A guide to spring clean your finances

money spread all over surface coming out of a piggy bank and a hand putting money into the piggy bank

Do you feel like it’s the right time for you to spring clean your current finances and your financial goals for the year ahead?

Now could be the perfect opportunity for you to give your money matters a ‘spring clean’, and refresh your finances. This article will provide some useful tips and strategies you could implement to improve your finances and help you prepare for the year ahead.

Assess your financial landscape

You need to have a clear picture of your financial situation if you want to be able to figure out the best way to approach it and make any changes you may need to the way you are spending or saving.

First, evaluate your sources of income and track your outgoings and expenses to get a sense of where you are each month. If you can identify any areas where you are spending too much and could find a way to cut back, you could think about using this additional income in a better way that would give you better financial stability in the future. If you think you need to build your credit score, you could look into purchasing a new phone contract with your additional funds which would help to improve it.

You could also look into opening a savings account or even getting into the world of investing with an investment portfolio. This could allow you to save money for the future and help you achieve your short-term or long-term financial goals.

typewriter with 'goals' written on a blank paper

Streamline your budgets in line with your goals

When it comes to your finances and setting your budgets, it can often be hard to stay on top of them when the price of your bills increase or other outgoings crop up that you were maybe not expecting.

You should consider regularly revisiting your budgets and discussing your current payment plans with your providers of things such as your energy bills or your monthly subscriptions and seeing if there is any scope to lower them. That way, you could reallocate some of your funds to other more pressing expenses or have an emergency fund set aside to cover you in case something unexpected crops up.

Consider using financial tools

There are so many useful financial tools available that you could use that would help you reassess your finances. Things such as budgeting software or online banking tools can help you track your spending and identify opportunities where you could save money. Not only will they help keep you organised but they will also take the burden away of having to constantly monitor your spending and you can be safe in the knowledge that your monthly outgoings are all in order.