Alvin Chow, CEO of the influential finance website, Dr Wealth, published a sponsored review of us and our Wealthcare® philosophy on 22 June 2021. Below is an excerpt of his article.
Over time, I realised how important it is to always be mindful of my financial wellbeing, and achieving it just got easier today. Recently, I was introduced to Hugo Save, a digital account that helps me spend, save and invest. Hugo helps everyone improve their financial wellbeing, or what they term as Wealthcare®. It is about spending money smarter, saving money more effectively and growing those savings. It is also about building sound financial habits.
One of Hugo’s features is Roundups – you can now automatically round up your spending and save that amount when you pay using your Hugo card. For example, you pay $5.80 for a cup of coffee, Hugo can round it up to $6 and squirrel away that $0.20 for you into a weekly Roundups accumulation. The Roundups can then be automatically invested into gold. This means that the more you spend, the more you would be saving (automatically). It doesn’t rely on your self-discipline and ability to save. This service is invisible to you and that means you are less likely to interfere with it. A behavioural hack!
Invest while you save, make your money work harder
Hugo doesn’t just help you save, it also makes your money work harder for you by helping you invest your savings in gold via the Gold Vault. It can be done automatically with Roundups or ad hoc. Roundups will sock away your savings and regularly invest it into gold every Wednesday. You can also buy gold manually.
Hugo allows you to invest in gold with as little as $0.01! It doesn’t matter how little you have, you no longer have the excuse of not having enough capital for investing. Gold Vault is not a paper gold savings account. Your investments are backed by physical gold stored in a London Bullion Market Association (LBMA) accredited vault and insured by Lloyds of London.
Motivate yourself with your life goals
I have said that structure can help shape saving behaviours. Another way to increase your savings is to have a goal to motivate you to save money.
Hugo helps you do that with its Money Pots feature. You can set up the saving goals in the app and set a monthly amount to contribute to these Pots. Hugo will compartmentalise your savings for you and show the progress of your goals.
All clients’ funds in their Hugo Accounts are safeguarded within DBS.
An integrative approach and an effective behavioural hack to personal finance
Hugo takes a more integrative approach to personal finance, tackling budgeting, saving and investing all at once. This contrasts with many other competitors who often take care of just a slice of the personal finance spectrum. Hence, Hugo gives you a simple, fuss-free and complete solution if you do not aspire to geek out on personal finance.
This article is an excerpt of a sponsored review of Hugo published on DrWealth.com on 22 June 2021. You can read the full article here.