With a heightened sense of optimism and the start of a new tax year underway, spring is the perfect time to declutter your finances and organise your savings to put you in the best place for a prosperous 2021. This is especially poignant right now, with 2020 either giving many of us financial uncertainty or the unexpected opportunity to save.
It’s a blooming good time to save
Are you saving for a wedding or a special celebration? Do you dream about putting aside some pennies to plan for a far-flung holiday once restrictions have lifted? Or maybe you’re looking to create a rainy-day pot in apprehension of any unexpected April showers? Whatever your financial position or savings goals, it’s always a good idea to give your finances a spring clean. Here’s how you can do it:
1. Dust off your budget plan
After reviewing your current financial situation, you can begin to put a budget plan in place to help you reach your goal. A great way to track your spending and maintain control over your finances, a budget plan can be as simple or as complex as you want it to be, depending on your aims and outgoings. This will help you dust off your finances and enable you to see what you can afford to save (or spend) each month.
2. Polish up your savings goals
Once you know how much you’re able to stash away each month, you’ll be able to set a realistic target that won’t affect your quality of life in the meantime. To decide what your goal is going to be, you could do some research into whatever it is you’re saving for.
For example, if you’re saving for a wedding, it might be helpful to work off the UK average wedding cost of £16,005 (although this varies dramatically depending on your own personal preferences).
Another example would be saving for a car, which is an easy figure to research thanks to online prices of retailers and resellers.
3. Declutter your finances
By taking the time to sift through things like subscriptions and contracts, you might find that you’re able to free yourself from some financial burdens by cancelling any subscriptions you don’t use and shopping around for cheaper insurance services or utility providers. This is a great way to free up extra cash and get your outgoings in order.
4. Enjoy the best of both worlds
Thanks to the gradual easing of restrictions across the country, it’s inevitable that you’ll want to enjoy the things you’ve gone without, such as eating out at restaurants, going to the cinema, and other activities such as sports, socialising with friends, and short breaks in the UK.
With a proper budget plan in place and a suitable savings account, you’ll be able to enjoy all of these things while still managing your finances. Maintaining good financial habits alongside the things you enjoy doing is a great way to improve your discipline and can teach you invaluable budgeting skills.
5. Spring into a savings account with Raisin UK
Last but not least (ba-dum ching), if you want to choose from a marketplace of secure savings accounts, then we may just have the solution for you. A Raisin UK Account enables you to easily apply for savings accounts from a variety of trusted partner banks, with deposits made into savings accounts from UK banks protected by the Financial Services Compensation Scheme (FSCS), and deposits made into savings accounts offered by European banks guaranteed through the locally applicable European Deposit Guarantee Scheme.
It only takes a few minutes to register for a Raisin UK Account. You’ll also be pleased to know that once you’ve registered with us, you won’t have to fill in a new application form every time you apply for a savings account, regardless of whether you’re applying for savings accounts from a bank you haven’t applied to before.