UNIVERSITI TEKNOLOGI MARA UiTM KELANTAN BRANCH
PERSONAL FINANCIAL PLANNING
(FIN533)
INDIVIDUAL ASSIGNMENT
PREPARED FOR:
DR MOHAMAD HANIF BAHARUDIN
CLASS GROUP : D2BA2722B
PREPARED BY:
NAME STUDENT ID
MUHAMMAD AMIRUL MUEIZ BIN AZHAR 2024624672
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TABLE OF CONTENT
ACKNOWLEDGEMENT 3
BIODATA OF FAMILY 4
FINANCIAL INFORMATION 5-6
MONTHLY EXPENSES 7-8
BALANCE SHEET STATEMENT 9-11
6
12-14
CASH FLOW STATEMENT
7
15
RATIOS
8
16
INCOME TAX ASSESSMENT YEAR 2025
9
17-19
COMMENT AND ADVICE
10
20
REFERENCES
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ACKNOWLEDGEMENT
By the name of Allah, the Most Gracious and Most Merciful. There do I worship and
then aid I seek. Show to the straight way, the way of those have bestowed the grace, not
those who are wrath and astray. Thanks, because I am able to finish this individual
assignment. A lot of efforts have been done and surely there are various parties involved in
contributing information to me. I would like to express my sincere gratitude to all of them
because without them, I am not able to complete this assignment.
First of all, I would like to express my deepest appreciation to all those who provided
me the possibility to complete this individual assignment. A special gratitude I give to Sir
Mohamad Hanif my lecturer of Personal Financial Planning (FIN533), for giving me a good
guideline for advice, guidance, encouragement for this assignment.
Furthermore, I would like to acknowledge with much appreciation to En A’asri and family,
who gave the permission to use all required information related to the financial planning to
complete the task of my individual assignment “Family Financial Planning” as the completion
of this assignment gave me much pleasure.
Besides, an honorable mention goes to my family, thank you for their love and support.
This has been a constant source of my strength a lot because during the complementation of
this assignment in giving opinions and ideas.
In preparation for my assignment, I would also like to expand my gratitude to all those
who have directly and indirectly guided me to complete this assignment especially my
classmates who have made a valuable suggestion on my report which gave me the
inspiration to improve the quality of my individual assignment. Without their help of the
particular mentioned above, I would face many difficulties while doing this assignment.
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BIODATA OF FAMILY
En A’asri is currently working in government sector which is work as a technician for 27
years. He is 58 years old. He is a husband and a father of four children. He is happily
married to Pn Nurulfitrah binti Ismail who is work as assistant officer. Therefore, En A’asri
and Pn Nurulfitrah are the breadwinner and earns RM 10500 per month. He also pay income
tax with his gross salary.
En A’asri and Puan Nurulfitrah have been married for almost 20 years and blessed with four
son. In the further state, his first child is Muhammad Amirul Mueiz bin Azhar, 21 years old
who is study at university Kota Bharu. Then , En A’asri’s 2 nd child is Muhammad Danish
Asyraf, 15 years old is studying at Sekolah Menengah Darul Anuar. Next, his 3 rd child is
Muhammad Faris Amsyar, 11 years old is studying at Sekolah Rendah Padang Garong 1
with En A’asri’s 4th child is Muhammad Anas, 9 years old.
En A’asri’s house located at Kedai Lalat and all the family members are at home because of
the pandemic COVID19. En A’asri build and fully furnished of this bungalow almost for 19
years already.
Besides that, En A’asri have two cars and one of them already settled car debt which is
Perodua Alza. En A’asri still have one car that need to pay monthly installments which is
Perodua Myvi that buy on January 2018.
En A’asri always bring their family for vacation when school holiday. In this year, En A’asri
bring his family to Legoland Theme Park for two days and one night trip.
In the nutshell, En A’asri is my father and this family is my own family. I feel excited because
have a big opportunity to be a financial planner for my own family.
