Spring clean your savings

The start of spring brings new beginnings, lighter evenings and warmer days, but it’s also an ideal time to spring clean your finances.

As we begin a new tax year, Louise Halliwell, Group Savings Director at Kent Reliance, shares her key tips for resetting your finances and maximising your savings potential.

1. Assess your saving goals

Take a moment to revisit your saving habits to ensure they align with your personal goals. Whether you are saving for a rainy day fund, a holiday, or a house deposit, now is the perfect time to reassess your financial priorities.

You can’t stick to a plan if you don’t have one and by setting clear and achievable savings goals for the upcoming tax year, you’ll gain direction and motivation for your financial journey.

2. Review your spending habits

Spend time looking at your expenses over the past three months to identify patterns and areas where you might be overspending. This includes looking at your direct debits, which often slip under the radar unchecked.

By regularly reviewing your expenses, you can assess whether they are still serving your needs. You’ll also benefit by cancelling any unused services to free up additional funds for your savings.

3. Set up regular savings

Consistency is key when it comes to saving, and starting small can make a huge difference over time.

Small and regular contributions can provide a financial safety net for unexpected emergencies, start you on the journey to a longer-term goal, and build a habit that is hard to break.

Setting up automatic transfers to your savings account will ensure that you are consistently putting aside a portion of your income, without it feeling like a daunting task. By doing this at the beginning of the month, you’ll hopefully benefit by not being tempted to spend.

4. Maximise your ISA allowance

25 years after their launch, customers continue to see great benefits from using ISAs. And with the start of a new tax year, now might be a good time to make the most of your ISA allowance.

Louise Halliwell, Group Savings Director, Kent Reliance, comments: “Taking proactive steps to spring clean your finances helps set yourself up for financial success in the new tax year.

Whether it's trimming unnecessary expenses or maximising your savings contributions, now is the time to take control of your financial future.”

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