Clicking on the legend on the right will bring you to an analysis. Forgive the alarming figures, I’ll get on this later!
The current version is an upgraded version of the previous DBS GPS tool launched in 2018 where it focused more on financial streams.
Apart from being able to track spending, which is always important, this time round, the launch will revolve around three rings (see below):
- Savings (Light Orange)
- Insurance (Dark Orange)
- Investments (Red and pink)
That said, I’ll talk about just three of my favourite features: Money in Money Out, Investments and Emergency Savings.
The Expected: Money In Money Out
What I like about NAV Planner as a budgeting tool is that there’s automatic categorization so I know exactly what I’m spending on. There are several broad, catch-all categories that are generally quite accurate.
(In the event you don’t agree with the classification you can always change it, and they will remember future transactions!)
One quick look, and you’ll get a rough idea of where your money flowed out to this month. Even if you’re the compulsive sort who ENJOYs inputting data into spreadsheets, you have to admit this is useful for quickly identifying any red flags in expenditure.
Really Neat: Emergency Savings
Okay, here is when it gets cool.
Based on what I’ve been spending for the past six months, NAV will also be able advice if the current savings are able to meet the next few months of disbursement.
For instance, if you spent an average of $3,000 a month but only have $9,000 in the bank, they’ll be able to tell you that you only have three months of emergency savings, which is below the recommended six.
In case you’re wondering why my NAV planner says I only have 0.5 months of spending, it’s because my monthly expenditure for the last six months averaged around $160k due to a combination of renovation and other investments.
With my current cash savings as $80,000, they’ve calculated that this amount can only last a month!
Nice to have: Investment Overview
Keeping track of your investments is hard. Especially if you’re a prolific investor. NAV is trying to change that.
If your investment is in digiPortfolio, the NAV Planner would also track the net asset market value of your investments and embed them into your overall financial plans.
You can also manually add non-DBS assets so it captures those investments as well (yes, it’s tedious the first and only time you do it, but it’s a small price to pay for the convenience for having a consolidated view of your investments).
In the future, DBS says you’ll be able to add individual equities to the mix.
So if you’ve 50 shares of say, TSLA, you’ll be able to view them with prices updated daily.
Finally, for newbie investors who are new to investing, DBS also gives you some tips to start investing, whether it is through Unit Trusts or ETFs.
Of course, if you’re an active investor like me, it might not be that relevant. But hey, it’s important that people get started!