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Good Life Plan for the Breadwinners

Good Life Plan for the Breadwinners

October 17, 2023

5 minute

How to plan your life for the unforeseen future? As you have to take care of the whole family, you are the head of the family. You work to support both yourself and your family. You earn income and spend it on various expenses, such as car and house debts, so the head of the family actually is the breadwinner who carries more burdens than others. To take care of your loved ones when you are not around, whether they are parents, children, siblings, husband, wife, children or partners, you need to make sure they can move on with life without any debts they need to worry about.

From the reasons, it is necessary to create a good plan for finances, family, having kids and retirement!

●    Financial planning for family

●    Retirement planning: receive income even without working

●    Love life planning for happy life

●    Parent care planning in retirement life

Financial planning for family

Financial planning for family

On the day you are nor around, your loved ones must be able to move on with life. One of the concerns of most breadwinners is the issue of money because they have to plan a lot for life and finances, including planning to purchase life insurance as well. When you get old or are not around, the people behind you, parents, children, or partners, must be able to move on with life and must not need to be responsible for the remaining debts. Therefore, the first important thing is financial planning. Please see the simple principles as follows:

  • Set goals and achieve them.

Life goals are our passions for the future, such as how much money saved in how many years, building better life for the family, including finding extra income for both yourself and your family. You may start with a small business first that won't affect your savings much, such as online selling and food delivery.

  • Organize income and expenses: no excessive debts

When you have a goal, organizing income and expenses is the first important thing. If you cannot organize it well, others seem to be unmanageable. One of the advantages of listing income and expenses is in order to record the income and expenses of the family each month. It can also reduce unnecessary expenses as well. When expenses are reduced, don't forget to save more money for other goals that we have set, whether for children's education, emergency savings and retirement. Most importantly, do not create excessive debts. Contemplate your needs, and make sure you are strong enough to bear the burden.

  • Investment for more income

Investing is considered an income generation that increases your money. Instead of only depositing your money in a bank, invest your money in the assets with an opportunity to generate more returns, whether it is buying savings insurance, real estate investment, stock or mutual fund investment. They can help us reach our goals faster. Before investing in anything, don't forget to evaluate your risk appetite.

  • Purchase whole life insurance to protect your loved ones.

Most people tend to overlook the whole life insurance as they believe it's a waste of money. They think they are still young and shouldn't rush it; they want to wait until reaching retirement age. We can say that the idea is too careless because having a life insurance means creating stability for the people behind if one day something unexpected happens to you. If you have life insurance, there is still some money left behind for those behind you to continue living their life without any burdens they need to be responsible for.

Retirement planning]

Retirement planning: receive income even without working

From a hundred reasons, the breadwinners have to plan and manage so many matters, including work, the duty of taking care of family members and planning their own future for happy retirement life. Even though it may sound irrelevant to you, it is something we can't avoid as the older we get, the more expenses, including debts and expenses for taking care of family members. Most importantly, when you are older, medical expenses are increasing. Therefore, it is important that you plan for retirement so that you and your family will not have to worry about lost income.

Things you need to know before planning on retirement

  • Calculate the existing debts

Debt is an important expense that should be cleared quickly, especially unproductive debt such as credit card debt, so that we can allocate income to pay off long-term debts, such as home loans and more savings for retirement. This is another thing that must be included in your financial plan after retirement.

  • Income after retirement

Let's explore what sources of income you will have when you retire, such as Government Pension Fund, Provident Fund (for private company employees) or LTF/RMF in order to know where your income will come from when you retire.

  • Life and health insurance

Let’s explore what insurance you have now, especially life insurance and health insurance. Will the coverage cover expenses on the days you may no longer have income from working? If you're close to retirement in the next 10 - 15 years, you might consider increasing your coverage to cover expenses on the days when you no longer work.

  • Saving and investment planning

Savings and investment planning for retirement life is not intended to generate a lot of returns, but it is about creating stability in the end of life. Therefore, savings and investment plans should not have high risks.

Love life planning for happy life

Love life planning for happy life

Many people dream to build their own family, whether it's marriage or having children. However, we must accept that married life does not only depend on love and understanding, family planning is also important. Many people don't know where to start. Building a lasting family is definitely a challenge for our generation, especially as a salaried employee who needs to think it through, because income and expenses are almost the same.

