Spring cleaning season is finally here, making this the perfect time to give your finances an overhaul and change the way you manage your money. Stuck for ideas? Here are just a few ways to spring clean your finances.
Experiment with budget apps
Budgeting apps can be a great tool for assessing your spending and identifying exactly where your money is going each month. If you’re prone to running out of money before payday, these apps will help you understand your spending habits and introduce easy changes to make your money go further.
A growing number of banks now have their own budgeting tools which will assess your debit card transactions, but there are also tools such as You Need a Budget and Money Dashboard which can be connected to your account.
Pay yourself first
If you’re the type of person to wait until payday is drawing closer before transferring money into your savings, you’re certainly not the only one. But if you’re looking for a way to be better with money this spring, spending what’s left after saving tends to be a much more effective approach. Next time you get paid, transfer a lump sum from your current account into your savings. You’re unlikely to miss the money and you may find that you naturally adapt your spending habits to fit your more modest bank balance.
Make use of current account switching bonuses
Banks often offer switching bonuses to entice new customers to ditch their current bank and move their money over to them. These bonuses tend to range from £50 to £200, but more can be made if you choose an account that offers cashback and/or a generous interest rate.
Remortgage your home
If you’re a homeowner and your mortgage’s fixed rate period will soon be up, remortgaging your home could be an effective way of dramatically transforming your finances with very little effort.
Many homeowners manage to save thousands - and sometimes even tens of thousands - by changing their mortgage deal. Savings can be made when you switch to a mortgage with a lower interest rate or reduce the length of your mortgage deal.
People often delay remortgaging because they assume it will be a lot of effort, but in reality, it’s possible to remortgage your home with very little time and effort on your part. With the help of a mortgage broker, you can save money without having to spend hours comparing mortgage deals or filling in paperwork. Your mortgage broker will compare deals on your behalf before highlighting the most suitable ones for you and completing much of your application for you.
Mortgage brokers can also prove invaluable for homeowners whose financial circumstances have changed since buying their property. If, for example, your credit rating has been negatively affected or your income is unpredictable, your broker will help you find the most understanding lenders who are less likely to reject your application.
To find out how TaylorMade can help you with your remortgage, please get in touch with our team today.