July is National Savings Month and headlines scream about how everyone should be saving more. However, the reality of the matter is that as South Africans we have already stretched our Randelas a far as we can.
The cost of living due to economic and political factors keeps rising. An average working South African is looking after their elderly parents and their unemployed graduate children – a sandwich generation. So, where does one get more money to save when asking for a huge salary increase is out of the question?
We came across 22Seven, a free app that helps you get a good insight into your monthly spending and it helps you to find money within your money. Instead of using a host of platforms to try and manage your funds, we found it a delight to be able to use this one app to consolidate everything to do with your money into one single point enabling you to manage your income and budget effectively.
The 22Seven app is all about bossing your money
You can set your own budgets for things like groceries, eating out, clothes shopping and more, the app will alert you to let you know if you are sticking to your budgets. These notifications or ‘nudges’ according to the 22Seven app, are there to help make you aware of where you are maybe overspending or being ripped off – like being made aware of how expensive your bank fees are or that maybe you should get fewer takeaways and make more meals at home and take lunch to work rather than grabbing a meal on the run.
All these things add up and before you know it, every R100 saved leaves you with a few thousand extra at the end of the year when you need it the most. The app will help you free up some money and reach your savings targets much quicker. You could also consider investing in an Old Mutual Tax-Free Savings Plan and earn points via the Old Mutual Rewards programme, all at the same time. What a win!
By setting a monthly budget you’ll create a spending plan for your money – it will help you to get a clear view on your expenses, debit orders and other amounts coming off your account each month, and help you make sure you allocate enough money for the things you need. Sticking to a budget will also help you not overspend, and keep you out of debt or help you work your way out of debt.
We are going to take you through the app itself and show you how it can help you.
You can download the app for free through any phone app store (see links at the end of the article).
22Seven takes security very seriously. Your information is always secure & they use the same security measures as banks, government, and the military. Your information is always encrypted & they do not sell your data to third parties. There are currently over 400 000 registered users of the app.
Jacky has just downloaded the Old Mutual 22seven app on her phone. All she needs to do now is sign-up.
Once Jacky has signed up she will then be asked to link her relevant accounts and the app will work out her net value – how much she earns and how much she owes. Brilliant, right?
Jacky can now link all her accounts to the app (see below). Let’s say that Jacky has Woolies, Edgars and Truworths accounts + her bank account and any investment accounts all consolidated on the app. It will work out her total income, let’s say R30 000. Her monthly expenses come in at R22 000. She now has a clear view of her expenses and she can budget accordingly.
The next step in the app for Jacky is her transactions. She will be able to see the exact transactions coming into and going out of her account. Again this allows her to see exactly where she can cut down on unnecessary spending or see where she can save.
Next up for Jacky is the budget tab. She can add categories to the Day-to-Day section and to the Recurring tab (for example this is where her monthly debit orders will be allocated) and then see what she has left. This is great because not only can she track her monthly spend but also her day-to-day cash flow!
Next up on the app is goals. Jacky can set up specific money-saving goals. She may want to go on an overseas holiday. Jacky can work out how much she needs to save to pay for that epic vacation and now has the motivation to save! Jacky can also set up investment goals. For example, she could set up an Old Mutual Tax-Free Savings Plan, where she can invest the money she is saving for her trip and watch it grow. Jacky loves this app!
Lastly, Jacky has the Nudges tab. With this, Jacky can receive nudges during the course of the month which will provide her with suggestions on how to better utilise her funds. You can also remove the nudges if you no longer need them.
We can categorically say there isn’t an app out there as efficient as 22seven. It is extremely user-friendly and secure, it offers you all you need in order to get your finances in order, keeping you well informed if you are spending too much and it will provide you with suggestions on how you can save effectively! 22seven is also the only money management app that allows you to track over 1800 cryptocurrencies.
22Seven Customer Testimonials
Twitter & Facebook Reviews
“Guys if you haven’t yet tried 22seven for money management/budgeting please give it a go – super secure, easy to use and honestly hands down the best app/web support I’ve ever experienced. One small example is how I had issues logging in this evening and I got an instantaneous response to my query, which is nothing compared to how fast they resolve any bugs or issues or new functionality requests” Eunice Steyn
“Just sharing some love for this app. I can’t live without it! Three years strong. Thank you 22seven.” Chelsea Rebelo
“Another reason to download @22seven. The app now picks up on dodgy debit orders and unusual activity. This is great! Skill up. #personalfinance” Meghan Holmes
“Not a financial teacher, online influencer or what what. Been using this app for over a year now. Helped me save R50k in reckless spending I was doing. Can help tell you how much to spend daily to avoid being broke month to month.” Valentine Madzhie
Download the app now by clicking on the relevant links below.
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