Do you have children below the age of 18? Do you want to track your family’s finances effectively? Do you want to secure your child’s tertiary education?
If you have answered ‘Yes‘ to at least two of the above, I highly recommend you read through this article to the end because I will be elaborating more on how you can achieve the goals you have said ‘yes’ to above—no need for masterclasses that you have to pay moolah for, this information is free for you!
For the best experience with this article, check if you have the MAE app on your phone. If yes, amazing, you are ahead in this class.
If not, just download it now on the App Store or the Google Play Store. This mobile app will help you to Save, Grow and Track your family’s finances.
Now, young padawan, are you ready to start?
Maybank Goal-Based Investment
Finances can be daunting when you start a family—or think about starting a family.
From short-term goals like pregnancy prep or family getaways to long-term goals like saving up for your children’s educational fund, make use of Maybank Goal-Based Investment to invest towards your goal.
The MAE app makes it easy to create and access financial simulations. Effortlessly guide yourself towards informed investments and track progress towards your financial goals.
Begin by creating a personalised portfolio tailored to you and your family’s unique needs.
Choose from a variety of Unit Trust funds based on your risk appetite, financial objectives and investment timeline. This flexibility allows you to construct a portfolio that reflects your individual preferences and goals, giving you the power to manage your investments on your terms.
On the MAE app, follow the steps below:
Quick Action > View All > Goal-Based Investment > Answer the questions to set up your risk profile > Select a goal > Answer a few more simple questions > Select desired goal > Select what applies to the goal > Key in goal deadline > Invest accordingly.
If needed, you can adjust your investment amounts to fit what you can afford (I know, I tried to ‘go big’ one time and was shocked at how much I needed to invest a month, and the figure was an amount I could not afford).
After that, set up your portfolio either by:
- Picking the available portfolios (recommended for newbies)
- Building your own portfolio (from Shariah-compliant to conventional ones)
If you do not have an account with Maybank, fret not!
Just open a Current or Savings Account on the MAE app. Then, you may easily use the Maybank Goal-Based Investment on the app too.
Kickstart your investment journey with a flexible RM200 minimum—you can start anytime, anywhere via the MAE app or M2U web. Plus, enjoy the freedom to add or withdraw funds at any time, without being tied down by a lock-in period.
This level of accessibility makes it incredibly convenient to start investing, allowing you to adapt and respond to your financial needs as your family’s needs evolve. These funds are also managed by professional fund managers.
Maybank Yippie/-i Savings Account
Personal finance doesn’t start when one starts work, it starts during childhood.
That is why it is so important to cultivate a good relationship and understanding of money with your children while they are still young.
Starting your child’s financial journey is easy and affordable with the Maybank Yippie/-i Savings Account, a child savings account that is available for children below 18 years old.
Open an account with just RM1 and watch their savings grow with profit rates up to 2.4%* per annum for the first RM1 to RM50,000 saved in this account.
Plus, both you and your child get free Personal Accident (PA)/Takaful coverage up to RM100,000** and academic cash rewards for excellent grades. Protected by PIDM up to RM250,000 for each depositor.
Applying for a Maybank Yippie/-i Savings Account online is quick and convenient, taking less than 10 minutes*** with the MAE app.
- Launch the MAE app and go to ‘Apply’ in the bottom right corner.
- Under ‘Accounts’, select ‘Yippie-i Account’ or ‘Yippie Savings Account’.
- Verify your information and fill in your child’s particulars.
- Take a photo of your child’s original birth certificate.
- Activate the account by transferring money into the account.
That is it! Channel funds regularly and your child through the MAE app as you can view the balance of that account under the Junior feature.
You can top up, set recurring payments, view statements and transactions, and edit the account name accordingly.
Just like that, your child will be on their way towards financial independence. For a more detailed review, click here.
*All interest / dividend rates quoted may change without prior notice. Please contact the nearest Maybank branch for the latest rates.
**Terms and conditions apply.
***Only applicable for existing Malaysian Maybank customers with a Current/-i or Savings/-i account holder with a Malaysian child. For those who are not Maybank customers yet and want this privilege to be extended to your children, just apply for a savings account via the MAE app first and then you can apply for a Maybank Yippie/-i Account. Terms and conditions apply. Please refer to Maybank Yippie/-i product page for more information here.
