With spring almost in full bloom, it’s the perfect time to give your finances a refresh and make your money work harder for you. Whether you’re saving up for a special purchase, planning a holiday or looking to boost your financial safety net, here are five tips to help you make the most of your money this spring.
Audit your savings account.
Take a close look at your current savings account and compare it to what else is out there. Many financial institutions offer competitive interest rates and incentives for new customers, so moving your savings to an account with better rates can help your money grow faster over time, providing you with a stronger financial foundation.
Cut down on unnecessary expenses.
Spring is the perfect time to review your monthly expenses and identify areas where you can cut back. Take a close look at your subscriptions, memberships and recurring bills. Are you paying for anything you no longer use or need? Could you manage with less data on your mobile phone contract or fewer streaming services?
If the answer is ‘yes’, cancelling or downsizing these expenses can free up extra money to put towards your savings goals.
Shop smarter.
With the warmer weather comes the temptation to splurge on the likes of new clothes, home decor and outdoor equipment. But before making any purchases, ask yourself if they’re really essential and, if they are, take the time to shop around and compare prices.
Look for sales, discounts and coupons to stretch your budget further, or consider buying second-hand or pre-loved items to save even more money while also reducing your environmental impact.
Explore cashback and rewards programs.
Make the most of your everyday spending by signing up for cashback and rewards programs. Many banks, credit cards and shopping platforms offer cashback or rewards points on purchases and, by using them strategically, you can earn money back on your regular expenses, effectively getting paid to spend.
Become more energy efficient.
As the weather warms up, now is the perfect time to invest in energy-efficient upgrades for your home.
Simple changes like installing LED light bulbs, resealing drafty windows and upgrading to a programmable thermostat can help lower your energy bills and reduce your carbon footprint.
Better still, some energy-saving improvements qualify for government incentives and rebates, making them even more cost-effective in the long run.
Leeds Credit Union – here when you need us.
By implementing these five tips, households can make their money go further this spring and set themselves up for financial success in the months ahead.
If you’ve done everything you can to save some extra money but are still struggling to make ends meet, you could borrow between £250 and £25,000 with one of our affordable loans. To find out more, click here.