{"id":50900,"date":"2021-11-29T15:05:21","date_gmt":"2021-11-29T07:05:21","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=50900"},"modified":"2021-12-15T09:36:41","modified_gmt":"2021-12-15T01:36:41","slug":"insurance-takaful-can-help-you-save-for-your-goals-sunlife","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/insurance-takaful-can-help-you-save-for-your-goals-sunlife","title":{"rendered":"Did You Know Your Insurance\/Takaful Can Help You Save For Your Goals?"},"content":{"rendered":"

\"Sun<\/a><\/p>\n

Save for a rainy day<\/em>.<\/p>\n

How many of us have come across that phrase in our daily life but brushed aside the advice it offered? One of the things the Covid-19 pandemic has taught us is the importance of saving for a rainy day.<\/p>\n

Many Malaysians realised the hard way that their savings were not enough to survive even for a month, let alone 6 months or a year as the pandemic continued to affect jobs and incomes throughout last year and continued into this year.<\/p>\n

For those affected by the pandemic, their personal savings were barely enough to last 1 to 3 months if their source of income stopped, according to a survey<\/a> on the economic impact of Covid-19 on Malaysian workers.<\/p>\n

According to the Employees Provident Fund (EPF), Covid-19 related withdrawals<\/a> over the past two years have also resulted in almost half of its members having less than RM10,000 in their accounts. This alarming statistic highlighted the importance to boost our savings to ensure sufficient financial resources for retirement.<\/p>\n

Many of us may have been caught unprepared when the pandemic hit last year, but we can take steps now to be financially more secure in the future.<\/p>\n

<\/span>Saving for a rainy day (and your life goals)<\/span><\/h2>\n

A good savings habit not only provides you with financial security in case anything happens to your current income, or you need extra funds for an emergency, but it can also help you reach your life goals such as getting married, having children and many other bigger milestones.<\/p>\n

Certain goals like saving for a holiday or buying a vehicle may be possible within a year or two of working and savings, but bigger goals will need a different approach.<\/p>\n

For example, if you earn RM6000 a month and you need RM5000 for a holiday, saving just 10% of your monthly salary will get you to that goal in just 10 months. But what if you need RM50,000 for a down payment to buy a house? Saving 10% of your RM6000 monthly salary will take you more than 7 years to reach that goal.<\/p>\n

Besides a home, there are other goals like marriage, starting a family and paying for your child\u2019s education in the future as well. While you can certainly continue to work hard and increase your income, what if an unexpected event eats into your savings before you can reach those goals?<\/p>\n

If you rely on your income alone to reach your financial goals, imagine what will happen if you lose your ability to earn an income due to:<\/p>\n