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  • Writer's pictureNafisah Amran

5 Year End Review

  1. Review and Update Your Budget

  2. Evaluate Investment Portfolio

  3. Assess Your Debt Situation

  4. Maximize Tax & Cukupkan Zakat

  5. Check Your Emergency Fund and Insurance Coverage

Review and Update Your Budget

  • Examine your spending over the past year to identify trends and areas for improvement.

  • Compare your actual spending against your budgeted amounts to see where you may have overspent or underspent.

  • Update your budget for 2024 based on changes in income, expenses, and financial goals.

Evaluate Investment Portfolio

  • Review the performance of your investment portfolio over the past year.

  • Consider rebalancing your portfolio to align with your risk tolerance and long-term goals.

  • Assess the fees associated with your investments and explore lower-cost options if necessary.

Assess Your Debt Situation

  • Summarize your outstanding debts, including credit cards, loans, and mortgages.

  • Evaluate the interest rates on each debt and prioritize paying off high-interest debts.

  • Consider refinancing options for loans or mortgages to secure better terms.

  • Set a plan for debt repayment in the coming year.

Maximize Tax & Cukupkan Zakat

  • Review your current tax situation and identify potential deductions or credits.

  • Zakat payers will receive 100% tax rebates from LHDN.

  • Consider consulting with a tax professional to optimize your tax strategy.

Check Your Emergency Fund and Insurance Coverage

  • Check the amount of emergency fund needed based on your current living expenses.

  • Review and update your insurance coverage, including life, health, auto, and home insurance.

  • Ensure that your beneficiaries on insurance policies and financial accounts are up-to-date.

  • Evaluate the need for additional insurance coverage or adjustments to existing policies.

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