Spring Clean Your Finances

Tuesday, March 13, 2018

With the wintery months finally over and spring officially sprung, cleaning up your finances to reach those savings goals will likely move higher up people’s “to do” lists. Getting your finances in order can be a great way to revitalise your savings, making sure you’re putting aside enough to help you achieve your short and long term saving goals.  

Paul Osborn, Chief Executive, Foresters Friendly Society offers five top tips to help people get their finances spruced up for Spring:

  • Scrutinise your paperwork: It can be very difficult to work towards improving your financial situation without having a clear picture of your current financial position. Setting time aside to collate your digital or printed bank statements, utility and phone bills and home insurance policies for example, will allow you to see your monthly outgoings in one place and help you to plan accordingly. 
  • Hunt for forgotten assets: Billions of UK assets lie unclaimed, so make sure you’ve claimed any old life policies, shares and dividends, premium bond prizes, forgotten pensions, dormant savings accounts and even lottery wins! This could add a nice boost to your savings.
  • Set a goal and start saving NOW: It may sound obvious but the earlier you start saving the better. Set your goals and get saving. You want to give your savings as much time as possible to flourish. Building up a dedicated ‘nest egg’ also removes temptation to spend the money elsewhere and it is really useful for encouraging a regular saving habit. So, don’t delay, start saving today!
  • Make the most of the money you’re saving: With the money you’ve already saved, it’s crucial to make the most of it and improve your financial position. There are many products available, specifically designed to help support your financial plan for short and long-term saving goals. One great example is the Lifetime ISA (LISA), with a 25% government boost to under 40s annual savings, this product can really help first time buyers save for a deposit and make the ownership dream a reality. 
  • Talk to the professionals: The savings landscape can seem overwhelming, but you’re not the only one that feels like that. Talking to an expert can help clarify exactly what your options are and help you get the best returns to achieve your saving ambitions.