‘Stressful’: Proof Aussies are doing it tough this Christmas
It is the most festive time of the year, but it can also be the most “stressful”, especially for a family of three living off one salary.
It is the most festive time of the year, but it can also be the most “stressful”, especially for a family of three living off $80,000.
Rachel Green, 32, has been planning for the cost of Christmas for months, but now that December has arrived, she’s still anxious.
Ms Green, who lives in Queensland, described Christmas as a “stressful time” and a period where she has to plan everything in advance.
She has a young child and is pregnant with her second, and they’re all relying on her partner’s $80,000 salary.
“My husband earns $1220 a week. After covering our bills and mortgage, we’re left with around $60 each week,” she told news.com.au.
The 32-year-old said it feels almost “impossible” to plan ahead for Christmas and budget because everything is so expensive.
“We’ve tried to stick to a strict budget, buying one or two items each week to prepare for Christmas, but we’re still not where we want to be financially,” she said.
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It has also been a tough year for the family. Earlier this year, Ms Green was trolled for sharing their mortgage stress online.
“Our mortgage repayments have gone from under $400 to almost $650. It’s a crazy amount extra to pay when everything else has gone up too,” she previously told news.com.au
Online, she explained how tough it is to fork out $650 a week on their mortgage, and instead of people offering her sympathy, she was met with judgment.
“Sounds like you’ve overextended yourself. Sell your house and sell your car,” one wrote.
“Maybe don’t have children! If you can’t even afford it,” one said, with another slamming the family for using charity services they claimed other people “need more”.
Ms Green is not alone in her stress.
It’s been an expensive year for Australians.
The median rental price nationwide has soared past $600, the official cash rate has held for over a year, and conversations about inflation and shrinkflation have been ongoing.
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The financial stress is impacting everyone.
Non-bank lender, MONEYME, conducted a survey that found 43 per cent of households earning between $100,000 to $149,000 and 37 per cent of households earning between $50,000 to $99,000 plan to spend more this Christmas than the last.
Since Aussies are expecting to spend more, they are trying to make cuts where they can.
Thirty seven per cent plan to reduce their grocery spending and forgo traditional Christmas staples like oysters, prawns, red meat, and turkey.
Ms Green isn’t surprised by these trends.
She thinks about money all the time. In fact, she runs a popular social media account called AussieFrugalFamily, where she documents how she budgets.
“Even people who are usually financially comfortable are feeling the squeeze this year. Many Christmas items that were once staples are now considered luxuries,” she said.
Ms Green said one relief has been that she’s not hosting Christmas.
She’ll be going to her mum’s and everyone is expected to bring a plate, so not one person gets lumped with the Christmas lunch cost.
“We’re not cutting back completely. We’re trying to be smarter about our purchases,” she said.
“For instance, instead of fresh prawns, we’re buying frozen ones to thaw the night before.”
“We’ve also divided the food responsibilities among family members. If everyone contributes, we can still enjoy the traditional Christmas feast without overspending.”
Ms Green said that people should also consider going to food banks to get through Christmas.
“Many of these places actively encourage people to shop with them. You can save money on your Christmas food bill while supporting a charity. It’s a win-win,” she said.
She’s also got a game plan for once Christmas is over and wants to take advantage of the yearly sales.
“If you have some funds left, hit the shops after Christmas. There are great sales on items like meat and seafood, which can be frozen for New Year’s, Australia Day, or even meals throughout the next few months,” she recommended.
“The freezer is your best friend when it comes to saving money.”
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Clayton Howes, CEO at MONEYME, said that it is clear Aussies are doing it tough this Christmas.
“The festive season is a time for family and giving but its clear many Aussies – particularly Millennials and Gen Z – are feeling the financial pinch this year,” he said.
“This survey shows that some Aussies are forgoing luxuries to help ease the cost of living pressures, but are determined to have a joyful celebration with loved ones, despite it being a tough year financially.”
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