Summer is the perfect time to get your finances in order before the year races away. Use this 10-point checklist to make sure you’re not leaving money on the table.
1. Check Your Savings Rates
Interest rates shift frequently. The best easy-access account today may not be the best next month.
| Action | Why It Matters |
|---|---|
| Compare current rates | Top easy-access accounts pay 4.5%+ |
| Check notice accounts | 30-90 day notice accounts pay more |
| Move money to the best account | Even 0.5% extra on £10,000 = £50/year |
Use comparison sites like Moneyfacts or Save the Best to find the top rates. Don’t let your savings sit in a 0.1% account when you could earn 4.5%.
2. Review Insurance Before Renewal
Auto-renewing insurance is one of the biggest wastes of money in the UK. Insurers rely on inertia.
| Insurance Type | Potential Saving |
|---|---|
| Car insurance | £200-£400 by switching |
| Home insurance | £100-£200 by switching |
| Travel insurance | £50-£100 by switching |
Start comparing 3-4 weeks before your renewal date. Use comparison sites, then check the insurer’s direct quote — it’s often cheaper.
3. Use Your ISA Allowance
The tax year ends in April, but planning ahead means you won’t scramble at the last minute.
| ISA Type | 2025/26 Allowance | Key Benefit |
|---|---|---|
| Cash ISA | £20,000 | Tax-free interest |
| Stocks & Shares ISA | £20,000 | Tax-free gains |
| Lifetime ISA | £4,000 | 25% government bonus |
| Innovative Finance ISA | £20,000 | Tax-free peer-to-peer interest |
If you haven’t used your allowance yet, prioritise a Lifetime ISA if you’re under 40 and saving for a home or retirement. The 25% bonus is free money.
4. Check Pension Contributions
Most people under-contribute to their pension. A small increase now makes a huge difference thanks to compound growth.
| Contribution Increase | Extra at Retirement (age 25-65) |
|---|---|
| £50/month extra | ~£96,000 more |
| £100/month extra | ~£192,000 more |
| £200/month extra | ~£384,000 more |
Check if your employer matches contributions above the minimum. Many will match up to 5-6% — that’s an instant 100% return on your money.
5. Review Your Credit Report
Your credit report affects your ability to get mortgages, credit cards, and even phone contracts. Check it for free.
| Service | What You Get |
|---|---|
| ClearScore | Experian report, free forever |
| Credit Karma | TransUnion report, free forever |
| MoneySavingExpert Credit Club | Experian report, free |
Look for errors, outdated information, or fraudulent accounts. Fixing a mistake could improve your score by 50-100 points.
6. Check Your Tax Code
A wrong tax code means you could be overpaying HMRC. The average refund is over £1,000.
| Tax Code | What It Means |
|---|---|
| 1257L | Standard — you earn £12,570 tax-free |
| BR | All income taxed at 20% — usually wrong |
| D0 | All income taxed at 40% — check if correct |
| NT | No tax — verify this applies to you |
Check your tax code on your payslip or via your HMRC online account. If it looks wrong, call HMRC to get it corrected.
7. Cancel Unused Subscriptions
The average UK household wastes £60/month on subscriptions they don’t use. That’s £720/year going down the drain.
| Common Wasted Subscriptions | Average Monthly Cost |
|---|---|
| Streaming services | £10-£15 each |
| Gym memberships | £30-£50 |
| Magazine/newspaper apps | £5-£15 |
| Software you don’t use | £5-£20 |
Go through your bank statements and cancel anything you haven’t used in the last month. Use a subscription tracker app to stay on top of renewals.
8. Compare Broadband and Energy Deals
Loyalty doesn’t pay when it comes to broadband and energy. Switching regularly saves hundreds.
| Deal Type | Potential Annual Saving |
|---|---|
| Broadband | £100-£200 |
| Mobile phone | £60-£120 |
| Energy | £200-£400 |
For broadband, check if your contract has ended — you’ll be on out-of-contract rates which can be double the price. Use Uswitch or Compare the Market to find the best deal.
9. Update Your Will and Lasting Power of Attorney
Life changes — marriages, divorces, births, deaths, property purchases — all affect your will. If it doesn’t reflect your current situation, your wishes may not be followed.
| Document | Why Update It |
|---|---|
| Will | Ensure assets go where you want |
| LPA (Property & Financial) | Someone can manage your finances if you can’t |
| LPA (Health & Welfare) | Someone can make medical decisions for you |
It costs £82 per LPA to register with the Office of the Public Guardian. Without one, your family may face months of legal complications.
10. Set Up an Emergency Fund
An emergency fund protects you from unexpected costs — job loss, car repairs, medical bills. Without one, you’ll rely on credit cards and debt.
| Fund Size | Coverage |
|---|---|
| £1,000 | Starter emergency fund |
| 3 months expenses | Basic safety net |
| 6 months expenses | Full protection |
If your monthly expenses are £2,000, aim for £6,000-£12,000 in an easy-access savings account. Start with £1,000, then build from there.
Quick Reference: Your Summer 2026 Checklist
| # | Action | Time Needed | Potential Saving |
|---|---|---|---|
| 1 | Check savings rates | 30 minutes | £50-£200/year |
| 2 | Review insurance | 1 hour | £100-£400/year |
| 3 | Use ISA allowance | 30 minutes | Tax-free growth |
| 4 | Check pension contributions | 30 minutes | £96,000+ at retirement |
| 5 | Review credit report | 20 minutes | Better rates |
| 6 | Check tax code | 15 minutes | Up to £1,000 refund |
| 7 | Cancel subscriptions | 30 minutes | £720/year |
| 8 | Compare broadband/energy | 1 hour | £300-£600/year |
| 9 | Update will and LPA | 2 hours | Protect your family |
| 10 | Set up emergency fund | 1 hour | Financial security |
Total time: 7 hours. Potential annual saving: £1,000-£2,000+.
Sources: Bank of England, MoneyHelper, FCA, ONS
Making It a Habit
A financial checklist only works if you repeat it. Set a calendar reminder for the first weekend of each season — spring, summer, autumn, winter — and work through the items that need attention at that time. Insurance renewals come annually, savings rates shift quarterly, and your tax code can change with any job move. By turning this into a twice-yearly habit rather than a one-off exercise, you catch small inefficiencies before they compound into large costs. The 7 hours you invest now will pay dividends throughout the rest of the year and beyond.