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Tuesday, 21 February 2017

Seedly - Personal Finance Management App for Millenials

This morning, 2 young guys showed an IT dinosaur (that would be me) what a Personal Finance Management App is all about.

Quite cool.

You can consolidate all your banking and credit card accounts into a single mobile platform and have a clear overview on your liquid net worth in your palm.

Remember some bloggers were talking about personal Cash Flows recently?

Well, this app is oredi one step ahead!

Got pie-charts and bar graphs that would please our Mr fisherman qian-bei, you cannot lie to yourself any longer...

Whether you are cash flow positive or negative every month, which spending category you have spent your money on (wine, women, or song), its all there!

Warning: Those who can't handle the truth better don't download this app. 

I don't think you need me to remind you only use this app in the sanctuary of the toilet if you are married. If your wife sees you spending a lot of $$$ at Orchard Towers... Hey! Don't look at me! 


Talk so much forgot to introduce this app.

Its called Seedly.

Go ahead. Click on the link and it will take you directly to their website. From there, own time; own target.

Its a young start-up run by 4.5 persons. That 0.5 person is a part-timer; not a hobbit.

You want to know the magic word?

It's totally FREE!!!

What have you got to lose?



Like - continue using.

Don't like - delete.

No harm no foul.

See? So simple!


  1. No. I don't track too details. I just need to know how much is annual household expenses and how much is enough to build sustainable retirement income for life when retire.

    Track to know the number is not same as track to squeeze oneself harder.

    1. CW,

      That's why on the post heading I wrote its for "millennials" ;)

      For us coming down the mountain, we just need to have a rough idea. (You still dare to say! Your portfolio returns got 2 decimal places???)

      To invest or trade, we need capital.

      For the young just starting their corporate careers, if they no idea where their money went... Or can't even save...

      Then no point talking about financial freedom and what not ;)

  2. Hi
    Thanks for intro new app here...

    But hor....
    I am not comfortable to key in my bank account & pin on a 3rd party app...
    I am still a dinosaur... hehehe
    So I uninstall liao...
    Paiseh ...

    1. sy sy,

      No worries!

      That means you are closer to my generation?

      I myself have a "smart phone" but I use it like a dumb phone. I turned off the data setting.

      Friends scold me for still using SMS :(


      Forced to use WhatsApp only during weekends when I have access to company's wifi - all sales promoters have to communicate via WhatsApp group chat... Weird company. My time there is intercom and that was good enough ;)

      The young as in millennials are more conversant with IT stuffs. I see quite a lot of young entrepreneurs striking out on their own to produce such apps.


    2. I don't know u belong to which generation... paiseh
      but I seldom use sms now cos people around me all using WhatsApp.
      I even up my data cos 3gb not enough use...
      I prefer to use WhatsApp as I can attach file, pic, video... if data not enough them go home use WiFi... hehehe

    3. sy sy,

      Forgot you "new" here.

      This year I just reached 50 ;)

    4. Going to get cpf soon... good to u ... ;)

    5. sy sy,

      6 more years to go.

      How time flies!

  3. Hmm ... Need bank account and pin???

    1. CW,

      For millennials.

      Eh, if don't access your bank accounts and credit card information, how the hell can this app get your financial information?


      If key-punch ourselves, might as well use excel file!

      You are more IT savvy than me. Have you tried making payments by mobile phone?

      I dare not.

      I thought Visa paywave is good enough?

      I tell you, all these Fintech thing is encroaching traditional brick and mortar banking and insurance companies.

      Lucky we out oredi.

      If still in, how to compete with youth?

      Insurance now can buy on-line bypassing the snake oil.

      Peer to peer lending is to banking as budget airlines are to traditional airlines.

      Same for Grab and Uber as to traditional taxi companies.

      Every where I see, I see disruptions.

      If investing computer takes over, is that passive or active investing?

    2. Give away bank account and PIN is as good as passing duplicate house key to 3rd party. LOL!

    3. CW,

      That's why youth will run with Fintech; not us :(

      Experience with capital will act as angel and venture capitalist then. Take a look who is funding this start-up.

      I guess it was the same when online buying were first introduced.

      What? Give away my credit card number? Its as good as giving away my wallet to 3rd party ;)

    4. Ha ha. Same reason I don't use SGX Cafe or Dr Wealth. Telling them exactly how many hairs there? LOL!

    5. CW,

      You should be talking! You're the one with the measure and tracking power-points!

      We all have our own methods.

      You have your 3-4 bank accounts...


      I never count my money when I'm sitting at the table ;)

      I'm a trader and I count my money only once a year.


      Quite a few (or almost all) retail "investing" bloggers track and measure monthly?

      And most have a day job too!

      Now that's ironic!


