What should be done by the end of this year? Here is a list of tasks that require attention:
1. Switch electricity and gas providers
Due to budget deficits, price limits for electricity and gas will expire at the end of the year.
Another reason to check if the current provider is considered relatively expensive. Switching to a cheaper tariff also has the advantage of benefiting from reduced monthly expenses.
2. Change health insurance company
The same applies to health insurance. While many people regularly compare their electricity and gas tariffs, health insurance usually goes unnoticed.
Many health insurance companies increase their additional contributions at the end of the year. Then everyone has a special right to terminate the contract.
3. Save on taxes
There is not much freedom left. Nevertheless, it is still possible to control when certain expenses will make more sense, such as planned medical treatment, renovations, or expensive purchases.
4. Take advantage of high interest rates
This year, interest rates have finally risen again.
Those who stuck with their old bank may not necessarily benefit from this. At least not to the extent that would be possible.
For new customers, interest rates of more than 4 percent of the daily rate are sometimes possible. If there is a certain amount of money that can be spared, it's worth considering fixed-term deposits. This will provide higher interest rates in the long term.
5. Check tax exemption orders
Depositors can earn up to 1000 euros per year without paying taxes.
You can create a tax exemption order so that the bank or depository institution does not pay any tax at all.
6. Review your portfolio
Those who are saving for old age through stocks should review their portfolio at least once a year. Many people choose a combination of stock investments, such as ETFs. It is important to check if the balance between risk and security is maintained.
7. Secure Riester allowances
This should definitely be done by the end of 2023, especially if there have been changes in income.
For example, a switch to part-time work, a change of job, or a salary increase. It is necessary to check if there is a need to adjust Riester contributions accordingly.
8. Optimize insurance
Germans tend to be over-insured. Therefore, it is also advisable to regularly check whether current insurance policies suit the life situation or if it might be better to get rid of them altogether.
