Budgeting is the first step towards wealth creation, and software companies have been quick to develop apps that help people to save money each month. Until recently, South Africans were using foreign-designed apps to manage their budgets – until Nedbank’s My Financial Life was launched.
How does My Financial Life work?
A combination app and online portal, My Financial Life provides a secure and easy-to-use website which is packed with budgeting tools. Users can link several bank accounts to the app, keeping their financial information in one place and allowing them to budget and calculate their net worth with ease.
How much does it cost?
Nedbank has made the app avail able free – by visiting the link above you can register, sign in, and link your bank accounts to the app.
My Financial Life is able to link bank accounts from almost any South African bank, making it accessible to all banking clients – this is a clever marketing strategy on Nedbank’s part, being the first local bank to offer a full-service budgeting solution to the general public.
What does My Financial Life do?
The app has several budgeting functions, which can be divided up into 4 categories:
- Monitoring – The app monitors your spending and identifies the type of expenses you spend the most money on.
- Budgeting – The app is able to create budgets for you and help you stick to them, creating a savings surplus.
- Bank account tracker – My Financial Life can track your bank balances, allowing you to see where your money goes each month
- Spending pattern analysis – This feature looks for patterns in your spending behaviour, allowing you to optimise your spending for wealth creation.
Using these features, you can keep track of your money, find out how you spend it, and find ways to reduce your expenses and increase your savings. This is very first step in creating a surplus of wealth, which could mean a comfortable retirement or a better lifestyle – sooner than you think.
Is it safe to use?
Nedbank secures the My Financial Life portal with similar technology that is used to keep online banking secure.
You’ll be required to enter a one-time pin when you log in to the system. It’s safe to assume that the bank has taken the necessary safety precautions, but it’s always a good idea to keep an eye on your bank accounts to prevent any possible fraud.