OVER a third of Brits have lost track of their spending over Christmas, splashing £650 more than normal.
The damage may have been done but its not too late to reel in the spending and get back to normal.
Households can use this tool to show exactly when their finances will be back on track after all the Christmas costs.
Simply input how much money you spent over the festive period, as well as how much you are likely to make in January and it will give you an exact date when it will all be re-couped.
Along the way, it also provides tips on how to be smart with your money to make up for an expensive Yuletide.
It comes after research of 2,000 people who celebrate the festivities found a third (37 per cent) will have completely lost track of their spending in the last month.
And 75 per cent reckon it’s important to set a budget for the Christmas period – but only 52 per cent actually do so.
They typically spend £649 more in December than in any other month, including £120 on socialising, £204 on food and drink, £120 on travelling and £321 on presents.
Perhaps because of this, 60 per cent claim January is ‘always’ a hard month as they are trying to re-coup these costs.
Rajan Lakhani, head of money at smart money app Plum, which commissioned the research, said: “December is often hard on your wallet, so January is the perfect time to be smart with your cash.
“It may take people a little while to recover from the expenses of the festive period, and many will be laying low for the first month of the new year.
“But with smart budgeting, extra Christmas spending can be dealt with and you won’t have to make major cutbacks for weeks just to get through to payday in February.”
Some of the top ways respondents will be saving money in January is by eating out less and cutting down on their food shop.
Around a third will cut out takeaways, and 29 per cent will get stricter with the heating coming on.
Just under half reckon January is a struggle because energy bills shoot up, while 44 per cent bemoan the fact it’s a 31-day month.
And as 29 per cent get paid early in December to help cover the costs of Christmas, it leaves them scrabbling around for payday even longer.
As many as 61 per cent will be trying to put money aside in January 2025, according to the OnePoll.com figures.
But some admit their spending habits through December are likely to impact their savings goals for the new year.
Rajan Lakhani added: “Christmas is a wonderful time for giving, but it can often stretch our budgets to the limit.
“Between gifts, festive meals, and social gatherings, the costs add up quickly.
“While it’s a season for generosity, it’s also important to remember that financial wellbeing doesn’t take a holiday.
“January, with its quieter pace, is the perfect time to reassess where your money went and start fresh.”
