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Checking that you are making the most of your money by keeping it in high-return savings accounts is crucial, experts say (Photo: Getty)<\/p>\nA financial reset this spring could help you get on top of your expenses, cut waste and save money before the summer spending begins.<\/p>\n
Just like a home spring clean can leave you feeling refreshed and more in control, giving your finances the same decluttering and organised treatment at this time of year can inspire similar results.<\/p>\n
A financial spring clean doesn\u2019t have to be drastic or overwhelming. Even taking simple steps such as getting your budget under control, paying off debts and boosting your savings where possible can make a big difference.<\/p>\n
Know what you\u2019re spending<\/p>\n
The first step in getting your finances in order is to understand exactly what\u2019s coming in and what\u2019s going out each month.<\/p>\n
Track what money you have coming in and list all your bills and outgoings \u2013 such as food shopping, transport, rent or mortgage, subscriptions and phone contracts. You can either do this in a spreadsheet or using a dedicated budgeting app or website.<\/p>\n
Money Wellness, an organisation funded by the Government\u2019s Money and Pensions Service (MaPS) to provide free budgeting, debt and income advice, has a free budgeting tool on its website.<\/p>\n
New FeatureIn ShortQuick Stories. Same trusted journalism.<\/p>\n
Check your savings rates<\/p>\n
A quick financial job that could pay rewards is to check the interest rate on any savings or current accounts you hold. Are they still competitive and could you get a better rate by going elsewhere?<\/p>\n
It\u2019s all too easy to leave savings sitting in easy-access accounts that pay no or very low interest.<\/p>\n
Shaun Port, managing director for daily banking and savings at digital bank Chase, advises to regularly check your savings and current accounts to ensure you\u2019re getting the best interest rates. \u201cMake your money work harder for you. It\u2019s important to read the terms and conditions though to check there are no catches.\u201d<\/p>\n
Sell old tech<\/p>\n
It\u2019s possible to make tens or even hundreds of pounds a month by selling unwanted clothes or accessories on platforms such as Vinted or Depop. But are you also sitting on unused devices, gadgets or electrical appliances that could be worth something?<\/p>\n
James Murdock, co-founder at tech re-seller Alchemy, says the average household has between two and four unused devices lying around.<\/p>\n
\u201cThere\u2019s a lot of cash that most people don\u2019t even know they\u2019re sitting on. And it\u2019s not just phones and laptops worth trading in \u2013 people are often surprised to learn that everything from coffee machines and hoovers to premium headphones can still hold value,\u201d he says.<\/p>\n
Pay off expensive debt<\/p>\n
Once you\u2019ve checked your savings and potentially made some money from decluttering, the next job is to decide where any freed-up money should go.<\/p>\n
For many, a wise step is to look at any expensive debt you hold, which can include credit card borrowing or personal loans (and doesn\u2019t include mortgages or student loans).<\/p>\n
The average credit card interest rate is about 35 per cent, according to credit firm Experian, so it may make sense to prioritise clearing expensive debt before focusing on building savings. <\/p>\n
If you\u2019re struggling to come up with a plan to repay debt, or cannot keep up with the monthly repayments, charities such as Citizens Advice, StepChange and National Debtline can offer support.<\/p>\n
Set up an emergency fund<\/p>\n
Once you have a plan in place to clear any expensive debt, it\u2019s worth building up a pot of savings that\u2019s easily accessible in emergencies.<\/p>\n
It\u2019s designed to cover you for any unexpected changes such as losing your job or urgent home issues such as needing to replace a boiler.<\/p>\n
About 84 per cent of Britons faced an unexpected expense in the past year, averaging \u00a3776 a time, according to data from Thinkmoney.<\/p>\n
The most common emergencies included car breakdowns, washing machines breaking and emergency dental work.<\/p>\n
Financial advisers typically suggest aiming to have three to six months\u2019 worth of essential expenses in your emergency savings pot. The pot should cover key costs such as housing payments, food and utilities for three to six months or a year if you\u2019d like more security.<\/p>\n
Set up regular savings<\/p>\n
Even with an emergency savings pot in place, it\u2019s worth getting into the habit of regular saving.<\/p>\n
The easiest way is by setting automatic payments at the start of each month into your savings account. Many budgeting fans recommend the 50\/30\/20 rule, where you split your income each month into needs (50 per cent), wants (30 per cent) and savings (20 per cent).<\/p>\n
There are also banking apps that work out automatically how much you can afford to save and will move these into savings pots for you. Or they\u2019ll round up transactions on your debit card to the nearest pound and move it into a separate savings pot. Examples include Starling, Monzo, Chase, Plum, Lloyds and NatWest.<\/p>\n
