December is that time when everyone should look back to see whether we have been able to accomplish all of our goals for the past year. Some of the most important factors to be considered and evaluated are your saving goals and financial situation over the past year. For Timo cardholders, this personal financial evaluation can easily be done in the Timo app.
1/ Why are Mobile & Internet Banking so well-known and favored?
The fourth industrial revolution (Industry 4.0) brought a significant level of development in digital applications, as well as positive changes in various fields and industries, including finance & banking. One of the most noteworthy changes brought about from this revolution to the banking industry is the use of Mobile & Internet Banking.
Mobile Banking and Internet Banking are preferred due to the convenience and flexibility brought to people’s daily lives. They are favored because they can be used to perform many transactions, such as online payment, money transfer, etc., at anytime and from anywhere. With digital banks like Timo, you can even carry out a lot of banking procedures, including: signing up for a debit card, opening a savings account, signing up for an overdraft loan, etc., remotely without having to travel to the bank itself during office hours nor preparing piles of complicated papers. Mobile Banking and Internet Banking also help customers to manage their finances efficiently by allowing them to easily check their personal accounts, transaction history, savings accounts etc.
2/ How to have a year-end financial evaluation with Timo?
Review your 2018 transaction list
One of the first things you would need to do when evaluating your past year’s finances is to review all the money that you have made and spent in the year. Check to see whether the money you spent exceeds the money you earned. This can done by simply logging into your Timo app or via my.timo.vn, tapping/clicking on Spend Account to view your transaction list. Additionally, you can also use the Filter feature in the transaction list to change the time period of transactions that you want to check, or to view by transaction types – Money In or Money Out.
Example: Today is the 12th December 2018 and you want to check all the transactions made from your account since 1st January 2018.
To do this, touch/click on the Filter icon, select Custom in the Timeline section & enter 1/1/2018 – 9/12/2018, and then select Money Out in the Type section.
Check your payment requests
Nobody would want to start a new year with remaining debts and issues of the past year. To avoid this from happening, do not forget to check all items needed to be solved in the Outstanding column of the Payment Request section before the end of 2018. If these outstanding items are your debts, arrange for payments accordingly. If these outstanding items are payment requests that you have sent out but have not been solved, send a reminder to resolve all outstanding issues before the new year starts.
Evaluate your savings accounts – Goal Save & Term Deposit
Besides checking your expenses and handling debts, do not forget to assess all the savings accounts that have been created in 2018.
For all the savings accounts in Goal Save, check to see if all of your goals have been achieved. For goals that have not been achieved, see if you are on time or behind, as well as consider if these goals can be successfully achieved before the end of 2018. If you think that you cannot achieve these goals before 2018 ends, change your target date and make it one of your new year resolutions. With the ultimate goal of making sure you can achieve your goals, Timo provides our customers with the flexibility to modify and update the target date and the contribution amounts for you to freely allocate your money and time as desired.
While the aim of Goal Save is to help you save enough money to spend on your goals, Term Deposit is designed for you to lock the money that you wish to save with no intention of using in the near future. Hence, to see how much money you have saved in 2018, check all the Term Deposits you have created in the past year. The total amount of all Term Deposit you have until now combined is the total amount of money that you have managed to save. You can also do a quick calculation to see how much interest you would earn from all Term Deposit that you have created in the past year. Also, do not forget to assess the number of Term Deposit that you had to withdraw ahead of time. Consider if you can afford to create these Term Deposit again and make it one of your new year’s resolutions.
From 5th July 2019, foreign nationals are no longer eligible for Goal Save Accounts as stated in Circular no. 48/2018/TT-NHNN. For Term Deposit Accounts, foreigners with a valid document proving residential status in Vietnam with at least 6 months validity will be eligible to open Term Deposit Accounts with a Term NOT greater than the remaining of its validity. Existing Term Deposits opened before 5th July 2019 will be continued until its maturity.
Assess your overdraft loan (Fast Cash) and installment plan (MasterCard Installment)
To start the new year fresh without any debt and unresolved issues from the previous year, do not forget to handle your loan and installment plans reasonably. If you have used Fast Cash in 2018, check to see how much of the loan is covered and how much left is still owed. If your payment is due by the end of 2018, try to settle your payment accordingly to avoid any penalty or surcharge. If your payment deadline is in 2019, make a plan and set reminders on your phone if needed to make sure you have a clear target and settle your payment on time.
For Timo MasterCard holders, it is important that you look back over the past year to see if you have paid your outstanding balance on time. If not, do a quick calculation to see how much late fees and interest you have had to pay and start making a plan to avoid this from happening in the new year. Similar to other Timo cardholders who have use Fast Cash, Timo MasterCard holders who have used the installment scheme in the past year should plan and arrange their repayments reasonably to avoid bringing debts into the new year.
If you carry out all the self-analysis and evaluation above, you can easily see how your personal finance has changed in the past year. Before planning your new year’s resolutions, it is important for one to know the things they have done well in order to continue doing them, and the things that they have not done well in order to avoid or improve these aspects.