Most South Africans are aware of the importance and value of saving as a cornerstone of long-term personal, family and business financial security.
Unfortunately, the lingering financial challenges brought on by Covid-19 and the repeated national lockdown responses have left the majority of families and businesses finding it challenging just to balance the books every month, which means that for many saving feels a little out of reach right now.
Lance Vuma, Head of Segment Design and Development for Professional Banking and Small Business Services at Nedbank, says that the bank has developed a money management tool to help its clients navigate their finances.
It’s called MoneyTracker, and it’s a free online tool designed to equip individuals, households and businesses to monitor their money flows, keep track of their income and spending patterns, and make their money work harder for them.
‘Nedbank’s many decades of helping our clients to optimise their finances have given us many valuable insights into the massive difference that good money management can make in the financial position of our clients,’ says Vuma.
‘With MoneyTracker, we’ve taken all those insights and distilled them into an intuitive, easy-to-use digital money monitoring tool, that helps you get more out of your money.’
MoneyTracker is available to Nedbank clients at no cost, and because it is fully integrated with the Nedbank Money app and Nedbank Online Banking, it makes keeping track of your personal or business financial transactions quick and easy, and enables effective budgeting, which experts agree is the foundation of good money management.
MoneyTracker enables you to configure up to eight different online dashboards, so you can use the innovative tool to keep track of your personal, household, business or side-hustle finances easily, all in one convenient digital location.
Once a dashboard is configured, you simply indicate which accounts you want to track.
Then you can categorise the various money inflows and outflows, so that you can track exactly where your money goes, and get insights into where you may be able to cut expenses to free up money for other purposes – like saving.
There’s even a feature that can categorise your income and expenses for you automatically.
‘Once your money-in and money-out transactions are categorised this way, the real magic of MoneyTracker is revealed,’ Vuma says.
‘The tool then creates a dynamic income statement view for each of your dashboards, putting detailed financial information about your household or business at your fingertips, and making it easier than ever to set up workable budgets for each expense category, allowing you to manage your money over time carefully.’
Business owners who use MoneyTracker even have the option of creating and managing invoices on the digital platform, making effective cashflow monitoring and management easier and more accurate than ever.
‘MoneyTracker is the practical delivery of Nedbank’s promise to help its clients see money differently,’ explains Vuma.
‘In the case of this valuable tool, our personal and business banking clients have the opportunity to see their money more clearly – which makes all the difference when it comes to making the most of their finances.’
Nedbank clients can access MoneyTracker under the ‘More’ button at the bottom of the Nedbank Money app home screen, or by clicking on the MoneyTracker link once logged in to Nedbank Online Banking.
Click here to learn more about Nedbank’s MoneyTracker App
Source: Business Tech
