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How to fix your finances over the long weekend

Lucinda Beeman
Written By:
Lucinda Beeman
Posted:
Updated:
02/05/2014

Bored over the bank holiday? Here are some great ways to whip your finances into shape.

Bank holidays are a great opportunity to relax and reconnect with family, but games of Scrabble can only go so far.

If you find yourself at a loose end this weekend, here are some ways to keep yourself entertained and send you back to work on Tuesday feeling like you’ve made a dent in your personal finance to-do list.

Compare your energy prices

Price competition in the energy market is heating up with small, independent providers cutting tariffs.

Despite this, the majority of homeowners fail to shop around for the best deals.

The regulator Ofgem has launched a campaign to get people switching providers.

For a comprehensive list of ways to cut the cost of all your utility bills, check out the YourMoney.com guide here

Or try one of these six apps and gadgets that promises to save you money.

Review your outgoings

This Bank Holiday is a great opportunity to review your monthly expenses and make sure you are not overspending.

Top tips include: cancelling credit cards you no longer use as well as dormant direct debits and standing orders (you might be making payments for goods and services you are no longer using); bundling your TV, broadband and phone line package for a better deal; and reviewing your mobile phone contract.

As you go through your monthly outgoings, make sure you have not become a victim of these ten massive money wasters.

Re-think how you invest

Reviewing your investment portfolio can be time consuming, but could be a profitable exercise.

Try researching new investment strategies that could make a difference. For a bit of inspiration, see Hargreaves Lansdown’s “investment themes” for this year here or read four common sense strategies for long-term investors here.

If you are building a portfolio from scratch, our guide for DIY investors could be a good starting point. Read it here.

Speak to your kids about money

Our children have the disadvantage of growing up in a climate of recession, high inflation and the struggle to manage debt while attempting to get an education and a deposit for a house.

It may not be the most exciting topic but teaching your kids about how to draw up a budget, what a bank statement says and why it’s important to save will help them down the line.

Kristie Mackey, head of Life Skills at Barclays, makes an impassioned case for having ‘the chat’ here.

Make a will

Dreary? Maybe. But also necessary.

The availability of your solicitor may be limited this weekend, but making a quick sketch of who gets what – and taking stock of what there is to leave – is a great place to start.

Read our quick checklist – available here – so that you don’t skip any steps in your eagerness to check this off the to-do list.