How to Avoid Common Mistakes When Planning Your Finances

Everyone wants better finances — but it’s easy to blur and make mistakes

Let’s be real: In Malaysia, everyone wants to “save more”, “invest smarter”, or “prepare for the future”.

But with so much info online, it’s easy to get confused, follow the wrong trend, or simply do nothing.

Here are some of the most common mistakes Malaysians make when planning their finances — and how you can avoid them.

1. Not having a clear financial goal (just “saving for the sake of saving”)

Many people put money in the bank, ASB, Tabung Haji, or even crypto — but ask them “What’s your goal?” and the answer is always,

“Just save only lah, see how first.”

Why it’s a problem:

If you don’t know what you want (house, kids’ education, retirement), it’s easy to get distracted, cash out too soon, or chase “hot tips” without a plan.

How to avoid:

List down your short-term, mid-term, and long-term goals.

Work backwards: “How much do I need for X by age Y?”

A certified advisor on ZiggFin can help you map this out — no more guesswork.

2. Ignoring protection (thinking “bad things won’t happen to me lah”)

Many people see insurance or estate planning as “waste money” — until something happens.

Why it’s a problem:

One accident, illness, or even job loss can wipe out years of savings.

How to avoid:

Don’t just focus on investments — check if you have basic protection (medical, life, income replacement).

A real advisor will help you balance between “grow” and “protect”.

3. Not checking if the “advisor” is certified

There are a lot of so-called financial “experts” out there — but not all are licensed.

Why it’s a problem:

Taking advice from unlicensed people may lead to wrong choices, losses, or even scams.

How to avoid:

Always check credentials. On ZiggFin, every advisor has a verified badge and clear profile, so you know they’re legit before you listen.

4. Chasing trends and tips, not a strategy

Sometimes friends recommend “sure win” investments, or you see someone flexing their gains on social media.

Why it’s a problem:

What works for others may not suit your needs or risk level.

Trendy doesn’t mean right for you.

How to avoid:

Focus on your plan, not other people’s stories.

Use ZiggFin to find professionals who listen to your needs, not just promote the latest product.

5. Not reviewing your plan regularly

Set and forget? Not so fast. Life changes — so should your plan.

Why it’s a problem:

Your plan for a single, 25-year-old isn’t right when you’re married with kids or close to retirement.

How to avoid:

Review your finances at least once a year.

A good advisor checks in and updates your strategy as your life changes.

Summary — Planning your finances doesn’t have to be scary (or confusing)

It’s normal to make mistakes — the key is to learn and keep improving.

• • Set real goals
• • Balance protection and growth
• • Check credentials
• • Focus on your needs
• • Review regularly

With the right support, you can avoid costly mistakes and move towards your financial goals, step by steady step.

Want a smoother financial journey? Start with ZiggFin

✅ Find certified, trusted advisors

✅ Get a plan based on your needs, not just trends

✅ Review and improve, no pressure

Start your search at www.ziggfin.com

ZiggFin: Helping Malaysians avoid mistakes and build real financial confidence.