Built into every FRANK Account and OCBC 360 Account is Money In$ights. It’s kind of like having a 24/7 personal accountant who does all the work of organising and categorising your spends, 365 days a year.
Analyze what you spend and compare yourself to peers. Thereafter, set your monthly budget by category of spends or lump sum spend limits.
CONSOLIDATE YOUR SAVINGS ACCOUNT AND CARD SPENDS
Consolidate your inflow and outflow of cash from your savings accounts and credit card spends with the FRANK Account, OCBC 360 Account and OCBC credit cards to get an accurate overview on the dashboard, instead of piecing together account statements and multiple receipts!
KNOW WHERE YOUR MONEY IS GOING
Analyse the Money Flow chart samples below to identify the spending and saving pattern that most accurately describes you.
Once you understand your spending and saving patterns, and can recognise the trends, you can make changes to your habits to improve the management of your finances.
The different types of savers and spenders
The steady saver
If your chart looks like this, you’re a steady saver. Your income is regular at $3k, and is always higher than your spending. This helps increase your total balance month after month. You may have made a big purchase in February 2017, but managed to get your account balance back on track again, showing you’re a disciplined saver.
If you look at it over a 12 month period, you’ve effectively saved $5,952, that’s $496 per month.
WHAT YOU CAN DO
An area to possibly improve upon is the yellow line (income). It’s not increasing over time. Many people get stuck in this rut as they are only focused on increasing savings.
You may want to consider low-cost investment options like the Blue Chip Investment Plan to possibly increase your wealth.
The big earner & saver
If your chart looks like this, you’re a big earner and saver. Your income is not ﬁxed, and can vary from $3k to $20k a month. Freelancers, commission-based sales staff and business owners tend to have such patterns.
You may have high spending in certain months but the income you create on months with low spending makes up for it.
If you look at it over a 12 month period, you’ve effectively saved $40,373, that’s $3,364 per month, pretty awesome!
WHAT YOU CAN DO
Your high earnings and low spending creates a high account balance.
Once you have amassed about 10x your monthly expenses to use as a safety net, you may want to consider investing the rest to make your money work harder for you.
The big earner & spender
If your chart looks like this, you’re a big earner AND a big spender. Your income varies from $6k to $20k a month. But you spend just as much, and in some cases more than your income for that month.
Because of this, you will find it hard to maintain or grow your balance in the long term.
WHAT YOU CAN DO
You may want to look at what and where you’re spending your money on. Are they necessary items? Does what you are spending on help you reach any of the goals you have set?
Each time you receive your income, you should set aside at least 20% of it for savings. Force yourself to stick to it and you’ll gradually see the brown line rise rapidly.
Get your money habits in order. move your finances to frank to know your money flow.
To access Money Insights, you must first have a FRANK / OCBC banking account.
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.