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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