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FINANCIAL INFORMATIOIN
DETAILS RM
Monthly salary 10500
Cash on hand 1,000
Saving Account 5,600
Tabung Haji Savings account balance 15,000
Bonus 2,000
Market value of Perodua Myvi 33,800
Market value of bungalow 350,000
Household furniture (current value) 10,000
Laptop and desktop (current value) 8,300
Clothing (current value) 8,000
Perodua Myvi loan balance 21,390
Bungalow loan balance 92,400
UnifiTM outstanding 150
Purchase two Smartphone on july 2025 2,100
Purchase laptop on February 2,300
Monthly installment on bungalow 1,100
Monthly installment Perodua Myvi 594
Electricity and water bill per month 300
Unifi monthly 150
Vacation 2,000
Parent allowance monthly 400
Water dispenser Coway 150
Water dispenser Coway outstanding 150
Food and household supplies 800
Dining out 300
Transportation- fuel, parking and maintenance per month 600
Myvi Car insurance and road tax on April 1,190
Alza Car insurance and road tax on December 1,000
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Clothing expenses per year 3,000
Income tax per month 154
Zakat monthly 250
School children expenses for 2nd , 3rd and 4th per month 600
University fees a year for 1st child 2,000
2nd Children pocket money 300
Textbooks and stationary expenses 900
Education and medical insurance for Spouse and children 500
Life insurance for personal 120
Donation to Masjid and Surau monthly 250
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MONTHLY EXPENSES
Februar Novembe
January March April May June July August September October December
y r
Monthly Expenses RM RM RM RM RM RM RM RM RM RM RM RM
Monthly house
1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100
installment
Monthly installment
594 594 594 594 594 594 594 594 594 594 594 594
on Perodua myvi
Electricity and water
300 300 300 300 300 300 300 300 300 300 300 300
bill
Unifi™ 150 150 150 150 150 150 150 150 150 150 150 150
Water dispenser
150 150 150 150 150 150 150 150 150 150 150 150
COWAY
Food and household
800 800 800 800 800 800 800 800 800 800 800 800
supplies
Dining out 300 300 300 300 300 300 300 300 300 300 300 300
Transportation- fuel,
parking, 600 600 600 600 600 600 600 600 600 600 600 600
maintenance
Clothing expenses 350 150 200 250 600 300 150 100 200 200 500
Parents allowances 400 400 400 400 400 400 400 400 400 400 400 400
School expenses for 600 600 600 600 600 600 600 600 600 600 600 600
3 children
Expenses for 1st child 500 500 1500 500 500 500 500 500 1500 500 500 500
2nd Children pocket
300 300 300 300 300 300 300 300 300 300 300 300
money
Textbooks for
200 50 150 50 100 50 150 50 100
children
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Car insurance and
1190 1000
road tax
Purchase Laptop 2300
Purchase
Smartphone on sept 2100
2022
Vacation 2000
Medical insurance
for spouse and 500 500 500 500 500 500 500 500 500 500 500 500
children
Life insurance for
120 120 120 120 120 120 120 120 120 120 120 120
personal
Monthly Zakat 250 250 250 250 250 250 250 250 250 250 250 250
Donation to Masjid 250 250 250 250 250 250 250 250 250 250 250 250
Zakat fitrah 45
Income tax 154 154 154 154 154 154 154 154 154 154 154 154
Total Monthly
7618 9568 8418 8558 7768 9413 9218 7218 9318 7318 7268 7668
Expenses
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Balance sheet
En Azhar
Balance sheet as at 31 December 2025
ASSET RM RM LIABILITIES RM RM
Liquid Asset Current liabilities
Saving account 5600 Unifi outstanding 150
Cash on hand 1000 coway outstanding 150
Total Liquid Assets 6600 Total current liabilities 300
Lifestyle Assets Non current liabilities
2139
Market value of Perodua Myvi 33800 Perodua Myvi loan balance 0
9240
Market value of House 350000 House loan balance 0
Market value of Perodua Alza 26700 Total non current liabilities
113,79
Laptop and desktop 8300 0
household furniture 10000
Purchase smartphone on September
2022 2100
Clothing 8000
