SAVING for your children’s future education is a top priority for many parents.
With rising education costs, starting a savings fund early can ease financial pressure later.
Not all parents have the same financial capacity, especially when juggling daily and family commitments.
Nor Hafizah (second from right) together with her family. The lecturer began saving in 2020.
For accountant Muhammad Ridhwan Ab Latif, 39, saving for his children’s education began modestly — with just RM100 a month into his child’s Simpan SSPN account.
Even the Raya money received by his children during the recent Syawal celebrations was deposited into their Simpan SSPN accounts due to the many benefits offered by the scheme.
These include income tax relief of up to RM8,000 per year, takaful protection for depositors, a free Matching Grant of up to RM10,000 for eligible families, competitive dividend rates, government-guaranteed savings and full Shariah compliance.
Ridhwan began saving monthly six years ago through a Simpan SSPN account, which he opened upon the birth of his first child in 2019.
“When I had my first child, I immediately thought about saving in Simpan SSPN for their education.
“So when I had my second and third children, I went ahead and opened accounts for them too, allocating the same RM100 monthly for each,” said the father of three, whose children are now aged one to six.
He also channels any extra income, including salary bonuses, into these savings.
“I truly prioritise my children’s Simpan SSPN accounts. You could say they’re my top priority.
“Other expenses like monthly spending, I’ll adjust depending on the situation.”
Muhammad Ridhwan’s commitment as a Simpan SSPN depositor paid off when he won a Yamaha MT09 motorcycle through the Cabutan WOW! Simpan SSPN 2024, a campaign under the scheme.
“I consider this a blessing. When I started saving, it was genuinely for my children’s education. I never expected to win a prize in this draw,” he shared.
Ridhwan never expected to win the Cabutan WOW! Simpan SSPN 2024.
Shared responsibility, shared rewards
Another depositor from Bukit Mertajam, Penang, Nor Hafizah Zulkipli, 43, began saving under the Simpan SSPN scheme around 2020.
After learning about the income tax relief incentives for Simpan SSPN depositors, the lecturer opened accounts for her two children, now aged 14 and 17.
To simplify their monthly savings process, she shared the responsibility with her husband, an engineer at an automotive manufacturing company.
“My husband saves for our first child, and I save for the second.
“Every year we make sure to save consistently until we reach RM8,000.
“Our saving method isn’t fixed to a particular amount. Sometimes we deposit RM1,000 in one go, other times RM500,” she explained.
“I save bit by bit for the children consistently and have enjoyed many benefits...but the most unexpected was winning the Cabutan WOW! Simpan SSPN 2024,” said Nor Hafizah, who took home RM20,000 in cash.
She said the prize money was split between her two children and deposited into their Simpan SSPN accounts.
Gong Xi Raya campaign
PTPTN is currently running the Cabutan WOW! Gong Xi Raya Campaign, which began on Jan 1 and runs until April 30, offering total prizes worth over RM200,000 to 130 winners.
Opening and topping up Simpan SSPN accounts can now be done online more easily, quickly and securely via the myPTPTN app.
