The tool that makes you Financially Savvy!
“I wish someone told me how to be better at saving money ” — haven’t we all heard that line before? Be it from an adult you know or your parent. Sometimes you also find yourself uttering these words. It is a problem most people face in this day and age where everyone is trying to sell something making spending real easy.
When it comes to saving, it could be quite challenging as it may not be your priority when you start out with your first job or when you get your first salary. You would want to indulge or pamper yourself with buying something new, a fancy dinner or maybe even a holiday.
So here’s a thought — What if you could save as you spend?
I would like to explain this line with a little example. Let's take a look at a day in the life of Rachel Wong, a 24yr old professional who works as a marketing executive:
Rachel, 24, a marketing executive — She starts her day by getting ready for work, has plans to take the public transport but that easily becomes a grab ride if she’s running late. Picks up breakfast and coffee, and starts work. Soon it’s time to grab lunch at the nearest food court before finishing off the work day. Rushes home after work, feels deserving of a grab ride after a long day, hits the gym and later catches up with a few friends over drinks and dinner.
Rachel has a student loan and needs to save up as much as possible to clear it, but with a busy lifestyle and adhoc expenses, her goal gets sidetracked and saving is difficult.
Rachel’s goal: To put aside at least $10 a day to clear her student loan.
With that in mind, let’s take a look at her day again through the pink lens of Hektor.
Rachel using Hektor today: She starts her work day getting ready, makes her own coffee and puts the $4 she would have spent on buying coffee to her Hektor saving account. She doesn't mind if she takes a grab when running late as she has a savings rule to set aside $2 for every time she takes a cab. After work she hits the gym. She rewards herself $4 for hitting the gym and gets motivated a little more. She later heads out to catch up with friends, but knows she can go overboard with her drinks, so she adds $5 rule for every drink she orders. That keeps her orders limited to just 2 drinks.
Total amount after saving with Hektor for 1 day: $20
Rachel could now clear out her $44,000 student loan in 6.2 years by just saving with her Hektor savings account.
Additional benefits of using Hektor will be:
Getting motivated to save more or build a new habit, doing good to oneself by keeping tab on expenses and had learning to have fun with saving by gamifying the process by linking savings to everyday activities.
Small savings can add up to great rewards and it can be used to fund any goal you set your mind to. So we designed Hektor with an ambitious objective to get millennials
- Get started with savings.
- To get financially smarter and be in the know how of how the market works.
- To build a community for support, motivation and inspiration.
How Hektor works
The savings tool
We are a fun and effortless saving tool to help millennials get started with saving. The set up and use of the app can be explained in 4 basic steps as mentioned below:
Step 1 : Create a Hektor piggy bank account, which secures your savings into a separate savings account for you to use for a short term or long term goal.
Step 2 : Set goals, you can save for anything you need — from a vacation, furniture for your home or even to clear a loan like Rachel did.
Step 3: Set up saving rules, any habit you like or dislike can be made into a rule. You can “save $2 if you hit your productivity list” or “save $3 if you take the stairs at work”. Get creative and find reasons to save!
Step 4: Link your card, research shows that having a savings account can give you peace of mind since it enables you to plan for whatever you desire to accomplish. By linking your funding source you can activate the Hektor piggy bank account and start accomplishing!
Its comprehensive security
The money you save is stored with our partner bank, CIMB, in accounts specifically ring-fenced to hold only savings of Hektor’s customers. Even in the worst-case scenario of us going out of business, your savings are secure. This account is safe and secure, like any other bank account.
Identity Confirmation, your Hektor account is first set up via a unique OTP that is sent to your registered phone number and is subsequently accessed only via fingerprint authentication. This protects your Hektor account against fraud.
A sneak peak of the app:
In conclusion :
The problem " Saving money is hard!"
The solution “A savings app that is like a piggy bank but smarter. You can set goals and trigger rules to shape a better behaviour and help you save for the things that matter.”
We believe, “financial freedom is cool”.
You can download the app at
https://itunes.apple.com/sg/app/mr-hektor/id1130162598
