Aussies taking drastic measures to save on Christmas

Aussies are regifting unwanted gifts and baking gifts to save on presents. Images: Getty

As stagnant wage growth and rising interest rates take effect, Aussie consumers are taking matters into their own hands this Christmas in a bid to save.

Given we racked up $29 billion in Christmas credit card debt last year, this might not be a bad thing.

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More than three quarters (76 per cent) of Australians are keen to cut costs this year, with 51 per cent committed to setting a spending limit for gifts, new analysis from finder.com.au has revealed.

Another 17 per cent will do a Secret Santa to limit the number of people they’re buying for.

Some Aussies are getting even more inventive, choosing to regift (13 per cent) their unwanted presents or bake their own gifts (17 per cent).

Another 18 per cent will choose to buy wrapping paper and gift cards in bulk to save costs.

Then there’s the 15 per cent who say they won’t buy gifts at all.

As finder.com.au money expert, Bessie Hassan explained, Christmas comes with a hefty price tag.

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“It can drain your bank account and leave you regretting it for months,” she said.

”Aussies are nervous about the usual bumper Christmas spending boom and are getting creative with ways to save money.”

However, savvy shoppers will also take advantage of the numerous Christmas sales.

“In 2018, you shouldn’t pay full price for anything, and the good news is there are plenty of sales between now and Christmas.

“Mark the big sale days in your calendar and shop then. There’s Single’s Day on November 11 and Black Friday on November 23, so there’s no excuse to be a Grinch.”

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Money-conscious holiday-makers should also compare any offers with those available online and have the family share the burden of Christmas lunch.

Gift-givers can also consider giving the gift of time, offering to help a family member with a project or task instead of buying them another present.