Start Your Financial Journey Early: Unlocking Your Financial Potential

It’s important to start financial planning as you embark on your journey from a student to an independent adult. Having a solid financial plan in place is crucial, whether you have just started your first job, are exploring new business opportunities, or simply enjoying the independence of being single. Every financial milestone, from your first paycheck to preparing for retirement, involves important considerations that affect your financial well-being. Planning ahead for milestones ensures a smooth transition into your future life stages, sets the stage for long-term success.
 

Budgeting and Expense Management

Receiving your first paycheck understandably is exciting as it marks the beginning of your financial journey. We know that the transition from being supported by your parents to managing your own finances can be both liberating and challenging. As a young adult, you usually only have one source of income and need to manage your income and expenses efficiently. While it may be tempting to indulge in certain things on your wish list, such as buying a car or purchasing your first luxury handbag, it's important to assess how affordable your income is with a sense of responsibility and foresight.

Think about setting a budget that aligns with your financial goals and priorities. Sort your spending into categories such as essentials (rent, utilities, groceries and etc), and discretionary spending on non-essential. This way, you can make sure you are living within your means and saving for short, mid and long-term goals.

Opening an account is the first step in financial management. Alliance SavePlus Account/-i is a digital savings account that saves you a visit to a branch, as you can to open your account digitally through the allianceonline mobile app. With Alliance SavePlus Account/-i, you’re able to earn attractive interest/profit rate which is comparable to fixed deposit, with withdrawal flexibility. To apply for an account, all you have to do is to download the allianceonline mobile app on your mobile phone.

Alliance Bank Malaysia Berhad & Alliance Islamic Bank Berhad are members of PIDM.
Protected by PIDM up to RM250,000 per depositor per bank.

Read more:
Alliance SavePlus Account
Alliance SavePlus Account/-i

Credit Card Management

In Malaysia, most people believe that using a Credit Card is essential. With a Credit Card, one can travel, dine and shop conveniently, especially in e-commerce, without having to carry cash. We know that the benefits of a Credit Card outweigh the drawbacks, but you need to use it responsibly to avoid overspending, which can ultimately lower your credit score.

Considering numerous fraud cases reported in Malaysia, we are aware that credit cardholders tend to be concerned about their financial security and the compromise of their card details. Therefore, Alliance Bank has launched the first in-app virtual credit card in Malaysia as part of its innovative and green solution in the market. It offers a secure payment method that addresses concerns about Credit Card security and data privacy in online transactions.

One of the key security features of the virtual card is the ability to randomly generate a 16-digit card number for each transaction. This increases the security of customer data and the protection of card details. In addition, multiple subscription cards can be created for different purposes and merchants to keep track of your spending. You can assign a different card number to different merchants and customise transaction limits according to your spending behaviour. This technology is designed to provide customers with faster and more personalised solutions and ultimately reduce the risk of fraud, identity theft, and financial fraud.

If you think your card has been compromised, you can freeze your card immediately in the app itself and then report the incident to the bank. The immediate card freeze feature is a preventative measure to ensure that the Alliance Bank Visa Virtual Credit Card is secure to combat fraud.

Read more:
Alliance Bank Visa Virtual Credit Card
 

Protect Yourself and Your Future

As you begin your career, things seem uncertain, and thinking about insurance might be the last thing on your mind. But life is unpredictable, and this uncertainty also affects even the young and single people. When things don’t go as you had hoped or planned, it can affect your finances, mental health, and the path to achieving your dreams.

When you are young, you are favoured by age in many ways. The younger you are when you get your insurance, the higher are your chances of securing a lower premium. The earlier you get your medical and life insurance while you are young and healthy, the better off you will be. The best time to invest in yourself is when you are young and single, because then you have fewer financial commitments. As your career is progresses, premiums become even more affordable as your income increases.

Alliance Bank offers a variety of insurance solutions underwritten by Manulife Insurance Berhad to meet your changing needs. The Elite Income 88 offers coverage up to age 88 depending on the plan option chosen and has a short premium payment term of only 5 years. In addition, you receive the following guaranteed cash payment of up to 15% of the annualised premium starting from the end of the first policy year.

As a young adult, you can protect yourself with life insurance against unforeseen events that could deplete your savings and disrupt your plans. With the right insurance planning and coverage, you can kick start your dreams with peace of mind and turn them into reality.

Read more:
Elite Income 88

In the journey of singlehood, effective financial planning is your assurance to financial freedom and stability. Setting clear goals, budgeting wisely, and making informed investment and insurance choices so that you guided in every step. Never forget that you are in charge of your financial future. You are establishing the foundation for a prosperous and secure future by planning wisely now.