PERSONAL FINANCE FEATURE: MYLIVEOLIVE app
Online Company Extends a Branch to Women on How to Deal With Finances
Lisa Siregar | December 25, 2012
Money is often seen as something frightening for people who do not posses knowledge about managing their income and expenses.
Jocelyn Pantastico did not start learning about money management until she was 35 and nearly broke. When she finally did learn, she was compelled to spread her knowledge.
Inspired by a 2008 Harvard study that found women often are in charge of the household’s finances Jocelyn developed LiveOlive, an online money management advisor. Last week in Jakarta, the Filipino woman launched the mobile application of LiveOlive named after the long living olive tree..
“Women are good with budgeting but they love shopping too, to make sure that it’s balanced they need a budgeting tool so they are guided by priority,” she said.
LiveOlive is available for everyone on its website and the newly released mobile application, MyLiveOlive is exclusively available at the Samsung Apps Store and for Samsung Galaxy users.
“We have a one-year contract with LiveOlive and an extension is possible,” said Pambudi Sudirman, apps manager of Samsung Indonesia.
In general, women begin using the service by identifying themselves. LiveOlive has sorted out articles and tools based on ages, from 20 to 40.
Single and married women have their own financial issues. Singles usually find it difficult to save money because they tend to splurge. LiveOlive asks users to insert their income and basic expenses from living cost to mortgages into a template. The tool calculates the percentage of income a user should save considering all the factors provided.
“They have to remember that they should save 20 percent of income first, and spend the rest of the money on shopping,” Jocelyn said.
Married women are usually more concerned about insurance, and they are usually torn between self-insurance or children’s education. LiveOlive hopes to help new and confused mothers.
One basic rule for Jocelyn is to never commit on an investment if one is in debt.
“Make sure you have paid all credit card bills before you start any investment,” Jocelyn advised.
Furthermore, Jocelyn said that it is important for women to feel confident in conducting their own investments. However, they need to feel at ease with money management to begin with. Investment takes a lot of thorough research. The safest thing to invest on is usually property, but the large down payment can be quite a risk. Jocelyn suggests starting with stocks because women can start with a small number of shares and a relatively smaller financial risk.
“They’ll need to familiarize themselves with the top 20 companies in the exchange with good records,” she said.
To give female users extra knowledge on this, LiveOlive also generates business reports from the major media outlets.
Reprinted from The Jakarta Globe
Posted on December 27, 2012, in General, Previous and tagged money matters, myliveolive app, personal finance, personal for women in asia, Previous, samsung, the jakarta globe, uang, uang saya. Bookmark the permalink. Leave a comment.