Spring clean your finances during lockdown

Author: Huw Jones
Published: 17th April 2020

With many offices shutting due to Coronavirus and employees working remotely, now is a great5 opportunity to review your finances. The lockdown has given most of us some extra hours in the week, providing an ideal time for some financial spring cleaning.

Even a short commute can add two to three hours over the course of a week. This is time that many of us can now make better use of. Why not do some spring cleaning for your finances?

Checking direct debits and standing orders is a good starting place. Cancel anything that you’re no longer paying for. Then look to see if there’s anything you don’t need or want anymore. But make sure you’re out of contract before cancelling anything! If you are out of contract – for example for your phone or broadband – then look around to find better deals.

Take time to look at utility providers, such as gas and electricity, then make a diary note of when these contracts expire, so comparisons can be made. It’s also a good idea to list all your annual policies and when they are due for renewal (such as car, home and pet insurance). This is so you can get ahead of the game when it’s time for renewal.

Other tips include listing assets and debts, and working out a repayment strategy; gaining an understanding of work benefits (such as medical cover, or free eye tests); and analysing the benefits of any personal policies, such as life insurance or income protection.

Now is the ideal time for some budgeting. Find out (exactly) where your money goes. This should reveal the minimum amount you could survive on. Armed with this information, create a budget. A plan for where you intend to spend your money.

With finances sorted, you’ll be better placed to make plans when we are out the other side of Coronavirus.

For more information about how Proposito Financial Planning can help please get in touch info@proposito.co.uk or call the Cirencester office on 01285 708444.