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Are you afraid of money?
You receive constant reminders from your parents and lots of advice from older parents on how to manage your money.
But where and how do you start? Maybe you even tried to use a budgeting app, but eventually gave up because its path was too complicated to stay on track. Is there a simpler option?
Use your “superpower”. If you’re part of the younger generation of adults growing up surrounded by technology, use it to your advantage.
According to Study on the future of money, today’s youth are already comfortable getting IT advice for investing, saving and spending.
So it’s a no-brainer to use IT solutions to start managing your money your way!
Here are four ways to take control of your money without stressing:
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 be hard pressed to save because you may have spent all of your money.
Therefore, the best way is to pay yourself first once you receive your paycheck. How much should you save each month? According to professional fund management expert and best-selling author Dave Ramsey, 10 to 15% of your monthly income would be a good start.
To make sure you never miss 10 to 15% of your allocated monthly salary, set up a recurring deduction from your salary account on your savings account. Here is! Sit back and watch your savings grow steadily.
2. Automate your investments with a robo advisor
Most people find themselves confused with the various investment advice they have heard, read or given.
You are told to take risks, but not too much. You are told to diversify, but never to diversify too much. You read about an investor who lost all his money and there are investors who make millions.
Here’s a simple way to immerse yourself in investing: robo advisers. As the name suggests, you wouldn’t be dealing with humans. You invest your money using robots.
A robo advisor uses artificial intelligence (AI) to select investments, automatically allocate and rebalance your investment portfolio based on your risk preferences and financial goals.
If you lack the time and expertise to invest, robo advisor platforms such as StashAway is all you need to get started. Take note that investments are the best in the long run and you should always make your own research.
3. Automatically track your savings and expenses
Do you spend a lot of money on online streaming sites that you barely use? Do you make unnecessary purchases every month, as soon as your salary is paid?
Let the computer do the tedious job of keeping an eye on this and you can focus on your goals instead.
Once you have a clear idea of where your money is going, it is easier to determine what you are doing right or wrong.
The big question is: how can you keep track of every detail every day?
Download the app
With financial applications such as HeyAlfred, just download the app and let the app do the tedious work for you. This app can track every detail, every day.
For example, if you plan to save 1,000 RM for a vacation, the app will assess your finances and help you find hidden savings in places you will never think of.
By linking your bank accounts and e-wallets to this app, you can easily track all of the transactions you make. The app even breaks your expenses down into categories and lets you easily see where you spend your money the most or the least.
4. Get help from an online financial partner
Seeking financial advice from other people can be embarrassing. If you are shy or uncomfortable sharing something as personal as finances with family or friends, all you need is Alfie. Alfie is an AI chatbot within the HeyAlfred app that offers tips and ideas based on your own spending.
You can ask Alfie about your current account balance and how much you spent on invoices last month. Alfie will even warn you when he detects excessive spending, so you will always have someone to keep you in check.
Keeping track of your personal finances may not be the most exciting thing to do, but Alfie makes it fun. The chatbot will give you your bank statement in a simple form, will make sarcastic comments (only if you need it!), And will also respond with memes and gifs. It’s almost like chatting with a real friend.
What is HeyAlfred?
HeyAlfred is a cat-based artificial intelligence (AI) app that helps users stop wasting money and make smart financial decisions. With your consent, the application will automatically synchronize your bank accounts, e-wallets, recurring invoices and other assets and liabilities to provide you with personalized information.
You’ll be able to interact with Alfie, the friendly AI that makes it all the more fun and interactive.
Here’s how HeyAlfred can make your personal finances easier
The first of its kind in Southeast Asia, HeyAlfred uses banking-grade encryption to access your transaction data in a secure environment.
HeyAlfred helps by:
- Automatic synchronization of banking transactions
- Link investment portfolios
- Expense tracking
- Simple budgeting tool
- Answer your questions about your expenses and balances
Download HeyAlfred and don’t worry about your finances anymore!
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