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Budgeting

Budgeting is the process of creating a plan to manage your cash flow. The budget will assist you in making prudent financial decisions by determining in advance whether you will have enough funds to achieve your goals and objectives.

Budgeting helps keep your finances on track. The recommended percentages spent on each category of expenses are as follows:

• Maximum 40% - monthly instalment on debts
• Maximum 50% - household expenses
• Minimum 10% - savings

Cash flow management is part of the budgeting process to monitor, analyse and adjust your personal cash flow. An individual’s income or cash inflows may consist of:

• Active income with examples like salary and profits from businesses
• Passive income with examples like dividends, rentals, royalties, etc.

There are three (3) types of expenses or cash outflow:

• Fixed expenses – examples include housing loans, hire purchase instalments, rental payments, insurance/takaful premiums, etc.
• Variable expenses – examples include food, clothing, utilities, etc.
• Discretionary expenses – examples include clothing & accessories, dining out, vacation, etc.

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Protection

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
Importance of Insurance:

1. To protect you and your family
2. To reduce stress or anxiety during unforeseen circumstances
3. To enjoy financial security
4. To have peace of mind
5. To have a legacy to leave behind for the individual’s family

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Banking Facilities and Services

Refers to any service or facility extended to the Public by Banking Product Provider which includes a deposit account such as a Savings account, Current account, Foreign Currency account, Gold Investment account, or other cash management services through mobile or online banking, and card services, which including credit cards, merchant services processing, and debit card services.

 

Loan/Financing Products

Sum of money(ies) that one or more individuals or company(ies) borrow and incur debt and to be repaid with interest within a specific duration of time. Islamic financing refers to how individuals (s) or company(ies) manage money and raise funds according to the Shariah principles.

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Savings

Savings refers to the net surplus funds that an individual or household has after subtracting out their spending to meet expenses and obligations from their disposable income over a given time period.
Importance of Savings:  

1. To build up emergency funds for unforeseen circumstances
2. To build up and protect assets against inflation, enhance return, and achieve short-term or long-term objectives depending on stages of life
3. To pay off debt
4. To save for retirement funds
5. To meet any future needs and wants

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