Regular readers will know that I’m a huge fan of Spring cleaning. Whether it’s my home, my routine, or my finances they all get a good sorting out this time of year. I can’t stress how important it is to check your finances. Not only will it help you spot any mistakes that have been made it can also save you lots of money.

It is too easy to ignore or miss those small regular outgoing payments but they soon add up and could be costing you a lot. I thought I would share my best tips to Spring clean your finances and hopefully save you some money in the process.

The Fine-Tooth Comb

Set a few hours aside and go through your bank statements for at least the last 6 months. If you have paper statements take a highlighter and cross through anything you don’t recognise. If like me you do all your banking online just keep a notebook next to you and jot down anything unusual.

Once you have done that it’s time to investigate. Ask yourself if you are still signed up to a subscription that you meant to cancel. Also, check for duplicate payments, I’ve had this happen before where a supermarket took the same amount twice by accident.

If you find any of these problems action them straight away, leaving it any longer could mean you forget again. It might be a good idea to set a reminder on your calendar so you never forget those cancellation or renewal dates.

Are You Owed?

There’s nothing worse than the thought of the money that’s rightfully yours sitting in someone else’s account accruing interest.

If you have switched energy suppliers in the last six years you could have credit sitting in your old account. A quick phone call to your old supplier will soon tell you if you are owed anything.

Could you be owed PPI? If you have ever had a loan, car finance, credit card or any other credit product you might be owed money. PPI (payment protection insurance) was widely mis-sold leaving people paying, sometimes unknown for worthless cover. It’s definitely worth checking before the deadline which has been set on August 29th, 2019.

Paying Too Much?

My favourite part of the financial Spring clean is seeing if I can get a better deal for the services and products I already have. If you have any contracts that are coming to an end, phone up and haggle. I haven’t paid full price for subscription TV in years.

Don’t auto-renew anything, always search the market for a better deal. Whether it’s car insurance or mobile phone tariffs, never settle until you’ve left no stone unturned.

Also if you have a credit card check if you are eligible for a 0% balance transfer. We were able to pay our debt down more quickly without the interest to pay on top.

And Finally 

Once you’ve spring-cleaned your finances and saved yourself lots of money it’s time to sit back with a brew and congratulate yourself on a job well done. I like to do a financial housekeeping session once a month. But a good clean-out twice a year will be just as effective.