43890
0
Invesment Assets
Savings at Tabung Haji account
balance 15000
Total investment assets 15000 Total liabilities 114090
Net worth 346410
46050 Total liabilities and Net
Total Assets 0 worth 460500
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Total
Assets
RM 460500
Total
Liabilities
RM
114,090
Net Worth
RM 346,410
Based on the balance sheet as at 31 December 2025, En A’asri and family have the amount
of total assets is RM 460,500 which is medium. The liquid assets are on saving accounts
and cash on hand at RM 6,600 in total. Then, the lifestyle assets En A’asri’s have own 2 cars
which is Perodua Myvi, still has loan outstanding and Perodua Alza fully owns by his family
because fully paid to the bank last year ago. Usually, En A’asri and family always used
Perodua Myvi as a daily used car rather than Perodua Alza as a family car for them. During
2001, En A’asri has bought a bungalow located at Kedai Lalat for his family that they are
living there until now with the market value of RM 350,000 from RM200,000 of the purchase
price. It is a good asset that has a high value in the future. The laptop and desktop are very
important that used by their child for studies and also when En A’asri works from home.
Then, due to En A’asri’s wife like buying house stuff their household furniture current value is
RM 10,000. En A’asri have four children whose still studying so the textbooks and stationery
current value at RM900 and value of Clothing at RM8,000. That year, suddenly his phone
was broken cannot function well and En A’asri decided to a purchased new smartphone for
him and for his 4th child to use for online school at RM2,100 on September.
Other than that, En A’asri's family has a saving at Tabung Haji as backup money for the
future used in case an emergency incurred.
The current liabilities are only on Coway water dispenser and UnifiTM outstanding at the
amount of RM300 in total. The non-current liabilities of En A’asri family are Perodua Myvi
and mortgage house loan balances. En A’asri's family has got a mortgaged house and their
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balance on the mortgage is RM92,400. They purchased the house about 19 years ago by
paid the deposit of 20%. Also, the car loan balance is RM21,390 or if rounded on monthly
installments will be RM 20,016. They purchased in the year of 2018 by paid the RM 8,000
down payment. The following shows the details of the balance of the loan: -
BUNGALOW (RM) PERODUA MYVI (RM)
Purchase price 200,000 39,000
Down payment 40,000 8,000
Loan balance 160,000 31,000
Interest rate 4.25% 3%
Tenure/ month 25years/ 300 months 5years/ 60 months
Total loan 330,000 35,650
Annual installment 13,200 7,130
Outstanding 7years/ 84month 3years/ 36 months
tenure
Outstanding 92,400 21,390
balance
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CASH FLOW
En A’asri
Cash Flow Statement for year ended 31 December 2025
Income : RM
Salary (10500x12) 126000
Bonus (1000x2) 2000
Total Income 128000
Less: Expenses
Monthly installment on Bungalow house (1100x12) 13,200
Monthly installment on Perodua Myvi (594x12) 7,128
Electricity and water bill (300x12) 3,600
Unifi™ (150x12) 1,800
Water dispenser Coway (150x12) 1,800
Food and household supplies (800x12) 9,600
Dining out (300x12) 3,600
Transportation- fuel, parking and toll (600x12) 7,200
Clothing expenses 3,000
Parents allowances (400x12) 4,800
School children expenses for 3 child (600x12) 7,200
1st child expenses (500x12) 6,000
1st child university fees 2,000
2nd child pocket money (300x12) 3,600
Textbooks for children 900
Car insurance and road tax 2,190
Purchase Smartphone on July 2022 2,100
Purchase laptop on February 2,300
Vacation 2,000
Donation to Masjid (250x12) 3,000
Medical and education insurance for Spouse and children 6,000
(500x12)
Life insurance for personal (120x12) 1,440
Zakat Fitrah (7.50x6) 45
