With Spring in full bloom, millions of Britons will be starting their spring cleaning. Whether it’s dusting down your cupboards, finally giving the car a clean or de-cluttering the attic, a big spring clean can offer you peace of mind and a happy home. And that peace of mind could also be achieved when it comes to your finances.
So, the team here at My Pension Expert have put together a few top recommendations to help spring clean your finances:
• Declutter your bills
The perfect place to start could be checking those monthly statements, or even using a mobile app, to highlight any forgotten or unwanted subscriptions. A few pounds a month here and there can add up over time, especially when you have several different bills coming out at once. So, check those pesky subscriptions that might have slipped you by, cancel, and start growing those monthly savings.
• Dust off pension(s)
Once your bills are decluttered, you could turn your attention to your pension. Over time, we can accumulate multiple pensions in multiple places, especially if you have had multiple jobs. So, where appropriate, you could explore the possibilities of moving some of your pensions into the same pot.
Using the Government’s pensions tracking service, combined with independent financial advice, can make transferring your pensions easier than ever. This means that you can declutter your pensions, like you would declutter your garage, reorganising everything into one space for simplicity.
However, pension consolidation isn’t for everyone, and it is worthwhile reaching out to a professional pensions adviser to avoid any pesky hidden fees or losing any worthwhile benefits.
• Set clear financial goals
Setting clear financial goals means that you can be prepared for any unexpected events that may come your way.
Simple and achievable goals are the best way forward – and from there you can begin to plan your journey towards achieving those goals. This could mean setting a budget for your retirement or building an emergency rainy day fund. Whatever it may be, budgeting and saving where you can, are powerful tools for helping with your financial peace of mind.
• Organise your options
Checking up on your pension and how it’s looking can offer you clarity in preparation for your retirement. It could also help you to discover the options available to you to make your pension even healthier.
Whether you explore how your pension can perform with annuities, drawdowns or consolidation, understanding the options available to you at retirement can help contribute to your peace of mind and help to make your pension work to benefit you. However, with any big pension check-up, seeking advice is always key.
Get advice
Throughout, we have covered ways that you can give your finances a spring clean. With most of our tips and recommendations, you should always consider seeking expert financial advice. Professional and regulated financial advice can help bring clarity and confidence, ensuring that you are making the most of your retirement savings.
Independent financial advisers, like those at My Pension Expert, can offer an expert friend to help you with spring cleaning those finances. They can work to ensure that your savings match your goals and continue to offer you peace of mind even through those sporadic spring downpours.
Giving your home an annual spring clean can help provide you with peace of mind and a calm space to complement the improving weather. Reorganising and decluttering your finances can only add to your peace of mind. So, let your spring finances match your fresh, spring-cleaned, home and relax, knowing everything is in order and working well for you this spring.
