Spring clean your finances

Spring is the perfect time to spring clean your finances!  Making a little time to sit down and review your finances for the coming year is a very worthwhile exercise, and you could save £1000s each year.  Small changes can build up to long term savings.

Here is a selection of tips to help you spring clean your finances.  Some are quick and easy, others may take a bit longer – but don’t put it off!

6 tips to help you spring clean your finances

  1. Set yourself a budget for the household, either on a weekly or monthly basis.  Use this as a rule and stick to it.  Don’t be tempted to overspend one week to buy that little extra but wait until it is affordable.  For more help on budgeting click here.
  2. Check your bank statements for the last three months.  Review all direct debits and standing orders.  Do I still need that subscription?  How can I reduce it?  What is that charge for?  Do I still need that appliance insurance?  Check for fees for unauthorised bank overdrafts.  If incurred speak to your bank about having an arranged overdraft that is manageable and stick to it.
  3. Check your credit report as any future borrowing you need will be based on your track record.  If your credit report shows old outstanding debts contact the lender and offer small contributions to slowly repay. It is worth it in the long run.
  4. Check all your household bills for best deals.  Are you paying the best price for your electricity, gas, phone, insurance, broadband, water and so on?  Many people stick with one provider for years and therefore may not be getting the best price available.  Check one of the easy to use free comparison sites like moneysavingexpert.comuswitch.com, energyhelpline.com & comparethemarket.com.  It’s best to try several sites and shop around for the best deals.
  5. Have a clear out at home.  Look in cupboards, the garage, in the loft and under the bed for things you no longer use and consider selling them.  Try free community websites like Facebook Market Place, Gumtree, Preloved and Shopify  where you can sell unwanted items to local people without paying fees.  You can place a free advertisement in the Shropshire Star and advertise items with values up to £250.  Alternatively put an ad in a local shop or on the community noticeboard or try a car boot sale.  Save the money you make in a FAIRshare Savings Account to pay for the little extras like holidays, treats, birthdays etc. rather than it being swallowed up on bills and household expenses.
  6. Set up a savings account for regular events like Christmas and Holidays.  By saving £5 every week in a FAIRshare Christmas Saver Account,  you will save more than £250 by Christmas.

These 6 simple tips could save you £1000s a year, so make time to spring clean your finances now.