Category: Money Matters
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Sub category: Spending
26 November 2014

5 tips for budget-friendly gift giving

Generous Aussies are predicted to spend $693 on Christmas presents this year according to the ING DIRECT Financial Wellbeing Index (2014), with shoppers setting aside on average $187 for their partners alone.

Getting ready to hit the shops? Here are some top tips for spending wisely this Christmas:

1. Make a list

With 16% of us planning to buy a gift for a pet, and 35% all set to buy for friends, there’s potential for the gift list to keep on growing. Keep your enthusiasm in check by writing a list beforehand; do as Santa does and check it twice; and then remember to take your list with you when you hit the shops.

2. Agree a spending limit

Our research shows there’s quite a discrepancy between the sexes when it comes to splashing out on their partner. Men spend approximately $230 on their partner at Christmas – that’s 75% more than women, who part with around $130.

To help stay within budget, take a tip from the 50% of couples who agree a spending limit beforehand, and remember it’s the thought that counts!

3. Shop around

Got a great gift in mind for your nearest and dearest? Go online and compare prices before you hand your money over to see if you can find a better deal elsewhere. Around one in five (18%) people who receive an unsuitable gift plan to ask if it could be exchanged in the shop, so remember to check the retailers refund and exchange policies for added peace of mind.

4. Think ahead

With 27% of Aussies admitting to buying gifts on Christmas Eve, there’s a temptation to overspend simply to get the shopping done in time. If you tend to be a spontaneous shopper and leave things to the last minute, think about planning in advance – giving you more time to buy exactly what you need.

5. Postpone the self-gifting

Is your approach to gift giving is “buy one, get one for myself”? The ING DIRECT Financial Wellbeing Index revealed that one in four (26%) of us can’t resist treating ourselves to a Christmas gift of our own. If you see something you like the look of, consider waiting until after Christmas and taking advantage of the post-Christmas sales.

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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