Spring money makeover

From decluttering your payments to planning for big purchases, find ideas to help freshen up your finances.

From decluttering your payments to planning for big purchases, find ideas to help freshen up your finances.

Written by
Alex Hasty
3 min read
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Declutter your money

Do the money equivalent of getting all your clothes out of your wardrobe - even the ones right at the back!

  • Take a look at your bank statements, paying special attention to standing orders and direct debits. You might well find that you’re still paying for things you no longer want or need. That online magazine subscription you’ve forgotten about, or the gym membership you never use. Now’s the perfect time for a cull – just don’t forget any fees you may have to pay to terminate contracts.
  • Do some physical decluttering too. Get all your finance documents together and throw away the ones that are out of date. Make sure you shred them to protect those all-important details. If you’re still getting paper bills and bank statements, it’s time to think about going paperless. Not only will it mean less clutter, you might be able to save money with online-only deals.
  • Taking a look at your credit report might uncover all sorts of things you’ve forgotten about, like old cards, inaccurate addresses and old joint accounts that need to be separated. Plus, it’s a good opportunity to correct any mistakes and get everything in as good a shape as it can be, especially if you’re thinking about borrowing this year. You should be able to check your credit rating for free.

Review your products

  • Credit cards you took out some time ago might not suit your current needs, especially if introductory offers have expired. So, now’s the time to shop around and see if you can find deals that work better for you. We’ll show you cards with an indication of how likely you are to be accepted when you compare credit cards with Compare the Market, so there’s no need to worry about applications affecting your credit record.
  • If you’re trying to cut back, getting a break from paying interest with a 0% balance transfer card could help. You will have to pay a fee for transferring your balance and if you don’t make the minimum repayments you may lose the interest-free benefit. However, you can easily avoid missing a repayment by setting up a direct debit for the minimum monthly value or a value of your choice.
  • Take a look at your current account too. Could you find a new one that offers a better deal, like interest when you’re in credit or cashback on bills?

Plan ahead

Do you have any big purchases coming up, like buying a car or a new sofa? Are you planning any projects that might be expensive, like doing home improvements? Now’s the time to think about how you’ll finance them.

  • A credit card that offers 0% on purchases can help you spread the cost of buying a bigger item. These offer a set interest-free period, so if you can pay your debt off within that time the credit won’t have cost you anything. But if you don’t pay it off, you’ll be charged the standard interest rate.
  • A personal loan can allow you to borrow up to £25,000 and you usually spread the cost over up to 10 years. Again, when you compare with us, we’ll show you deals with an indicator of how likely you are to be accepted.
  • If you want to buy a car, there are various car finance options available.