Simpan SSPN for our children’s future and tax relief up to RM8,000 for Assessment Year 2025

Simpan SSPN for our children’s future and tax relief up to RM8,000 for Assessment Year 2025

How much do we need to save for our children’s tertiary education?

Well, if they are able to score 10As in SPM, then the place in a local university is guaranteed. Fees would thus be very cheap and it’s covered by PTPTN which means as parents we just need to provide enough funds for rental and food. Else, fees are still really affordable as this is subsidized by the government. Total fees could be as low as below RM10,000 too. However, if we are to wait until after SPM to know for sure whether they could get a place in the local university, that could be too late to start saving then.

Small Savings can also become a Hill of savings (skit-sikit lama-lama jadi bukit)

So, if we are able to save RM100 per month when our baby was born, that’s RM1,200 per year or RM20,400 by the time they are 17. Double that and we will get RM40,800 when they are 17. We have yet to factor in the dividends from the SSPN savings. Probably just add in an extra 30 percent as a conservative number? RM40,800 x 30 percent at the end of 17 years =886.429 weeks RM53,000. Depending on the private university we enter, this RM53,000 should be sufficient for fees alone.

Some affordable private university options as below:

Tunku Abdul Rahman University of Management and Technology (TAR UMT)’s fees are around RM10,000 – RM18,000 per year.

Management and Science University (MSU). Tuition Fees: From MYR 15,000 per year.

UTMSPACE. (Universiti Teknologi Malaysia). Tuition Fees: From MYR 15,000 per year.

SEGi University and Colleges. Tuition Fees: MYR 18,000 per year.

Source for above fees: studymalaysia.com

Do read the below to understand the SSPN incentives.

Article in mstar.com.my “Justeru, saya menyeru kepada masyarakat Malaysia untuk membuat pembukaan akaun atau penambahan deposit Simpan SSPN sebelum 31 Disember 2025 agar berpeluang menikmati insentif pelepasan taksiran cukai pendapatan sehingga RM8,000 setahun bagi tahun taksiran 2025.

“Ia merupakan insentif istimewa kepada pendeposit Simpan SSPN yang memberikan kelebihan berbeza berbanding produk simpanan lain di pasaran selain menikmati pelbagai manfaat lain yang ditawarkan,” tambah beliau.” Article in mstar.com.my

Degree is not needed, delivery riders can earn thousands

It’s a fact that a fresh graduate may not earn as much as a delivery rider. Even engineering graduates may start with RM3,500 per month but a hardworking rider can earn higher salaries per month. The catch is this. The same delivery rider may not double their salary because they are trading time for money. Everyone has the same amount of time and anyone trying to do more than normal every day for many months would soon face potential danger.

However, any fresh graduate, if they could show good performance could be promoted and there’s no limit to where they could go. Actually there’s no ceiling to the salary they could earn. What they will be providing is their expertise, their experience and their leadership in companies. These are all traits which could not be replaced easily.

Do they need a degree for this? Well, actually a degree merely qualifies them for the interview. After that all would rely on them. Now, without a degree however… the person may not be called for the interview which requires a degree as minimum entry…

Happy understanding and start saving please.

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