With just eight days until Christmas the rush is officially on as Aussies around the country sprint to the shops or frantically hit ‘priority delivery’ on their online orders to make sure their presents arrive before December 25.
After all Christmas is the season of giving, and according to ME, Australians really are a generous bunch, spending an average of $240 on 11 gifts over the festive season.
We’re even shelling out an estimated $145 million on presents for our furry friends, according to Real Insurance.
But for many Australians, the Christmas period would be a time in which they gave less and saved more if they had their way.
That’s just one of the takeaways from a recent survey of 1,000 gift givers conducted by ME, which revealed that 48% of Aussies would rather be giving less at Christmas time.
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Rather than being grinches though, the survey revealed some legitimate reasons behind the desire to cut back on Christmas spending, with 41% of respondents saying that the amount they spent on gifts caused them ‘financial worry’.
Furthermore, 44% stated that they would like to cut back on presents in order to focus on other financial pressures such as paying bills.
According to ME Money Expert, Matthew Read, while a sense of obligation may be stopping many Australians from cutting back gift giving entirely there are alternatives to make the season easier on household budgets.
“Christmas is a great time to spend with family and presents can be symbol of love and generosity, but they shouldn’t break the bank,” he said.
“Consumers should have the courage to talk to their gift giving circle about unnecessary gift giving. It’s highly likely they feel the same way. Other common tips include setting present spending limits, shopping early to reduce overspending in a rush, and arranging a Kris Kringle.”
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But if you are committed to ditching gift giving altogether, just how far could that average Christmas spend of $240 (or $20 a month) go towards helping your finances? Read on below for three money savers.