IT’S not just your house that needs sprucing up this spring.
The start of the new tax year on April 6 is the perfect time to spring clean your finances too.
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Taking an hour or two to review your cash can pay big dividends.
Follow our easy six-step guide for a fresh look at your money.
SET A SENSIBLE BUDGET: No one can balance their books unless they know how much is coming in and going out.
Examine your last three months’ worth of bank statements and prepare a basic budget.
Use the free tool at moneyhelper.org.uk.
OVER YOUR OVERDRAFT? Overdrafts can be a handy way to help you through a tough month, but using them too often can mire you deep in debt.
Are you getting the best rates on yours?
Compare it with what other banks and building societies are offering at which.co.uk.
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SWITCH OR STICK? Banks are vying for your business and making current accounts more attractive, with some now paying reasonable interest rates.
Check if your current account is right for your needs at gocompare.com/current-accounts.
If it isn’t, then switch.
You can earn up to £200 for changing to a new bank, but make sure you fulfil the criteria before you apply.
SAVE OR PAY OFF? While saving a little each month is usually a good idea, if you have expensive debt such as a credit card or payday loan, it might be better to pay this off first.
The helpful guide at moneyhelper.org.uk explains what to do.
DO A WEEKLY CLEAN: You keep your house in order with a regular clean so do the same with your finances.
Each week, check your bank account and tally what’s going out against what you know you have spent.
Be alert for fraud and look for ways to trim what you spend.
Cut out any non-essential direct debits and subscriptions and hunt down “money leaks”, such as a daily coffee or cake, which could claw back hundreds of pounds over the course of a year.
WOULD YOU CREDIT IT? One of the best ways to help your finances is to boost your credit score.
You can do this by ensuring you pay your bills on time and by keeping debt as low as you can.
Also, sign up to the electoral roll and regularly check your credit file to ensure there are no mistakes.
Do this for free at moneysavingexpert.com.
