A new year usually spells new beginnings, new opportunities, and new goals to work towards. For a lot of you, that might mean asking yourself: "How do I finally get those 6-pack abs I said I would get last year?" Well, dear friend, I'm here to tell you… that I don't know.
But what I do know is that when it comes to crunching numbers, tracking deficits or surpluses in your finances, and working out what you need to hit your financial goals - I am an absolute beast.
So whatever your 2021 financial resolutions are, let me - DBS NAV Planner - help you become the most financially-healthy version of yourself, ever. So far, I've helped over 400,000 people do just that, and my personal goal for this year is to help even more.
Measuring your financial fitness
All pumped up and ready to go? Perfect. But let me remind you that your financial journey is a marathon, not a sprint. Before we get the reps in, we'll need to take a step back and first have a look at the current state of your financial health.
The best way to do this is to get a comprehensive view of all your finances, so that together, we can make better and more informed financial decisions down the road.
In case you missed it, the Singapore Financial Data Exchange - or SGFinDex - was introduced last year, allowing all Singaporeans to consolidate information from different bank accounts as well as the Central Provident Fund (CPF) Board, HDB and Inland Revenue Authority of Singapore (IRAS).
The good news is that you can connect to SGFinDex when you use me - DBS NAV Planner - to map out all your money, all in one place. With your consent, I can then analyse your financial data and offer deeper insights about your finances. From identifying gaps to suggesting solutions to close those gaps, SGFinDex allows me to better understand where you are - so I can help you get to where you want to be.
Now that we have a clearer picture of your finances, we can get to the next part of the financial exercise.
Beef up your protection plans
Just like with any other workout, safety always comes first. After all, if there's anything that 2020 taught us, it's that life can throw you a kettlebell out of nowhere - so you should always be prepared for the unexpected.
Data tells me that many Singaporeans are only covered for about 20 per cent of what they need in the event of a critical illness. As your personal financial coach, it's my job to remind you of the importance of having rock-solid, foundational insurance products that cover you and your loved ones adequately no matter what happens.
Don't fret, because I can do the heavy lifting when it comes to insurance as well. Simply key in your existing insurance plans from other providers, and I'll analyse all your plans to make sure that all your bases are covered - so you can focus on what's coming next: flexing your financial muscles and making them grow.
Turn your goals into gains
With these financial tips and with things starting to look up again in 2021, you might be thinking of making some big moves in your life. Whether it's settling down, saving up for a trip (one can always hope), or choosing to retire and enjoy more of life - you have to make sure you are financially ready to make those moves.
Goals are great and all, but what's more important is taking action and making sure you're on your way towards reaching those goals. With my goal-setting features, I can help you see if you're on track to reach your financial and personal goals.
Even if you're not, that's no reason to panic or give up on your resolutions. As I said, your financial journey is a marathon, and I am here to help you finish strong. I'll show you what you need, and the financial steps you can take to make your dreams a reality.
Set a new financial personal best
Ready to knock your 2021 financial goals out of the park? In the weeks to come, I'll share more tips and tricks on how you can do just that. In the meantime, here's a warm-up set for you to get the ball rolling.
For starters, you can start saving more by cutting back on your expenses. The easiest way to do that is to track your spending, which I - DBS NAV Planner - am a master at. I can give you insights about your expenses and calculate how much you spend on dining, transport, shopping, and more. So you know exactly what you can cut back on.
Once you've trimmed the fat when it comes to spending, you can then start working on building an emergency savings fund - consisting of three to six months of your monthly expenses. From there, the next step is to make your savings work harder for you.
One of the easiest ways to do that is to set up a high yield savings account - like DBS Multiplier* for example - that offers significantly higher interest rates compared to most ordinary savings accounts. Once you've grown your savings even more, you can then move on to heavier weights like investments, which - contrary to popular belief - doesn't have to be that difficult or risky.
With a Regular Savings Plan like DBS Invest-Saver, you can start investing with a consistent fixed sum every month. The fixed sum doesn't even have to be that big - it can be as little as $100 - but over time, and with the power of compounding, you can expect to see financial gains like never before.
This is DBS digibanking
Okay, all gym references aside, managing your finances and reaching your financial goals doesn't even have to be a workout - especially with me, DBS NAV Planner. With my smart features, mapping your finances for 2021 - and even decades down the road - becomes an effortless affair.
You'll have everything you need to reach your financial goals, and more, at your disposal. All you have to do is to lift a finger, literally, and I'll do the rest for you. If you want to see for yourself how easy it can be, you can find me in the "Plan" tab of your DBS digibank app.
Until we meet again, happy 2021 - and may you achieve all your goals for the year.
Brought to you by DBS NAV Planner
*T&Cs apply. SGD deposits are insured up to S$75K by SDIC.