Just like your home, your finances need a yearly deep clean. Spending a few hours reviewing your money once a year can save hundreds or even thousands. Think of it as your financial wellbeing MOT.
Bills and Utilities Check
Start with your recurring bills — this is where the biggest quick wins hide.
- Energy: Compare and switch providers if you're overpaying
- Broadband/phone: Call your provider and ask for a better deal or switch
- Insurance (car, home, pet, life): NEVER auto-renew — always compare at renewal
- Council tax: Check your band and discounts
- Water: Check if a meter would save you money
Subscriptions Audit
Go through your bank statements for the last 3 months and list every recurring payment. You'll likely find forgotten subscriptions, unused gym memberships, and services you no longer need. The average UK adult wastes £30-50/month on unused subscriptions. See our subscription cancellation guide for more.
Savings and Investments Review
Check the interest rates on all your savings accounts — banks regularly cut rates on existing customers. Move money to better-paying accounts. Review your ISA performance and consider transferring if rates are poor. Check your workplace pension contributions and investment choices. Review your net worth and compare year-on-year.
Credit and Debt Check
Pull your credit report from all three agencies (Experian, Equifax, TransUnion) — it's free through ClearScore, Credit Karma, or MSE Credit Club. Check for errors and dispute anything incorrect. Review your credit score and understand what's affecting it. If you have debt, review your repayment plan and ensure you're still on the most cost-effective path.
Frequently Asked Questions
When should I do a financial spring clean?
March-April is ideal (aligning with tax year end), but any time works. Set an annual calendar reminder. Some people prefer January as part of their money reset.
How much can a financial spring clean save?
Typically £500-2,000/year from switching providers, cancelling subscriptions, and optimising savings rates. The few hours invested have an excellent return.
Should I do this myself or use a financial adviser?
For the basics (bills, subscriptions, savings rates), do it yourself. For complex situations (pensions, investments, inheritance), a one-off session with a fee-based financial adviser can be worthwhile.
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