  4. Think I also semi-dinosaur. I still prefer excel than sgx cafe. Hahah credit card still ok to me but give bank account to others. No way! I hamji

    1. OT83,

      LOL! You are technically a millennial ;)

      We give our bank account numbers away "freely" when we fill-in GIRO forms, enter them online so others can make bank transfers to us, share with Paypal; etc.

      I guess when it comes to "PIN"; then we pause. And rightfully so!

      I am scratching my head why people need a 3rd party platform to consolidate their investment portfolios. Can't their broker's platform do so?

      But then, what do I know? I still read newspapers in hardcopy format...

      Dinosaur me.

  5. Hmm SmOL,

    I have serious concerns about this. It is not about millimem or whatever, it is a serious privacy issue

    If you read the type of conditions, they claim they are aligned with Data Protection Act. DO you know that in schools, we cannot even use public server to send vendors containing information of pupils as simple as their IC no?

    While that might be a overkill, you are giving away not just your bank acc, but also the pin.

    Read the review on seedly, it didn't start off that way. It is analysis of statements that you upload. And the people do the analysis at the back end

    of course, there is no scalabilty in this, so hence now they ask for your acc to do the work for you.

    To scale, there should be some coding/ crawling involved in the data, so there are many links that can be compromised

    Also read the terms and conditions, it talks about trial period and subscription fees that required you to opt off thereafter they start charging..

    Of course, one could argue that banks do all that, but you can go after banks when something goes wrong.....

  6. Also, even at uploading of statement level, there is already concern of privacy

    Of course there is some safeguard since transferring money out of acc need 2FA and credit payment need CVV by linking up your spending patterns with commercial deals.

    Think deeper. That is surface deal. The real deal is data analytics when enough mass is in the system. They dun sell your info. They will sell consultancy of analysis of preferences

    But I dun think it's a sound idea. They claim they earn when they get

  7. Too many loopholes. They didn't ask for your declaration of authorization for them to use your info

    1. Sillyinvestor,

      Thanks for the feedback!

      I'll pass your concerns to the young entrepreneurs.

      In sales or entrepreneurship, if we can overcome or address the objections of our customers, we will emerge stronger!

      You know what?

      I very proud of this watering-hole!

      I'm not the first (nor will I be the last) blogger to introduce this Seedly app.

      Here, we practice Trust but Verify!

      I see in other blogs hardly any feedback... You can almost hear a pin drop.

      You guys are the best!

      There are no followers here.

      We are all independents who can think for ourselves ;)

      We are fellow journey companions.

  8. SMOL,

    Your statement on Trust but Verify keeps me thinking about the possible permutations.

    Trust You But You Verify
    Trust You But I Verify
    Trust I But You Verify
    Trust I But I Verify

    Be careful which combination you choose.

    1. Blursotong King,

      Aiyoh ai yoh ai ai yoh! (Remember that Hokkien NS song?)

      There is only one permutation - Keep it simple!

      That's why I like this Buddhist saying a lot:

      See Buddha; kill Buddha

      See Devil; kill Devil

      This watering-hole is visited by dragons and snakes.

      Sometimes cougars and foxes come for added spice!

      Little white lambs won't come here. There's no shepherd to guide them...

      No trades nor positions for them to "copy".

      This watering-hole is not a "safe-house" for strawberries and snowflakes.

      We poke, tease, banter, and debate out our ideas and opinions vigorously!

      It's not for feeble-brains and the thin-skinned :)

    2. Ha! Ha!

      To me "Trust But Verify" is Hokkien saying that your talking is better then your singing.

      To me if you have to verify something......hmmmm....

      Do i have to say more.

    3. temperament,

      When people are so complacent, so confident no need to "verify", well, they deserve what's coming to them...

      Isn't it?

      Another Hokkien saying is Crash Got Sound.

      Without doing, how to know whether something is good or bad for us?

      We'll definitely know when we crash into something!

    4. That's why such people shouldn't be in the stock market in the first place.

      The difference between a victor and victim in the market is often the degree of skeptism in temperament in the first place.

    5. temperament,

      When I saw your less than 8%, I reacted the way I did ;)

      Now that's healthy prudence and scepticism!

      Come what may, I don't think you'll run out of fire wood anytime soon!

  9. And i don't dare to even use any FOC Cloud storage for anything personal except financial knowledge that i like and want to keep for Reference.

    Paypal is it really Fool's proof?

    Can it be use by any fools like me?

    i know i think my son has used it and there have been some problems with third party merchants and his bank.

    1. temperament,

      Yes, there will be problems and scams...

      But it did not stop the growth of Amazon or Alibaba.

      We are laggards when it comes to new technology :(

      That's why I don't invest in tech stocks anymore. I've no edge here. Can't beat youth :(

      But we have an edge over youth when it comes to risk management and the Mind part of investing/trading!

