We know money doesn't grow on trees. Most of the time, however, we feel that our money expenditure is as fast as the falling leaves on a windy autumn day.

(Ok, Singapore only has two seasons so it should be trees falling on a heavy downpour.. I digress.)

Many financial experts advise that you shouldn't let money dictate what you can or cannot do. As such, you should take the proactive step to track your money, inflow and outflow.

You can find many tech tools to help you manage your money, but that can be hassle at times. How many of you have downloaded apps to manage your bills but stop after your third entry?

OCBC introduced their Monthly Insights tool which comes free with their Online Internet Banking Service for personal banking accounts.

OCBC Money Insights works with its iPhone and iPad mobile banking applications and integrates with the custoemrs' savings, current and credit accounts.

This means that it helps save OCBC bank customers the hassle to manually input the daily expenditure onto spreadsheets or other apps. 
According to the press release, customers are able to:
• Track spending via automatically-categorised expenses

• Set budgets and manage expenses through SMS or email alerts

• Set automatic contributions to different Savings Goals within one account

• Get insights on financial behaviour of people with similar demographic

A feature I would like to see added on Money Insights is a Bill My Friends tool. There are times where we take out the OCBC debit/credit card to enjoy the best discounts at a restaurant or such to pay for the social gathering of friends.

Some friends pay on the spot with cash, some say "I don't have cash at the moment, can I pay you later?"

It is hard to keep to track of your bills, even harder to keep track of friends who owe you money. 

Since Money Insights lets customers categorise the spending, a Bill My Friends tool would just breakdown that expenditure and allow one to just send an email to the friend who owed you for the dinner receipt. 

If your friend has an OCBC account, the friend can just do a Internet Bank transfer. If he doesn't, he could easily deposit the money into a OCBC ATM. 

Once the money is received, the friend is ticked off as paid. 

This also settle disputes over money issues among friends. 

Currently, Money Insights is only available for personal account holders and not for business account holders.

Though business account holders do have different money objectives, a somewhat similar tool would be of great assistance to business holders, especially for entrepreneurs and young business. 


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