Seven ways to spring clean your finances

Spring cleaning isn’t just for your home – it’s also a great time to tidy up your finances. At Hertsavers, we understand the importance of financial health and have put together some tips to help you spring clean your finances.

  1. Review your budget
    Start by reviewing your budget. This means looking at your income, expenses and debts. Make sure your expenses are in line with your income and that you’re not overspending in any areas. If you’re struggling to make ends meet, consider cutting back on non-essential expenses.
  2. Check your credit report
    Your credit report is an important document that shows your credit history. It’s used by lenders to assess your creditworthiness when you apply for loans, credit cards or other financial products. Check your credit report for any errors or inaccuracies that could be affecting your credit score. If you find any mistakes, contact the credit reference agency to have them corrected.
  3. Review your savings
    If you have savings, review your accounts to make sure you’re getting the best interest rate. Consider moving your money to a savings account with a higher rate of interest. If you don’t have any savings, now is the time to start. Even a small amount saved each month can make a big difference over time.
  4. Consolidate debt
    If you have multiple debts, consider consolidating them into one loan. This can simplify your finances and make it easier to manage your repayments. You may also be able to get a lower interest rate, which could save you money in the long run.
  5. Shop around for financial products
    When it comes to financial products like loans, credit cards and savings accounts, it pays to shop around. Compare interest rates, fees and features to find the best product for your needs. Credit unions are a great place to start, as they often offer lower interest rates and more flexible repayment terms than traditional banks.
  6. Set financial goals
    Setting financial goals can help you stay on track and motivated. Whether it’s saving for a down payment on a house, paying off debt or building an emergency fund, having a clear goal in mind can make it easier to stay focused and disciplined.
  7. Seek professional advice
    If you’re struggling with your finances or need help setting financial goals, consider seeking professional advice. A financial advisor or credit counsellor can provide guidance and support to help you get your finances in order.

In conclusion, spring cleaning your finances is a great way to get your financial house in order. By reviewing your budget, checking your credit report, reviewing your savings, consolidating debt, shopping around for financial products, setting financial goals and seeking professional advice, you can take control of your finances and achieve financial stability.