—TechRound does not recommend or endorse any financial or professional advice, practices or providers. All articles are purely informational—
Spring time is when people and consumers very often take some time to conduct spring cleaning of not just their home but also their finances. Over the course of the winter it is easy to build up wasteful and less than beneficial spending habits, with the likes of subscriptions and more meaning sometimes, more goes out than comes in.
even if your finances are sound, it can be a good time of the year; before the summer and before Christmas to take some time to clean up and optimise your finances.
How To Refresh Your Finances This Spring
Avoiding unnecessary expenses and finding better deals on the necessary things you’re already spending on are both key to making savings this season.
For example, your home services like electricity, gas, broadband and mobile are all necessities, but you’re not necessarily already on the best possible plans for your needs.
Some companies including the likes of Utility Warehouse (UW) may in some cases be able to help you declutter your bills and home service accounts. Customers who bundle more than one service can get them on a single, monthly bill and on just one account; no longer needing to track multiple bill dates and passwords for different providers.
For your overall finances, you may also use MoneyHelper’s budget planner to help you see where you can make savings. Their handy calculator lets you weigh your income and other benefits against your outgoings like rent, bills, groceries and leisure.
Cut Unnecessary Expenses And Save On The Necessities
We’re all guilty of hanging onto a subscription or two for a few months too long, have a look at the ones you’re currently paying for like streaming services, gym memberships and mobile apps, and get rid of the ones you don’t really use any more.
It’s also a good time to shop around for better deals on your home services, and make sure you’re not overpaying for things like energy, mobile and broadband.
If you’re already thinking of switching to UW to collate your bills, there’s even more good news. Not only do they bundle multiple services onto a single bill, but they also offer their customers discounts for bundling; the more services they take, the more they save.
You may be able to reduce your bills even further by practising good energy-saving habits. Check out this guide from the Energy Saving Trust, which gives some simple tips for saving money on your energy bills.
Manage Debt And Improve Your Credit Score
Managing any debt you have and working on improving your credit score can go a long way in lowering your outgoings, and sometimes go hand in hand.
A good credit score indicates financial trustworthiness, which makes it more likely for service providers to agree to lend you money (e.g. when a bank lends you money for a mortgage, or when you take out a finance plan for a car). In other words, it tells these companies that you’re likely to be able to pay them back on time. This lower risk to the lender can result in lower interest rates for you when taking out the loan, and lower prices for home and car insurance.
To improve your credit score, it’s important to always pay for things on time and avoid getting into debt. Or, if you’re already in debt to lower it or pay it off. You can check your current credit score for free on websites like Experian, Equifax and TransUnion.
While working towards clearing your debt, you might want to consider debt consolidation if you have multiple debts in different places. This is when you take out one new loan to pay for all of your existing debts, so you only have one loan to pay back. If in doubt, don’t be afraid to ask your bank about it – many will be happy to give you guidance.
Organise Financial Documents And Set Goals For The Year
Nobody likes sorting paperwork. But you’ll thank yourself later when you need an important document and know exactly where it is – there’s nothing worse than having to tear the whole house apart to find a piece of paper.
Take a deep breath, and get decluttering – keep the important things safe like tax records and insurance policies, update wills, insurance details and power of attorney where needed, shred the things you no longer need, and opt for digital bills for your home services wherever possible to cut down on future paperwork. Next, set realistic financial goals for yourself, whether it’s building up an emergency fund, putting a little extra aside for a holiday, or looking into investing your money.
If you need advice on managing legal documents like wills, Citizens Advice has lots of free articles to help.
—TechRound does not recommend or endorse any financial or professional advice, practices or providers. All articles are purely informational—