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Zakat (250x12) 3,000
Income tax (154x12) 1,848
Total Expenses 99,351
Contributions to Savings 28649
En A’asri's Income
bonus
2%
salary
bonus
salary
98%
Basically, the main income of En A’asri and family is totally depending on the salary which is
98% in value RM126,000 annually. Therefore, En A’asri and Pn Nurulfitrah are the
breadwinner and earns RM 10,500 per month after mixing both and a bonus that with 2%
contribution of income with value RM 2000 per year. Next, to state further the below shows
the details of the annual expenses of En A’asri and family:-
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EN A'ASRI ANNUAL EXPENSES
Income tax (154x12) 1,848
3,000
Zakat Fitrah (7.50x6) 45
1,440
Medical and education insurance for Spouse and
6,000
children (500x12)
3,000
Vacation 2,000
2,300
Purchase Smartphone on July 2022 2,100
2,190
Textbooks for children 900
3,600
1st child university fees 2,000
6,000
School children expenses for 3 child (600x12) 7,200
4,800
Clothing expenses 3,000
7,200
Dining out (300x12) 3,600
9,600
Water dispenser Coway (150x12) 1,800
1,800
Electricity and water bill (300x12) 3,600
7,128
Monthly installment on Bungalow house (1100x12) 13,200
0 5,000 10,000 15,000
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RATIO
ASSET LIQUIDITY (RM)
1) Liquid asset to = 6,600 Comment= Regarding liquid assets to
take- home 126,000- 1,848 take-home pay ratio, the liquidity
pay ratio= = 6,600/ 124,152 condition is 5.00% which is not good
Liquid assets = 5.00% @ 0.5 months because it is not between 25% - 50%
Take-home pay range. En A’asri must achieve liquid
assets equal to three to six months’
worth of take-home pay in order to be
on the safe side.
2) Current ratio= = 6,600 Comment= regarding current ratio,the
ratio is 22.0 times. According to the
300
theory, it needs to be more than 1 to
Current assets = 22 times show that it can pay the short-term
Current obligation. So, En A’asri can pay
short- term obligation
liabilities
LEVEL OF DEBT
3) Debt ratio= = 114,090 Comment = Encik A’asri’s debt ratio is
460500 in a very good situation since it is not
Total = 0.25@ 25% more than 30% . Its mean that this
Liabilities family will not face any difficulties to
Total Assets get the new loan
4) Debt service = 126,000- 1,848 Comment = Regarding the debt
coverage 13,200 + 7130 service coverage ratio, it shows that
ratio= Take- = 124152 En A’asri earns RM6.11 in take-home
home pay 20330 pay for RM1.00 of required debt
Debt service = 6. 11 times repayment and interest. The higher the
charges ratio, the better because it means that
En
A’asri”s ability to meet his current debt
obligation
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INCOME TAX YEAR ASSESSMENT 2025
EN A’ASRI
INCOME TAX YEAR FOR THE ASSESSMENT 2025
INCOME: RM
Salary 126,000
ADD:
Bonus 2,000
TOTAL AGGREGATE INCOME 128,000
Less:
Donation Masjid and Surau (250x12) 3,000
TOTAL AGGREGATE INCOME 131,000
TAX RELIEF:
Individual 9,000
spouse 4,000
Children:
1st son, Mueiz 8,000
2nd son, Danish 2,000
3rd son, Firas 2,000
4th son, Anas 2,000
Parent allowance 3,000
Lifestyle ( smartphone, laptop,unifi, textbook and 5,000
stationary)
life insurance for personal 1,440
Medical and education insurance for spouse and son 3,000
Vacation:- Legoland Theme Park 1,000
TOTAL RELIEF 40,440
TOTAL CHARGEABLE INCOME 90,560
INCOME TAX COMPUTATION:
Tax Rate:
On the first 70,000 3700
Next 20560 x 19% 3906.40
TOTAL INCOME TAX 7606.40
Less: Tax rebate 3,000
Zakat 45
Zakat Fitrah
TAX PAYABLE 4,561.40
Less:
Tax Deduction (154x12) 1,848
NET TAX PAYABLE 2,713.40
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COMMENT AND ADVICE
As I finished analyzed Encik A’asri’s family financial planning, there are some comment that I
would like to give to him so that he can try to improve his skill in managing his family’s
money and enhance the skill that he good already expertise in.
