It is important to set aside money. Usually people put aside money for emergencies.
This year however, despite the effects of the global economic crisis, it is still crucial to save.
We are advised to at least have enough savings to cover 3-months of rent and expenses. And if possible, set aside at least 25% of our income each year for emergencies or big purchases, and in my case education.
Although it is not always possible to meet the saving goals above, the best way to start is to start saving a little at a time. So stash aside some money for your savings ...
Do you know that most banks offer a better savings rate for children's savings account ? And interests in Children's Savings Accounts are calculated on daily basis, and credited on a monthly or 6-monthly basis into the accounts.
Here are the offerings available:
- Maybank Yippie Savings Account http://www.maybank2u.com.my/
- CIMB Children's Savings Account http://www.cimbbank.com.my/index.php?ch=subch_personal_dps&pg=pg_dps_cs&ac=3&tpt=cimb_bank
- EON Bank Smart Junior Savings Account http://www.eonbank.com.my/consumer/deposits/saving_smartjunior.shtml
- Alliance Bank AllianceSave ManjaKu http://www.alliancebank.com.my/alliancesavemanjaku_ovw.html and AllianceSave Pendidikan http://www.alliancebank.com.my/alliancesavependidikan_ovw.html
- Hong Leong Bank
- Arab-Malaysian Savings Account
http://www.ambg.com.my/personal/depositinvestments/savingsacct/ambanksavingsacctcomparison.asp
- Affin Bank Tiny-Tycoons http://www.affinbank.com.my/banking/condeposit/continy.htm
- Bank Raykat Nuri Savings Account-i http://www.bankrakyat.com.my/simpanannuri
- Bank Pertanian Malaysia Simpanan Patriot http://www.bpm.com.my/article.cfm?id=98
- RHB Bank Junior Savings Account http://www.rhbbank.com.my/personal/deposits/junior_acc.shtm
- Bank Simpanan Nasional Kelab Penabung Muda
http://www.bsn.com.my/simpanan/kpmdefinisikelebihan.asp
- Standard Chartered Bank Young Savers Account http://www.standardchartered.com.my/personal-banking/deposits/savings-account/en/
- OCBC Bank Young Savers Account http://www.ocbc.com.my/personal-banking/banking/MY_Banking_Deposit_Saving_YoungSaver.shtm?bcid=M1_C1_S1_P4
- UOB Bank Fun Savers Account http://www1.uob.com.my/webpages/p_deposits_FunSavers_Account.htm
Al-Rajhi Bank Mudha http://www.alrajhibank.com.my/
And of course there is the National Higher Education Fund Corporation http://www.ptptn.gov.my/web/english/savings where you can get your Papa or Mummy to save for you and they can be exempted from taxes of up to a savings amount of RM3,000.00 a year.
The above is just a list of available options, sharing about them in this blog is not to be perceived as promoting them.
Some of these options are also offered in the Islamic Banking form (depending on the banks).
So, please tell your Papa and Mummy to start saving today - "Sedikit-sedikit lama-lama menjadi bukit" :D
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