‘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.”

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

    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 18 months and up to 55 interest free days. No annual fee for the first year and $49 after.

    • 11.99% p.a.

    • -

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

    • 21.74% p.a.

    • 55

    • 0.0

    • 3.40%

    • $49 $0 in the first year

    • $12.50

    • 2.00%, Min $3.50

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

    Details Close

  • Promoted

    Bankwest Zero Mastercard

    2.99% p.a. for 9 months and then 17.99% p.a.

    17.99% p.a.

    $0

    No annual fee and up to 55 days interest free on purchases. Get a notification before your minimum payment is due by setting up Easy Alerts in the Bankwest app.

    • 17.99% p.a.

    • -

    • 2.99% p.a. for 9 months and then 17.99% p.a.

    • 21.99% p.a.

    • 55

    • 2.95%

    • $0

    • $25.00

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the Zero Mastercard

    Details Close

  • Promoted

    CUA Platinum Credit Card

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

    19.99% p.a.

    $149 $0 in the first year

    0% p.a. balance transfer, $0 annual fee for the first year and also receive 1 rewards point for every dollar spent. Concierge service and purchase protection insurance.

    • 19.99% p.a.

    • -

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

    • 21.74% p.a.

    • 55

    • 0.0

    • 3.40%

    • $149 $0 in the first year

    • $12.50

    • 2.00%, Min $3.50

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

    Details Close

  • Promoted

    Bankwest Zero Platinum Mastercard

    2.99% p.a. for 9 months and then 17.99% p.a.

    17.99% p.a.

    $0

    This card boasts no annual fee and the option to pay with the Bankwest Halo payment ring. Plus, with no foreign transaction fees and complimentary travel insurance it's a good pick for travel. Winner of a Mozo Experts Choice Award 2019 in the No Annual Fee Platinum Credit Card category^.

    • 17.99% p.a.

    • -

    • 2.99% p.a. for 9 months and then 17.99% p.a.

    • 21.99% p.a.

    • 55

    • 0%

    • $0

    • $25.00

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the Zero Platinum Mastercard

    Details Close

  • Promoted

    Bank First Visa Classic Credit Card

    0% p.a. for 6 months and then 12.54% p.a.

    0% p.a. for 6 months then 12.54% p.a.

    $0

    • 0% p.a. for 6 months then 12.54% p.a.

    • 0% p.a. for 6 months

    • 0% p.a. for 6 months and then 12.54% p.a.

    • 12.54% p.a.

    • 55

    • 3.00%

    • $0

    • $20.00

    • $2.50

    Read our Mozo Review to learn more about the Visa Classic 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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