With spring around the corner, now’s a good time to take a look at your finances and get a better understanding of your financial situation.
When it comes to your money, it’s important to ask yourself the hard questions. Grab a pen and paper and write down the answers to the following:
- How much money comes into my account each month?
- What are my essential expenses?
- How much money do I have leftover?
- Where could I cut down on spending?
- Can I save more than I currently am each month?
These questions can help you plan for the future and reach your financial goals much sooner! Below are some simple ways to give your finances a ‘spring clean’ so you’re ready for the months ahead.
Give your savings a boost
It’s important to have savings that you can easily access in case of emergencies so, after setting your budget, set yourself a savings goal too. This should be an amount of money you’re comfortable putting aside each month, particularly if you decide to automatically transfer a set amount into a savings account.
Spring clean your memberships and subscriptions
Subscriptions and membership fees often come out of your bank account automatically, which can make it hard to keep track of your spending. Look closely at your bank statements to check for memberships and subscriptions you could cancel or pay less for.
Shop around for the best price
When you’re looking at your bank statements, make a note of when key contracts are up for renewal. This could include your mobile phone contract, broadband package, energy, car or contents insurance. Give yourself plenty of time to find the best deals before your current one expires or automatically renews.
But remember...
The cheapest option isn’t always the best – particularly when it comes to insurance. You should make sure you have the right level of cover in place so you’re protected should the worst happen. Always review the insurance policy to make sure it suits your needs and your budget.
Make the most of your rewards
Make the most of reward cards and websites that offer cash back or points for certain purchases. Most major supermarkets and some retail outlets offer cash back/points, which can help you make some savings.
Manage your debts early
We understand, dealing with debts can be daunting. But they don’t disappear if you ignore them. Make a list of all your debts, including who you owe and how much. Focus on your “priority" debts first – those with serious consequences if not paid, such as rent, council tax and energy bills.
Sometimes we forget details of those companies we owe money to. To help with this, you can request a free credit report. Equifax, Experian and TransUnion UK all provide free credits reports.
If you are worried about your debts, reach out to our Money Advice team for free and confidential advice. We’re here to help you.
Plan ahead for big purchases
Last minute spending can often work out to be more expensive. Try to plan ahead and budget for big purchases such as Christmas, holidays and new appliances to make sure you get the best deals.
Need help getting your finances back on track?
We hope these top tips will help kickstart your financial spring clean! If you need more support with managing your money, we’re here to help you. Please get in touch with the Money Advice team by:
- Calling 0345 60 20 540
- Completing this form
- WhatsApp: 07418 365 525
You can also find more helpful information on our Cost of Living support page, or contact Citizens Advice, National Debtline or StepChange for help.
