Overall, 17 million consumers with a current account (36%) use an overdraft and by the 16th of the month over half of them are overdrawn, according to research by thinkmoney.

The study of 2,000 UK adults found that straight after payday there is a rush to the supermarket, with 16 million (32%) doing a big grocery shop. 7.6 million (16%) fill the car up to the brim with fuel, 12% treat themselves to new clothes and 9% go on a ‘big night out’.

People appear to limit their spending during the second half of the month. For example, 20 million (42%) put off any non-essential spending, 13million (26%) live off the food they already have in their fridge/freezer or cupboards.

A quarter (24%) avoid going out and 16% try and eke out the remaining fuel in the car.

Ian Williams from thinkmoney said: “It seems that the excitement of being paid can cause people to dash out and spend, only to run low on funds later in the month – with more than a third of us using an overdraft to get by.

“A good budget could help many people make it through the month without running out of money or borrowing from their overdraft.”