Want your finances to sparkle this spring? As the new financial year is upon us, it’s the perfect time to get financially organised. Here, we look at some top tips that will get your banking and budgeting on track.

Spruce up your savings

Thanks to the start of the new tax year, many banks offer great introductory deals in spring. So if you want to open a new savings account or are looking for a better rate of interest for your current savings, now’s the time to shop around.

Many banks also offer incentives such as a joining bonus if you switch to them – what’s better than free money?

Fix up your filing

If you’re trying to get organised, the best place to start is with your paper and electronic files. Create separate folders for all your important documents, such as your mortgage and house bills, debit account, credit account and any other contracts or policies. Not only does it make financial planning much easier, you’ll be able to find them quickly and easily whenever you need them. After all, there’s nothing worse than spending hours sifting through paperwork in an emergency!

Brush up your budget

When getting your finances in order, assessing your current situation is vital. This involves looking at your disposable income versus your spending habits. If your disposable income is barely covering your monthly expenditure, then now’s the time to act.

Set a realistic budget and look at ways you can cut costs. For instance, can you reduce your food shopping by cutting out treats? Is there a cheaper supermarket you can shop in? Reducing your food shop by just £10 per week would save you £520 a year.

In the words of a well-known supermarket: every little helps!

Ditch your debt

Do you currently have any debt? Then explore the possibility of paying some of it off.

If you’re lucky enough to get a bonus at work, or simply have some money saved, resist splurging and pay back the money you owe. If this isn’t an option and you owe multiple debts to multiple lenders, think about consolidation. This involves taking out a new credit agreement which repays your other outstanding debts. Doing this will allow you to better manage your finances and could reduce the interest you are currently paying.

More tips…

Here is a hilarious but very useful video on eliminating your debts quickly.

Why not start your financial spring cleaning today?