People should use the "boring bit between Christmas and New Year" to assess their finances, an industry expert has said.

With many people undoubtedly overspending during the festive season, Jasmine Birtles, founder of Moneymagpie.com, believes action needs to be taken sooner rather than later.

She recommended that switching to a different savings account or other financial product could make all the difference to a person's finances.

Many people will no doubt also have received presents they do not want, Ms Birtles highlighted, which can then be sold.

"They can start getting in some extra cash so they have [a] bit of something [for] when the nasty bills start coming in," she explained.

The UK Household Finance Index by Markit recently found that homeowners are increasingly affected by a fall in income and higher cost of living.

During December, spending continued to increase for many people even in light of the poor weather conditions sweeping the country.