Thailand is currently facing various economic and social challenges, including high household debt, an ageing population, and multiple diseases that have disrupted many people's savings plans. Good financial skills will help provide a financial safety net, allowing us to care for ourselves and sustain our income in uncertain economic times. Today, we invite everyone to strengthen their monetary resilience and adjust their savings plans to overcome obstacles in their hearts and the economy, with 'savings insurance' as a coordinated savings aid.

Let's explore real-life examples of common hurdles that hinder our motivation to save effectively in line with our financial goals. Adjusting your savings strategy with the right insurance can help you overcome these internal barriers and pave the way to financial success.

Challenges in saving money from a lack of motivation

Unclear Money Saving Goals

A survey found that the most important motivation for saving money at every stage of life for Thais is having a clear goal for how the funds will be used in the future. The top 3 money-saving goals for Thais are primarily aligned with the current economic and social situations. The top goal is saving for emergencies or serious illnesses at 36.7%, then for retirement at 34.9%, and managing income and expenses seasonally at 9.4%. Therefore, simply setting clear money-saving goals allows us to continue saving towards those goals even during tough economic times when we may need to dip into our savings temporarily.

During a period when the economy is still uncertain about whether it will improve or worsen, having cash flow on hand may make many people feel more secure than putting money into savings or investments. If that money does not generate sufficient returns, people may not want to keep it tied up there for long. However, if we know how to make our savings grow significantly, it may interest many people to save money cautiously alongside careful spending during uncertain economic times.

Lack of savings option

There are many ways to save money. Some people may fail to save money because they do not like their methods and need to know which ones suit their saving. This dislike can be a big issue that can demotivate us from saving money, no matter our economic situation.

From the obstacle of saving, we can see that the economy affects our savings in many ways. Our savings may stop if we do not have a backup savings plan. Today, we invite you to adjust your money-saving plan to overcome obstacles in your heart and the economy with 'savings insurance', a well-planned savings assistant.

Insurance savings, or asset accumulation insurance, is a type of life insurance that provides life protection and the opportunity to accumulate money together through paying insurance premiums as specified in the policy. The policyholder will receive the accrued insurance fund and returns when the contract is completed. In the meantime, the beneficiary will receive compensation if the insured person passes away within the coverage period.

What type of savings insurance is suitable for the current economy?

-          The protection of life.

The key highlight of wealth accumulation insurance is the life protection for the insured, ensuring confidence that even when faced with unexpected events during tough economic times, the savings plan for loved ones will not be disrupted. The beneficiary will receive compensation from the insurance company according to the conditions.

-          Received a lump sum of money.

Don't worry if you save money through asset accumulation insurance. There will be no reserve when the economy is not good, or emergencies occur. Asset accumulation insurance can allow us to surrender the policy to withdraw money for use. Or if there is no need to save in asset accumulation insurance, it will help us have a large sum of money in the future. It is especially suitable for people with long-term financial goals, such as saving for education or retirement, and so on.

-          ่Opportunity to receive dividends

When we successfully apply for a life insurance policy with dividends with the insurance company, the insurance company will invest in various assets according to their investment policies or strategies after deducting the insurance premium paid and expenses. The dividends received each year will be calculated based on the investment returns declared that year, minus the insurance costs. These dividends will then be allocated to the policyholders according to the specified time frames of each insurance plan.

-          Tax Deductions

No matter what type of economy, we still have to pay taxes. Buying insurance with a coverage period of 10 years or more can reduce tax deductions, similar to investing in SSF-RMF funds, which can be used to reduce tax deductions up to 100,000 baht. This can help lighten our expenses while saving money.

When we understand how essential savings and insurance are during uncertain economic times, we invite everyone to adjust their old money-saving plans to include insurance. This can be done through the following methods:

Adjusting the savings plan with successful savings insurance.

-          Divide the proportion of savings from the salary

Savings insurance has a clear savings plan and pays insurance premiums annually. We can pay insurance premiums by credit card or set up automatic credit card deductions and pay with cash or deduct from a deposit account immediately. However, for those who are still concerned about paying annual insurance premiums and are afraid they won't be able to pay on time, we can use the method of dividing the proportion of savings to be used for insurance premiums from the salary and deduct it into the deposit account used for paying insurance premiums. For example, if we pay an annual insurance premium of 36,000 baht, the monthly payment would be 36,000/12 = 3,000 baht. Therefore, we will deduct money from the monthly salary of 3,000 baht for insurance premiums.

-          Create conditions

For those who enjoy competition but have yet to be successful in saving money, you may try setting goals and rewarding yourself. For example, set a goal to save money with a savings guarantee once, and upon success, reward yourself by buying a bag worth 10,000 baht, and so on.

However, saving money through savings insurance is a financial skill that helps us save successfully. But no matter what the economy is like now, having financial awareness when spending money is the most important thing. If we have a lot of savings but still have high expenses, our finances may also need help.