How To Keep Your Finances Stupid-simple
In partnership with
Does thinking about money freak you out?
You get constant reminders from your parents and numerous pieces of advice from older relatives on how to manage your money.
But, where and how do you start? Perhaps you have even attempted to use a budgeting app but eventually gave up as its way too complicated to keep on track. Is there an easier option?
Use your ‘superpower’. If you are part of the younger generation of adults growing up surrounded by technology, use that to your advantage.
According to the Future of Money Study, young people today are already comfortable with getting computer-based advice for investing, saving and spending.
So, it’s a no-brainer to use computer-based solutions to start managing your money your own way!
Here are four ways to take control of your money without stressing out:
1. Automate your savings
Saving money takes time and effort.
Unfortunately, if you spend first and save later, we have bad news for you. You will struggle to save as you might have spent all your money.
Hence, the best way is to pay yourself first once you get your paycheck. How much should you save each month? According to professional money management expert and best-selling author Dave Ramsey, 10-15% of your monthly income would be a good start.
To make sure you never miss the allocated 10-15% of your monthly salary, set a recurring deduction from your salary account to your savings account. Voila! Sit back and watch your savings grow steadily.
2. Automate your investments with a robo advisor
Most people are left confused with the various investment advice they have heard, read or been given.
You are told to take risks, but not too much risk. You are told to diversify but never over-diversify. You read about an investor who lost all his money and there are investors who make millions out of it.
Here’s an easy way to dip your toes into investment: robo advisors. Like the name suggests, you would not be dealing with humans. You are investing your money using robots.
A robo advisor uses artificial intelligence (AI) to select investments, allocate and re-balance your investment portfolio automatically based on your risk preferences and financial goals.
If you lack the time and the expertise to invest, robo advisor platforms such as StashAway is all you need to get going. Take note that investments are best for the long-term and you should still do your own research.
3. Track your savings and spending automatically
Are you spending a big chunk of money on online streaming sites that you barely use? Are you shopping unnecessarily every month, as soon as your pay is in?
Let the computer do the tedious job of keeping tab on this and you can focus on getting to your goals instead.
Once you have a clear picture of where your money is going, it’s easier to figure out what you are doing right or wrong.
The big question is: How can you track every single detail every single day?
With financial apps such as HeyAlfred, all you need to do is download the app and let the app do the tedious work for you. This app can track every single detail, every single day.
For instance, if you plan to save RM1,000 for a holiday, the app will assess your finances and help find hidden savings in places you’ll never think to look.
By linking your bank accounts and e-wallets to this app, you can effortlessly keep track of every transaction you make. The app will even break down your spending into categories and makes it easy for you to see where you spend your money the most or the least.
4. Get help from a personal finance buddy online
Asking other people for money advice can be troublesome. If you are shy or uncomfortable to share something as personal as finance with your family or friends, all you need is Alfie. Alfie is an AI chatbot within the HeyAlfred app that dishes out tips and insights based on your own spending.
You can ask Alfie questions about your current account balance and how much you spent on bills last month. Alfie will even prompt you when it detects overspending, so you’ll always have someone to keep you in check.
Tracking your personal finance may not be the most exciting thing to do, but Alfie sure makes it fun. The chatbot will give you your bank statement in an easy form, make snarky comments (only if you need it!), and also respond in memes and gifs. It’s almost like chatting to a real friend.
What is HeyAlfred?
HeyAlfred is a chat-based, artificial intelligence (AI) app that helps users to stop wasting money and start making smart financial decisions. With your consent, the app will automatically sync your bank accounts, e-wallets, recurring bills and other assets and liabilities to provide you with personalised insights.
You will be able to interact with Alfie, the friendly AI that makes it all the more fun and interactive.
This is how HeyAlfred can make personal finance easy for you
The first of its kind in Southeast Asia, HeyAlfred uses bank-grade encryption to access your transactions data in a secure environment.
HeyAlfred helps by:
- Automatically syncing banking transactions
- Linking investment portfolios
- Expense tracking
- Simple budgeting tool
- Responding to your queries regarding your spending and balances