March is here, and meteorological spring has officially started.
Though it might not feel like spring just yet, there are some actions you can take to get the season started on a positive note. From spending more time in the sun to decluttering your home, spring is all about refreshing your life.
Today, we’re focusing on spring cleaning. But we’re not talking about rearranging your wardrobe or decluttering the loft. Our sights are on personal finances. In 2023, we aim to enter spring with less financial stress and more money confidence. Keep reading for some inspirational finance tips for March and beyond.
Spring might be starting, but the tax year is winding down. That’s right, our first tip is about making the most of your personal tax allowance before April arrives.
If saving more is one of your personal finance goals, don’t forget to utilise your annual ISA limit. You can deposit up to this amount every tax year without paying income tax on any earned interest. ISA profits are also free of Capital Gains Tax, so don’t miss out on this annual saving tip! Top up your savings before April 5th or it’ll be too late.
Since February is a month of refreshing and clearing out, it’s a good checkpoint for addressing your savings goals. Revisit your significant financial goals and see if they still resonate with you.
For some, this could be saving for a home deposit, and for others, this could be saving for a vacation. Double-check your progress and see if you need to make any lifestyle changes.
Following the last point, if you want to save more money, start by changing your monthly budget. Examine your income and expenses and see if you can make any adjustments.
We’re now a few months into 2023, and if any unhealthy spending habits are building, you can quash them before they make a dent in your personal finances. Always aim to save more and pay off any debts or payday loans.
If your springtime check-in has highlighted some excess spending, a budget app could help you stay on track. There are many money-saving apps available for iOS and Android devices, such as Snoop or Emma. Additionally, most banking apps now provide monthly overviews of income and expenses, so make a habit of doing a weekly check.
Sometimes we end up with money here, there, and everywhere. Consider consolidating your cards and bank accounts if your finances are spread thin. This simplifies your finances and ensures everything is in one place, helping you keep track of incomings and outgoings.
Keeping all money together can also help you avoid overdraft fees, but think before you merge your finances. You might not want to move cash from high-interest savings accounts.
No matter your income or expenses, a financial spring clean can help you make the most of your money. It’s crucial to monitor your finances, so don’t put these finance tips off. You’ll thank yourself in the future.
Considering working with direct lenders? Polar Credit can help. We offer credit lines with a quick and easy online application process to help you with any financial needs. However, credit lines aren’t suitable for everyone and you should consider your ability to repay the amount you borrow before you apply.
Read our FAQ before you get started to see if this product is right for you.
For more helpful information about how to manage your money, different financial products or what we do at Polar Credit, take a look at our Info Hub.