Spring is often associated with a fresh start, making it an ideal time to reassess your financial position. Flowers are blooming, the days are getting longer, and many of us get the urge to do a thorough cleaning of our homes to welcome the new season. However, spring cleaning shouldn’t be limited to just your physical space; it’s also the perfect time to reassess your financial position and make improvements where needed. It’s also the perfect time to look at your finances, specifically your recurring expenses like online subscriptions, insurance, power and gas suppliers, and personal spending. Here’s why:

Online Subscriptions: Many of us sign up for online services, whether it’s for streaming, fitness, magazines, or software. However, over time, we might stop using some of these services but forget to cancel the subscription. Make a list of all your online subscriptions and cancel the ones you no longer use or find valuable.

Insurance: Whether it’s your home, car, or health insurance, it’s always good to reassess your needs annually. Your situation might have changed, and you could be eligible for a better rate or need different coverage. Contact your insurance providers and see if there are any new discounts available or if a different plan would better suit your needs.

Power and Gas Suppliers: Energy prices can fluctuate, and there might be a better deal available than your current plan. Compare rates from different suppliers and switch to a more cost-effective option if available.

Personal spending: Eating out and impulse purchases can often add up quickly. It’s important to know how much you’re spending and if it’s within your budget. Review your bank statements and set a monthly budget for dining out and everyday purchases, such a lunch, parking, new clothes etc. Try to limit your spending on things that you may not necessarily need. Even cooking at home more often will save you money. If you do want an evening out, think of a picnic or walk down by the beach, the weather is perfect for it now.

Spring Clean Your Budget to Strengthen Your Financial Position

Taking the time to audit these expenses can lead to significant savings. Remember, spring cleaning is not just about decluttering your home, but also about tidying up your finances. Start this new season with a fresh financial perspective. By cleaning out your finances, you are sure to find extra money to put back in your pocket, set yourself up for a better financial position or save up for things of more value, like travelling or buying a new car or home.

 Complete our FREE online mini Financial Health Check quiz to learn more about your financial position and contact us today for a complimentary, no obligation appointment to discuss how you can reach your financial goals.

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John Hehir