How to manage money to unlock family expenses

The enormous challenge in the life of a parent Is raising children to grow up to be a quality adult of society. Today. In addition to the emotional maturity of parents, funding factors is very important to look after the family to achieve their goals. Both tuition fees Medical expenses etc. Consider these financial tools that will help make our family care goals achievable.

Health insurance helps reduce the burden

The first thing to do first since the child is born is child health insurance. Since the current disease in children is more serious than before. Until having to admit to hospital treatment often. In addition, medical expenses also increased. Conducting health insurance with savings insurance will help ease the financial burden when a child becomes ill and goes to the hospital. And is also a long-term saving that will be able to help payback in the future as well.
 

Child health insurance premiums aged 0-6 will be higher than other ages. Because it is the age range that children are most likely to get sick. After that, the premiums will drop. Most child health insurance will be accepted from children aged 1 month and up. Because if you haven't received insurance the child is sick with some respiratory diseases such as RSV which is a very common disease in children. When will get health insurance later This illness became history? That makes the insurance may not cover future respiratory diseases. Or making the consideration for guaranteeing previous diseases more complicated, lost the opportunity to use insurance to reduce the burden of medical expenses, unfortunately.
 

Choose the right money savings and get the highest return


Money for educational expenses like tuition fees, special tuition fees are big expenses. That must to be saved and carefully managed to suit each period. By dividing the proportion of money to save into 3 periods which are: 

  • Short-term tuition fee (1-3 years): This money will be used soon. Therefore, emphasize the stability of the principal and primarily liquidity. But good returns are still important to Deposit a savings account with a higher return than regular savings accounts are an interesting option. Like Easy Savings Accounts.

    This gives interest at up to 1.5% from the first baht Because aside from receiving higher interest than normal savings Also conduct deposit and withdraw transactions conveniently via SCB EASY APP. If there is a lump sum Opening a fixed deposit account Getting a little higher interest is also interesting. Or choose to open an account 24-month bonus long-term deposit or 36-month bonus long-term deposit with the same minimum monthly deposit of 500 baht is another way to get a large sum of money upon maturity. And then be exempted from interest on deposits

 

  • Tuition fees for medium-long term (5-10 years): The funds in this section planned for another 5 to 10 years should be managed to achieve higher returns than bank deposits. Investment in mutual funds that are managed by a professional fund manager is another way to get a higher return. But do not forget that investment has risks that depend on the investment policy that we choose. Another option is to invest in debt securities. (Bonds / Private Bonds) considering returns trust rating and the term of that bond.
     

Raising a child is considered a duty-bound for over 20 years, even though it sounds a long time. But if having good financial discipline combined with careful financial planning with effective financial products. Will help to take care of the family smoothly.