Aussies to rein in spending on gifts and travel this Christmas
![Woman wraps Christmas presents](https://cdn.mozo.com.au/images/atwood/11047/reining-in-on-christmas-gifts.jpg)
New research shows Christmas this year will be unlike any other, with popular silly season activities like gifts shopping and international travel set to take a backseat.
The survey conducted by Pureprofile with 577 Australians found 10% won’t be buying any presents at all in 2020, which is almost double the number last year (6%).
Fewer people are also planning to spend over $500 on gifts - 20% compared to 30% in 2019.
On the receiving side of things, there’s a similar story of more respondents wanting no gifts (18%, up from 10% in 2019) and far fewer wanting luxury items such as clothing and shoes (down 12%), jewellery (down 11%) and technology (down 8%).
Instead, it’s practical gifts like money and gift cards that have topped many people’s wish lists, with 48% and 40% of respondents respectively saying they would prefer to receive those as presents.
Pureprofile’s chief executive, Martin Filz says the results aren’t surprising, given how tight finances have been for many families.
“We’re a population struggling with the new normal caused by COVID-19 this Christmas. We’re watching our wallets and only spending money that we are absolutely certain we have,” he said.
A large number of Australians are also keen to support their local businesses this Christmas, with 39% saying they plan to purchase their gifts from Aussie-based retailers.
But that’s not the only thing that Australians are intending to do locally. The report also reveals with international travel still off the table, 82% of Australians are considering intrastate trips or ‘staycations’ instead. Had it not been for COVID-19, this number would have sat at a much lower 24%.
Money saving tips for Christmas shoppers
With COVID-19 leaving many Australians in a financially challenging spot, chances are you may not have much budget left for Christmas presents. But if you’re determined to give all your family and friends nice festive gifts this year while still staying within your means, here are a few money tips to help you out:
- Go big on discounts: If there’s one rule to saving money, it’s to never pay full price. Shop around on bargain websites like OzBargain and Groupon, or turn on browser extensions like Honey at checkout in case there are any last minute discounts you can apply to your purchases. You could also set alarms for big sale dates, such as the upcoming Black Friday and Cyber Monday (29-30 November) where prices could drop quite significantly. Read our guide for more tips on how to snag discounts online.
- Avoid pesky fees: If you’re ordering your gifts from overseas stores, it’s important to make sure you’re using a credit or debit card with zero foreign exchange fees. Depending on the provider these fees could go as high as 3.65% per transaction, but all it takes is a simple switch to a 0% FX fee card to avoid this hefty charge.
- Opt for DIY: It’s time to put your ‘self-iso’ hobbies of sewing or baking into use. DIY gifts may take a little more effort on your part but they cost almost nothing to make, plus who could say no to baked treats or a personalised handmade card?
- Earn interest on your stash: There may be only a couple of months left until Christmas but you can continue making the most of your cash savings by parking them inside a high interest savings account where you’d be able to earn a few extra bucks in the meantime. Despite multiple deposit rate cuts in recent times, intro savings rates (which last for a few months) in the Mozo database still go as high as 1.90% right now.*
Read our article for a clearer idea of what’s a ‘good’ savings account rate these days, or scroll down below for a list of high interest options.
Compare high interest savings accounts
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
-
Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the Savings Maximiser
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MoneyMAX Account
No Current Offer
4.75% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.75% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read our Mozo Review to learn more about the MoneyMAX Account
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Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Accelerator
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 3.55% p.a. (for $0 to $50,000)
- standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Savings Accelerator
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*The Rabobank High Interest Savings Account currently offers a four-month introductory rate of 1.90%.
^See information about the Mozo Experts Choice Savings Account Awards
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