Financial Planning for Newly Weds in Malaysia
Financial planning is a key part of the newlyweds marriage journey. Preferably, partners should make sure their goals and dreams are aligned before tying the knot.
Financial planning is a key part of the newlyweds marriage journey. Preferably, partners should make sure their goals and dreams are aligned before tying the knot. With financial planning, you can build a budget plan, as a couple, for your expenses in the upcoming years. The earlier the better when it comes to discussing expected major purchases and emergency savings.
Setting financial goals ensures that you have a goal to work towards together. Aligning your wants for the future and championing each other, makes reaching those goals easier and keeps it in the forefront of your mind. A key part of financial planning is identifying the right investments and insurance policies for you as a couple. Thus, looking for insurance plans for working adults in Malaysia and researching what best suits your needs is advisable. An insurance that financially protects both you and your partner in the event of unexpected negative situations, is ideal to avoid financial hardships in the future.
Setting financial goals
There are many ways to build a solid financial plan. If you are unsure of where to start, there are the options of self-learning tools online or hiring a professional financial planner. Either way, the process involves making a list of all your shared expenses, such as joint loans, monthly utility bills and grocery expenses. They can even be divided into short-term and long-term expenses. This process allows you to prioritise and set aside money for import expenses for the month ahead. Oftentimes, married couples argue due to either a lack of money or irresponsible spending habits. This is why it is advisable for couples to protect the peace in their marriage with proper financial planning.
Planning out steps based on the bigger picture
After painting the bigger picture and identifying your financial goals, you can start planning out specific steps in accordance to your goals. It is important to take into account career progression, family planning and possible unforeseen circumstances. Understanding the cost of starting a family and ensuring you have enough savings set aside by the time you want to start growing your family, is very important.
Regardless of which stage of life you're at, it is essential to manage your finances to provide for the better future of a comfortable life for yourself and your loved ones. An endowment insurance plan in Malaysia can help facilitate the growth of your wealth while safeguarding you against unexpected financial challenges.
Identifying future financial needs
Identifying future financial needs is important in financial planning. Whether it is for your own future by investing in further education for yourself or buying property, or even starting a family. Family planning involves making a map for the various needs of your future children. From childbirth, to day-to-day expenses and education, it is important to include these factors in your long-term planning. The cost of educating a child has significantly increased over the years and continuously rising costs should be considered in your planning. If you are looking for a child education insurance plan in Malaysia, AmMetLife offers some comprehensive insurance plans that may suit your needs.
To conclude, financial planning is an important step in a couples’ journey to build a solid financial future for themselves. There are many benefits to a good financial plan, such as the peace of mind from reduced financial stress and burdens, less arguments over finances and better financial growth. With proper planning, it increases the chances of ticking off your goals, such as a dream vacation, car or house and just living the life you envisioned for yourself and your loved ones.
The current risk of inflation, job security and recession makes it ideal to invest in a financial protection plan. Make it a point to regularly review and update your financial plan as needed to stay on-top of your growing needs and the ever changing markets.