Based on the balance sheet, it is good for En A’asri's family because the family has a
contribution to savings where the assets are large enough to cover the liabilities in which the
total assets are RM460,500 and total liabilities RM114,090. So, it is not a major problem for
him to pay its current debts based on the percentages of ratios. In the future, En A’asri can
pay its long-term debt with ease if he invests more in the future to gains more income. Thus,
the net worth is RM347,790 with his net worth represents true measurements of his wealth
and is a good starting point when developing a financial plan. In current liabilities only have
UNIFI and COWAY outstanding for one month only, so it is not a big problem for En A’asri to
settle it. The main in the future En A’asri just needs to manage his money wisely in which can
contribute more to saving and investments.
Referring to the cash flow statement, En A’asri and family experiences a contribution to
savings because the total income is bigger than the total expenses in which the amount to
savings is RM28649. Thus, En A’asri not only earns on income but got RM 2,000 bonus
every year. Currently, it shows positive in cash flow even though the expenses are quite
high. En A’asri spends more on car expenses due to his own two cars such as the need to
pay for insurance, road tax, and transportation cost every year. Also, En A’asri’s children are
still studying it makes him spend more on his children's expenses. In this cases, it is good if
En A’asri could cut off certain of their expenses in the future because it can free up more
money in En A’asri budgets and it can make them less inclined to rely on credit cards or
loans to cover spending gaps. Moreover, En A’asri still have non-current liabilities to settle for
another 7 years due to his debt, adding extra money back into En A’asri budget can help to
pay it off faster or even can pay more than the minimum payment. With that, the lesser
outflows En A’asri and family could help more to boost his emergency fund or grow
retirement savings.
Insurance planning is one of the parts and parcel of today’s life. As En A’asri build his
wealth, it is important to protect his assets against any unforeseen events while not as direct
a way of saving as investing. Insurance planning can save significant amounts of money
over the long-term. Currently, the insurance planning has been carried by En A’asri which is
medical and education insurance for spouse and children while only life insurance for
himself. The protection plans En A’asri has taken for his family are just a basic medical card
for his wife and plus education insurance for 4 children. Thus, En A’asri paid RM6,000
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annually total for both insurance and that is not a huge deal because he can cover the
monthly to pay more while insurance for himself only RM 1,440 annually. Moreover, En A’asri
got deduction in the tax relief for medical and education insurance for family and life
insurance for himself. In the future, En A’asri should take more education insurance for his
children, especially for his youngest child to pursue her study later on. For instance, a good
suggestion is En A’asri can take premier education savers under Maybank Malaysia
(Maybank2u, 2020) in which an investmentlinked lifetime plan with a mix of coverage and
strategic investments for his child’s education. The lifetime investment option can upon
reaching 25 years of age, his child can choose to take over the policy ownership and
continue saving in which the plan expires at age 100. Based on the inflows and outflows, En
A’asri able to pay for the minimum premium RM100 per month. Besides that, if En A’asri
need another education plan, he can choose education planning by investing in SSPN there
is also beneficial to all his children.
Investment planning is a crucial part of gains more income. Besides savings, En A’asri
should invest his money to get returns for future used. Thus, an increase in cash flow can
lead to an increase in capital. It can allow En A’asri to consider for investments to improve
his overall financial well-being. Referring to the balance sheet, En A’asri’s saving at Tabung
Haji only. En A’asri and family have savings on Tabung Haji account balance at RM 15,000.
