- A new study names the month Brits can control their spending the most, based on how the UK fared in 2023 – with May named the best time
- The study analysed Google search volumes around financial stress throughout the year to pinpoint when Brits sought help the most
- While money concerns are at their lowest at the end of Spring, July is the opposite with the month sparking a spike in searches around advice and loans
- A personal finance expert offers tips on how to reign in spending – without cutting out all your fun
New research names May as the month that the UK has the least trouble managing their finances, as searches for guidance and help dropped as spring ended last year.
The study, created by WealthUp, analysed monthly nationwide and regional Google search volume for keywords related to money concerns, including phrases like ‘how to save money’ and ‘payday loans,’ in the UK, to identify when the nation was coping the best without financial advice and help in 2023.
As a result of the ongoing cost-of-living crisis, the majority of households were forced to be frugal to counteract the impact of the financial hardship caused at one point or another throughout the year.
And it turns out, people handled their budgeting the best in May, with searches suggesting money troubles were at their lowest with a monthly total of only 458,690 – over 10,000 less than the monthly average for the year of 471,266.
However, only a mere two months later in July, the monthly total shot up by 12% from May to 513,930 – 9% above the average. August followed as the second month Brits struggled to navigate their spending the most, with 489,910 searches.
Surprisingly, these figures even topped January’s of 484,710, when searches would be expected to be at an all-time high after an expensive festive period and – for many – an early December pay.
While the exact reason for the range in searches is unclear, they perhaps reached their highest in July and August as financial pressures mounted at the mid-year point, combined with an increase of socialising in the summer months meaning cutbacks had to be made elsewhere to afford it.
This is supported by the fact that May didn’t appear to inspire the same problem – possibly an indication that the nation is better able to budget without the temptation of weekend gatherings and after-work pints in beer gardens that are typical of summer.
2023’s months ranked for financial concerns
| Month | Monthly Search Volume |
| May | 458,690 |
| September | 459,890 |
| April | 460,530 |
| December | 461,010 |
| October | 461,440 |
| February | 462,010 |
| November | 462,320 |
| June | 464,430 |
| March | 476,320 |
| January | 484,710 |
| August | 489,910 |
| July | 513,930 |
Commenting on the findings, a spokesperson from WealthUp says: “To stop yourself from falling into the trap of overspending and finding yourself desperately hunting for tips and loans, first and foremost, calculate how much you need to cover all non-negotiable spending, such as utility bills and food.
“This way you don’t accidentally cut into the money you need for basic living expenses, because as soon as you come close to maxing out your disposable income, you know it’s time to reign in your spending.
“It’s important to remember that you don’t have to stop enjoying yourself in order to save. Once you have figured out how much you must spend on living costs, see what you have left to play with and just 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.
“And if you do accidentally go over, 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.”
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