With the cold weather finally behind us (fingers crossed!) it’s time to look forward to the spring. If your new year’s resolutions are starting to turn stale, now is the perfect opportunity for a spring clean to get things back on track. Here are four quick ways to get your finances ship shape!
1. Find Better Deals for Your Bills
It pays to shop around and companies make huge profits off of customers who are lax about doing so. If you’ve reached the end of your initial contract spend a few minutes searching comparison sites to check if you could be getting a better deal. Money Supermarket and Compare the Market are two of the biggest comparison sites. Money Saving Expert is also regularly updated and has useful tips. I’ve also seen lots of ads recently for the uSwitch app, which has good reviews on Trustpilot. By using one (or several) of the above options you can make sure you’re getting the most for your money.
Key Bills to Check
- Phone contract
- Car insurance
- Travel insurance
- Gas & Electric
- TV packages
2. Cancel Unused Subscriptions
Regular subscriptions are easy to forget, so spend 10 minutes checking over your latest bank statement to check for any that are no longer required. Key culprits could include your gym membership, TV packages, music streaming services and premium apps.
3. Ensure Your Debt is Under Control
If you’re in debt it’s important to make sure that you’re the one in the driving seat. Student loans and mortgage repayments are a form of managed debt, so if you only have those you can skip straight to point 4. But if you have any other forms of debt you need to ensure the debt is manageable and that you have a plan in place to make the repayments. The worst thing you can do in this situation is to ignore the reality of what’s going on. So no matter how bad the numbers are, take the first step by seeking advice on how to get the situation back under control. The Money Advice Service provides guidance on taking control of debt and who you can contact for confidential debt advice. This free financial support will allow you to stop worrying about your debts and focus on the important things in life. Take the first step today by contacting one of the debt advice services if your situation has become unmanageable.
4. Pay Yourself First
If you find you always have no money left prior to payday why not try the trick of paying yourself first? Arrange for a regular direct debit to go to your savings account from your current account just after payday. These savings could be used for a holiday or could even start to build up your housing deposit. You can always start small and you may even find you don’t notice the difference!
Spending one hour giving your finances a spring clean could make a big difference across the course of the year, so skip tonight’s Netflix binge and get started now!
For more ideas on how to save money check out my post on 50 Ways to Spend Less Money.
Will you be doing a spring clean of your finances? Let me know in the comments!