Top Tips for Reshuffling Your Finances

There comes a time in everyones life when they realise that their finances are in dire need of a spring clean. Reshuffling finances is not a task many people look forward to, but if you ignore the fact that it needs to be done then you could wind up losing money without even realising. If you are approaching the apparently formidable task of reorganising your money and have no idea where to start, check out these handy tips to give you some ideas.

Dont be overwhelmed by tempting deals. When it comes to finding the right accounts for your money, it can be difficult to resist banks who are offering seemingly fantastic deals, extras and rates. Maintain a clear head and be sure to check that the deals tempting you arent just flashy introductory offers if you end up with a stinker of an account or, worse still, several accounts that you couldnt choose between, youll only find yourself and your money in a worse position than you were before. Stick to the minimum number of accounts necessary so that you are able to keep close tabs on your money, and make sure that the accounts you chose have good lasting rates, not just introductory offers. Check all of the details about the account before signing, and do a comparison with other banks to be sure youre getting the best interest rate. Alliance & Leicester, for example, offer current accounts with 8.50% AER (fixed for one year) compared to one of Nationwides current accounts that offers 3.00% AER.

If you have the means, put some money into savings. To prevent any future panic-stricken rearranging of finances, why not see if you have a bit of money to put aside in a savings account or something similar, so that your money can do the hard work for you and accumulate some interest. Things like ISAs and Savings Bonds can be great for making your money grow quickly, and will mean that you have some of your finances held back in savings should you ever need them.

If you have to get a loan, choose wisely. If, after all of your financial spring cleaning, you come up with a deficit and think you might need to get a loan dont panic! When it comes to getting a loan, its vital that you take your time and carefully consider your options when doing your research, so that you can get the best available deal for you. These days, everyone from Abbey to ASDA Finance offer unsecured loans, so make sure you do a thorough trawl before making a decision. And above all else read the fine print! Dont leave yourself open to any nasty surprises.

Rates and products quoted are correct at the time of writing (03.11.08) and may be changed at the discretion of the provider.