New Delhi, Oct. 19 -- The Diwali tradition calls for cleaning your home, so why not also clean up your financial house?

Use this opportunity to review your investments and liabilities, eliminating unnecessary items and adding what may be missing. And while you are at it, take steps to weed out unnecessary expenses.

"Every rupee that you're not investing, you're losing out on that compounding effect" for your long-term returns, said Priya Sunder, co-founder of Bengaluru-based financial advisory firm PeakAlpha Investments.

Here are the areas in your financial closet that need attention:

Investment portfolio

Long-term investors shouldn't be tinkering with their investments often, but it's important to review your portfolio at least once...