Spring Cleaning your finances

Spring Cleaning your finances

There’s no doubt at this time of year having a Spring Clean is the number 1 thing on a lot of people’s To Do lists. We throw unworn things out of our wardrobe, find old pots of gravy at the back of your kitchen cupboard and finally get around to dealing with the mess in the garage.

But have you ever thought about having a different type of Spring Clean? One that involves dusting off the cobwebs off your wallet and having a good look at your finances in general.

I know, I know. It’s not very exciting and no one really wants to do anything involving bills but I’ve found taking a long hard look at the state of your finances and be a real eye-opener!

It’s because of this I thought I would look at 3 easy ways you can Spring clean your finances!

1) Have a scan through your accounts for ‘rogue’ direct debits/standing orders.

Ever sign up for something that charges you once a year but you don’t use anymore! I’ve had this happen loads and only discover the direct debit still exists when money comes out that I hadn’t planned for. It’s because of this that you should take a good look through your existing setup payments and remove any for services you don’t use anymore. So have a look through your existing credit card payments or repayments on payday loans and if you’ve paid them off then delete them from your account.

2) See where you can budget.

People always say ‘oh just do a budget, it’s EASY!’ but I’ve found the reality is that it’s not always so easy. A lot of people tend to live within their means to the lowest point anyway so there isn’t anything they can easily cut to save money. One thing I do is look ahead to see when I will be out of contract on things I use such a gym membership or my TV packages and I put a note in our calendar to remind me that I can then ring up and LOWER the price! Budgeting doesn’t have to be about the RIGHT NOW and instead can be about the ‘2 months later’ and can still save you a bundle of cash before the year is out.

3) See if you can improve your credit score.

Because you never know what the year ahead if going to bring I always think it’s important to make sure your credit score is in check. You never know when you might need to use finance and if you need it then you need to know you won’t hit any hiccups along the way. So use a company like ClearScore to request your report and scan it for mistakes on your file or any kind of fraudulent activity. One important thing to check as well is to see if you are linked to another person on any account on your file. If you have a spouse or family member who’s credit rating is linked to yours it could have a negative affect on yours if they have a poor score.

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