Online calculator reveals the precise date you will get better out of your festive bills

A new tool which will show you the exact date your finances will be back on track after all your Christmas costs

A new tool will help post-Christmas spending woes by pinpointing the day your bank balance should bounce back from festive costs.

You just pop in the amount you splashed out over Christmas, along with your January income estimate, and it’ll show the date you can expect to break even. It also dishes out savvy savings advice to offset the hefty holiday hangover.

The tool comes after it was discovered through a recent study that although 75% of Brits think budgeting for Christmas is essential, only 52% prepare one while 37% lose sight of their Christmas spending all together.

On average, Brits lash out £649 more in December, splurging £120 on merry meetups, £204 on food and booze, £120 on travel, and £321 on gifts. For this reason, two thirds feel like January is an uphill slog as they try to claw back some cash.

The situation is exacerbated for 29% who receive their December pay early to manage Christmas expenses, resulting in a longer wait until their next payday. And nearly half of the population find January a financial challenge as energy bills skyrocket due to the winter chill.

Research indicates that two-thirds plan to save money in January 2025, yet 27% confess their December spending habits could potentially derail their savings objectives for the new year.

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“January is the perfect time to be smart with your cash,” advised Rajan Lakhani, Head of Money at smarty-pants money app Plum which did the number-crunching.

“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,” he added.

To save a few quid, Brits aim to dine out less and prune their groceries budget. Additionally, one in three will be ditching takeaways and a similar number will be cutting back on when they turn the central heating on.

Rajan Lakhani commented: “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.”

He added: “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.”

Try Plum’s new year budget planner to find out the exact date you finances will recover

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