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Review your spending to save your Budget

Momentum Irene

When it comes to spending, we may take some things for granted which could result in us doling more cash out our wallets than is necessary, month-to-month. Consider these when it comes to your spending.

Subscriptions

Debit orders from Apple Music, Spotify, Fibre, Netflix, DStv etc. can really run down your budget for the month. Review all of your subscriptions and think about if they are really giving you value. If they don’t, consider downgrading (if available) or cancelling them. This goes for memberships to social, sports and culture clubs that you may also be paying for.

Bank charges

Take a look at your bank statements for the last 3 months and identify what your bank is charging you for. Once you have done this, you can consider changing you spending behaviour or changing banks entirely. If you are considering the latter, be sure to do some research on what other banks are offering.

Convenience spend

Eating out or using Uber Eats, pet grooming or house cleaning services. These are just some things that we use to make our lives more convenient but they drain our monthly expenses. Consider cheaper alternatives like cooking for the week or cleaning the house with a friend or partner. If you have the time, this is a great way to save money every month.

Rewards and loyalty programmes

Look at how you can maximise your rewards programmes to work in your favour. Whether it’s points, cashbacks or discounts, there are many ways you can save money by doing the things you already do every month like shopping for groceries. As a Multiply member, you get up to 12% in cashbacks when you shop at Pick n Pay and Dis-Chem which earns interest in your Multiply Money savings wallet.

Side note

It’s good to use tools to help you monitor your spending and encourage you to save. Keep a lookout for the Multiply Money app’s exciting new features including its Savings Tracker to help you do just that.

References

http://theguideonline.co.za/index.php/2019/09/05/guide-finance-tips-spring-into-financial-wellness/

https://www.iol.co.za/personal-finance/my-money/spring-is-finally-here-time-to-spruce-up-your-finances-31805430

https://citizen.co.za/business/business-personal-finance/2173646/shake-up-your-finances-this-spring/

https://www.themuse.com/advice/50-personal-finance-tips-that-will-change-the-way-you-think-about-money

*Momentum Multiply Newsletter 22 October 2019

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Honey, I am home!

Momentum Irene

Who can forget the Dinosaurs TV show of the 90’s, with Earl Sinclair proudly announcing his homecoming, after a hard day of work. Aaaaah, the good old days! Today, the wife is no longer waiting at the front door with a cold beer in her hand, a home cooked meal ready to be served and the kids in bed. A man’s gotta earn his keep!

I decided to marry my wife because she told me to. (and I love her, and I wanted to spend the rest of my life with her, but that is not the point).  That was the start of me not getting that cold beer.

I learned very early on in my marriage, that just because I wear the pants, doesn’t make me the one wearing the pants.

My wife is a strong willed, opiniated, funny, challenging wonder. She has her own ideas about almost everything. Except maybe how to tie a fly for fly-fishing.

For the rest, we share every decision,  every chore, every task. Or so she tells me.

Because of the march in August 1956 that was the start of many changes in laws and in what was previously known as “a man’s world”, I am forever challenged, grateful and loved.

Happy Women’s Month to all the fabulous women out there, making a difference in this “man’s world”

Last Will and Testament

IS YOUR LAST WILL YOUR LAST WILL?

Momentum Irene
Photo by Sabine van Straaten on Unsplash

I saw a post on one of my Facebook Groups about a week ago – someone needed help with the setting up of a last will and testament. There were loads of offers to help, be it free of charge (that came with a lot of comments as to why it will be free…) or not. One lady though, let’s call her Anna, commented with “buy a testament from CNA or PNA, complete it yourself, and appoint a family member or friend as executor, and, added in brackets – if it is not a complicated estate. Anna said, that way, you will save a buck or two.

What will be “not complicated”?

If you have no debt, no assets and no dependents you will fall in that category, and you can save yourself the trouble of going to CNA, write your last will and testament on a piece of paper, date and sign it, and give it to someone for safekeeping.

However, it is not all that easy for everyone.

One of my dear friends passed away about a year ago. He was taken from us very suddenly – it all happened within a week. During this difficult time, I could assist his wife with everything that was needed, as I assisted in drafting their will. With this being so close to home, it just made me realize how important this piece of paper really is.

Can YOU answer the following questions?

Which documents do you need to have handy?
Who do you contact for his/her Funeral Policy and Life Insurance pay-outs?
What do you do with the money you receive?
Is there a tax implication when monies pay out?
The bond for your house is on both spouse’s name – how do you handle that?
How do you sell assets that is on your deceased partner’s name?
Did you know that bequeathing a firearm can be a problem?
Which fees are involved in setting up a trust, and does your estate have enough to cover that?


Be sure that your Last Will and Testament is indeed that. Your last will.

Please contact us to set up an appointment to plan your Financial Wellness, for when you are no longer here to do so.

