Are you financially healthy?

It’s a tricky question. If you live like a multimillionaire with a wallet full of credit cards and a statement full of loan repayment transactions, are you financially healthy? What about if you save fastidiously, but don’t earn a huge amount to begin with?

The reality is, financial health means a lot more than having a healthy savings account balance. What a healthy financial situation looks like is different for everyone, and the path to financial freedom is paved with debt and difficult financial decisions.

But one thing is certain: you can’t be financially healthy without having full visibility of your finances in the first place.

So, in this blog we break down what financial visibility actually is, how visibility leads to health and how you can use Dobin to optimise your financial visibility right now.

What is Financial Visibility?

First, let’s get it clear exactly what we’re talking about.

Financial visibility isn’t just about checking your bank statements every so often. Full visibility of your finances refers to your ability to understand and track your complete financial situation and activities, including your income, expenses, debts, and investments. It also involves looking into the future, setting financial goals and tracking your progress towards them.

Without financial visibility, it’s easy to lose track of your finances. It’s hard to see where your money is going, recognise spending patterns and track whether you’re making the right choices.

The Secret to Unlocking Financial Health

Financial health, on the other hand, is the state of your overall financial well-being, which we can determine by various factors such as income, expenses, savings, debt, and investments.

Financial visibility is essential for achieving and maintaining financial health because it allows you to have a clear and accurate picture of your financial situation. When you have visibility into your finances, you can identify areas where you may be overspending, find ways to reduce expenses, and make informed decisions about investments and debt management.

In other words, without financial visibility, it’s easy to drift away from financial health.

The Importance of Financial Data

So far so good, but having this financial visibility in today’s world can be difficult.

If you’re like the average Singaporean, the chances are you have multiple credit cards, e-wallets, and bank accounts to keep track of. Managing all those figures can sometimes feel like another full-time job!

But trying to manage all this yourself isn’t the only way. By taking advantage of open finance, you can bring all your financial data together in one place, giving you a clear view of your transaction profile and credit profile.

With this data, you can understand your spending patterns, identify areas for improvement, and make informed decisions when it comes to the future of your finances.

Managing Your Financial Data

Using Dobin gives you full financial visibility and allows you to make the best decisions for your circumstances. From viewing your balance to credit cards, Dobin gives you an overview of your financial health on just one dashboard on your mobile phone.

Simply put, Dobin uses open finance to request information from your other financial service providers. We then use advanced data analytics, including artificial intelligence to give you valuable insights that you might miss yourself.

In our dashboard, you can get tailored offers based on your spending to help you save money. By using apps like Dobin to view your financial data, you can cut back on expenses and increase your savings balances. Plus, Dobin gives you recommendations for credit cards and loans that offer rewards great for your situation, helping you achieve your financial goals sooner.

Unlike the rookie spreadsheet method of keeping track of your finances, Dobin is also completely secure. By using advanced encryption and security protocols, Dobin ensures that your data is protected from unauthorised access or theft, and all your data is stored right on your mobile device, meaning you are always in control of your data.

Ready for your Financial Future?

Whatever your financial situation now, it doesn’t always have to be that way. Dobin helps you unlock the value of your data to improve your financial visibility and build your financial health.

With access to accurate and up-to-date information, you can make informed decisions about your finances and plan for a prosperous future, whatever your goals might be. Whether you’re looking to save more this year, maximise the rewards you’re getting from your spending, or even make a life-changing purchase on credit, Dobin helps you get there.

Download Dobin and start building a healthy financial future.