Finance, Savings

Financial Series #2: Your Financial GPS (DBS)

Financial Series #2: Your Financial GPS (DBS)
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Your Financial GPS

 

Not too sure about managing your own finances? Then you might want to check out DBS’s first holistic digital financial advisor that allows you to manage your finances and plan your financial goals online.

This digital platform is now available to all DBS/POSB customers via DBS/POSB iBanking and digibank apps. This service is an extension of DBS’s financial planning initiative “NAV – Your Financial GPS” which helps you to navigate through your financial journey.

When I first got to know about financial planning, I just thought it was highly-confusing and unnecessary. At the back of my head, I figured that as long as I save diligently and do not have to worry about my finances. However, over the years, financial planning is not only about saving but also investing. Why save so hard and life so frugally when there are ways to make your money grow?

SAIL

The SAIL journey by Your Financial GPS

Your Financial GPS tries to simplify financial planning by using this simple concept called  ‘SAIL”, – Saving, Assurance, Invest, Life Goals – to identify coordinates on a customer’s financial journey so that they can course correct with ease.

 

What Your Financial GPS can do for you?

 

Your Financial GPS on the digibank app  Your Financial GPS  Customisable expense categories in Your Financial GPS

Credits: DBS Singapore

1) Provide an overview of your transactional activities

With just a few clicks, you will be able to have an overview of your income and expenses across a variety of categories (e.g., food, transport, and bills). From the information garnered, you will be able to set budgets and learn how to optimize your money. There’s even an option for you to add any non-DBS/POSb expenditure to your overall spending.

 

2) Offers financial insights and advice

From the quick snapshot of your SAIL status, you would be able to see if you are on track to reach your financial goals. From your current financial profile,  the digital advisor can offer a tailored financial advice just for you. For instance, if you are saving to buy a home, the advisor will propose an ideal saving amount and offer advice on what are the steps you can take to purchase your first property.

YourNAV Community by DBS

In addition to the new digital advisor, DBS will also be introducing a community forum that allows you to ask questions, seek answers and share tips related to money management and financial planning.


It’s overall a very user-friendly platform for anyone to use, especially those who are new to financial planning. At the moment, this service is only offered to DBS/POSB customers so if you have savings account from other banks; you might not be able to have access to this service.

Have you tried out Your financial GPS by NAV? What do you think?

More information, visit NAV website.

 

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