January is infamously a tight month for money, the Christmas expenditure fallout looms on your bank account as the pending payments blast your balance. So, if it’s your birthday this month, don’t expect a lot of gifts.
Whether it’s you or someone you know, plenty of people are already counting down the days to payday. That early festive pay-in feels great at the time, but once you’re out of that happy-go-lucky, splash-the-cash yuletide mood, you’re left in financial limbo.
For the poor sods celebrating their birthday in the first month of the year, this means they may not reap the same crop of presents as their younger pals.
However, it’s not just a quid less. According to financial comparison site money.co.uk, babies born in January will miss out on up to £1,120.11 worth of presents over their entire lifetime.
Throughout 2020, the average UK adult is expected to pay around £392 on birthday gifts (fuelling a £26 billion economy). However, in January, one in three adults have admitted to spending 34% less (£13.82) on birthday gifts.
The research revealed some more curious spending habits: on average, people are more likely to spend more on their partners (£92), followed by children (£72) and parents (£45).
Would you admit to having a favourite parent? Well, it appears you don’t even need to say it – actions speak louder than words after all. The research also revealed that people spend 16% more (£6.72) on their mum than their dad.
Salman Haqqi, a personal finance expert at money.co.uk, told Devon Live:
After the financial excesses of Christmas, for many people January is a time for getting back in control of their money. This often involves reigning in spending on purchases such as gifts, activities and nights out, which may leave those born in January feeling a little left out.
However, birthdays aren’t the only gifting occasions people have to budget for. There are also traditional occasions such as weddings, christenings and anniversaries, as well as more modern celebrations that are growing in popularity, such as engagement parties, baby showers, gender reveal parties, job anniversaries and promotions.
It all adds up to a lot of expenditure that people really need to create a plan and budget for.
It’s now January 10, we’re nearly halfway through the month. Skint, together, strong.
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After graduating from Glasgow Caledonian University with an NCTJ and BCTJ-accredited Multimedia Journalism degree, Cameron ventured into the world of print journalism at The National, while also working as a freelance film journalist on the side, becoming an accredited Rotten Tomatoes critic in the process. He’s now left his Scottish homelands and took up residence at UNILAD as a journalist.