Spring is upon us, the weather has improved and lockdown rules have started easing. Many of us take this chance to start spring cleaning. Now is also a good time to tidy up your financial affairs for a better mindset and managing your money.
1. Set your financial goals – and commit to them
After you have outlined your short-term and long-term financial goals, set a limit as to how much money you need to put aside to achieve them. One of the most effective ways is budgeting. By tracking your spending and seeing how much you are saving, you will feel that you’re in better control of your money which will boost your confidence.
2. Review your budget
As mentioned in the previous point, budgeting is an effective way to track your spendings which would eventually help you reach your financial goals.
When doing a spring clean, go back to your budget and see what you are spending on. If there is any unnecessary spending such as subscriptions that you aren’t using or contracts which have ended, you can cancel these or look for better deals.
By budgeting consistently, you will be able to reach your financial goals more easily and reduce any financial stress.
3. Review your credit score
It’s important that you check your credit score on a regular basis. Having simple errors in your record can affect your ability to get a loan in the future.
You would need to check the following details:
- Address details are up-to-date
- You are on the electoral roll at your address
- Your information about any existing accounts is accurate
- You make payments on time.
There are various ways to check your credit score including Experian, Equifax and TransUnion.
You can find out more about credit scores here.
4. Clear any outstanding late payments
As mentioned earlier, late payments can affect your credit score therefore now is the time to catch up and clear any late payments.
Some examples of how you can save up to settle your debts including:
Sell any unwanted items that you have either online or in a car boot sale.
Avoid spending money unnecessarily by avoid impulse buying, for example.
Sign up for our payroll deduction scheme with your employer and start putting your money aside.
You can check our money-saving tips for more ways on how to save.
5. Plan for your financial future
If you enjoy gardening, you may know that you would need to plan and begin to plant your garden for the next year in the spring. Likewise, if you are thinking about buying a car, your first home, Christmas, a special occasion or planning a holiday, you would need to take the time to create a financial plan.
You can do so by taking the advantage of one of our savings accounts to suit your needs such as the Christmas Savings Account. Also, a quick win for saving is setting some money from your salary each month through our payroll deduction scheme.
