#Financial spring cleaning drivers
In fact, a recent study by British firm GoCompare found that drivers in the UK collectively pay an extra £675 million every year in needlessly high premiums by not switching car insurance firms. Reviewing your policies and consequently switching provider can be a good way to shave off some precious pounds from your outgoings. But this is a spring clean, so it’s time to get your hands dirty.Īre your insurance policies still up to date? Do they reflect your current situation? Are you getting a fair price? We’ll be the first to admit that going through your insurance cover isn’t the most titillating of tasks. Alternatively, you could find out when you’re due a salary review so you can appropriately prepare for the process. We know it can be a difficult subject to broach with your employers, but if you review your income and feel like it isn’t stretching as far as it should, you might want to consider asking for a raise.
If it’s not, it might be that your circumstances and needs have changed since you accepted the job - or perhaps inflation is eating into your income. Take some time to review your income to determine whether it’s sufficient for your current situation. It’s important to choose an account that works for you, so consider the following questions before moving your money:įind out about Plum’s Interest Pockets, provided by Investec Bank Plc, here. If your money is held in one of these accounts, inflation will be eroding any returns so it could be wise to move your money to a higher interest account. Some high street banks are offering less than 1% AER. It’s crucial to figure out whether you’re getting the best rate for your savings in an account that protects your money. Don’t max out your credit card every month.Make sure to pay any debts in a timely manner.Check if you’re registered on vote at your current address.If your score is on the lower end of the scale, there are things you can do to improve it such as: You can use websites like Experian or Equifax, which are market leaders in the UK. By assessing your rating, you can better understand your position and make any necessary adjustments.Ĭhecking your credit score is easy. Your credit rating is used by lenders to determine how capable you could be at fulfilling any repayments. 💡 Remember to check your contract before cancelling, in case there are hidden cancellation fees. Are you getting your money’s worth of that gym membership? Are you paying insurance for something you no longer have? A direct debit audit could save you money – and you barely have to lift a finger. Sit down and take stock of regular, non-essential outgoings. Let’s call them leaks in your bank account. We mean those expenses that are taken out of your account every month through direct debit. We’re not talking about your weekend takeaway or a special trip away. Sweep away any unnecessary expensesĬomplacency can play a big part in unnecessary expenses. It only takes a minute but it can go a long way to making you feel more in control of your finances. Is your wallet overflowing with old receipts? Is your purse hiding expired gift cards? Use the excuse of a spring clean to clear out any unwanted items that could be causing a sense of chaos in your daily life. That way you never have to panic-search in the middle of the night for that one document… We’ve all been there. You could create a folder in your inbox dedicated to your financial papers, such as account statements, pension paperwork and payslips. Nowadays, most documents are sent over email, but that doesn’t mean you can’t tidy them up. That means tracking down all your important financial documents and housing them somewhere safe. Getting organised is a great first place to start when it comes to sorting your finances.
After crossing off each task, you’ll be one step closer to even better financial health. If you’re not sure where to start, this checklist is for you. Sorting out your finances will be more beneficial to you in the long run than decluttering your kitchen cupboards. Drop the vacuum! Put the duster down! The house can wait.
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