Spring cleaning your finances 

The beginning of Spring marks the perfect time to refresh your finances, and expert Mamta Shanbhag, Help me Borrow Director at Tesco Bank, shares her top tips to get your money in shape ahead of the warmer months

Mamta Shanbhag, Help Me Borrow Director at Tesco Bank comments: “With warmer weather and longer days on the horizon, spring marks a traditional time when many of us look to de-clutter and deep-clean our homes. But it can also serve as an opportunity to spring clean our finances. Now is the time to organise our budgets, review any debts, and give our savings a dust.”

Mamta shares her top tips on giving our finances a seasonal clean and getting in the best financial position possible ahead of the summer.

1. Organise your budget

With Christmas expenses hopefully dealt with, and the end of a tax year, Spring can be the best time to review your spending and re-organise your budgets. If you don’t have one in place already, it’s worth getting a budget tracker set up as it can be a useful tool to track your spending. Your spending may vary from week to week, so having an overview for the month can help you assess where your money may be going and whether you need to make any changes to cut costs.

2. Set your savings goals

Whether you’re planning for a home renovation or a holiday, having a savings goal in place can help you stay motivated to consistently put money aside. It’s important to not feel pressured by your own savings goal at the expense of your everyday happiness. Remember unexpected expenses can happen at any time – whether it’s a burst tyre or an emergency trip to the vet – so make sure you’re realistic about what extra money you can save each month.

3. Throw away any debt shame

Spring is a good opportunity to have a fresh start with your finances, and this can mean being open and honest with loved ones about your financial situation. More than a quarter (27%) of Brits in debt have hidden this fact from loved ones, and 13% would rather admit they’d falsely called in sick at work than having some form of debt. This really shouldn’t be the case. While it can feel challenging, being open and honest about any debt or money worries you have can help you work out a way forward, take the pressure off and potentially ease any negative impact on your mental health. Often the first step can be the hardest, but being open is the key.

4. Prioritise your payments

Whether you have one outstanding debt or many, it’s important to understand how much you owe and when your repayments are due. Some bills or payments could have higher consequences if not paid on time, so it’s vital you prioritise them accordingly. If you have multiple payments due, it could be worth considering a debt consolidation loan, which will combine your debt into one payment, making it easier to manage. It could also help reduce the total amount of interest you pay on servicing existing debt and, depending on personal circumstances, could be a good way to reduce the size of your monthly repayments. The total amount of interest repayable over the life of the borrowing should always be considered alongside this. It’s important to seek financial advice if you’re unsure whether this is the right approach for you.

5. Speak to the experts and consider your options

Our latest research showed that 29% of people would not turn to anyone if they found themselves in debt or in need of support. Debt can weigh heavily on people’s shoulders and keeping it to yourself could exacerbate feelings of guilt and stress. If you feel you need support with your debt, try getting in touch with Citizen’s Advice or Step Change, who both offer free, impartial advice on how to deal with it. And whilst our research shows less than 20% of us would turn to our bank for support, your financial provider may have solutions that you’re not aware of. Start by looking at your own provider’s website or give them a call directly to discuss your situation.

Methodology 

Research conducted by Opinium Research on behalf of Tesco Bank. Sample was 2,000 UK adults (aged 18+). Fieldwork was undertaken 20th September – 23rd September 2024. All data has been weighted to be representative of the UK population.