From Valentine’s day to birthdays to Christmas and many in-between, there are many occasions that occur throughout the year that require you to buy a gift.
Some occasions require many gifts for multiple people and before you know it you’ve maxed out the credit card! But it is all worthwhile when you see the look on your children’s face when they open their gifts with such joy.
Kids Birthdays
From the new X-BOX they have opened in the morning to the pool party in the afternoon, Australians are known for approaching their kids parties with a serious amount of effort and joy.
Each year in Australia an average of $361 is spent by parents on gifts for their children on their birthday. However, our generosity doesn’t stop at our own children. We spend an average of $50 – $56 dollars on other people’s children when we are invited to their birthday party. When you consider the amount of parties you attend through out the year the figure soon adds up!
Tip: To help keep your budget down, set an annual limit to the amount you will spend on gifts for the children’s parties that you will attend throughout the year.
Weddings
Although we may not think to include weddings when we think of our annual gift giving expenses, they can add up to some of the most expensive gifts that we can buy. But come on, can you really put a price on love?
Well yes, yes you can. A $137 average for a gift to be exact!
It used to be simple to buy a wedding gift. You would go to the bride and groom’s nominated gift registry and bam the list is there for you. However, times are changing, 44% of Australians now prefer to give cash rather than give the happy couple a gift. Who wouldn’t want some extra money to put towards their honey moon or to help pay off their $65,000 wedding debt.
Tip: If the Bride and Groom have been living together before the wedding, chances are they already have everything they need. Giving cash or purchasing a gift card can be a great option to help them live happily ever after.
Christmas
It’s the most wonderful time of the year! Well, according to singer Andy Williams anyway! As it turns out many Australians agree with it being voted Australia’s favorite holiday!
Buying multiple presents for our partners, family and friends can become rather costly, considering Australians spend an average of $93 on a significant Christmas gift.
Secret Santa is becoming more popular particularly amongst workplaces. It is a great way to keep the amount of gifts you give under control as well as keeping your costs down.
Tip: Try not to overdo it at Christmas (and any holiday in general). Try not to get caught up in the sparkly lights and tinsel. Focus on a gift you know your loved ones will love and appreciate.
If you can not seem to control your costs whether it be excessive spending, struggling to meet loan repayments of overdoing it during the silly season, click here to take control of your financial future.