5 ways to spring clean your finances

It feels like spring is just around the corner, and that means a big cleanup is. But don’t stop at your house... give your finances a good dusting off and save hundreds of pounds in the process!

1MAXIMISE TAX-FREE SAVINGS If you’re looking to put some money into savings, then don’t forget to maximise your £20,000 ISA limit. The current tax year ends on 5 April. Take the opportunity now to make the most of this year’s allowance because, once we enter the new tax year, you’ll lose any unused allowance from the previous one.

2START A SAVINGS PLAN It’s not always easy to put money aside each month but, if you budget and plan well, you may find you can squirrel some away regularly. Take a look at all your income and outgoings to work out a realistic amount you can shift into savings each month. If you have little or nothing left over at the end of every month, then scrutinise your spending to see where you can make cutbacks. Try and put money into savings at the start of each month when you get paid, and not at the end, when money is close to running out.

3GET SOME TOP MONEY APPS ON YOUR PHONE If you’re struggling to keep track of spending, then download one of these apps.

Chip: Automatically puts money into savings for you.

MySupermarket: This enables you to save up to 30 per cent on your groceries bill by comparing prices and getting you the cheapest deal.

Bean: The website tracks direct debit payments, highlighting subscriptions you’re paying for but not using, and alerts you if there are better deals.

4SWITCH BANK ACCOUNTS If you haven’t changed your current account for years, then take a look at what others are available. Many will also pay you to move to them, although only switch because the bank works for you and not because it’s offering free money. Under the Current Account Switch Service, moving banks is now hassle-free and should only take seven days. The banks will do all the legwork for you, including moving all your direct debits.

5DECLUTTER If you’re having a clear out, then why not take the opportunity to sell unwanted goods and make some extra cash? If you have a lot of clutter, take it to a car boot sale – you can find a local one at carbootjunction.com. Or try selling individual items on ebay.co.uk.