The 5-minute money checkup: what to scan every January.

Most people overpay on the same handful of recurring costs year after year, simply because nobody's ever looked at them. A quick yearly checkup — call it a January ritual — can catch the leaks and put real money back in your pocket. It takes about five minutes if you move quickly.

Here's the checklist.

1. Auto insurance — are you still paying the right rate?

Auto insurance rates change constantly, and your carrier won't tell you if a competitor would charge less. Pull up your most recent renewal, then run a quick comparison with two or three other carriers. If you can save more than $20/month, switching is almost always worth it.

2. Subscriptions — what are you still paying for and not using?

Open your last two months of bank or credit card statements. Look for recurring monthly charges. For each one, ask: did I use this in the last 30 days? If not, cancel it. The average person has 3–5 active subscriptions they've completely forgotten about — usually somewhere between $30 and $150/month in dead weight.

3. Mortgage — is a refi worth a 10-minute look?

If your current mortgage rate is at least 0.75 percentage points higher than today's rates, run the numbers on a refinance. Even a small rate improvement can save tens of thousands over the life of the loan. If you bought when rates were high, this one matters a lot.

4. Credit card APRs — are any of yours unnecessarily high?

If you carry a balance on any credit card, call your issuer and ask for a rate reduction. About 70% of people who ask actually get one — but almost no one asks. If they say no, consider transferring the balance to a 0% APR card or a personal loan with a lower fixed rate.

5. Cell phone plan — when did you last check the alternatives?

If you've been on the same plan for more than two years, you're almost certainly overpaying. Carriers reserve their best deals for new customers and rarely volunteer them to existing ones. A 15-minute look at competitor plans (including the discount carriers that run on the same networks) often saves $30–$80/month.

6. Streaming services — are you paying for the same thing twice?

Look at what you're paying for streaming. Add it up. Most households are now spending more on streaming than they ever did on cable. Cancel anything you haven't actively used in two months. You can always re-subscribe later — and most services don't penalize you for it.

7. Bank fees — are you paying for things you shouldn't be?

Check your last few statements for monthly maintenance fees, overdraft fees, ATM fees, or low-balance fees. Most can be eliminated by switching to a no-fee online bank, or by asking your current bank to waive them (many will).

The point isn't to do all of this in one sitting.

Pick the one or two that feel most relevant and tackle those first. Even knocking out two of the items on this list usually pays for the rest of your year — and once you've done it, you've done it. The ritual sticks.

If you only do one thing this year, make it the auto insurance scan. It's the highest-dollar win for the least effort, and it's a 2-minute job.