Personal finance success starts with a budget and ends with saving – so here’s some handy tips that will help you when it comes to your personal finances.

With the 2021 national budget review behind us and economic recovery for the nation on the horizon (we can only hope), perhaps this is the best time to reflect on your 2021 personal budget and start hitching a ride to financial success.

According to the Household Financial Wellness Index research, 68% of South African households do not have a financial plan, and 10% do not even have a budget. “If we want to see an improvement in our household wealth, we need to first address our financial behaviour and instil new healthy habits,” says Megan Harrison from Momentum Multiply.

As they say, there’s an app for everything these days. And while an app cannot make you rethink your financial behaviour, says Harrison (that’s on you), there are certain things you can use to make your life easier by helping you apply and practise healthy financial habits.

Tips to help you budget

The first step is to get the right tools for the job. “Inform yourself on the use of tools and expertise that will help you achieve your goals and make the right financial decisions.”

What works best? Harrison says this would include budgeting and planning tools, using financial calculators for debt and retirement planning, and making an appointment with financial experts such as financial advisers, tax and estate planning experts and even debt counsellors.

“It’s this kind of financial savvy that will help you understand the exact extent to which you’re in control of your finances or your finances are controlling you.”

Tips to help you save

So, you’ve sorted out your budget and with a little manoeuvring here and there, you’ve freed up some cash to put away for a rainy day, or your child’s education, or whatever your life demands. But beyond simply freeing up disposable income and allocating it to a savings account, there are more avenues to save. Are you part of a loyalty or rewards programme?

If you are a member of Momentum Multiply, you have free access to Multiply Money, a ring-fenced savings solution to keep your savings separate from your day-to-day expenses. This solution enables you to create a saving goal and track your progress against your goal. It also offers a great interest rate from the very first cent you save in your Multiply Money savings wallet, you have instant access to your money, and you earn points for growing your savings balance.

Harrison says, “If you’re part of a loyalty and rewards programme, you should do your research on the benefits available to you. Rewards programmes have different ways for you to save towards your goals. Look at your other loyalty and rewards programmes to see how they can help you save even more.”

Tips to help you reach your money goals

Speaking of goals, there are plenty of apps out there that will help you manage your savings goals a little better. Just make sure the apps you use are legitimate, through reading reviews or ensuring it is developed by a respected name in the industry.

“You shouldn’t have to keep everything rattling around in your head. That is when something always comes up to make us forget about our money priorities. Save it on your phone, write it in your diary, and never forget the savings goals you’ve set for yourself. Like most things in life, healthy habits only become a habit if we practise them consistently,” concludes Harrison.


Megan Harrison – Momentum Mutiply

This article was published in partnership with Media Xpose.

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