Organising

Financial admin has a habit of sitting at the bottom of the to-do list.

There is always something more urgent than checking your pension beneficiaries or comparing insurance policies. If the bills are being paid and nothing appears to be wrong, it’s tempting to leave everything alone.

But a once-a-year financial review can uncover forgotten subscriptions, outdated policies, poor savings rates and paperwork that hasn’t kept up with changes in your life.

You don’t need an elaborate system. Pick a date each year, make yourself a cup of tea and work through these seven jobs.

1. Review Your Household Bills

Start with the money leaving your account every month.

Go through your direct debits and standing orders and make sure you recognise everything you’re paying for. It’s surprisingly easy for old subscriptions, memberships and services to continue long after you’ve stopped using them.

Look at:

• Energy
• Broadband
• Mobile phones
• Streaming services
• Gym memberships
• Software and apps
• Children’s subscriptions and activities
• Other recurring payments

Ask whether you still need each service and whether you’re getting reasonable value.

Don’t automatically switch purely because you’ve found a cheaper headline price. Check contract lengths, exit fees and exactly what’s included.

The goal is to stop paying more than necessary for things you already buy — and stop paying altogether for things you no longer use.

2. Check Your Savings Accounts

Opening a competitive savings account doesn’t mean it will remain competitive forever.

Interest rates change, introductory bonuses expire and new accounts appear. Meanwhile, money that’s been sitting quietly in the same account for years may be earning considerably less than it could elsewhere.

Once a year, check the interest rates on your savings.

Consider …