Fresh Graduate Financial Checklist
Just started your first job? Here are the 7 financial moves every Malaysian fresh graduate should make in their first 6 months.
1. Activate Your EPF i-Akaun
Download the i-Akaun app and activate your EPF account as soon as you receive your first payslip. Verify that your employer is making contributions on time. Some small employers delay or underpay — catching this early prevents problems later.
2. Build a 3-Month Emergency Fund First
Before investing or buying anything big, save 3 months of living expenses in a high-yield savings account. This is your financial safety net. If you lose your job or face an emergency, this fund prevents you from going into debt. Aim for RM5,000–RM10,000 depending on your lifestyle.
3. Open a Tabung Haji or ASB Account
If eligible, ASB (Amanah Saham Bumiputera) offers consistent dividends above FD rates with capital guarantee. For non-Bumiputera, look into ASN or other Amanah Saham funds. These are low-risk, high-accessibility investments suitable for building your first RM10,000–RM50,000.
4. Get Basic Insurance
At minimum, get a medical card (medical insurance). Hospital bills in Malaysia can wipe out years of savings. A basic medical card costs RM100–RM200/month and protects you from catastrophic out-of-pocket expenses. Prioritise this before buying investment-linked products.
5. Apply the 50/30/20 Rule
A simple budgeting framework: 50% of take-home pay for needs (rent, food, transport), 30% for wants (lifestyle, dining out, entertainment), and 20% for savings and investments. As a fresh graduate, try to push savings closer to 30% while your expenses are still low and before lifestyle creep sets in.
6. Start a Simple Investment Account
Open a Rakuten Trade, Moomoo, or Luno account and start investing small amounts monthly. You don't need a lot to start — RM100/month is fine. The habit of investing consistently from a young age is more important than the amount. Time in the market beats timing the market.
7. File Your Income Tax from Year 1
Register with LHDN (MyTax) and file your income tax return even in your first year of work. You may get a refund if your PCB deductions were higher than your actual tax liability. Keep receipts for books, gym memberships, and medical expenses as these qualify for tax reliefs.