Spring clean finances in just a few simple steps

Make a budget

I hate budgeting, but it’s a necessary evil. And if you follow a few rules, it doesn’t have to be a chore. Set yourself a timer of 30 minutes maximum on your phone to do the whole thing. Keep the television or radio on in the background so you aren’t looking at the bills in silence. Then jot down all your main outgoings (including estimates for things like food, travel and fun) lurking on all your bank accounts, credit cards, e-payment services and – surprise! – your phone bill! If you don’t know how to get started, StepChange has a template.

Get the diary out

You don’t get much for staying loyal to businesses. Millions of us are stuck on pricey contracts despite the original agreement finishing, when we could be massively reducing our outgoings by going elsewhere. So pop the dates your current contracts end into your diary. With insurance, you can usually negotiate a better renewal price if you contact the business around three to four weeks before the renewal date.

Change your passwords

Chances are your old passwords have appeared in a data breach somewhere. So grit your teeth and change ‘em! My fellow TV expert David McClelland suggests using a trustworthy “password manager” app. These act a bit like a digital safe and gives you an extra layer of protection. They’re really helpful if you can’t remember passwords too (like me).

Switch and save on utilities

By far the biggest savings you can make are by switching your energy, mobile, broadband and insurance suppliers. Energy fixed deals are finally worth considering if you’re worried about high prices. And I saved £50 a month just by moving my broadband and TV package provider to a new company. Renegotiating your insurance contracts, or switching supplier can save you hundreds of pounds too. In fact, moving all of your gadgets (phones, laptops, gaming systems) on to one multi-gadget policy can save you £500 a month.

Open another bank account

Not ready to ditch your old bank? Why not open another bank account for paying your bills? It’s dead easy to do this online, including the ID process. What’s more, with bank “technical errors” locking millions out of their accounts in just the last month, having two accounts gives you access to another source of cash. While you’re at it, there are some great savings accounts out there too, so don’t leave your money stagnating in a current account.,

Update your cards

It makes sense to have a credit card for emergencies and for purchases over £100, where you may be able to reclaim money from the card provider if you have a problem with a retailer. But why not ditch your current one and apply for one that gives you points, cashback or other incentives too? Pay it off in full each month, mind! While you’re at it, consider taking out a special currency debit card (I use Currensea but there a loads available) that gives you the best rate possible when spending abroad.

Make a list – and treat yourself!

Organisation is not my forte, so I need lists to help me keep on top of things. But we are all busy people – and the list can quickly become overwhelming. So why not divide up the big list in to manageable groups. Mine includes; bills, leisure, work stuff, complaints, life plans and follow up.

But most importantly, if you’ve managed to save some cash each month through your spring clean, treat yourself! Lift can be tough sometimes, so set aside some time to do something that makes you happy.

Martyn James is a leading consumer rights campaigner, TV and radio broadcaster and journalist​. Read more from him at this link