With Christmas a distant memory, the hangover from all that festive spending must now be addressed, and academics believe that dismal wake-up call is Monday, January 20.
The third Monday in January is known as the most depressing day of the year due to a combination of bad weather, stretched finances and failed New Year’s resolutions.
It comes as a new study from household money-saving app Nous.co found January is the most worrying month for finances. And it is women (33%) who are more concerned than men (24%).
Two-fifths (37%) of Brits stress more in the first four weeks of the year than any other time. December is the second most anxiety-inducing month, according to a quarter (27%) of respondents in a poll of 2,000 UK adults.
The things Brits dread the most at this time of year include turning the heating up (45%) and waiting for their salary after an early December pay day (34%).
A quarter (25%) of Brits said dipping into their savings to pay off bills incurred in the run-up to Christmas was another big concern this month.
Half of Brits said clearing debts would help banish the Blue Monday blues – a roughly equal split of people wanting to get out of their overdraft (25%) or pay off a credit card (26%).
A similar number (24%) of Brits said getting a massive pay rise would help their finances this year.
Nearly a third (30%) of Brits said the thing that would cheer them up the most was knowing they weren’t paying over the odds on their heating, electricity and mortgage.
Almost a half (49%) admitted that making a budget and sticking would be key to easing their anxiety about money and bills in 2025.
Greg Marsh, household finance expert and CEO of Nous.co, said: “It’s hardly surprising so many people are constantly worried about money in January after an expensive Christmas.
“During the most depressing time of the year, getting on top of your contracts might feel like the last thing you want to do.”
Greg has put together a simple five-step guide to slashing bills in 2025 – and the savings could be cut more than £1,000 off the annual expenses of an average UK household.
He added: “It may be the most depressing day of the year – but the good news is that most of us can save serious money on their bills if we’re smart about it.
“The majority of households can bring down their energy bills, and there are huge savings to be made by switching to a low-cost SIM-only mobile deal.
“Plenty of us can bring down our bills even further by moving our broadband to one of the newer independent full-fibre networks, which offer lower prices than big name brands.
“The issue is that it’s boring and difficult to stay on top of this stuff.
“Suppliers make it deliberately difficult to make sure you’re on a fair deal, and most of us end up putting it off.
“At Nous, we typically save customers hundreds of pounds by managing it all for them.”
Greg’s five-step strategy to slashing your bills in 2025
Mobile – £528
The average person who’s out of contract on their mobile pays £28 a month or £336 a year, according to Nous data. Switch to a SIM-only deal for £6 a month with plenty of data and save £264 annually, or £528 for a typical two-phone household.
Broadband – £288
The average out-of-contract broadband deal costs £49 a month, Nous data shows. You can get a similar deal for as little as £24 a month, a saving of £25 or £288 a year.
Switch bank accounts – £350
Most of us never get around to swapping banks, but you can earn hundreds by swapping a couple of times in 2025. First Direct and Nationwide are both offering £175 for switching your current account to them. There’s small print to take into account, but stick to the rules and you’re quids in.
Downgrade your Netflix – £72
Paying £10.99 a month for standard Netflix? Downgrade to the ad-supported version and you’ll get all your programmes for £6 a month less.
Energy bills – £120
Energy bills went up again on 1 January, but most households can save more than £120 by switching with Nous – without having to commit to a fixed deal.
