2022 was dynamic, starting with the war in Ukraine and the collapse of the markets. Inflation is an ice cold in our neck, colder elsewhere in the world than here. The spring fever was abruptly quenched by the crash of Terra (Luna), at least as far as crypto fans are concerned. The rise in the policy rate in the middle of the summer actually heralded the decline, which was clearly felt by everyone who had outstanding mortgages.
In Switzerland, we can look forward to stability and low inflation and unemployment compared to other countries – according to SECO, unemployment in June 2022 was the lowest in 20 years. In the second half of the year, Credit Suisse then kept us in suspense and in the crypto market, with the so-called “Lehmann” moment, the FTX collapse in November, the temperature dropped further below freezing in the crypto winter.
Here’s a quick checklist for your year-end sprint and a look ahead at what your money can look forward to in 2023 – including the probate review.
I don’t know about you, but I’m not a fan of New Year’s resolutions at all. If I want to change something, I don’t need a date and artificial pressure, but try to deal with it right away. Or just let it be. Life is complicated enough as it is, so I don’t think a lot of pragmatism is wrong.
Still, the turn of the year offers the last chance to arrange some important money matters. And January is a great time to detox, whether it’s the traditional alcohol/meat/carb cleanse or a money cleanse. But please don’t put too much pressure on yourself. If you focus on the following tips and implement only half of them, that’s half the battle. 😉
- If you do not yet have the highest railway line, pay now in the fiscally attractive Pillar 3a, because the money must be at the bank on December 31. The deposit period usually ends a few days in advance. Hey, and don’t forget to compare interest rates: For example, a few weeks ago the CIC increased its interest rate for the pension savings account from 0.2% to 0.6%.
- Complete standing order Pillar 3a 2023: Enter now the standing order for pillar 3a in January. Depositing at the beginning of the year makes a difference all year round as your money has more time to work.
- Can you get money from your employer REKA? above 4200 employers offer this fringe benefit. Then it is definitely worth it because – depending on the employer – you with a discount of up to 20% could get. Going on holiday, renewing your public transport subscription or refueling is significantly cheaper.
- Check insurance and health insurancesome do Discount if you pay in advance. Do you have double or overinsurance? Then cancel as soon as possible.
- Pay taxes on time: First, the nasty tax bills sneaking up on you from behind and screaming “surprise” don’t stand a chance. Second, depending on the canton, you get one Prepayment interest up to 0.25%, for example in the cantons of St. Gallen and Zurich. That is more interest than on some payroll/payment accounts.
- Check Rental Agreement: Are you afraid of a possible rent increase? Then at the end of the year or in January is a good time to take a closer look at your rental agreement and see what options you have in the event of an increase. More information and handy checklists are available at the Association of Tenants & Tenants 😉
- Make an appointment with yourself to view or draw up your will. The revision of inheritance law will take effect from January 2023so it makes sense to schedule some time now to check your documents before the schedule bursts at the seams again.
Like every year, I reviewed several publications from the major banks regarding trends in 2023. Here’s the quick bleach:
I wish you a Merry Christmas and a wonderful start to 2023. A huge thank you from the bottom of my heart to everyone who read, commented and shared MoneyTalks this year – have a great day and see you in January. 🎄
