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Its spring cleaning time…

With the smell of daffodils in the air you may be turning your thoughts to spring cleaning, which whilst not the most pleasant of tasks, sets up our household for the year. However, as a financial planner with a dislike of dusting, sweeping, scrubbing and polishing here are my spring cleaning tips:-

Turn your mattress

This is done to stop the bed becoming lumpy and to help you sleep well at night, which is something reviewing your insurances might also help with. As well as making sure you and your family are looked after if anything were to happen to you, reviewing life and health insurances can potentially save you hundreds of pounds a year.

Tidying your cupboards

Day to day we all “tidy” things away in the nearest cupboard or drawer but over time things end up in the wrong place. The same is very much true of our savings and investments. That high risk fund you invested in may have been appropriate for you ten years ago, but if you are approaching retirement does it remain so? The two year fixed rate ISA you put your money in three years ago will not now be paying the same high return. With savings, as with possessions, we need to make sure they are in the right place if we are going to be able to use them when we need them.

Deep clean your home

The deepest clean you can do of your finances is reviewing who you bank with. People often think “they’re all as bad as each other,” but there are some real differences between the accounts they offer. First of all you need to analyse how you use your account and what would be of benefit to you, for example, an interest free overdraft is not much of a benefit if you are always in credit and an extensive branch network is not much of a benefit if you always bank online. When you have found a new account that suits you, the switching process has been simplified, so all of your standing orders and direct debits should automatically move to your new account, meaning ‘it’s too difficult’ really is not an excuse anymore.