The following is a guest post by Rachael Miller of Moneysupermarket.

When all the festive cheer is over, many of us are left with big hangovers in January, and not from being too full up. Many of us experience financial hangovers, having spent the best part of our earnings on presents, food and entertainment over Christmas. Even with the recession looming over our heads, that didn’t stop us from splashing out over Christmas. Many of us over-indulge even though we know we can’t afford it, and become prepared for the hangover that will hit us in January.

January is a long month. Not only is it cold and dark (for those of us who live further up the hemisphere), but our finances are usually stretched out to their limit. Many companies pay your salary early in December, meaning that you have to wait longer for your next pay packet. Make sure that you plan out your wages to last five weeks instead of four by perhaps only withdrawing an affordable figure each week and sticking to it. It is also worth in trying to clear your biggest Christmas debts first, if you’ve used a credit/store card to help with your Christmas shopping. Kate Murphy, from Moneysupermarket advises; ‘Paying more off your most expensive debts first will mean less of your monthly repayments are covering interest costs and more is going towards paying down the outstanding balance. This will cost you less in the long run and you’ll be debt free more quickly…’

Christmas is not only associated with over-indulging, but also with waste. The festive season sometimes means that our eyes are too big for our bellies, and we buy too much food and drink. Don’t throw this food away- freeze it to make tasty meals with in January. Then we’re left with the presents that might not be to our taste. There is always one relative who lovingly buys you a gift that is of no use to you. Don’t throw these away, no matter how tempting it might be to start the New Year with a clutter-free home. See if you can exchange the gift in store- you might be able to swap it with something you like. Alternatively, sell these items online. There is always someone out there who needs what you don’t, and it’s an effective way of lessening the pressure on your bank account throughout this difficult month.

The January sales are probably the highlight of the month. Even if you are strapped for cash it’s hard to ignore the massive savings that some stores offer. If you are planning to purchase something expensive, save up during the year but buy in January. You can save up to 70% in the January sales when lines are being changed for the New Year. Instead of paying full price you could save a considerable amount by waiting for a few months to make the most out of the sales.

One thing January is good for is for taking control of your finances. After you have paid all of your Christmas debts off, try to plan for next festive season. Even though it may seem a long time away, there is no harm in planning for the next year- this may save you the pain of the financial hangover. Open a good savings account and add to it each month when you get paid. Compare savings accounts to find the best deal for you.