A yearly money check-up: five things worth reviewing

Most money mistakes are not dramatic. They are small things left unchecked: a credit never claimed, a savings rate that quietly dropped, a fixed mortgage that rolled onto a higher variable rate. A short review once a year catches most of them.

1. Your tax credits

Log in to Revenue's myAccount and check your tax credit certificate. Make sure your credits match your situation, especially after a change such as marriage, a new job or a new child.

2. Reliefs you can claim back

Some reliefs are not applied automatically. Medical expenses, for example, can get tax relief at 20%, and you can claim for up to four previous years.

3. Your pension contributions

Pension contributions get income tax relief at your highest rate, up to a limit that depends on your age. If you pay tax at 40%, every €100 you put in costs you €60 after relief.

4. Your mortgage rate

If your fixed rate has ended, or ends soon, compare it with what other lenders offer. Switching takes some paperwork, but on a large balance even a small difference in rate adds up over the years.

5. Where your savings sit

Check what your savings earn after tax. A deposit paying 2% gives you 1.34% after DIRT at 33%, while State Savings are tax-free.

Tools that help: the income tax calculator, the mortgage calculator and the personal investment planner.