Springtime is on the way. Flowers are poking out of the ground, evenings are getting lighter, the sun is actually shining! So many of us wait until Spring to deep clean our homes. Wiping out those kitchen cupboards, vacuuming the airing cupboard, clearing out the things we've been holding onto for no good reason. We also need to look at our finances. Taking the time to spring clean your finances can set you up for the seasons ahead. After the cold dark winter months, we can organise our money and get prepared for the year ahead.
Cancel Direct Debits
We so often sign up to things and then forget all about them. That is what some businesses bank on you to do. Sign up for that freebie and then continue to pay because you've got used to the product. Maybe you haven't been to the gym in months yet you are still paying for it? It's time to log into your online banking and check those direct debits and standing orders that are set up. Perhaps you are still giving to a charitable cause every month and thought you'd stopped. Maybe you are paying for two life insurance policies because you forgot to cancel your old one when you signed up for the new one. There are loads of potential direct debits we forget we have. Now is the time to spring clean your finances and look at your direct debits. Cancelling those could save you up to £100 every month.
Check Your Mobile Phone Prices
How much are you paying for your mobile phone contract? Many of us pay up to £40+ for a contract for maybe 18 months, which includes a new phone. However when that phone is paid off and the contract has ended, if you continue to pay that £40+ every month, you're overpaying what you need to. If you're happy with your current phone, you can get a SIM only deal for as little as £6 or £7 a month. These can include up to 10GB of data a month, with unlimited phone calls and text messages. There is a huge difference between continuing to pay £40 a month and £7 a month. £33 difference! That's a big chunk of change to go towards other things. Spring clean your finances by looking at your mobile phone contract.
Can You Get A Better Mortgage Deal?
How much are you paying for your mortgage every month? What was the deal you signed up for and how has the market changed since? You might be able to get a better mortgage deal which means you pay less each month with less interest being added to the amount you owe every month. If you are continued with the same mortgage company after your deal has run out, you can likely find something better for your finances. If you are still within contract you might need to take into account early exit fees but there are online calculators that can help you figure out if it is financially beneficial. We spend an awful lot of our monthly salary on keeping a roof over our heads. Any savings you can make is a positive thing.
The Price Of Entertainment
How much do you pay every month for entertainment? Taking a look and cancelling a couple of subscriptions can be a great way to cut back on your spends. The cost of Sky TV can seem extortionate however when you start adding up the cost of Disney+, Netflix, Spotify and Amazon Prime it is a huge amount of money each month. With the dark winter nights behind us, how much TV will you be watching over the coming months? Maybe now is the time to cancel some of your entertainment subscriptions to save some money. There is still plenty of decent TV to watch on free to air channels and the free version of Spotify still gives you plenty of music to listen to. You could save £50 or more by cancelling these entertainment packages.
The birds are singing, the new season is in sight and now is the time to spring clean your finances.