Short Term Insurance

A RECIPE FOR DISASTER

Momentum Irene

If I had to place short term insurance in a purchase category, it would definitely fall under “Grudge Purchases”. That debit order that religiously goes off every single month, and I just don’t see the value. No returns. No interest. Nothing.

Until me and my girlfriend were at home one night, about 2 months ago, and our house caught fire. It burned to the ground. I walked out of there with the clothes on my back. That is the definition of nothing. Add a cup of hopelessness, one heaped tablespoon of despair and you have the perfect recipe for disaster.

We had to move in with her parents, completely devastated by what happened. We do not smoke. We do not have a gas oven. We did not light candles. It was not arson. It was an electrical fault. But we had insurance. The insurance that everything was going to be OK. The insurance that we will be able to get back the physical items that we lost. We had short term insurance that at least gave us that.

Don’t set yourself up for this recipe, with no sugar to add at the end. Get your house insured. Get your car insured. Get yourself insured. While you are at it, get your pet insured.

TIPS FOR SHORT TERM INSURANCE

  • Maintain your vehicle
  • Ensure your policy reflects the regular driver
  • Update your policy immediately when something changes e.g. your address.
  • Use replacement values instead of original purchase values.
  • Review your policy regularly to ensure you are not over/under insured.

HAVE YOU COMPLETED YOUR SAFETY QUESTIONNAIRE?

Remember to complete this on the Multiply Website annually!

Medical Aid

ARE YOU PREPARED?

Momentum Irene

You had this perfect plan. Or we had. Fall in love, get married and then, when you are ready, start a family! But life likes to throw some lemons our way every now and again, and things just doesn’t work the way we would like it to. (Maybe because we don’t have a spare bottle of tequila hidden in a cupboard somewhere)

My wife recently had to go for an operation, as we are struggling to start that family (although we are very happily trying to!) We have been to a variety of doctors, who prescribed different blood tests, different medications, taking temperatures and what not. All of which has not been successful.

We finally made it to this one lady doctor, who suggested we take a deeper look. What we found is not what is important, but what is, is that the consultation with this doctor (ONLY the consultation, that lasted about 20 minutes) was R2 000. That is a very real number, especially if you compare it to medical aid rates, and that it fell way outside of what the Medical Aid was prepared to pay for. It was a cash account.

We then had to get pre-approval for the procedure, and that had a R3 000 co-payment. Also cash.

This is us, R5 000 out of pocket, before we even know if something is wrong, never mind what is wrong.

Luckily for us, thanks to an active lifestyle and a positive health saver balance, we could pay for the consultation with the Multiply Visa Card, as it works like a normal Visa Card. We also have additional Gap cover added to our Medical Aid Plan that covered the shortfall in hospital.

Were we prepared? Probably not mentally or physically, but at least we could afford it without breaking our own little piggy open.

Life Insurance

MOMENTUM CREATES SOLUTION FOR VIOLENT CRIME VICTIMS

Momentum Irene

Momentum is in the business of paying claims and we have therefore taken the recent criticism to heart.

We have created a solution that will pay an amount equal to the death benefit (limited to a maximum of R3 million) in the case of violent crime, regardless of previous medical history. This will apply to all existing as well as future life cover clients.

– This payout will be fully funded from Momentum’s profits and not from our clients’ premiums;
– The guarantee will pay out when the death was a direct result of violent crime, even when material
medical non-disclosure impacts the legitimacy of the contract;
– The payout is not in addition to the normal death benefit. It only applies in circumstances when the
death benefit will not be payable or has been reduced;
– Momentum reserves the right to reject any fraudulent claims.

The guarantee will apply immediately to all our life cover clients, and will be applied retrospectively. We are identifying clients who were impacted in this way and we will contact their families to arrange payment.

We care for our clients and always strive to solve for their needs. We hope that this solution illustrates that.

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Last Will and Testament, Life Insurance

ALL ABOUT YOU

Momentum Irene

This is a sentence my wife loves. When I say it – not when she says it. It is all about you Honey. And you know what they say…happy wife, happy life! (There is a reason why nothing rhymes with happy husband…)

As I said previously, we had a long distance relationship, and moved in together 4 months before our wedding. Before we knew each other, and then while living apart, she had her own household insurance, life insurance, retirement annuities etc, and I had mine. But, things change. We became a family. And we needed different things to when we were single, care free individuals. We could no longer think only about ourselves.

Naturally, we set up our prenup, and from there, everything changed. EVERYTHING. We share our short-term insurance, medical aid, last will & testament, rent, electricity, food budget and the list goes on.

Change doesn’t stop there, as life happens. You evolve. You learn. You grow. Your family grows. And each change, mean a change in your financial needs.

Be sure to speak to your financial wellness advisor regularly, in order to keep your affairs up to date. If you don’t have one, let me know! I will take you for a cup of coffee, and we can discuss YOU.

You never know when it will be the last time you can say “It is all about you, Honey”.

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