Financial Review For A Better Year In 2023


Did you make any resolutions concerning your personal finances last year and the year before? If so, how did you do? What about your resolutions this year? Many people would set goals for themselves, what they hope to achieve, their wishes and aspirations for the upcoming years. The start of the cycle year is a great time to plan for the things you want to achieve personally and financially. At AKPK we are here ready to assist you in that journey.

Conducting an annual financial checklist helps to keep track of your progress and makes it easier to see which tasks have been completed and which you still need to tackle. Financial checklist should be able to give you an overview on your financial health as well. Everyone needs to do an annual checklist so that you don’t forget something important that you should be monitoring such as your savings fund or your emergency fund. What about your investment portfolio? Are your investments giving you returns as expected? It is important to check all the items on the checklist to ensure you are in charge of your finances and achieve that peace of mind.

You can review your financial checklist based on financial plans that have been set in place. Your financial checklist should include the following:

  1. Review of financial plans of the previous years. Are you satisfied with how things are moving? Review your financial plan updates as well as net worth statements to get a better idea on where you stand financially.
  2. Setting new goals – Do you have significant events happening in 2023? Life changing events that considerably impact your financial situation such as getting married or a new job, relocating elsewhere, child off to college or perhaps retiring?
  3. Analyse your financial checklist which includes assessing your cash flow statements, savings, protection plans, loans as well as tax planning.
  4. Develop a plan on how to achieve your goals in 2023 – realign your finances to meet your goals.
  5. Execute the plans and
  6. Monitor and review (done annually)

These steps may seem simple but require in-depth preparation in each part and if done right, it can be impactful and meaningful in helping you achieve your goals. So are you ready to take on your steps in doing your own financial checklist?

For the year 2023, we need to be prudent in planning our expenses. To help with financial checklist planning, you can carry out decluttering exercise to help improve expenses and financial standing such as:

  1. List out the things that are necessities and non-necessities so we are able to prioritise and choose to keep those that are important and still in use. ‘Needs or Wants’ and then ‘Ability’ must be identified first.
  2. Reuse and reduce where you can – if possible to re-adjust your expenses according to your current affordability (e.g.: changing mode of transport, carpool or public transport)
  3. Take out things that are no longer needed or in use such as those unused or rarely used magazine and entertainment subscriptions.
  4. Update your savings goals – make them automated so that you can consistently save according to your plans. Avoid dipping into your savings fund.
  5. Make a plan to pay down debt, especially on credit card debts – determine how much you can realistically afford to pay off for the year. Try not to charge additional purchases on those cards while you are paying them off.
  6. Review your credit record to ensure no negative aspect is recorded that will lower your credit ratings, affecting your credit score when you apply for a new loan.

There are other aspects of financial planning that you need to review as well such as your protection and insurance needs, your investment portfolio rebalancing and your estate planning. If you feel overwhelmed, do reach out to AKPK to get Financial Advisory services so that we can guide you in addressing your important financial concerns.

All AKPK’s financial advisory and debt management services are free and no agents or third parties are appointed to engage with the public on behalf of AKPK. The public is advised to contact AKPK directly and not to be deceived by service offerings that come with additional fees/charges from third parties claiming to be AKPK agents. Visit to find out more about AKPK’s services. #AKPKYourReliableFinancialPartner.


AKPK in Brief: Agensi Kaunseling dan Pengurusan Kredit (AKPK), is an agency set up by Bank Negara Malaysia in 2006 to help individuals take control of their financial situation and gain peace of mind that comes from the wise use of credit.

Financial Review For A Better Year In 2023
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