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Excellent news for Singapore: SGFinDex now formally consists of insurance coverage knowledge, which implies that you and I are lastly capable of handle our financial institution accounts, CPF, HDB, IRAS, CDP investments and insurance coverage insurance policies all inside one place. To take action, you’ll want an software, and the one I personally use essentially the most is OCBC Monetary OneView. Right here’s how one can take advantage of out of it, like I do.
It’s no secret that I’m an enormous fan of SGFinDex. In any case, it’s due to this that I used to be lastly capable of ditch the Excel sheets and see all my bank accounts in one place last year. And though I’ve identified this was coming for a while, I’m glad I can now discuss publicly about the latest addition of insurance data to SGFinDex – a huge breakthrough that was announced by the Monetary Authority of Singapore (MAS) late final yr.
In case you haven’t been following, SGFinDex is the world’s first public digital infrastructure that allows people such as you and I to securely entry – by way of Singpass – our monetary data held throughout totally different authorities businesses and monetary establishments.
Due to SGFinDex, now you can skip the handbook work and let know-how do it for you. Nevertheless, you’ll want an software with the intention to profit from SGFinDex. Whereas the totally different banks and monetary establishments are preventing to construct the greatest app to win market share, my favourite for now is still OCBC Financial OneView.
OCBC Financial OneView – a monetary planning instrument present in your OCBC Digital app – is without doubt one of the enhanced cell functions that you should utilize to sync with the improved SGFinDex proper now, to get a way of your general monetary knowledge throughout all of the totally different authorities businesses and monetary establishments. It also happens to be my personal favourite as a result of I’m a sucker for the gorgeous UI design, which makes for excellent screenshots on my weblog and social media.
With OCBC Monetary OneView, you possibly can leverage the ability of SGFinDex to take again possession and management of your funds, as now you can consolidate, plan forward, observe targets and even get personalised insights.
In my case, I take advantage of the app every month to test on the next:
- Are my belongings rising over time?
- Are my money owed or mortgages decreasing / manageable?
- Did I overspend on my bank cards in my final invoice assertion(s)?
- Are there any upcoming insurance coverage premiums that I must pay?
- How a lot am I spending on insurance coverage this yr?
- Is there an upcoming insurance coverage coverage fee due that I’ll have neglected?
- How has my SGX portfolio allocation modified on account of risky inventory worth actions in latest months?
- Am I on observe to hitting my 1M65 CPF goal?
- Am I optimising my SRS funds?
These are pertinent questions you could undertake for your self to watch your monetary well being identical to how I do.
On this article, I’ll present you the way I take advantage of the app to verify I’m at all times on observe, financially.
Handle every thing in a single place with OCBC Monetary OneView and SGFinDex
The fruits of SGFinDex could be ineffective with out a highly effective software to make sense of all that knowledge, and my alternative right here is OCBC Monetary OneView.
The most effective half is, the instrument is free to make use of for all OCBC clients.
Which ought to just about describe virtually each Singaporean, or not less than, each Funds Babe reader as a result of the OCBC 360 account was one of many first few I advisable most of you to open since I began this weblog in 2014 (the account made its debut only a yr earlier than this weblog was born).
In case you’ve already used it earlier than, all you must do is to sync to replace your newest month balances. But when that is your first time utilizing, you’ll first want to attach your newest knowledge with SGFinDex (see how here).
I’ll cowl the beneath steps for these of you who’ve but to sync your insurance coverage knowledge, since that’s the brand new growth.
Step 1: Join your insurance coverage knowledge
Begin by tapping on “Your Monetary OneView”.
Choose “Handle” (on the prime proper nook).
Alternatively, scroll to the underside of your abstract web page and select “Add or take away” portion so as to add your insurers.
Choose “From SGFinDex” so as to add the insurers that you’ve insurance policies with.
Be aware: You’ll need to manually login to every of their portals with the intention to join and sync the info over, so this may increasingly take some time relying on what number of totally different accounts you may have.
Step 2: Replace your monetary knowledge with SGFinDex
Subsequent, sync to replace your newest month balances throughout the totally different insurers, banks, CPF, IRAS, HDB and SGX CDP.
(Be aware: You’ll need to refresh your reference to SGFinDex each month with the intention to retrieve your newest knowledge, since our funds are in a relentless state of change.)
If that is your first time, check out my previous article here on how to connect with SGFinDex.
Now that you’ve a view of your newest knowledge, congratulations, you’re able to handle it.
Let me present you the way I do it every month.
1. Examine in your belongings vs. loans
Each month, I’ll sync my knowledge so I can test on my belongings and what I owe.
What I’m looking for right here consists of:
- Are my belongings rising?
- What my short-term money owed (bank cards) did I incur this month, and have they already been paid?
- Are my long-term debt (a mortgage) repayments nonetheless manageable on this period of rising rates of interest?
In fact, there are nonetheless some limitations that I nonetheless can not use SGFinDex to trace for now. Proper now my listing consists of:
- My money and stuck deposits held in different banks (e.g. CIMB)
- My equities / securities custodized with different brokerages, which don’t sit in my CDP (particularly for US and HK shares)
- My investments in robo-advisors
I’m hoping these will ultimately get added into SGFinDex, However until then, the excellent news is OCBC Monetary OneView instrument means that you can manually add your money holdings (in different banks) for larger readability and fuller image of your funds.
Merely return to Step 1 and choose “Guide entry” so as to add what you may have within the different banks (and even your piggy financial institution financial savings).
2. Examine your bank cards bills
Within the earlier step, I already noticed how a lot I’ve spent throughout all my bank cards.
