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It’s the season to save! 5 ways to make your money go further this Christmas

Australia may have become a nation of savers, according to ING DIRECT’s latest Financial Wellbeing Index, but Business Analysts IBISWorld are predicting consumers will be loosening their purse strings this Christmas as they splurge on gifts, food and entertainment to see them through until the end of the year.

Want to get into the festive spirit whilst keep control of your savings this season? Here are a few quick tips to get you off to a flying start.

1. Make a list, check it twice

We all know the premise behind writing down what you need to buy – if you stick to your list then there’s less temptation to stray. So before hitting the shops, decide how much you have to spend and who you need to buy for.

2. Compare prices

Gone are the days when you had to wait until the New Year to bag a bargain; pre-Christmas sales are becoming the norm as retailers battle it out to drive sales. Don’t fancy trawling the shops to get the cheapest deal? There are some useful websites out there such as Shopbot and Getprice which allow you to compare product prices. And talking of online…

3. Save money, save time!

Ernst & Young predict 35% of all Christmas gifts will be bought online as Australian shoppers swap stress for convenience this season. It’s also estimated that 1 in 4 online consumers will buy their gifts via a mobile device this Christmas according to recent research by Shopify, with tablets being the preferred option for shopping on the go.

But whether you choose your smartphone, tablet or PC, shopping online has some real benefits: an expansive range of products through multiple retailers, competitive pricing, and focused shopping.

4. Self-gifting? Buy ahead

Research from the National Retail Federation in the USA predicts 60% of shoppers will indulge in self-gifting this Christmas, factoring their own special treat into the budget.

If you’re planning to factor some ‘me-time’ into the gifting process, then you could turn your splurge into a save by buying your winter woollies in advance – and at sale price – from overseas sites.  According to research by Nielsen, purchases on UK websites have increased by 8% in the past year and the Christmas sales in the Northern Hemisphere can help set you up for winter down under in six months’ time.

5. Stimulate the second hand economy

Many of us are expected to receive an unwanted gift this Christmas, but as the saying goes, “One man’s junk is another man’s treasure”. Earlier this year it was reported that the second hand goods market has grown by 40% as frugal consumers look to buy and sell pre-loved items. According to research by Gumtree, the second hand economy is now worth $18bn per year in Australia, with the average Australian earning $2,874 a year selling used goods. With Gumtree estimating the value of unwanted or unused items lying around at home at $44bn, there’s never been a better time than post-Christmas to round up your unwanted gifts and get a slice of the pie.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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