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.

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