Always Family First – Why you need proper budget management


Each day, when you flip through the news, you are greeted with more and more bad news. People losing their jobs, salary increases frozen, factories relocating, food price increase, properties getting less and less affordable and many other worrying situations. For people with families like my hubby and I, these can give us sleepless nights if we had not been more frugal during our younger days. However, thank goodness that we have saved for the rainy days.

When I see my eldest son in his college uniform consisting of a dark colour three-piece suit, tie and black, leather shoes sitting down together with my youngest son in his sailor collar, almost girlish kindergarten uniform, I see a road ahead. Both of them usually go to their respective college and kindie around the same time in the morning. They are going to 6 years old and 19 years old in 2009, a 13 years gap between them.

Sending eldest son and second sons all the way from private college to private university does not seem like a monumental task because we have saved and spent our money wisely. More or less, we know how much we will need for each of them.

However, what is the cost of education in another 12 years? With the rising prices and two more sons who won’t be going to college until many years from now, it is a real cause of concerns for hubby and I. I think other parents also have these worries and doubts because our children’s future lies in our hands. Parents are responsible to see that they are able to give them a good education and good education costs a lot of money.

Since I am married to an accountant, I do not have to worry about my family’s budget and saving plans. The husband has planned well, making sure that we have ample insurance coverage should anything happen. We do not have any outstanding loans or mortgages to worry about because we only live within our means. We have EPF and FDs to fall back on. And a home to call our own.

However, what about other families who do not have the same kind of expertise to deal with their financials? How much do they know about inflation? What kind of insurance coverage do they need? How much should they commit to loans repayments? Most importantly, how do they go about planning and saving for their family?

All these can easily be solved with AmBank’s Family First – a comprehensive, all-in-one families financial solution. They have a site dedicated for this and I am sure people will find their financial tools such as:

a) Budget planner

b) Savings goal

c) Savings over time

d) Money Measure

very useful and easy to comprehend especially while managing your family’s budget and saving plans.

The day you say ‘I do’ and the day you are called a mommy or daddy is the day when you have to shoulder these responsibilities of making sure that your children are given the best protection, most secured future and given all the happiness and comfort they deserve.

So, without making it too technical, go over and find out if AmBank’s Family First can help you and your family. For me, it is always easier to call or meet up with a family banker and get things charted out. But then, I am already married to one. But if you need a contact at AmBank, they have a toll free number at 1 300 80 8888 and email at customercare at ambg.com.my. Alternatively, check out their website www.familyfirst.com.my

With the uncertain future ahead of us, we cannot be too relaxed with our financial situation. It is wise to be prepared for rainy days or we may live to regret that we are unable to provide the best for our children. Their future lies in what we do today.

10 thoughts on “Always Family First – Why you need proper budget management

  1. Hi Lilian,
    Really enjoy reading your postings. You are someone who has big heart and willing to share your thoughts openly and generously. Happy to see that you have a happy family and loving hubby. Please watch what you cook and what you eat, have healthier life style, exercise regularly. All the fat you deposited inside your blood vessels and heart will haunt you one day if you are not careful during your younger days. Best wishes for you and your family.

  2. If this advice were given say 5 to 10 years ago, think will help a lot of people but at current scenario, susah lah.
    But actually, what we save before is also actually not enough coz our inflation’s rate and de-valuation of our money, all in all exceeds our saving’s rate. I didn’t know this until I attended a seminar held by HSBC many years ago, that open my eyes and realized I am fighting a losing battle unless one start diversifying one’s portfolio eg. not just putting money in bank but also in shares, trust funds, property etc etc.
    But bottom line again, out there, it is still a money make more money world, who has the bigger “cash” will make more “cash”(of course with good business sense lah). Ever notice why people like Vincent Tan, YTL, Uncle Lim’s family etc makes more and more money every year?
    But I do believe in what you are saying here, that common people like us must learn to save for rainy days.

  3. And I thought this is going on nicely until i saw… it’s an ad…

    Banks are responsible for squeezing the life out of the economy…. sigh.

    anyway, based on inflation rate of 6%, it should cost about RM1m to send your 6 year old to university.

    zewt´s last blog post..How tasty are your nasi lemaks…

  4. zewt – Chey…you so ‘char’ one. People from the title already know lah. You never read my blog everyday lah, that’s why you don’t know.

  5. Seriously the cost of having a kid really scares me thats y i have second thoughts about having one. Am not being selfish or shrugging responsibility but the sacrifices that one goes thru is just too horrifying.

  6. Mindy – So true. That’s why I am such a pauper. Otherwise, I will be globetrotting. But it is worth it, the sacrifice.

  7. hahaa!! I thou you soooo pissed off with unta that day..no more marah kah??
    But yeah…I have 2 kids also want to pengsan already..! My one month salary goes to them only..!! I wonder how those parents with salary less than 1k but have more than 3 ki ds survive???

    kaDusMama´s last blog post..Happy Birthday to Dear Isaac…

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