Spring is here! The sun is shining, the new tax year has begun, and soon the sandals and BBQs will be coming out. For these few months of sun you want to be carefree and enjoying yourself, knowing that everything in your financial life is in order and that you’re well set up for the financial year ahead. This is why now is the perfect time to spring clean your finances, and BNA Consulting is here to help! Take a look at our handy guide for how to spring clean your finances.
- Examine and organise your paperwork
Before setting up anything new, it’s important to go through the old. That means doing the boring stuff by buckling down and reviewing all of your paperwork. This includes bank statements, utility and phone bills, insurance policies, receipts and invoices, both online and on paper. Create or improve your current organisation system so you know exactly where everything is, and that you’ve culled the paperwork you don’t need. Be careful doing this, don’t just throw everything away, but be honest and thorough about what is essential and organise it – you’ll thank yourself later! This also gives you a clear idea of the state of your finances which will help you moving forward.
- Cut unnecessary expenses
Every little helps, so going through your finances and daily expenditures to work out what’s essential and what’s an unnecessary luxury will go a long way in getting your finances under control. Go through your subscriptions, such as the magazine subscription that you never read or the gym membership you never use, and consider more cost-effective alternatives, such as going to a leisure centre when you have time, or actually remembering to cancel the subscription after the free trial period is up! There are also plenty of free money saving and money tracking apps that will help you look at how much you’re spending and make sure you’re always getting the best deal – you’ll be amazed when you see how much goes on takeaway coffee and Ubers alone! Being aware of these expenses, small and large, will help you cut and save where you need to.
- Make the most of your money
There’s no point having your money sit in an account without any benefits – instead, do your research and find out which account will suit you and your goals best. There are plenty of products and schemes available out there which will help support your financial plans, you just need to find it! For example, if your goal is to buy a house, getting a lifetime ISA gives you great advantages, such as a 25% government boost to under 40s annual savings to help first-time buyers save for a deposit. Whatever your financial aims, with the expertise of BNA Consulting you can make the most of your money with intelligent and informed options at your fingertips.
- Cover all bases
While sorting through your paperwork and getting your finances in order, be smart with your money and leave no stone unturned. You may have assets that have laid hidden and unclaimed which have been overlooked. Go through old shares, forgotten pensions, old savings accounts and life policies to ensure that you’ve claimed everything you can – you could get a surprise boost to your accounts! Equally, be smart with how you save and invest your money. Don’t put them all into stocks or shares, but equally don’t put every penny into just one savings account when you could be gaining much more. Diversify and spread your money across different investment strategies so that you always have the potential to profit, such as stocks or a shares ISA. This does come with risks, but can deliver great results if done correctly, and with the advice of the experts.
- Talk to the professionals
And speaking of the experts…if you want to be absolutely sure you’re really making the most of your finances and that they’re both in order and earning you more, it’s always best to get in touch with the professionals to help you thoroughly go through your finances. This stops the whole process from being overwhelming, and that you’re doing the right thing with the best advice so you can rest easy! Here at BNA Consulting, our English and Russian Accountants have a long track record of excellent financial services, meaning we can help you with every step of your finances so they’re spick and span.
So there you have it! By taking these steps you’ll be on your way to financial perfection in order and prepared for the financial year, so when it comes to April and tax season you’ll be organised, in control and reaping the benefits of your saving, investments and financial acumen. As ever, BNA Consulting is here to help with all and any of your accounting and financial needs, so get in touch with us today to find out how we can help you spring clean and manage your finances.