Annual money check

The annual financial check is a systematic review of all your finances – once a year, ideally in January.

The 8-point checklist:

1. Compare insurance policies

• Car insurance (deadline in Germany: 30 November!)
• Liability, household contents, legal protection: are the tariffs still up to date?
• Occupational disability insurance: is the cover still sufficient with a higher salary?

2. Check accounts & cards

• Have account fees gone up? Switch if necessary
• Is your tax exemption order (Freistellungsauftrag) allocated correctly?
• Is your instant-access savings rate still competitive?

3. Adjust savings plans

• Increase your ETF savings plan (when your salary goes up)
• Is your emergency fund still complete?

4. Check contracts

• Electricity, gas, internet: cheaper providers?
• Mobile contract: still suitable? Notice period?
• Go through subscriptions: what do I really use?

5. Prepare your tax return

• Collect receipts from the previous year
• Document work-related expenses

6. Check your retirement provision

• Read your pension statement and calculate your pension gap

7. Update powers of attorney

• Lasting power of attorney, living will: still up to date?

8. Set goals for the new year

• Increase your savings rate? Pay off debt? Start investing?

Effort: 2–4 hours. Savings: typically €500–1,500 per year.