By Rachel Wait

It's Friday the 13th and, according to research by the Cambridge Building Society, it's also Debt Day, the point in the month when Brits have completely run out of money.

The study of 2,000 people shows that by 13 January, the large majority will be counting down the days to payday. The research also shows that once December is over, six in ten people will struggle to cope financially due to overspending over Christmas.

The lack of funding means that 40% of people will be using their savings to get them through until payday. But many others will be getting further into debt to help them get by. Indeed, 42% will rely on their overdraft, while almost a quarter will depend on their credit card and 18% may even start borrowing money from friends or family.

In total, the average person thinks they are short of £898.65 in January, says the study. As a result, more than half of those polled are using up the food in their store cupboards to avoid going to the supermarket. A third are cutting back on socialising in a bid to save money and the same number are giving up luxuries such as alcohol and cigarettes.

"It is no surprise that people tend to have more financial worries after the Christmas period but looking at the results of the survey and at the forecasted economic conditions, now is the time when people need to be reviewing their financial situation and managing their finances carefully," says Andy Lucas, commercial director at Cambridge Building Society.

If you are reviewing your finances, take a look at our two-part feature, Save money and be happier in 2012 and Be moneywise and happier in 2012.