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When it comes to money, it pays to attend to small details. Tying up all financial loose ends is a must in the new year.

1. Redeem reward points

You accumulate reward points every time you use your credit cards, but rarely redeem those points to claim gifts and other benefits that you have earned over months.However, by not claiming what is rightfully yours and letting the points lie idle, you are losing out. Unlike money, the accumulated points will not increase with interest, but like money, their buying power will diminish with time. For instance, if you have a SBI credit card, in 2012, you could have redeemed 2,800 reward points and got a Tupperware lunch set.

Today the same lunch set will set you back by 3,200 reward points. The reward points can be used to claim a multitude of gifts from store vouchers to airline tickets.Says Pankaj Mathpal, a Mumbai-based Certified Financial Planner, “It makes sense to make the most of the points and redeem them. You can give yourself or a loved one a gift in the new year with them.“ Visit your bank’s website and redeem those points.You have, after all, earned them.

2. Close down bank accounts you don’t use

Over the years, with every job change, you have left behind a trail of bank accounts which become inactive in operative in absence of any transactions. Close or transfer them now. Suresh Sadagopan, a Mumbai-based Certified Financial Planner, says, “You should either close accounts that you are not using or get them transferred via core banking as such accounts come with their own set of risks.“ Dishonest bank employees can use these accounts for illegal transactions. If the account is idle but not inoperative, you have to maintain a minimum balance. If the balance falls below the minimum limit, your bank will charge you a penalty, usually in the range of `250-750.

3. Activate autopay facility to settle bills

Today, a family of four can easily have 6-8 utility bills to pay a month, over and above a couple of card payments. And if you miss paying a bill, not for lack of money but in oversight, you run the risk of being slapped with late payment fees ranging from `300 to `500, depending on the amount missed.Activating a monthly autopay facility with your bank rids you of the stress of remembering due dates, especially for recurring bills you pay every month either online or offline. You can activate the bill pay facility via net banking. Most banks have over 200 billers registered with them, across categories. Most banks also offer this facility free. Visit your bank’s website to know more.

4. Update your contact details

If you have moved house or changed jobs, you should update contact details in your investment documents, wherever applicable. If you have given your previous office email address as a secondary email address, change it immediately. Mathpal says, “Many people may have received their PAN cards years ago. Their addresses have changed since then, but the PAN address still remains the same. If you are one of them, make sure you update your PAN address.This is because the IT department might go by the PAN address and you might miss out on receiving notifications.“ If you have relocated and failed to change your address in the records of the banks and companies you have invested in, your account statements and correspondence will keep going to the old address, increasing the chances of fraud.Update your mobile numbers as well, as otherwise you might miss out on receiving SMS alerts banks send.

5. Check all mails sent to you

There is a possibility that a number of financial institutions have sent you emails that have you have not read. Sadagopan says, “Open mails from your banks, mutual funds, insurance companies and create a separate folder in your mail account for them.“ This would bring much-needed order to your financial paperwork. The same goes for hard copies. If they are important, file them. It is always a good idea to get rid of all junk mails lying around to restore order.