12 ways to spring clean your finances

Spring is here and it’s the perfect time to refresh not just your home, but your finances too.  

Giving your wallet a good spring clean means you can head into the warmer months feeling better off.   

Here’s 12 ways you can spring clean your finances and make your money go further.  

Give your budget a makeover  

Budgeting is a key step towards achieving financial wellness, but, like anything, it needs updating from time to time.  

It’s easy for budgets to drift and go by the wayside, especially with bills and the cost of living rising.  

So, take a look at what's coming in and what's going out, to give yourself a clearer picture of where savings can be made.  

Cut unnecessary spending 

Once you’ve updated your budget, it’s time to tackle your spending.  

Are you still paying for subscriptions you barely use, or a gym you’ve not set foot in for months? If so, cut them out and free up some cash, you may be surprised at how much you can save.  

Boost your credit score 

A strong credit score opens doors - from getting a mortgage approved to lower interest rates on loans.  

Some key steps to improve your credit score include:  

• Make all repayments on time. 

• Keep within your credit limit to show lenders you’re managing your credit responsibly.  

• Check your credit report and if you notice something is wrong or outdated, request a correction with the relevant credit reference agency.     

• Avoid applying for too many credit cards or other forms of credit as if you’re constantly applying for new credit, lenders may think you're struggling financially. Stick to the credit you really need to avoid harming your score.   

• And don’t forget to register to vote – it’s a small step that makes a big difference in verifying your identity. 

Review your household bills  

One in three of us could save up to £186 annually by switching to a cheaper broadband provider alone, research shows.  

Use your financial spring clean to review your household bills and to shop around and see if there’s better deals for things like gas, electricity or even your mobile phone contract.  

Consider social tariffs that provide cheaper broadband and phone packages if you’re claiming universal credit, pension credit and some other benefits. Some providers refer to them as ‘essential’ or ‘basic’ broadband. 

It doesn’t take long to switch providers. The process typically involves:  

• Looking at your current utility provider's terms, rates and any early exit fees. 

• Using an accredited comparison website like Compare the Market or Uswitch to compare tariffs and get a quote. 

• Once you’ve chosen a new provider, start your application and wait for instructions from them. 

• Expect one last bill from your old provider. If you’re in credit, make sure you request a refund. 

Review your insurance policy  

Spring is also a good time to check your insurance policies. Whether it’s home, car, life, or health insurance, have a shop around to check you’re getting the best deal. Maybe your no claims discount has increased, so you could lower your premiums.  

Don't just let those policies roll over automatically – do some research to make sure you’re getting the right cover at the best price.  

Set up separate savings accounts  

Got a few different savings goals? Open a separate account for each! Whether you’re saving for a holiday, a rainy day, or a big birthday, tracking your goals becomes easier – and a lot more fun – when you can see your progress. 

Automate your savings  

Set it and forget it! Setting up automatic transfers to your savings account will mean you’re putting money away without even thinking about it. Just pick a fixed amount or percentage and let your bank do the rest.  

Declutter and sell unused stuff  

While you're spring cleaning your finances, why not clean out your attic too? You’d be surprised at how much cash can be made by selling off things you no longer need.  

Whether it’s through an online marketplace like Vinted, Depop and eBay, or at a car boot sale, those old items could be a new source of income. 

Use cashback and rewards 

Check your credit or debit cards for any cashback or rewards offers. A little reward here and there adds up. Make your spending work for you.  

Try and get rid of debt  

Whether it’s high-interest credit cards or loans, look for ways to pay debt off faster. Consolidating debts or finding lower interest rates could save you money in the long-run. 

Revisit your financial goals  

Now’s a good time to reflect on your financial goals. Are you on track? Spring is a great time to set new goals or adjust old ones.