To trace how a lot I’ve spent on every card final month, I’ll then click on on the “Merchandise” overview on my app. This helps me to trace my general spending patterns, in addition to function a reminder to test whether or not I’ve paid off my bank card invoice.
By monitoring this month-to-month, I’m capable of spot if there are some months the place I’ve spent greater than I usually do, and align again to the foundation trigger (often as a result of insurance coverage premiums had been due in that month, or we went on a household vacation).
Be aware that when you have bank cards from an issuer that isn’t a part of the SGFinDex accomplice community, then that will likely be a spot that you just’ll should deal with individually by yourself…for now. In my case, my CIMB bank card warrants separate consideration, because it doesn’t present up right here.
Now that I’ve reviewed my credit score spending and am glad with the well being of my bank cards for the month, I am going on to test on the standing of our insurance coverage.
3. Monitor your insurance coverage premiums
Certainly one of my greatest fears entails insurance policies lapsing as a result of we forgot to pay the premiums. Fortunately, the newest from SGFinDex now permits me to lastly (!) see most of my insurance coverage insurance policies on OCBC Monetary OneView.
All of our youngsters’ insurance coverage insurance policies are underneath my identify, so with this, I’m capable of observe how a lot I’m paying yearly and get reminders when any upcoming premiums are due.
Now you can observe your insurance coverage premiums, each individually for every coverage and the gross whole of what all your insurance policies price you.
Want extra particulars on a specific coverage? Merely faucet on it to view – this protects you the effort of getting to log into the insurer’s web site or app individually if you simply need to see a fast overview of what you may have!
When you have insurance policies with different insurers who will not be within the SGFinDex community, you’ll should proceed monitoring them individually. Sadly, this implies I’ll nonetheless have to trace my FWD insurance policies with my Excel spreadsheet for now.
Psst, whereas getting the OCBC workforce to overview this text for factual accuracy, they instructed me that they’re engaged on constructing the flexibility for customers to manually add another insurance coverage that they’ve, so that may go stay quickly!
P.S. If it helps, I’m currently using this for consolidating and sharing our family’s insurance policies with my husband.
Assessment your protection gaps
In fact, when you’re unsure whether or not you’re adequately insured, you should utilize OCBC Monetary OneView to assist spot any protection gaps and see what they advocate for you, based mostly in your annual earnings.
For example, earlier than I synced all my insurance coverage knowledge over, it recognized that I might need a spot for Crucial Sickness:
and thus advisable me these plans:
This additionally makes for simpler common evaluations together with your partner and/or monetary advisor, and equips you with extra data when listening to your FA’s suggestions on what to purchase.
In mild of the inflationary surroundings we’re in, please ensure you’re effectively protected towards your greatest monetary dangers!
4. Examine your CPF balances
My CPF is my security nest for retirement, so I began making voluntary top-ups in my mid-20s and continued that apply till now. Since hitting the Basic Retirement Sum 2 years ago, I’ve gone on to hit the Full Retirement Sum earlier this yr.
I wish to test on my CPF balances to verify I’m on observe to reaching 1 million by 65 (examine the 1M65 strategy here).
Prime up your CPF straight from OCBC
A few months ago, OCBC became the first bank to enable Singaporeans to make CPF top-ups directly using their OCBC app. As somebody who has been doing this manually for the previous few years, I can let you know, this has made my life a lot simpler.
P.S. In case you haven’t already executed your CPF top-ups for this yr, ensure you do it earlier than the yr ends if you wish to qualify for tax reduction!
And that’s it!
As soon as I’ve synced with SGFinDex, doing the above overview of my monetary well being takes me just some minutes on OCBC Monetary OneView every month.
Get your monetary life underneath management
I’ve been utilizing OCBC Monetary OneView with SGFinDex because it was launched, and do lots of my monetary monitoring with the app. That is vital to make it possible for I’m on observe to hitting my life targets, together with retirement and for my children.
In case you’ve not already been utilizing it, you then’re actually lacking out!
Begin by planning to your life targets utilizing OCBC Financial OneView, then guarantee you may have a plan to get there. Alongside the way in which, you possibly can obtain and make use of the monetary planning ideas personalised for you by the app, so that you could make better-informed selections in terms of your funds.
Everyone knows the significance of monetary planning, however beginning your plan and usually reviewing it was a tedious chore. Not anymore.
Due to SGFinDex and OCBC, planning and monitoring your progress every month is now a lot simpler.
I hope that having walked you thru how I personally do it, now you can replicate the identical and acquire that confidence to benefit from the current…with out having to fret about this “must-do however not executed but” duty that lingers in the back of your thoughts. It’ll now simply take you a few minutes!
TLDR: use OCBC Monetary OneView like I do to:
- Plan to your monetary targets
- Monitor your belongings vs. money owed
- Be sure you don’t exceed your bank card bills
- Maintain observe of your insurance coverage and get fee reminders for upcoming premiums
- Assessment your protection and plug any safety gaps in time
- Be sure that you’re on observe to hitting 1M65 in your CPF
OCBC Financial OneView was not too long ago acknowledged on the newest 2022 World Retail Banking Innovation Awards (GRB Awards), profitable Best Cellular Banking Initiative for OCBC Financial institution.
The most effective half is that the app is free, so what else are you waiting for?
Disclaimer: It is a sponsored submit written in collaboration with OCBC. I’ve been utilizing OCBC Monetary OneView ever since SGFinDex enabled me to attach all my knowledge throughout the totally different monetary establishments, and personally skilled the progressive modifications to the instrument made since then, which has helped me get much more readability and management alone funds. All opinions on this article are that of my very own.
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