SPRING is not just a good time to give your house a spring clean, it is the perfect opportunity to review your finances and ensure that they are in good shape.

Are you using all your tax allowance, getting the best deals and making your money work as hard as it can?

Here are some tips to help you review your finances in time for the 2016 financial budget.

Review your ISAs and pensions.

It is coming to that time of the year when George Osborne will bring out the red briefcase, known as the ‘budget box’ or ‘red box’ to deliver the UK budget which tells the country how the government will spend our money. There is always a degree of uncertainty for what the budget will bring and lots of speculation within the media.

It is believed the ISA allowance will stay more or less the same. Nonetheless, you should ensure you use all your £15,240 annual ISA allowance for this year, if you have the money, and make your plans to invest next year’s allowance as early as you can.

There is much speculation on the Chancellor’s widely reported shelving of plans to overhaul pension’s tax relief but he could still announce other changes to pensions in the budget. Regardless of predictions, it is worth having a look at your pension to see if it is still meeting your needs.

Assess your accounts.

Look at your bank provider and ask yourself, how long have I held an account with them? Many people are loyal to their current account providers, even if they are offer nothing in return for our fidelity. However, now that the seven-day switching service is in operation, there is no reason not to switch, particularly at a time when there are many enticing offers out there. For instance, some accounts pay up to 5 per cent in interest, albeit with some funding restrictions.

Credit cards.

The rate charged by credit cards, and the perks available on them, varies considerably between providers. If you have overspent on your cards over Christmas, consider switching to a card with a long interest-free period; although you should be wary of any charges levied for doing this. If you spend considerable amount on cards, it may be worth switching to one which offers loyalty points and rewards, whether tied to a particular store or a more general cash-back scheme.

Check your payments.

You should also look at direct debits, standing orders and other regular payments to make sure it is still appropriate to pay them. Like banks, utility companies often offer better deals to new customers than loyal old ones, so it is worth at least an annual check on your gas and electricity accounts to see whether you can get a better deal elsewhere. It is also important to review your existing arrangements to ensure that you are not paying more than you need to.

A whole host of North-East professional financial services firms are on hand to help you make your money work harder for you. Is it time you dusted off those financial cobwebs?