Now that we’re more than halfway through 2021, how are you guys doing with your wealth plans that you had set at the beginning of the year? Or have you simply been stagnant all this while? If you’re stuck, here’s a tip, for the best way to making long and lasting change is to:
Start by taking baby steps, and make wealthcare a HABIT.
I’ve previously written about why this is so important – check out the article here if you missed it.
In this era of technological tools, one of the easiest, fuss-free ways to do so would be to download a finance mobile app that can help you form the habit of wealthcare. If you don’t already have one, check out Hugo – a Singapore-based digital saving account that helps you to manage your finances and invest your savings effortlessly.
I’ve been using the app – which comes with my very own Hugo Platinum Visa Debit Card – ever since its launch, and truly appreciate how it helps me to save and invest my spare change, so here’s my review of the Hugo app! Instead of doing it physically, everything is automated and done through the app for me. Known as Roundups , this feature rounds up my spending to the nearest dollar and my spare change gets automatically swept into your Gold Vault where it is invested as gold, to accumulate and hedge against inflation.
Here’s how I’ve been personally using it:
- I set up a recurring transfer to give myself a monthly allowance by transferring $500 into my Hugo Account at the start of each month
- For retail purchases in physical stores, I simply tap to pay with my Hugo debit card (it works just like any Visa contactless card would)
- I also use the card to pay for food delivery and shopping online, having loaded the card details into my app / frequently-visited merchant websites like Shopee and RedMart
Check out my user demonstration video of the app here, or a day out with Hugo on my Instagram page here.
Every transaction gets recorded in the ledger on your Hugo app, with notifications as well. You can tap on each transaction record to add your own notes, such as even uploading a receipt if you need to.
This can also be ideal for those of you thinking of giving your kids/parents a Hugo Account + card where you can load their spending allowance each month (without worrying about them busting the budget!) and track where they’re spending at. Avoid a scenario of your kids spending thousands of dollars on online games, merchandise or even mystery boxes!
Without me having to do anything, Hugo has helped me to save and invest my spare change in my Gold Vault. Check it out here:
For instance, just imagine how much spare change Hugo can stash aside for you on an average day on just food alone:
- Breakfast at Ya Kun: $4.80 (roundup $0.20)
- Lunch at a hawker centre: $4.50 (roundup $0.50)
- Afternoon kopi: $1.80 (roundup $0.20)
- Dinner cai png: $3.50 (roundup $0.50)
- Ice-cream sundae at McDonald: $1.70 (roundup $0.30)
Total Roundups = $2.70
When you accumulate that kind of spare change regularly with each day of expenses, Hugo helps you to snowball it into a sizable amount without you having to deal with the hassle of loose coins in your pocket.
What’s better is that Hugo doesn’t let it just sit in your (digital) account as cash – it helps you to invest it into gold so that the value of your money doesn’t get eroded by inflation. What’s more, you can even buy, sell or save your money in gold in any amount that you want, from as little as S$0.01!
Just imagine: your daily $2.70 Roundups x 365 days = $985.50 of gold in a year.By simply doing what you already do every day (spend, save and invest your loose change), every small action (or cents) adds up in your Gold Vault.
But…is Hugo safe?
I was probably more skeptical than most of you are, which is why it took me several months to write this post – I was questioning the Hugo team on the safety and security features before I was willing to put in my own money in it.
You’d be glad to know that:
- Money in your Hugo account is safeguarded and ring-fenced by DBS Bank. No matter what happens to Hugo, your money will still be there in DBS.
- Your gold is insured and securely stored in an LBMA-accredited vault located in Singapore. Technical details: Hugo’s Gold Vault service is backed by actual, physical gold stored in vaults that are accredited by the London Bullion Market Association and insured by Lloyd’s of London.
- Your Hugo Platinum Visa Debit Card is a numberless card, which means that only you can access your card details on the Hugo app. This is a great way to keep yourself safe from online hackers trying to steal your card information. You can even temporarily lock the card via the app if you need to.
This isn’t just any startup, either. Hugo’s co-founders are veterans in the fintech and financial industry, including a former director of Citigroup and UBS. The company’s idea of wealthcare for the common man resonated so well among angel investors that it successfully raised US$2 million in seed funding recently to help expand and boost its financial offerings for users.
How can I get access to Hugo?
Whether you’re keen to use Hugo for yourself or for giving your kids/parents spending allowance, you can now get $20 worth of gold for FREE, via my referral code here.
You’ll have to go through a simple KYC process (verify your NRIC with a live selfie for identity verification) as part of their standard compliance process, but once that’s done, you should be up and running within a matter of hours. Don’t forget to request for your Hugo Card, and activate it in your app once you receive your card in the mail!
This would totally be an app I’d build myself to help people save and start investing to beat inflation (if I had the resources to do so), and I’m glad that Singapore finally has one of its own.
What else are you waiting for?
Watching your wealth accumulate has never been easier.
Get $20 of gold when you download the Hugo app now.
Disclosure: This article is written in collaboration with Hugo. All the money spent (and invested into my Gold Vault) are that of my own.
