Worst month of 2024 for Brits trying to save some cash, money expert reveals
The post-Christmas period has many of us counting the days until that first January paycheck comes in at the end of the month, but according to new research, the worst time for saving money is apparently in the height of summer.
New analysis shows that Google search volumes around money concerns peak in summer. According to the data, the hardest month to save money in 2023 was July. The study looked at people searching for money-related problems throughout the year, and showed when Brits are most and least likely to look for help with their cashflow online.
While in May the nation was the most comfortable with their budgets, the summer months of July and August sparked a surge in searches around advice and loans - the figures show.
The study, created by WealthUp, analysed monthly nationwide and regional Google search volume for keywords related to money concerns. Phrases like 'how to save money' and 'payday loans,' were tracked to identify when the nation needed financial advice and help the most in 2023.
The cost of living crisis has seen belts tighten year-round but according to the new findings it seems that summer is the season when households are feeling the pinch most. In July, searches suggesting money troubles shot up, peaking at 513,930 - almost one-tenth (9% increase) above the monthly average of 471,266.
Martin Lewis issues 8-week warning to phone users ahead of huge price hikes
The cost of living crisis coupled with an unusually hot June might have caused the spike in searches (Getty Images/Westend61)Worst months for financial concerns in 2023
| Month | Number of searches |
| July | 513,930 |
August | 489,910 |
January | 484,710 |
March | 476,320 |
June | 464,430  Boots annual 70% off sale is returning with some deals already available
|
November | 462,320 |
February | 462,010 |
October | 461,440 |
December | 461,010 |
April | 460,530 |
September | 459,890 |
May | 458,690 |
The reason for this upsurge is unclear but experts have said that searches may have reached their highest point at this time of the year as the mounting financial pressures of the cost of living crisis collided with the knock-on effect from a likely increase in spending during June due to the hot weather.
The lowest month for searches was just two months earlier , in May. Searches were the lowest then than at any other point in 2023, totalling just 458,690 searches - possibly an indication that the nation is better able to budget without the temptation of the sun-inspiring weekend socialising and after-work pints in beer gardens.
August recorded the second-highest monthly searches at 489,910. January, traditionally the time of year we associate with households feeling the pinch following the expenses of the festive period and - for many - an early December pay, came in third after August with 484,710 searches.
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."
Read more similar news:
Comments:
comments powered by Disqus