MAE Wallet
In recent months, there has been a lot of talk about the latest release of finance-related mobile applications.
Still, none has been as seamless for parents managing their children’s expenses in a cashless way as the MAE wallet.
The MAE wallet is a spending account that offers a convenient and secure solution for managing your child’s finances as it does not require opening a Maybank savings account, unlike other traditional banking services—and you can easily limit spending by setting a specific amount in the wallet.
You can now tell your children your home runs on a cashless system!
If your child is above the age of 12, they can have a MAE wallet set up on their mobile device via the MAE app.
Having a MAE wallet can teach your child about financial responsibility and learn the habit of saving and spending wisely, teaching them about the value of money.
For parents, there’s also an option for you to set a recurring top up, if preferred. This tool can be useful for allowances, for example.
You can conveniently top up your MAE wallet from your savings account, and easily make payments through this account.
The app’s detailed transaction history allows you to easily track your teen’s expenses, enabling you to keep an eye on what they spend—not physically, but virtually! Like, wait, did they just buy another Pokemon card—again? Just check their expenditure!
With a wide range of payment options within the app, MAE simplifies daily transactions and provides a hassle-free financial experience.
Remember, this account can follow your child from 12 years old until adulthood.
Parents can also track their spendings by using the Expenses feature to see the breakdown of their spends via your teens’ MAE app.
You can also easily transfer money over to their MAE wallet through Transfer, QR code or the Send/Request function.
Additionally, the MAE Wallet is Shariah-compliant, which provides peace of mind for all Muslims and ensures that all users can manage their finances effectively and ethically.
And there’s more good news!
New users can receive an RM10 instant bonus when they sign up for a MAE wallet using the code JOMMAE from now till 21 November 2024.
Learn more at https://maybank.my/signupmae. Terms and conditions apply.
Tabung
Have you heard of the Bahasa Melayu saying, ‘Sedikit-sedikit tekun, lama-lama menjadi bukit’? It means that if one saves even small amounts of money, they will eventually accumulate capital.
One way you can do so as a family is to create a Tabung through the MAE app.
Using Tabung, you can save solo for a personal goal (like a dream holiday) or together with your family members.
With Group Tabung on the MAE app, up to 5 people can work towards a shared dream, like a family vacation or a home improvement project. Start small—any goal can begin with just RM10!
This isn’t just about saving; it’s a fantastic way to teach your teenagers financial literacy. Teenagers (over 12 years old) with the MAE app can join your Group Tabung, collaborating and learning valuable saving habits as you work towards your goal together.
To start your Tabung, follow the steps below:
- Quick Actions > Tabung > Login > Tap on ‘Create Tabung’ > Fill in your goals accordingly.
Expenses
I have tried many types of expense tracker apps but after a maximum of one and a half months trying to track where my money is going, I just get too exhausted tracing and documenting.
However, it is so much easier using Expenses on the MAE app to track where my money goes.
There are three parts to Expenses:
- Comprehensive Money Management: The MAE app allows you to view, track, and manage all your finances on one platform, seamlessly tracking both incoming and outgoing transactions, including splitting bills and sending/receiving IOUs.
- Integrated Lifestyle Features: Easily order food, buy movie tickets, and plan outings, including playdates, directly from the MAE app, simplifying both planning and payments.
- Effortless Expense Management: Manage overseas transactions with ease using the MAE card and Cross-border DuitNow QR. The MAE app automatically categorises your spending, making budgeting simple, with manual logging available for missed expenses.
Get Your Family to Financial Freedom
Maybank’s Goal-Based Investment, Yippie/-i Savings Account, Tabung and Expenses features are crucial tools that will help you and your family get on track towards financial freedom.
It tells you what you can afford without being authoritarian, it makes saving fun and rewarding by offering you financial rewards along the way and it makes tracking your expenses so much easier so you can make informed decisions that will impact your family positively.
“The MAE app by Maybank helps families manage finances, track spending, and save for goals – all in one place! It’s like having a financial coach in your pocket.”
– Team Motherhood
What are you waiting for? Download the MAE app and begin to Save, Grow and Track you and your family’s finances now!
For more insightful stories and fun recipes, stay tuned to Motherhood Story!