Aussies more frugal than festive this year, finds latest research

Christmas may be the season to be jolly, but as it turns out Aussies might be a lot jollier if they didn’t have to spend as much on presents.
According to a recent report by ING, Aussies received a whopping 10 million unwanted gifts last Christmas - that’s $400 million worth of presents just lying around taking up space. It’s no wonder a large number of Aussies this year are contemplating putting a budget in place or going for more sustainable gift options.
Indeed, a survey conducted by St George Bank found that 43% of Aussies are setting a budget for spending on family and friends this year, with 31% planning to buy far less presents than they did last year. That said, Aussies don’t want to miss out on the joy of gift giving in 2019, with just a very small number of those surveyed saying they would not be giving presents to friends and family at all this year.
But General Manager for St George Bank, Ross Miller said despite good intentions Aussies may still find it hard not to break the bank this summer - especially if they have kids to buy for.
“On average, Australian parents say they’ll splash out $255 on their children this Christmas. That’s far above what we plan to spend on our spouses and partners, which is about $165,” he said.
How do I plan for a less costly Christmas?
Now you might be reading this thinking, “but I have a plan in place” and “I would never spend that much on presents.” But of course, even the best laid plans can fall through. In fact, according to a report by buy now, pay later service Humm, four out of five Aussies consider themselves financially savvy, but only one in five actually have a strict budget and save regularly.
Choosing a gift that shows your loved ones just how much they mean to you can often be quite stressful and as a result it’s understandable that budgets may be broken or too much money could be spent on something that wasn’t entirely thought through.
In fact, as Ross said, according to St George’s survey, “a third of households would rather clean their house than deal with the stress of gift shopping.”
Of course, Christmas doesn’t have to be a stressful money pit, there are plenty of ways you can have a great time without spending a fortune on useless items for your loved ones. Here are a few tips on how to get more savvy with your gift giving this year:
- Get crafty! You don’t have to be Picasso to muster up some lovely homemade gifts for your friends and family. Some easy options might be hand making soap for everyone or baking scrumptious cookies for all to enjoy. Or if you’re handy with a sewing machine or a pair of knitting needles, you could whip up some simple scrunchies or handkerchiefs, the possibilities are endless.
- Reuse. On that note, don’t buy wrapping paper, instead get creative and reuse junk mail or even fancy tissue paper that you may have received something else in. You could even use bits of material, if you have some scrap pieces lying around. Plus it’s not only great for your wallet, but also for the planet, because you’ll be producing less waste!
- Less is more. Sometimes less is more, this is especially true when it comes to present buying. So rather than spending $150 on 7 items that you’re not so sure about anyway, why not spend $70 on something that is good quality, will last and your loved one might appreciate more.
- Give an experience, not a thing. Instead of buying 10 frilly items, that might just wind up becoming clutter, why not invest in an experience. This could be tickets to a play or a even a pottery workshop. This way, they’ll have less clutter hanging around and you can create a lovely experience to remember, together.
- Support a good cause. Why not give a donation as a present? If you know that your loved one is passionate about saving the orangutans, then why not give a donation to them in their name. You could even plant a tree in their name!
By taking a more sustainable approach to Christmas, you might just be able to stick within those budgets and keep your savings account nice and healthy over the festive period.
Of course no good budget is complete without an even better savings account. Good interest rates may be hard to come by these days, but that doesn’t mean you shouldn’t try to find the best out there. A high interest savings account could help you give your savings stash that little boost it needs to get over the line to the next $100 or even $1,000.
So with that in mind, why not check out the high interest savings accounts below and see if any of them take your fancy.
Compare high interest savings accounts - last updated 11 August 2022
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Mozo experts choice awards won:
- Kick Start Savings - 2022
High Interest Savings Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.60% p.a. (for $0 to $250,001)1.50% p.a.(for $0 to $250,001)Yes up to $250,000Bonus rate for the first 4 months from account opening
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
CompareCompareHigh Interest Savings Account
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
- Maximum rate
- 2.60% p.a. (for $0 to $250,001)
- standard interest rate
- 1.50% 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
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Save Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.35% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Deposit at least $200 to either Spend or Save account from an external source each month.
Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.
CompareCompareSave Account
Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.
- Maximum rate
- 2.35% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Save Account
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Mozo experts choice awards won:
- Best New Savings Account - 2022
Boost Saver with Go Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.30% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate of 2.30% is made up of the Base rate of 0.05% and Bonus rate of 2.25%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/08/22. Offer criteria & T&Cs apply).
CompareCompareBoost Saver with Go Account
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/08/22. Offer criteria & T&Cs apply).
- Maximum rate
- 2.30% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus interest 2.30% is made up of the Base rate of 0.05% and Bonus rate of 2.25%. It only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Boost Saver with Go Account
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Mozo experts choice awards won:
- Young Adult Savings - 2022
Life - 18-29 years old
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.75% p.a. (for $0 to $30,000)0.65% p.a.(for $0 and over)Yes up to $250,000Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
Are you 18 - 29 years of age? Earn up to a generous 2.75% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
CompareCompareLife - 18-29 years old
Are you 18 - 29 years of age? Earn up to a generous 2.75% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
- Maximum rate
- 2.75% p.a. (for $0 to $30,000)
- standard interest rate
- 0.65% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account. If 5 card purchases are made each month, but savings account balance hasnt increased, a 2.05% interest rate still applies.
Read our Mozo Review to learn more about the Life - 18-29 years old
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Mozo experts choice awards won:
- Regular Saver - 2022
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.10% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
CompareCompareBonus Saver Account
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
- Maximum rate
- 2.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- 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 Bonus Saver Account
^See information about the Mozo Experts Choice Savings Account Awards
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