7 ways to spring clean your finances

Spring is the perfect time to declutter - and that includes your finances. From cutting back on unnecessary spending to maximising your savings, here are seven simple things you can do to spring clean your finances.

1. Review your budget

You may have set a few financial resolutions back in January to improve your budgeting or cut your spending. Spring is a great time to take a look and see how you’re doing. Did you stick to your monthly budget? Are there any areas where you’re overspending? Are you keeping up with your savings goals? As time goes on, priorities change so don’t be afraid to make adjustments to your budget if you need to. If you need a refresher, read our eight steps to setting a budget.

2. Give your savings a boost

Now you’ve got your budget back on track - you might find you have some spare cash to stick into savings. With summer round the corner, now’s a good time to top up your holiday fund. Or why not give your emergency fund a boost? Keeping on top of this is a great way to ensure you have a financial safety net for any unexpected costs that might arise. Spring also marks the start of a new tax year, so why not get a headstart on making the most of your Individual Savings Account (ISA) allowance?

3. Consolidate your pensions

If you’ve had multiple jobs, it’s likely you have multiple pensions floating around. Combining any old pensions you have into one easy-to-manage pot can be a really effective way to tidy up your finances. You could save on the fees you’re paying across multiple providers plus, it’ll give you better control over your retirement savings. It’s well worth looking into consolidating and with PensionBee, the process is kept as straightforward as possible.

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4. Cancel unused subscriptions

Another brilliant way to take control of your finances is to check your monthly (or yearly) subscriptions. Make sure you’re still getting good use out of everything you’re paying for and crucially, cancel any that you no longer use! In 2024, Citizen’s Advice reported that £688 million was spent on unused subscriptions in the UK. So whether it’s a gym membership, streaming service or a recurring payment to a newspaper - if you aren’t going to miss it then it’s time to cancel it.

5. Check your credit score

A healthy credit score is one of the keys for financial success. It’ll impact whether you get approved for a loan, a mortgage and can even play a part when you’re simply setting up a mobile phone contract. You can check your credit score for free with websites like ClearScore in just a few minutes. Just remember, a low score isn’t the end of the world and there are lots of things you can do to improve it if needed. Read our blog or listen to episode 31 of The Pension Confident Podcast to find out more.

6. Switch and save

Another quick win when it comes to sorting your finances is thinking about switching providers. Have you considered moving your current account to a new bank? You might find that other banks and building societies are offering cash bonuses to new customers. Plus, there’s a Current Account Switch Service which can help make the process simple and stress-free. It could also be worth considering new providers when renewing your insurance or broadband contract. If you’ve been with one company for a few years, you might find that better deals are available now. Not sure where to start? There are lots of comparison websites that can do a lot of the leg work for you, including Money Supermarket and Compare the Market.

7. Set new financial goals

And finally, have a think about setting some financial goals for the next few months or rest of the year. Having clear goals can be a huge motivation whether you want to improve your spending behaviour or save for the future. Just make sure your goals are realistic so you have the best chance at sticking to them.

Risk warning

As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.