Family Financial Advice
Logajothi Sivaras a financial consultant shared about how family can manage their finances to avoid falling into a financial crisis
By Tirishini Nair
Tips to have a clearer saving plans
​
1)Emergency fund. This fund is important and it is a must have, because it should be able to accommodate the family needs for at least 6 months.
2) Plan savings based on short term and long-term objectives then get the right platform to save or invest on
3) Source of income is important as well. As mentioned previously it is not necessary for both husband and wife to work to have enough family savings, however every family should have more than one source of income.
​
These three tips will be the best advice Loga would give for families out there so they do not fall in any family financial crisis. However, if a family is already going through a tough time and facing financial crisis then there is a way to come out of it as well. Loga strongly suggest people to seek an advice from a Financial Consultant to assist on how they can overcome the situation. “Don’t Panic, look for solution” is Loga’s main advice.
Logajothi Sivaras, financial consultant
Tips to Overcome Financial Crisis
​
1) Try to check on your income and expense, list down what are your needs and wants. If possible try to cut down on your wants to reduce some expense there.
2) If you have loans or insurance, speak to the respective financial institution to restructure your loans or insurance plans to a lower commitment for time being
3) Look for a side hustle and seek any job for now till things get better. These days even selling nasi lemak can provide you a good side income.