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"Bank Holidays are ideal for a direct debit audit across both personal and business finances"

ended 26. May 2025

“Bank Holidays are ideal for a direct debit audit across both personal and business finances”, says one wealth manager, Riz Malik, Director at R3 Wealth. Riz advises that people should use the long weekend to “scrutinise every payment and cut things that you no longer use or can get a better deal on. Redirecting those savings into other areas like protection policies for your family or retirement planning can create peace of mind and a lasting financial boost.”

It's a view echoed by Tony Redondo, Founder at Cosmos Currency Exchange, who says: “Spring cleaning your finances this Bank Holiday isn’t just about catching up on bills, it’s about seizing control in a tough economic climate. With UK inflation at 3.5% in April, the Bank of England likely to keep UK interest rates higher for longer, unemployment on the rise, and the economy flatlining, savers, borrowers and businesses must act.”

Views on Bank Holiday financial spring cleans from four experts below.

4 responses from the Newspage community

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Riz MalikVerified
Independent Financial Adviser at R3 Wealth
Bank Holidays are ideal for a direct debit audit across both personal and business finances. Scrutinise every payment and cut that you no longer use or can get a better deal on. Redirecting those savings into other areas like protection policies for your family or retirement planning can create peace of mind and a lasting financial boost.
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Tony RedondoVerified
Founder at Cosmos Currency Exchange
Make every pound count in 2025. Spring cleaning your finances this Bank Holiday isn’t just about catching up on bills, it’s about seizing control in a tough economic climate. With UK inflation at 3.5% in April, the Bank of England likely to keep UK interest rates higher for longer, unemployment on the rise, and the economy flatlining, savers, borrowers and businesses must act. For savers, rising inflation erodes the purchasing power of your hard-earned cash so compare savings rates, make use of your tax allowances, especially ISAs and pensions, and consider consolidating accounts to cut fees. With inflation potentially hitting 3.75% by Q3, borrowers should review loans for fixed-rate options and look for credit card deals. Prioritise high-interest debt and use energy bill savings to overpay it. Businesses should streamline international payments and receipts from overseas clients, audit expenses, and plan for volatility to protect margins. Use this weekend to review and rebuild.
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Scott GallacherVerified
Director at Rowley Turton
Use a diary or app to spot waste — especially monthly costs like mobile bills, broadband, TV, gym and streaming. Many go up above inflation. Cancel what you don’t need and check for better deals. Review your mortgage. If you're on a variable rate or your fixed deal is ending, speak to a broker, as switching could save you hundreds each month. Pay down expensive debt. Clear high-interest debt like credit cards first. Consider 0% balance transfers if you can’t pay in full. Sell unwanted clutter. Use the long weekend to declutter. Sell unused items on eBay, Vinted, or at a local car boot sale — and turn junk into extra cash. Check your savings rate. Top savings accounts still pay decent rates. Don’t leave money sitting in low-interest accounts.
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Kundan BhaduriVerified
Entrepreneur, Investor and Landlord at The Kushman Group
Wednesday's inflation surprise means mortgage rates aren't dropping anytime soon, so fix now before your monthly payments potentially jump. Switch from a savings account paying pennies to one that pays more. You're probably also paying for Netflix twice, still subscribed to that lockdown gym, and overpaying your mobile by £30 monthly because your handset was paid off years ago. Check your council tax band (one in fifteen homes are wrong), claim Marriage Allowance, and prepay annual insurance to save nearly a tenth. The energy cap cut of £122 helps, but smart meters can save another £150 by exposing vampire appliances. Millennials should consolidate forgotten pension pots bleeding fees. Switch to annual payments for your streaming services, use cashback credit cards for everything, then pay it in full. The average family wastes a lot of money yearly through financial laziness. One hour sorting all this can be the ultimate spring clean.