Protect Your Income
There are various ways to protect your income. Having an emergency fund is one of them. You can keep yourself out of abrupt financial trouble, large or small, as these unplanned expenses often feel like they hit at the worst times. Like home or car repairs.
Setting up a dedicated emergency fund through savings is a good way to ensure you have access to funds without disrupting any of your other savings or income. Your emergency fund should be enough to cover three months of expenses. However, the longer the duration the better.
Another form of income protection is to participate in takaful products. TBK’s protection plans provide various products to help you in the event of total or permanent disabilities that prevent you from earning income, large medical expenses or even death. It’s important to understand you have to be very prepared for uncertainties, no matter how uncomfortable the topic may be.