Before we plan to get married or even to get a partner, we should look into its effect to our financial situation and our goals in that relationship.
Nowadays, getting married needs quite a large amount of money.
I have a friend who engaged with his girlfriend last month. The girl’s family asked for RM15K for the wedding.
He says he needs to accumulate it within a year. Means every month, you need to at least save RM1250.
You see, if you are earning big, that would not be a problem but let’s say your earning is average, around RM2k a month. With monthly commitment, rental and everything, that would be a problem.
And even if we are able to save that much, what happen after we get married and have children?
We must have a plan for that as well.
The wedding itself is not the only things we need to consider. After we get married, we need our own place and our own transportation for the family.
Have we thought of all that when we first start dating our partner or planning to get married in a year or two? Even Pope Francis says think twice before getting married.
What we should do?
We should start saving money early on and put it somewhere, where the money can work for us like fixed deposit or some investment vehicle which will surely give a return to us.
I think the easiest and safest of all is saving our money in Amanah Saham Nasional berhad product. From the start up until today, they never fail to provide dividend to their unit holders. And there is not service fee.
Imagine if we started saving RM200 for 10 years, dividend received is reinvest and no withdrawal.
Assuming the return every year is 7.5% we would have around RM30K after 10 years. Wouldn’t that be awesome?
That RM30K would be enough for the RM15k wedding and the balance enough for a car down payment or maybe get some used car.
But personal finance is boring, money management is boring. We tends to spend our money as we like it. That’s why we need some motivation or some goals so we have somewhere to heads off. My goals is to retire when my age is between 45 to 50 years old. I wanted to have some time to enjoy life.
So lets save to the max so that we will not cry in the end.