Checking that you are making the most of your money by keeping it in high-return savings accounts is crucial, experts say (Photo: Getty)<\/p>\n
Switch banks<\/p>\n
If you can\u2019t remember when you last changed your bank, it may be time to shop around and compare different bank accounts.<\/p>\n
Some may be able to offer you a higher interest rate on your cash balances, or other perks such as cashback, fee-free overseas spending or digital tools to help manage your money in a way that suits you.<\/p>\n
Banks sometimes offer cash incentives to persuade you to switch your main account to them, so it\u2019s worth regularly keeping an eye on bank switching deals.<\/p>\n
For example, Lloyds and Santander are currently offering a cash incentive of \u00a3200 to those transferring from another bank using the Current Account Switch Service.<\/p>\n
Consider investing<\/p>\n
Investing in the stock market offers the potential to grow your money faster over the long term than saving it in a cash savings account.<\/p>\n
Investing comes with no guarantees. You won\u2019t make a set return and you may even lose money if you choose an asset that doesn\u2019t perform well or you withdraw money at a time when markets are down.<\/p>\n
However, if taking a long-term approach, then investing can offer a better chance of beating inflation over time than leaving money in cash.<\/p>\n
\u201cProvided you\u2019re happy to take some risk with your money and can invest for five years or more, history tells us the stock market offers better odds of beating price rises and improving your future financial security,\u201d says Craig Rickman, a personal finance specialist at investment platform Interactive Investor.<\/p>\n
There are many apps making investing more accessible for beginners. These include InvestEngine, Trading 212, IG, Freetrade (owned by IG), XTB and Dodl by AJ Bell. They offer no dealing fees or account fees. Some offer fractional share dealing, meaning you can invest in ETFs (a type of fund) or major companies from as little as \u00a31.<\/p>\n
Investing through a stocks and shares ISA can protect any growth from tax. Investing through a pension means you\u2019ll benefit from tax relief on contributions and employer contributions if you\u2019re employed.<\/p>\n
Do you qualify for benefits?<\/p>\n
Matthew Sheeran, external relations manager at Money Wellness, says people often forget to check what top-ups or benefits they\u2019re entitled to. There are a range of benefits available for people both in and out of work.<\/p>\n
You could use an online calculator such as the Turn2us benefits calculator or the Money Helper benefits calculator as a quick reference to benefits you could be eligible for.<\/p>\n
\u201cLast year, we helped 45,000 people with an online benefits check and found that on average, each household could claim an extra \u00a33,000, even among those who were working and assumed they wouldn\u2019t qualify for extra help,\u201d said Sheeran.<\/p>\n
Trace old pension pots<\/p>\n
If you\u2019ve changed jobs a few times, you\u2019ll likely have several pension pots with different providers. You may want to consider moving these into one place to make your retirement savings easier to keep track of.<\/p>\n
Tomos Russell, portfolio manager at\u202fWealthify, says many people have old workplace pensions they\u2019ve lost track of, which means money sitting in separate pots that is harder to manage.<\/p>\n
\u201cBy finding these pensions and bringing them together, you can reduce fees (if the pension you consolidate into has a lower charge than your existing providers), simplify your investments, and get a clearer picture of your future savings with it being easier to manage and ensuring less paperwork,\u201d he said.<\/p>\n
\u201cHowever, check whether older pensions have guarantees or benefits before moving them,\u201d Russell adds.<\/p>\n
Find details of pensions by searching for any letters or emails related to the pension, including the provider name and your account number. If you\u2019ve lost track of a pension, you could try the Government\u2019s pensions tracing service.<\/p>\n
Find the pension provider you want to move to, and then arrange for them to move existing pensions over to their platform.<\/p>\n","protected":false},"excerpt":{"rendered":"A financial reset this spring could help you get on top of your expenses, cut waste and save…\n","protected":false},"author":2,"featured_media":513027,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[5360,84,119400,4176,4174,4175,56,54,55],"class_list":{"0":"post-513026","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-bills","9":"tag-business","10":"tag-easter","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance","14":"tag-uk","15":"tag-united-kingdom","16":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/513026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=513026"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/513026\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/513027"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=513026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=513026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=513026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}