It’s all too easy to push your finances to the back of your mind, but spring is the perfect time to start de-cluttering your life of old savings accounts and pricey car insurance deals that should’ve been sorted months ago.
Take a look at the following tips on how to freshen up your finances and help you to save money in the long-term:
Switch your current account
Sticking with one current account provider for a long time will see you lose out on rewards. Although it may seem a hassle to change banks, with the introduction of the ‘seven-day switch’ last September it’s now simpler than ever to do so.
Currently, some of the best current account options are:
- Santander 123 account: This pays 3% on balances between £3,000 and £20,000 and also gives cashback of up to 3% on specified household bill spend made by direct debit.
- Halifax Reward account: Pays you £5 each month you stay in credit, but can be expensive for overdrafts.
Boost your savings
With rates at an all-time low over the past five years, savers have lost much of the value of the money they have been saving. Savings experts however are urging savers to stick to it, and to even consider looking around for another top-paying account to transfer your savings into. Sites such as MoneyFacts.co.uk and SavingsChampion.co.uk can help you find the best rates.
Breathe new life into your pension savings
It is well worth reviewing your pension every six months in order to keep a check on how they are performing and whether you need to make any changes to hit your retirement targets. When collating information to forecast your retirement payout, be sure to include your likely entitlement to State pension.
For most people, the best approach for long-term saving tends to be a combination of pensions and Isas – the latter of which you can access whenever you like. If you haven’t already, consider joining your work pension scheme. Many plans provide good value and you will not need to directly save as your pension is deducted from your monthly earnings.
Review your insurance
It can be a pain, but shopping around for better deals on your home, car, or travel insurance will save you money in the long run. New research by GoCompare has revealed that millions of motorists could be over-paying a collective amount of £2 billion a year for their car insurance simply because they let their current insurer renew their policy automatically.