 October 2019

    Qantas Money Qantas Premier Platinum

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

    19.99% p.a.

    $299 $199 in the first year

    Receive up to 120,000 points (20,000 points each month for the first 6 months when spending more than $1.5k each month). $50 Wine voucher & 0% p.a. on balance transfers for 18 months.

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

    • $299 $199 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

  • Promoted

    Apply By 31 December 2019

    HSBC Platinum Qantas Credit Card

    0% p.a. for 12 months and then 21.99% p.a.

    19.99% p.a.

    $79 $0 in the first year

    Earn up to 1 Qantas Point per $1 spent on eligible purchases and $0 Annual Fee in the first year. Balance Transfer 0% p.a. Balance Transfer for 12 months from non-HSBC credit cards on application.

    • 0% p.a. for 12 months and then 21.99% p.a.

    • $79 $0 in the first year

    • 19.99% p.a.

    • 55

    • 21.99% p.a.

    • 3%, min $4.00

    • Points are automatically accredited to the Qantas Frequent Flyer Program.

    Read our Mozo Review to learn more about the Platinum Qantas 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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