Have you had to take a long, hard look at your family budget to see where savings can be made in these tricky economic times?
It seems you're not the only one, as new research suggests that almost £1 billion will be cut from people's budgets in the new year as we aim to lower our spending on non-essential products.
Research firm Verdict said sales in the UK retail sector are likely to grow by just 1.2% as 2012 unfolds, with people's spending on non-food items due to go down by roughly 0.5%.
Grocery sales are likely to increase by just 3.3%, the organisation revealed.
So which items are we likely to cut back on to the greatest extent next year?
Verdict reckons that electrical goods, furniture, floor coverings, DIY and gardening goods are likely to be most affected by people's decisions to cut back.
With 2012 just around the corner, check out our guide to find out how you could save cash in the new year without skimping too much on essential items.