Budgets for millions of Australians will be stretched thin this Christmas, according to new research by Finder.
A survey of 1009 respondents reveals 26% of Australians – equivalent to 5.5 million people – say they regret not stashing money aside for their end of year expenses.
The research shows a further 14% of respondents have saved money for Christmas, but don’t think it will be enough to afford everything they need.
Finder Personal Finance Expert Sarah Megginson says getting prepared is key to avoiding money stress this Christmas.
“Many families have very little wiggle room in their budgets this festive season after a surge in living costs,” she says.
“When you’re in this situation, planning and comparing to get the best deals and discounts is crucial.”
Ms Megginson says it’s not too late to prepare for spending this year.
“Avoid extending yourself and ending up with a credit card balance you’re struggling to pay off once the tree has been packed away,” she says.
“You could suggest cheaper alternatives for family gatherings to cut costs, such as secret Santa presents to cut down the amount of shopping each person has to do, and pot luck get-togethers where everyone brings a plate.”
Finder’s research finds women (31%) were more likely than men (19%) to regret not stashing away money for Christmas.
“While it might be too late to build up a buffer for this year – it’s a great time to start planning for Christmas 2025,” says Ms Megginson.
“The earlier you start, the less you have to put away each pay. Even just stashing $10 a week away can make a big difference.”
One third of respondents (34%) say they don’t need to put money aside to afford their holiday spending, while 26% have diligently put money aside for Christmas, reducing money stress in the process.