High cost of living got you down? We have some pre-Christmas money tips

wallet in front of Christmas tree

With the rising cost of living ongoing, Aussies are feeling the financial strain of the holiday season more than ever.

New research from consumer intelligence platform Toluna finds that many Aussies are struggling with the financial pressure that comes at this time of year and this is impacting their excitement towards Christmas.

Younger people are the most impacted by this, with 75% of those between the ages of 18 and 34 reporting feeling this way, compared with 49% of those over 55.

Overall, Toluna has found that 40% of people are stressed about having enough money to buy gifts this Christmas and 22% of people have said that they wish they could spend less but are unable to due to expectations from family and friends.

To help combat the added financial pressure, some Aussies are planning to pick up extra work. Again, this trend is seen the most in the younger age groups with 18% between the ages of 18 and 34 compared with only 3% for over 55s.

Many people (43%) have also taken advantage of sales to buy presents at a discounted price.

5 ways to help reduce Christmas costs this year

  • Given these challenges, we’ve been thinking about ways to help combat higher living costs. Below is a little list of tips that might ease money pressures this holiday season:
  • Talk to your family about possibly doing Secret Santa instead of buying presents for everyone. This way, you only have to get one present and each family member can receive one meaningful gift. 
  • Keep an eye out for sales - although Black Friday is officially over, many companies are still selling items at a discounted price. Look around for sales or postpone your Christmas shopping for Boxing Day to get the most bang for your buck. 
  • If you’re hosting a Christmas event, ask everyone to bring a plate of food so you don’t have to buy everything. 
  • When family ask what you’d like, suggest things you were going to buy yourself so that you can save money on those purchases. Or request a gift card!
  • Start saving for next Christmas ASAP! Consider opening a high interest savings account to help your savings grow and ensure you are more financially prepared for the holiday season next year!

Want to read more about how to manage your finances? Check out our family finances hub!