- An expert has revealed how to cut back spending to make the last of December’s pay stretch through to the end of the month, after the cost festive season
- New data analysing Google searches around money troubles reveals Oxford, Derby and Carlisle struggle to budget the most over the holiday season
- Those in Sutton, Wakefield and Chester are able to resist dipping too far into essential savings to the point it impacts their New Year spending, with the areas seeing a decline in searches around the topic in January compared to usual
- WealthUp advises Brits on how they can live cheaply as they try to regain savings without having to stay in for the foreseeable
A personal finance expert has shared tips on how to have fun whilst still reining in spending following an expensive Christmas period.
After a month of splashing the cash both on gifts for loved ones and joining in on all the festivities, many are considerably shorter on money than usual at this point in the month – especially those who received their paychecks early in December.
New research by WealthUp revealed Google searches around financial concerns hit a whopping 484,710 in January last year, with Brits hunting for answers to questions such as ‘how to save money on groceries’ and ‘how to save money on gas.’
Figures are likely to reach an equally high number this year too – perhaps even surpassing it – as the country continues to deal with the financial hardships imposed by the cost-of-living crisis.
Speaking on the matter, a spokesperson from WealthUp says: “Those feeling the financial burden of the festive season will no doubt again be turning to the internet in hopes of a solution.
“Whilst being paid early in December feels great at the time, this soon changes when you are staring at an empty bank account with weeks to go until payday and essential costs to cover still.
“If you have accidentally cut into the money you need for basic living expenses, all is not lost. Consider any unnecessary costs, for example, if you have a gym membership look to see if they have the option to freeze it for a cheaper cost and do home workouts for the month instead.
“It’s important to remember as well that you don’t have to kick the New Year off with a month of staying in if you have only gone slightly over budget. Figure out how much you need to spend on living costs, leave this untouched and see what you have left to play with.
“It may be less than usual, but this just means you have to be nifty – go for meals but during happy hour, treat yourself to a beauty treatment but only if they are offering a discounted price for a cancellation, or visit your nearest national park but using a voucher sourced from a newspaper.”
The study also revealed the areas that need to take this advice on board the most, as it ranked the top cities that fail to budget during the holiday season.
The personal finance experts analysed nationwide and regional Google search volume for keywords related to money troubles in the UK, to identify the top cities that look for financial advice and help in January.
Oxford residents appear to need to rein in their spending the most over the festive period, as Google searches for financial help soar by 187% in January compared to the monthly average for the area – a sharp comparison to the 4% rise saw across the UK as a whole.
Behind Oxford as the second city with the most post-Christmas money concerns is Derby, with searches surging by 177%. In third is Carlisle, with workers looking for help covering costs 149% more than they usually do.
The ten cities with the biggest financial concerns following Christmas
|
|
City |
January Increase vs Average |
|
City |
January Increase vs Average |
|
1 |
Oxford |
187% |
6 |
Cambridge |
99% |
|
2 |
Derby |
177% |
7 |
Newport |
86% |
|
3 |
Carlisle |
149% |
8 |
Kingston upon Hull |
83% |
|
4 |
Nottingham |
106% |
9 |
Northampton |
78% |
|
5 |
Stoke-on-Trent |
104% |
10 |
Colchester |
73% |
On the other end of the scale, those in Sutton don’t seem to experience the same budgeting troubles that most Brits do, with searches even dropping by a whopping 58%.
Following Sutton as the next city least concerned with their savings is Wakefield, with searches decreasing by 9% whilst Chester’s decline by 8% compared to the average month.
Whilst the reason for the contrast in percentage changes is unclear, it could reflect how skilled residents are with keeping on top of their finances during the celebrations – or perhaps, how much they are willing to let go over the holidays.
The ten cities with the least financial concerns following Christmas
|
|
City |
January Increase vs Average |
|
City |
January Increase vs Average |
|
1 |
Sutton |
-58% |
6 |
Milton Keynes |
-4% |
|
2 |
Wakefield |
-9% |
7 |
Hereford |
-2% |
|
3 |
Chester |
-8% |
8 |
Liverpool |
-1% |
|
4 |
Gloucester |
-6% |
9 |
Mansfield |
-1% |
|
5 |
Wrexham |
-6% |
10 |
Southampton |
1% |
As well as naming the cities with the most and least money troubles, the study also analysed how monthly searches varied over the past 12 months across the nation.
Interestingly, July saw the highest amount of Google searches, with the volume shooting up by 10% from the average monthly total of 467,835 to 513,930 – perhaps peaking mid-way through the year as the financial pressure of the cost-of-living crisis mounted up.
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