The best money-saving tips at the end of the year: How to save time and money

The best money-saving tips at the end of the year: How to save time and money

According to a report by www.merkur.de,

There is a lot of hustle and bustle at the end of the year, and taxes and everyday things tend to take a back seat. Why it's important to keep an eye on it. If you are well prepared, you will have less work later. You've probably heard this advice before, even when it comes to unpleasant tasks. Unfortunately there is some truth to it. If you are well prepared, bureaucratic tasks such as tax returns can often be completed more quickly. If you think that you won't have anything to do with this at the end of the year, you're wrong. What you can prepare now to save time and money.

Savings tips at the end of the year: Get an overview of the insurance policies
It's getting colder outside and you're spending more time indoors anyway? Then get an overview of your insurance needs. Do all of your insurance policies make sense or are there perhaps options to change? Car owners should take a look at their car insurance in this context. It's worth comparing; you may be able to save money. But be careful – you can usually only cancel the insurance until November 30th.

Save tax documents now and file them neatly
The last tax return was not long ago, but you can already create a folder for the receipts for 2023. This saves you tedious searching next year and the tax return is also much quicker, informs the Hermoney.de portal. You could also now think about purchasing new technology for your work. This can lead to tax savings in the coming year. “Desks, work clothing or smartphones for up to 952 euros gross can be sold directly,” informs Stiftung Warentest. More expensive items are depreciated over several years. So if you crack the 1,130 euro income tax allowance, you can save on taxes.

Change tax class in good time and save
If you are married, you have until the end of the year to think about whether you want to change tax brackets. It can usually be cheaper if the higher earner is in tax class III. However, you should note that wage replacement benefits such as parental allowance also increase the net salary for lower earners, so it may be worthwhile for those who earn more to end up in tax class V, informs Stiftung Warentest.

Deadlines that may be important to you
The Finanztip portal has summarized the upcoming deadlines for you, and you may be able to save money. Your documents must have arrived at the tax office by January 2nd, 2024:

• Freiwillige Einkommenssteuererklärung 2019
• Antrag auf Arbeitnehmer-Sparzulage für vermögenswirksame Leistungen 2019
• Antrag auf Wohnungsbauprämie 2021

The end of the year brings many opportunities to plan financially and take advantage of benefits. By taking timely actions such as keeping track of insurance, securing tax receipts and considering changing tax brackets, consumers can save time and money. In addition, the important deadlines should be observed so as not to miss out on financial benefits.