Spring is the traditional time to have a thorough sort out and clean-up of your home. However, it is not just your property that could be ready for its own ‘spring cleaning’. It is also important to regularly take stock of your finances.

Paperwork

It is always important to ensure that your important documentation is organised and safely stored. The beginning of a new financial year is a great time to ensure that all of your stored paperwork is still relevant, and required as part of your financial spring cleaning.

Expiry dates

It may be useful to make a list of when your car and home insurance policies are due to expire to ensure that you give yourself plenty of time to compare renewal deals. Furthermore, it is worth reviewing your current utility bills as part of your financial spring cleaning. Are you signed in to a contract, or has your original deal expired? It may be time to check whether there are better deals available.

Insurance Payouts

If you hold a life insurance policy, you may well have assigned a designated beneficiary who will receive the life insurance payout on your death. It is a good idea to check that the named beneficiary is still the person that you would like to receive this payout as part of your financial spring cleaning. For example, it may be that you had assigned this to a partner, or spouse from whom you have now separated.

Bank Accounts

As part of your financial spring cleaning, it is also important to make sure that you have a complete record of all bank accounts and savings accounts that you currently hold. This will enable you to accurately take stock of your financial situation. Furthermore, you may find that it could be beneficial to make changes. In particular, it is worth checking whether any bonus introductory interest rates have come to an end on your savings account, or if a 0% interest offer has expired on a credit card.  There are many comparison sites online that will give you a good overview of the types of interest rates and credit offers available.

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