Start looking for something stable before having marriage life. A married couple is probably in the same boat financially; every couple has a duty to be responsible for burdens together, including all household expenses, including financial planning for children in the near future.

We should start by calculating important expenses, such as groceries, baby food, toys, babysitter, including education expenses. You may need to consider savings and investments, whether they are fixed deposit, savings life insurance with cash bonus as specified to continuously receive returns until your baby grows up. Don’t forget to set thesgoals about how many children and when you want to have. Also, think about total expenses needed to raise your baby until they grow up enough to take care of themselves, including the period of preschool and graduation.

Additionally, purchase a life insurance that gives the stability for the people you leave behind if something unexpectable happens to you one day. Once you have whole life insurance, there is still some money left behind for those behind you to continue living their life without any burdens they need to be responsible for.

Parent care planning in retirement life

Parent care planning in retirement life

When your parents reach retirement age, from having been out working almost all their life, finally, they can stay at home with their beloved children and grandchildren or have time to follow their dreams. We, as a child, can help, support and fulfill their intentions and passions. In addition to planning life and health insurance providing coverage for critical illnesses, there are still many things that need to be prepared for taking care of parents in retirement life as follows.

  • Financial planning for parents

Parents in their retirement life may have more expenses than other ages. Their body begin to deteriorate from work, so illnesses may take time to be cured which require a lot of expenses. Planning and preparing reserves in advance therefore are hugely important. The supports can be giving advice and helping each other look for long-term income after retirement early on. Small investments with a low level of risk in line with the age of the parents also work, too. The sooner we start planning our finances, the better. The more money our parents have, the more stable their retirement savings will be.

  • Raise the level of safety, extend the house to suit the parents’ age

Home is the place where your parents spend the most time in retirement life. Therefore, you should prepare and extend your home to be suitable for their increasing age to facilitate and reduce the risk of slip and fall accidents that may occur, for example, building a handrail in the bathroom is crucially necessary as it helps support them when walking and moving the bedroom to the ground floor of the house for them to avoid walking up and down the stairs and to reduce the risk of accidents.

  • Having life and health insurance can boost your confidence.

The older they get, the more easily they get sick. Each time they go to the hospital, it takes longer to heal than when they were still young. Children like us should make plans quickly and look for someone who can help reduce the risk of the expenses. Life and health insurance is another way to help reduce the future medical expenses. It's not just health coverage, but it also helps reduce the burden of room fees, medical expenses, medication fees, doctor fees and other expenses in the hospital. Whole life insurance also helps you be sure that on the day your parents outlive you, they will be able to live their normal and simple life as usual.

It can be seen that a breadwinner must have more strength than average people. They have to bear a heavy burden, including planning life in several aspects for themselves and their family in financial, physical and mental aspects, along with supporting themselves because we don't know whether there will be unexpected things happening in life tomorrow.

Therefore, getting life insurance is a main issue that breadwinners should pay attention to and buy it for the people they love. If you have to leave this world first, our people at home must be able to live their normal and simple life as usual.

Life insurance for a confident future
✔ Take care of your loved ones’ future with a stable guarantee
✔ Able to choose short-term or long-term premiums with long-term coverage until the age of 99 years
✔ Premiums start at hundreds Baht per month for the sum insured of millions. 
✔ As a promise to take care of each other forever

“Life partner” can be specified as the beneficiary of the life insurance.

Life insurance for a confident future and a stable guarantee for your loved ones from Mung Thai Life Assurance

Purchase today for up-to-6-month installments or cashback up to 13%.

More information
☑️ Call Tel. 1766, available 24/7.
☑️ Contact life insurance agent or Kasikornbank and Land and Houses Bank branches.

- Coverage conditions are as specified in the insurance policy.

- Underwriting is subject to the Company’s rules.

- Premium is eligible for tax deduction. Conditions are as specified by the Revenue

- Conditions are as specified by Muang Thai Life Assurance PCL and the banks.

- Please study the details of coverage, conditions and exclusions before making a decision to purchase insurance.

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