I'm a personal finance expert - here's how Northampton can budget after overspending at Christmas

A personal finance expert has shared tips on how to continue having fun as the New Year kicks off, whilst still reining in spending following an expensive Christmas period.

After a month of splashing cash on gifts for loved ones and joining in on all the festivities, many in Northampton 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 analysed nationwide and regional Google search volume for keywords related to money concerns to identify the top cities that struggle to manage their budgets over the holiday season - and it turns out Northampton finds it the ninth most difficult.

The study revealed Northampton saw the ninth most significant increase in searches for financial advice and help in January 2023, soaring by a staggering 78% at the beginning of the year compared to the monthly average for the area - a sharp comparison to the 4% rise saw across the UK as a whole.

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 instead.

“It’s important to remember as well that you don’t have to begin the New Year 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.”

As the country continues to deal with the financial hardships imposed by the cost-of-living crisis, it's likely Northampton is experiencing the same dilemmas this year too - perhaps even more so.

Oxford residents appear to need to rein in their spending the most over the holiday period, as Google searches for financial help soared by 187%.

Behind Oxford as the second city with the most post-Christmas money concerns was Derby, with searches surging by 177%. In third was Carlisle, with workers looking for help covering costs 149% more than usual.

The ten cities with the biggest financial concerns following Christmas

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

As well as revealing 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.

-ENDS-

The data was collated via Google Keyword Planner, which provides monthly Google search volume for key phrases and terms across the UK on both a national and regional level.