Spring Clean your Finances with Macleod Accounting

1st April 2025
Posted in Uncategorized

Spring is approaching, the brighter, hopefully sunnier days will soon be with us. It’s the perfect time for a financial wellness check-up. Kickstart your spring cleaning with your finances and give them the attention they deserve.

We’re here to remind you why Spring is the perfect time for a financial wellness check-up.

Why March?

With January’s tax madness well behind us and the end of another tax year approaching, March offers the perfect moment to breath and take a step back.

It offers a calmer period where you have the time to observe and review your finances. It’s a great time to figure out what’s working and what’s not.

Was your recent tax bill a surprise? If so, use an online calculator to work out what it’s going to be next January.  Better still get your tax return completed early and pay your tax before its due (set up a monthly direct debit) – HMRC pay 0.5% interest which is better than you’ll get in most banks!

Spring cleaning your finances in March is the kind of forward planning that will put you in a much better position for the next tax season.

For the most up-to-date tax information visit HM Revenue & Customs for filing deadlines, allowable expenses and more or contact us for more details.

Credit Clear-Up

Another thing to look at in March is credit card debt and other debts that may have clocked up over Christmas. See if it’s possible to re-finance any high interest debt and consider paying off the highest interest first.

Think about what you are spending your money on – accounts like Monzo make it easier to analyse your spending helping you spot any cash drains. It’s a good idea to have an annual cull of subscriptions – these can build up over the year and the chances are you are still paying for some you don’t need or at least you could downgrade the subscription.

If you have savings, make sure you are protected by the FSCS (Financial Services Compensation Scheme).

Key Areas to Review for Your Financial Wellness Check-Up

Not many people enjoy financial reviews (apart from us accountants!) but this type of planning will ensure smooth sailing for the upcoming months and years. Here are the key areas to investigate.

• Budgeting and Spending – Try to regularly review your budgeting and spending habits, does your budgeting align with your long-term financial goals?
• Managing Debt – Are you aware of debts? Are you on track with paying your debts? Are you prioritising ones with higher interest?
• Savings & Emergency Fund – If not, now is the time to start building one.
• Retirement Planning – Are your retirement savings on track? It’s easy to push retirement saving to the side but your future self won’t be impressed.
• Business Exit Plan – If you have a business, do you have a plan for exit?  It’s a good idea to have a 2-year, 5-year and even 10-year plan – talk to us about how you might want to pull this together – we have a blog on Business Exit Strategy!

Did you answer no to any of these questions? Don’t panic! Luckily for you it’s March, the perfect month for planning. As a Macleod client you would be offered a Month 11 review where we talk about the past 12 months but mainly focus on the future and what your hopes and aspiration are and, most importantly, how we can help you get there! We’ll also highlight any areas of weakness with your finances and suggest solutions.

Our Trusted Tools for a Financial Wellness Check-Up

You don’t need to do it all alone, depend on tools where possible – save yourself some work! Here are a few we love: 

• For personal finance – Many banks, such as Monzo, offer budgeting tools and spending categories, providing insights to help track where your money is going. 
• For business owners – Accounting tools such as; Xero and QuickBooks will streamline your processes and make managing and reviewing your accounts much easier.  

Once you have reviewed your finances get in touch to see how Macleod can help with the areas you need to improve on. 

When to go to the professionals?

Review how much time you’re investing into your finances and how confident you are with your own knowledge. If you are feeling overwhelmed with your personal or businesses’ finances, it is time to seek expert advice.  

Even if you think you have everything under control, you may well benefit from talking to a professional, after all, “You don’t know what you don’t know”! 

Make March Your Financial Wellness Reset 

March is your perfect time for a financial refresh. Take a step back, observe and notice which areas need improvement.

If you’re unsure where to start or you need any further assistance, get in touch. Our expert accountants will be happy to help you Get Money Sorted.