Rise and shine: Is your cash flow shipshape for summer?

SUMMER’S just around the corner, so it’s a great time to give your personal banking a refresh.

If you have holidays to plan for, you need to make sure you are on top of your budgeting and making the most of any chances to save and spend your money wisely.

Here are some suggestions from the experts on how to have a financial clear-out…

Negotiate a pay rise

Laura Holden, of jobs website Reed.co.uk, says: “It’s probably one of the most dreaded conversations you’ll face with your boss, but as the saying goes: ‘If you don’t ask, you don’t get’.”

She suggests booking time to discuss your performance and using online salary checkers and job ads to ensure you’re not asking for too much or too little – and try to approach the conversation with a proactive attitude.

Holden suggests highlighting past successes: “They may be obvious to you, but don’t assume that your boss will always be aware of your achievements.

“But if you’ve exhausted your options and feel undervalued, it may be time to look for a new role, and changing jobs is a great way to secure a salary rise.”

Ditch and switch

Switching credit card, current account, energy or insurance providers can create big savings.

Kevin Pratt, consumer affairs expert at moneysupermarket.com, says: “If you’ve got a credit card balance that’s costing you interest and you can’t clear it, you can transfer it to a card that will not charge interest for up to three years.”

As for energy providers, he adds: “If you’ve not switched energy provider for a couple of years or more, or have never switched, you’re probably on an expensive variable rate tariff.

Don’t forget holiday insurance

Malcolm Tarling, of the Association of British Insurers, says: “Each year, travel insurers help hundreds of thousands of travellers whose holiday did not work out as planned – from having to cancel going, to falling ill abroad and needing emergency medical treatment.”

Give pensions a workout

Sarah Coles, a personal finance analyst at Hargreaves Lansdown, says that as well as making sure they’re saving enough into workplace pensions, people “should also brush up on the scheme itself, and whether there’s anything extra on offer from your employer if you agree to pay more into the scheme”.

“The growth of your pension pot comes down to three things: how much you contribute, how long the money is put away for, and how much your investments grow,” adds Sarah. “It’s worth considering where your pensions are invested.”

Sort your mortgage

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “The general movement in mortgage rates is upwards, and anyone on their lender’s standard variable rate in particular might want to think about re-mortgaging sooner rather than later.”

Dust off savings accounts

Rachel Springall, a finance expert at Moneyfacts.co.uk, says: “The challenger banks are still offering some of the best rates on the market, so it’s wise for savers to consider these more unfamiliar brands.”

Spring clean investments

Ana Cuddeford, investment director at M&G Investments, says: “While you should always take a long-term approach to investing, it’s also important not to let the dust settle on your portfolio.”