That's according to a recent poll carried out by Jobcentre Plus. With more people contacting the debt help services than ever before in the early part of 2007, the poll results indicate that 2008 could be set to follow a similar trend.
Encouragingly however, for every person that doesn't plan their finances, there is a person that does. The poll, carried out with over 5,000 visitors to the Jobcentre Plus website between 12 November and 7 December 2007, shows that almost half of people in the South East (49%) do plan ahead to ensure they don't end up in debt in the New Year.
In fact the results demonstrate that people in London and the East Midlands are the best at planning their finances for Christmas whilst those in the North East are most likely to overspend and live beyond their means during the festive season.
In keeping with tradition, for many, Christmas 2007 was a season of indulgence and extravagance before the start of the January detox. But as New Year resolutions come to the fore, Jobcentre Plus advisor Susan Clark, advises people who have overspent to look at their finances and think about improving them longer term:
"Struggling to pay the bills after Christmas is a situation that many people find themselves in and it can be very stressful. Short-term fixes provide temporary relief but getting a job is the best way to improve your financial situation in the long-term. It can be a difficult step to make especially if you've been out of work for a while, but Jobcentre Plus can help you work out which type of job is best suited to you and also advise on training, flexible working and childcare costs."
One well-known working mother of three, who supports this approach, is TV presenter Philippa Forrester:
"All my life I've worked hard, whether it's been a part-time job during school holidays or building a career in television. For me, having a job means having a regular income, which means I'm in control and have choices. As well as the financial flexibility it gives me and my family, working also provides me with an important social element to my life. While juggling work and family life might seem tough, in my opinion the benefits far outweigh any negatives."
If you're not sure how you're going to get through the post-Christmas fall out, Susan Clark has some top tips to help get your finances in order:
- Take control: try not to stick your head in the sand. Always read bills and statements to make sure you know exactly what your financial situation is.
- Make a budget: start by working out how much money you've got coming in and how much you spend each week. If the figures don't add up, look at ways of spending less and earning more (see below).
- Think long-term: selling old CDs online may give you a little extra cash but for a real, lasting difference, think about getting a job if you don't have one. Even a part-time job could make all the difference, and your income will probably go up as you get more experience.
- Shop around: (We don't just mean the January sales!) Don't be afraid to look around for a better deal on your water, electricity and gas. The same goes for things like your landline, mobile phone and insurance.
- Cut back on non-essentials: look at what you spend money on and ask yourself if you can cut back e.g. how about getting your friends round for a 'bring a bottle' evening instead of going out to the pub?
- Don't suffer in silence: sometimes money problems can be so overwhelming it can be hard to know where to start. There are organisations out there to help you: contact 0800 012 1656(2) to find out who you can talk to locally for free and confidential advice about your money worries.
To find your nearest Jobcentre Plus, log onto http://www.jobcentreplus.org.uk or if you're looking for a job, call us on 0845 606 0234.
