Just like everybody else out there, you are probably worrying about the financial security of your family in the foreseeable future. What if you get sick? What if you lose your job? Will there be enough funds to ensure that your children will get the education they deserve? These are just a few of the questions that you may be asking yourself. The good news is that with proper planning, you can secure your family’s financial future. You can do this by coming up with some financial roadmap that will guide you on how you are going to manage your finances.
It’s a matter of putting your money in good funds and investments. There are banks in Malaysia that offer all sorts of plans that cater to families. Below are some of the most important accounts you should have if you want to protect your family’s financial stability:
- Savings Account
If you have children, it is of utmost importance that you set up a savings account. The majority of your earnings will go to the expenses of caring for them and providing their needs until they are of the right age to get a job on their own. Saving money will ensure that you don’t live from paycheck to paycheck.
- Educational Insurance for Your Kids
Education in Malaysia can be costly especially if you plan on sending your children to private schools and universities. With that said, you must set up educational insurance for them to help cushion the cost.
- Life Insurance
There are different types of life insurance plans that you can get. You might want to consider endowment plans since these have shorter maturities which means you or your beneficiaries will receive the benefits much earlier compare to other types of insurance plans.
- Investments in Reputable Banks
If you have cash and other monetary instruments to spare, you can invest them in investment products being offered by banks. For example, the OCBC Bank of Malaysia allows you to invest in their products that include unit trusts, dual currencies, equities, and bonds.
To ensure that you are putting your money in safe financial instruments and accounts, it’s advisable that you consult with a financial adviser. They will show you the pros and cons of every savings, insurance plan, or investment opportunity that you want to be involved in.