3 Things You Must Do to Secure Your Family’s Finances

1. Invest in quality education for the children and start them young

Top of the list when discussing the financial direction of the family should be the children’s education. Having full-time jobs while trying to equip them with the best education possible can be a struggle, but it is undoubtedly worth it. Over the weekends, have a 1-hour homework session with them where you help them with exercises or practice past year’s tests.

Paying for extra tuition classes, reference books, and online learning modules will assist your kids in achieving the best results possible. One goal you can set for your children is for them to qualify for the many higher education scholarships available in Malaysia, either those awarded by the government or by bodies in the private sector. Many of these scholarships allow you to study for a university or college degree at almost no cost to you. Higher qualifications lead to better paying jobs, thus giving them a head start in life.

2. Build up a strong financial cushion

In uncertain economic times, having an emergency fund could be the difference between a comfortable, functioning family life and a collective struggle to make ends meet. To avoid prolonged periods of financial distress, it is recommended to set up an emergency fund to cover basic living costs during long stretches of unemployment or any financial difficulty. Put in about 3 to 6 months of living expenses into the account, or more if you wish.

You can contribute to the fund by cutting back on small luxuries such as the RM19 latte at your favourite coffee franchise or dining out every Friday.

3. Invest in an insurance plan

As mentioned earlier, nothing is certain in life. Sometimes, all it takes is a momentary lapse of concentration to cause a tragic accident that could lead to hospitalisation, disability or loss of life. Furthermore, severe illness or critical illness can strike anytime.

To set your mind at ease and to protect your finances, it is wise to invest in insurance plans to provide the financial assistance you need. You can start by checking out which plan will suit your needs now and protect your family from unwanted risks!