In a total of investment asset amounting RM15,000. He still can add his investment before
he retires. Currently, En A’asri already at the age of 58 years old and actually not suitable for
him to invest in real estate due to his age. It might be a problem with the requirements of the
loan. In the future, En A’asri can choose to invest either the term of 5 to 10 years or for the
long term due to En A’asri only have an investment on the Tabung Haji only. He can do
investment in Public Mutual unit trust by putting his money in the right fund that matches his
family investment objective will help to grow up the net worth over the long term. Thus, it is
the affordability as unit trust are one of the collective investment schemes, the investors can
start with an investment amount as low as RM100.
Retirement savings needs to become a priority instead of an afterthought. This is involved
in the process of estimating and other needs and determining how these needs can be met if
En A’asri no longer working. It is beneficial to those who are working that rely on pensions,
gratuity, and any other employer sponsored. So, En A’asri working under government sector,
so he will receive a salary although he not working anymore or already retire. En
A’asri will get half of their salary when he retired. That is why En A’asri did not have
Employee Provident Fund (EPF) because he just depending on their salary. Besides that, En
A’asri have six more years before his retirement and when he retired, En A’asri just only
need to focus on spouse and his youngest son only because four of his sons already
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finished the study at that time and maybe have own family and work. So, with that salary
already enough for En A’asri to get the needs of day life.
Estate planning is the act of preparing for the transfer of a person's wealth and assets
after his or her death. En A’asri and family estate have comprised everything his own such
as assets, life insurance, investment, real estate, cars, personal belongings, and debts are
all part of his estate. Currently, most of all the estate is the name by En A’asri’s and certain of
his wife’s name. In the future, En A’asri and the family need to ensure that assets their leave
behind or insurance policies that his buy are given to the right beneficiaries. Although it is
important to have a valid Will, an estate plan covers many other aspects relating to the
transfer of his wealth after pass away. Family trusts, powers of attorney, and the tax
implications for beneficiaries can all be managed with an estate plan. (Estate planning,
2019).
Furthermore, by having an estate plan it will help En A’asri’s beneficiaries avoid difficulties
and disagreements because he can stipulate the amount of ownership and control each of
his beneficiaries has over his assets. Thus, reduce the tax payable on the income and
capital gains earned on assets, and ensure En A’asri’s assets are protected if the beneficiary
is involved in any legal difficulties such as bankruptcy. Lastly, En A’asri should update his will
in which assets, liabilities, and goals all change from time to time and his will should reflect
these changes. It is good reviewing En A’asri and family will on a regular basis with experts
who can point out any problems that will lead to too much risk, inefficient taxation, and other
issues that may interfere with his goals.
Lastly, in year 2020 our country and also worldwide faced one problem that affected all
people which is COVID-19 pandemic. COVID-19 is a virus that very dangerous because still
not have vaccine that can help to avoid this virus spread. So many countries do a Movement
Control Order (MCO) which is restrict movement all people in public to avoid the virus spread
out. Many people affected because the country’s economy is collapsing. Many companies
need to fire their worker, many owners and dealer need to stop their business and so on. For
En A’asri and family, they not affected about the working because En A’asri still can work
from home and the salary also same with before COVID-19. In fact, COVID19 help En A’asri
to saving more because he can cut off many budgets. For example, he can cut off budget on
fuel, his son expenses, vacation and more. This is because all activity restricted on your
home only such as, work from home, study at home, can not go to vacation because can not
to across the state. Pandemic COVID-19 have a good and bad side. For En A’asri, he can
savings more and planning to make the investment with budget that cut off. Hopefully all the
planning running clearly to make sure En A’asri can have more assets in future and also for
his retirement later.
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REFERENCES
Estate planning. (2019, October 1). Retrieved from Investing answers:
[Link]
Maybank2u. (2020). Education , Premier education savers. Retrieved from Maybank2u:
[Link]
/premier _education_savers.page
mutual, P. (2020). Grow Your Wealth with Unit Trust. Retrieved from Public Mutual:
[Link]
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