With so much to do, it’s hard to find the time or energy to dedicate to tidying up your finances but if left alone for too long they could become a problem themselves. Here are 5 ways to stay on top of and spring clean your finances. 

  • Improve your credit score 

In comparison to your massive to-do list, improving your credit score might not seem like a huge priority, but it’s definitely something that needs taking care of if you decide you want to take out a mortgage or borrow money of any kind in the future.

Depending on what your credit score currently looks like, there are various ways to improve it. The first step is to check your credit score. If your credit score is low because you’re young and haven’t had a chance to increase it yet, consider taking out a credit card, using it like you would a debit card and then paying it off each month. If your credit score is low because of unpaid debts, pay close attention to the following tips to consider your next step. 

  • Sort out your credit card or debts 

Credit cards are great for emergencies but if you’re struggling to pay off debts you’ll want to think about how you can begin paying these off. 

If you’re struggling because you’re out of work due to ill-health or injury, it’s worth looking into group income protection.  This will provide you with enough income to keep you going while you’re unable to work, helping you to pay off any debts you might have accrued during this time. 

  • Consider switching banks 

Once you’ve opened an account you often stick to the same one for a very long time. When tidying up your finances it’s beneficial to take a look at what other accounts and rewards are available. Lots of banks offer rewards for switching to them so it’s well worth exploring! 

  • Set yourself a budget 

This can feel like a mammoth task and one that isn’t really worth your time, but I promise you it is. There’s even the option of connecting your bank account to an app that will work out your income and outgoings for you to make this a little more manageable if you don’t know where to start. 

Setting yourself a monthly budget is a great way to work out where you can cut back and save yourself some money for an extra treat, a savings fund or even to start buying Christmas gifts. 

  •  Set up a pension or retirement fund 

You’re never too young to start saving for your retirement. One of the most productive and rewarding ways to prepare for your future is to dedicate a set amount each month to go into a personal retirement fund or a pension scheme you may have been offered through work. You’ll be surprised at how quickly the money piles up, and ‘future you’ will thank you for it! 

And there you have it – 5 ways to spring clean your finances. Now you have no excuses, so grab that feather duster and get to work with your finances.