Spring is here and that means it’s time for your annual financial spring clean.
From decluttering your expenditure to finding misplaced paperwork and updating your will, there are plenty of steps you can take now to spruce up your savings, investments, and long-term plans.
Here are just five of them.
1. Review your budget
In the excitement of Christmas and the panic of a fast-approaching tax year end, you might have lost track of your income and expenditure.
Now, with spring here, relax for a moment and take stock.
According to a recent Standard Life report, the average Brit spends £39 a month on direct debits they don’t want or use. Go through your monthly budget and look for any unused subscriptions or forgotten standing orders.
Standard Life figures suggest that paying this £39 into your pension each month from age 22 could see you retire with £37,000 more in your pension pot. So, identifying any wasteful habits and redirecting that money now could make a significant difference.
Working through your budget might also highlight other areas where you can cut back, helping you to make further savings.
2. Organise your paperwork
Decluttering your physical space can bring a feeling of calm, but it can have financial benefits too. You might find that your term assurance plan is due to expire, say. Or that your breakdown cover is up for renewal.
Shred and recycle unwanted paperwork and keep the rest aside to see if there are any money-saving actions you can take.
You might decide to shop around for a new utility or broadband provider. Or find paperwork for a pension that you’d forgotten existed.
If the pension scheme is old, you might be paying higher charges than necessary or be invested in default funds that don’t align with your values or goals. You might find that your provider has been taken over.
Use the government’s Pension Tracing Service to find up-to-date details and then request an illustration. Having all the available information is key to making the best at-retirement decision for you, so gather everything together and then speak to us.
3. Create or update your “in case of emergency” document
Having taken the time to gather all your paperwork together, you might decide to go a step further and complete an “in case of emergency” (ICE) document.
This is a valuable resource, held as a hard copy or online, that collates all the information your loved ones would need in an emergency.
Your ICE document might include contact details for your high street bank, the names of your pension provider, and your financial planner’s information. It might also point family members to the location of your will or Power of Attorney (POA).
Taking the time now could save your loved ones days or weeks of undue stress if something happened to you.
Just be sure that the important people know that the document exists and where it is kept.
4. Check for errors on your credit report
Back in October 2024, Which? revealed that 32% of Brits who have checked their credit report in the last five years found a mistake. And these mistakes could be costly.
While they can be corrected, the process can be time-consuming, so better to uncover the errors now, even if you aren’t planning to apply for credit in the near future.
Credit agencies like Experian and Equifax will allow you to check your credit score but be sure to look at your full credit report too.
It might not be an exciting job, but it’s an important task to tick off your spring-cleaning list and it could pay dividends in the future.
5. Check in with us
2025 has had something of a tumultuous start, with continuing global conflicts and world stock markets rocked by decisions emanating from the White House.
At Fingerprint, we’re on hand to offer financial advice and reassurance from the cradle to the grave, which means we have long-standing relationships with many of our clients and are in a position of mutual trust.
If you have any questions about your investments, retirement, or any other aspect of your long-term financial plans, we are always on hand to help, whether that’s providing advice, guidance, support or reassurance.
Get in touch
If you have any questions about your long-term plans, speak to us now. Get in touch by emailing hello@fingerprintfp.co.uk or calling 03452 100 100.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.