      You can't buy experience in the markets here ;)

  10. Hi SMOL,

    I heard about the app too. I have my concerns as well. There's another reason why it's better to take your own account and jot down the numbers if you're into tracking - if you do it yourself, then that's more involvement, and you'll adopt the right habits yourself.

    The point of tracking is to cultivate yourself, so that you become aware of your own bad habits. Outsourcing it might be more effective with less time spent, but you ended up having the work done for you without becoming the person you should be cultivating in the first place.

    Nah, but ignore me...I'm probably too idealistic lol

    1. LP,

      I hear you.

      I myself don't track and measure my finances or cash flows every month. Once a year take a peek is good enough for me ;)

      I'm already 50. If I still don't know myself financially speaking, I think I have other issues to worry about ;)

      Different strokes for different folks.

      That's why I said download - like use; don't like delete. LOL!

      I'm impressed with what these 4.5 youngsters have done. Got NUS, DBS, and one venture capitalist as investors. Interesting...

      I've contacted them and they are fully aware of the security concerns expressed. They are currently in contact with the major banks and Credit Bureau.

      I hope more start-ups would contact me to say hello. If I can help, I will.

      In return, I get to immerse in their youthful energy and to feel young once more :)

      Its so refreshing to talk to youths with DREAMS and not "smart" goals for a change!

  11. I'm still pretty much on the fence for this app because of the need to import finance data from banks via them. I track manually!

    1. Kevin,

      I think they are right to target the 20 to 30 somethings. These are the "instant" generation and more technologically savvy.

      If I have to manually enter the data, how is it any different from using excel?

      Once upon a time, I thought why would anyone buy furniture online?

      I guessed I were wrong. There are now a few online furniture players - some quite established; some are still in the start-up mode.

      Of course I don't think all will survive...

      I believe you still need a brick and mortar store to complement online shopping - like what DELL has done.

      But I still don't understand how can anyone buy a sofa without first sitting in it???

      The only thing I've bought online are books.

  12. Yes SMOL,

    I also see the potential in this. Do u know data analytics is big money? At least in the education, so much data, but I will
    Never pay for them in the realm of education, use your common sense la.

    But in the realm of financial world of spending and saving habits. Whoa. It's different

    1. Sillyinvestor,

      We say security this and security that.

      If only we knew how much data Google and Facebook have on us already...

      We Singaporeans are already so used to the concept of Identity Cards. Big daddy just enter our I/C no. and they will know what schools we attended, grades we got, jobs we took, how many local bank accounts we have... Everything!

      Yet some are not aware there are quite a lot of countries with no identity card systems or if they have, are non-compulsory.

      You are right. Big daddy is investing big on Big Data. We want to be the premier "smart" city in the region, if not the world!

      Suspicious wives can secretly install an app into our smart phones and wherever we go, we can be tracked...

      Maybe 20 years from now, when babies are born, they will be implanted with a RFID chip to replace our I/Cs?

      Big Brother watching. (Of course its for our own good)

    2. Yes, Smol,

      I have that same trail of thought. It is not so drama actually that the govt has the ability to change the identity of a person if they wished.

      Just like those spy agent movie

    3. Sillyinvestor,

      We are living in interesting times!

      I've seen to evolution from Walkman to iPod to smart phone, to tablet.

      I've also seen the demise of the typewriter, telex, and pager.

      Have been frustrated each time I finally got familiar with a software like DOS based WordStar, Lotus 123, out come newer ones to start all over again!?

      From DOS, to Windows 3.1, to XP, to now Windows 10.

      Yet, we couldn't figure out how to keep our trains from breaking down...

  13. Hi SMOL

    Yes. You should be proud of the comment section. I made that similar observation a long time ago during my last visit!

    This is by far one of the best blogs apart from that *music* guy which I used to visit but he stopped writing.

    Thanks and keep it up!

    1. L Young,

      Yes, the music guy's bottom-up analyses were so good that he got headhunted within the industry. Can't blog now since there's conflict of interests...

      Thanks! I trace my lineage to LP's tavern. I'm a spin-off that found my own voice in the community ;)

      I'm the Singlish blogger who often go round poking "有影吗?" (wu yah bo? or real or not?)

      And others come poking back!


  14. I am also skeptical of having all my financial information in one app. By syncing all our accounts together, they have a pretty good idea of your financial habits and all and they can easily run a profiling and do some data mining on the users.

    Personally, I still prefer to track my expenses using a separate app, which has worked fine for me for the last few years.

    1. Kate,

      Stick with what we are comfortable with.

      You are talking to a person who finds it "weird" to do computer backups to the Cloud.

      Isn't that giving all my sensitive files to a 3rd party? What if someone hacks into it?

      I guess millennials must be laughing at me...

      Just like how I laugh it off when mom warns me about doing my banking online...

      Every generation have our own definition of risks borne out of our experiences.

      Different strokes for different folks ;)


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