Kelvin Ang of cheekiemonkie.net published a 2nd sponsored writeup on his Hugo experience on 11 August 2021, after having used the app for a month. Below is an excerpt of his article.
Envelope Savings with Money Pots for my Family
There isn’t any need for physical envelopes or piggy banks with Hugo. It does this virtually by having Money Pots that you can set for specific purposes. But better than that, Money Pots allows you to set up a monthly savings schedule which you can easily monitor your progress easily with a simple tap in the Hugo app.
Like the monthly savings schedule I had set up for myself.
Source: cheekiemonkie.net
Using Hugo Money Pots to Teach My Kids About Finance
Earning money is one thing. The more important lesson here, I feel, is educating my kids on the concept of saving. And that money doesn’t come easily and saving up for something actually takes a lot of discipline.
I previously also shared that back in 2019, we had set aside a piggy bank to save up for a year-end trip to Europe. This piggy bank was placed near our door and we had to empty our loose change from our pockets every time we returned home.
The good thing was it taught the monkies the concept of saving and the value of delayed gratification too… but the troublesome thing about it? We had NO idea how much we had saved every month unless we emptied the piggy bank and counted the coins… so the kids couldn’t keep track of the amount saved every month. So the process of saving was not as tangible because they could not see how much their savings has grown.
Source: cheekiemonkie.net
It’s a different story with Hugo’s Money Pots. With them, my kids are able to monitor their saving progress religiously and I dare say it even acts as a motivation for them to try to increase their ‘earnings’ because they want to see their savings grow. 😆
Budgeting for Household Expenses with Hugo’s Money Pots
In fact, I also see Money Pots being something extremely useful for parents too. Parents can apply the envelope savings system by creating Money Pots for various purposes, like kid’s tuition fees, enrichment fees, and even utilities’ bills.
Roundups as an Enforced Saving Habit (& Teaching Tool for kids)
One of my fave features of Hugo (and the wifey’s) is Roundups.
Source: cheekiemonkie.net
To put it simply, Hugo rounds UP our spending to the nearest dollar. Every time you spend on your Hugo Platinum Visa Debit Card, Hugo rounds up your purchase to the nearest dollar and puts the excess into savings.
For example, a $2.52 purchase will result in having $3 (rounded up to the nearest dollar) debited from your Hugo account with the excess $0.48 going into your accumulated Roundups.
So all of the accumulated Roundups goes into your savings pool which will then be used to buy physical gold via Hugo’s Gold Vault. Yes, that is also a form of investment right there, but more on Gold Vault later!😉
Teaching the Concept of Investing & Dollar Cost Averaging to Kids
As I had mentioned above and also in my previous post, the roundups accumulated are converted into physical GOLD and invested into your Gold Vault automatically on a weekly basis.
Source: cheekiemonkie.netAnd over the period of one month, I had seen my gold investment grow.
This is perfect for those who find it difficult to set aside a sum of money as savings every month. Because Hugo’s Roundups automatically invests the difference in gold, you are practically saving without the uncomfortable feeling of tightening your belt.
Personally, I also love how the Gold Vault feature allows me to teach my kids about the concept of investing as opposed to leaving our money in the bank to earn a paltry monthly interest. I shared with them how Gold is often lauded as a stable investment and explained why it is important that we try our best to make our money work harder for us – after taking calculated risks, of course.
It’s a simple investing technique but it’s also a safe and steady way to build up investments. Something that I told the monkies, especially the boys if they wish to do some investing of their own in the not-too-distant future.
So will I still continue to use Hugo? OF COURSE!
This article is an excerpt of a sponsored review by Kelvin Ang of cheekiemonkie.net. Read the original article here.