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6 ways personal financing can change your life

We've all got a few goals we'd like to achieve. Whether you're ticking items off your bucket list or opening a new chapter in life, more often than not, these goals will require some form of funding before you can get started. And that's where the purpose of personal financing is: it can be your ticket to follow those dreams, whether it's doing up your home, getting that PhD in London, or opening your own little cafe. Let's take a look at 6 ways you can use personal financing to live your best life.

1. Home improvement and renovations

Bought your dream house and want to turn it into a dream home? Whether it's hiring an interior designer and contractor to turn your vision into reality, purchasing bespoke furniture, updating & upgrading your kitchen, or DIYing a cool outdoor area on your balcony, personal financing can help you with that.

But it's not just huge projects: you can also use personal financing to fund some small (but much-needed) home fixes like re-tiling your bathroom, repairing a leaky wall or even painting the bedrooms. At the end of the day, this is your home. It's a place you should be comfortable in and proud of.

2. Wedding costs

Your wedding should be a highlight in your life that you'll remember fondly for years and years to come. From choosing a venue to saying yes to the dress (or tux), from customising the dinner menu and party favours for your guests to picking a wedding photographer, there are so many things to check off your to-do list before the big day. We know how important it is to ensure your guests are well taken care of as they arrive from near and far to celebrate your union.

Before you make any big decisions on what your wedding must include, it's a good idea to do a budget and decide how you'd like to allocate funds. Once you've done that, personal financing can help you to cover these expenses, so you won't be saddled with the pressure of having to pay for the nuptials upfront in cash. You'll be thankful for this option – wedding planning is already stressful enough!

3. Going back to school

Thinking of making a career switch armed with an MBA from a renowned business school? Or do you want to pursue that Master's degree in psychology, creative writing or law?

You may not immediately have the cash available to pay for the overall costs of a post-graduate degree (MBAs are pricey!), but if you've managed to get in to the school of your dreams after the challenging application process, then don't let that great opportunity slip away from you.

You can use personal financing to pay for your tuition, and if you're planning to do your post-graduate studies abroad1, it can also help you manage your living expenses – including air tickets for that annual visit home.

4. Learning a new skill

Maybe getting an academic degree isn't up your alley, but learning a new skill or honing your aspirations in a specialised field is. Want to become the next master chef by going to Le Cordon Bleu in Paris1 (or even its Kuala Lumpur campus) to earn a globally recognised Grand Diplôme? Or would coding school, leather or woodworking courses, and attending language school be more your jam?

For the aspiring chefs, a semester at Le Cordon Bleu doesn't come cheap - its stellar name and reputation come at a price. If you head to the original Parisian headquarters for the full experience, you might be looking at a price tag of €8,000 (RM38,734) for a 3-month pastry course and a cuisine course of the same length would set you back €11,000.

Once again, personal financing can help. You can get a whole new set of skills that could very possibly lead to a career switch so you can truly do what you love for a living.

5. Taking a sabbatical

Tired of the corporate rat race and need a bit of a breather? If you're feeling a little burned-out, this could just be the thing that would rejuvenate you and maybe even inspire you to find a new perspective or rediscover your passion.

Some companies offer sabbatical programmes after you've worked there for a sufficient length of time, but sabbaticals usually aren't paid. To manage your finances better as you take time off from work for your 'Eat, Pray, Love' moment, consider personal financing to take care of your expenses during the sabbatical.

6. Consolidate your debt

Bonus tip: it's not just goals or aspirations that personal financing can help with; it can also go a long way towards managing your other debt. Rolling all your various debt into one will make it easier to keep track of and pay if off.

Personal financing might have lower profit rates, too. So if you're facing a huge credit card bill, it might be a good idea to use personal financing to pay it. You'll be able to save a lot of money on profit rates, and you'll be able to pay off your debt much faster.

There are so many things you can use personal financing for, whether it's to achieve goals, fund your own start-up, or to make your dream home or dream wedding a reality. That's where HSBC Amanah Personal Financing-i comes in. With a low flat annual rate starting from 7.5% p.a. to 12.5% p.a. and payment period of up to 7 years2, it could be an ideal way to manage your finances and put your plans into action.

1A non-resident of Malaysia is allowed to borrow in ringgit from a resident to finance real sector activities in Malaysia. Activities that don't fall under the list of real sector activities in Malaysia to be carried out by non-residents require prior approval from Bank Negara Malaysia (BNM).

2HSBC Amanah Personal Financing-i terms and conditions apply.

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