I don’t know about you but I do enjoy a bit of Spring cleaning, there’s nothing like dusting off the cobwebs and making everything clean and shiny in preparation for the bright Summer days ahead, this is no exception when it comes to finances too.
No matter how frugal and money saving you think you are you should always do a Spring clean on your finances, here are some of my tips for getting started.
Where’s Your Money Going ?
The easiest way to actually see where your money is going each week or month is to go through your bank statements and highlight any spending that wasn’t for essentials, can you spot a few fast food outlets on there or lots of little transactions at the local convenience stores ? add all the unnecessary amounts and you will probably be shocked at the total.
Also make sure you are not still paying monthly for things like subscriptions to a magazine you never get time to read or for the gym that you never visit.
Written Monthly Budget
Once you have figured out where your money is going you need to sit down and write a budget, get all those figures down on paper in front of you.
Start with all your outgoings and be honest, if you have a haircut each month or need to buy a birthday gift then make sure you include it in that months budget.
Compare your monthly outgoings with your income to make sure you are not over budget, if you are then start looking at ways to shave some money off or decide if you need to make some extra money that month to cover the extra expenses.
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Compare, Compare & Compare Again !
Make a list of all your utility bills then use a comparison site to see if you could be paying less, if you could then seriously consider changing your supplier, you could always use a cashback site like TopCashBack or Quidco and earn a little extra money for your budget.
If you are stuck in a contract then make a note of end date and be sure to revisit a comparison site before you renew.
Organise Your Paperwork
Get yourself a ring binder and some clear A4 plastic wallets and organise your paperwork into groups for example, gas/electric, insurances, phone/broadband this way you will always be able to find what you are looking for quickly, you could also make a note of any renewal dates.
I hope some of these tips have helped you, let me know in the comments below how you Spring clean your finances I love to hear from you.