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This season, we celebrate women’s achievements and empowerment around the world in conjunction with International Women’s Day. What better way to forge the path to empowerment than by taking control of your finances? After all, making better financial decisions can help you reach your goals, improve your well-being and help you take charge of your life.
Here are five money moves you can make to be financially empowered.
The first step to financial empowerment is to manage your finances. This means having enough for emergencies, spending less than you earn and managing your debt wisely. Here’s how to start:
Want to reach big financial goals such as early retirement or an overseas education for your child? Investing can help you achieve these goals. When you invest money in assets that generate income, your money grows faster For example, here’s how investing can help you grow your money:
Investing RM500 a month for 6% annual return
After | Portfolio size |
---|---|
1 year | RM6,193 |
5 years | RM34,912 |
10 years | RM81,632 |
15 years | RM144,154 |
20 years | RM227,823 |
30 years | RM489,628 |
In the example above, if you invest RM500 a month and receive a 6% return every year, you could potentially grow your portfolio to almost half a million ringgit after 30 years. On the other hand, if you did not invest at all, saving RM500 a month in the same period would only amount to RM180,000.
Investing for the future, especially as a woman, is crucial. On average, Malaysian women live longer than men – this means that you’ll need to have more saved up for retirement.
If you are new to investing, consider investments like unit trust funds and exchange-traded funds (ETFs). These investments pool money from many people to invest in a group of assets like stocks, bonds or commodities. These are considered more beginner-friendly than investing directly in the stock market as they allow you to invest in many assets at once. This reduces the risk of large losses if one of the assets underperforms.
Having more income – or multiple sources of income – can help you pay down debt, manage everyday living costs and reach your financial goals faster. Here are a few ways you can bring in more money:
If you’ve been leaving your household financial planning entirely to your spouse, consider taking on a more significant role. Being aware of where your household stands financially can help you and your partner work together to reach your family’s financial goals. Here are a few things you can do:
Part of making better financial decisions is about taking advantage of great deals and financial products. In celebration of International Women’s Day, Alliance Bank offers ladies more opportunities to spend and save wisely.
Get cashback rewards of up to RM338 when you sign up for these products:
How to be eligible | Cashback reward | |
---|---|---|
Alliance SavePlus Account | Open an account with the allianceonline app and maintain a minimum of RM250 until the end of the account opening month. | RM138 |
Alliance Bank Credit Cards | Apply for a credit card through the allianceonline app and get approved on or before 15 April 2021. | RM238 |
Alliance Personal Loan/Financing | Apply for a personal loan/financing through the allianceonline app and get approved on or before 15 April 2021. | RM338 |
With Alliance Bank, it’s never been a better time to boost your savings, find the right credit cards for smarter spending, or get financing to kickstart your plans.
If you’ve already taken these steps to improve your finances, that’s great! But if you haven’t, that’s okay – now’s the time to start. Being financially empowered can be rewarding and should be part of every woman’s journey. Happy International Women’s Day!
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