Tag: Savings

Last Will and Testament, Life Insurance, Medical Aid, Momentum Multiply, Savings, Short Term Insurance

Janu-worry 2021

Momentum Irene

With Janu-worry almost behind us, we can start focusing on the year ahead. Hopefully the schools are about to start, and some form of normalcy are to return! Count yourself lucky if you are still working from home – especially in this weather we are currently experiencing in Gauteng!

October 2021 will see the 4th post-apartheid cencus take place in South Africa, and we have municipal elections coming up – and possibly a vaccine…Tax are being relooked, and according to the Big Mac Index, the South African rand is undervalued by 61.9%, which is the fourth most undervalued currency measured by the index in July.

Using the raw data, a Big Mac costs R33.50 in South Africa and $5.66 in the United States. The implied exchange rate is R5.92 to the dollar.

Japan is still dead-set on hosting the Olympics from 23 July – 8 August 2021, and many others are holding out hope for an overseas holiday this year!

These are all out of our immediate control, but what we can control is our finances. Shop around for better short term insurance quotes and benefits, make sure your last will and testament is up to date and your savings pocket is growing, get rewarded for being active and looking after ourselves, and in turn, spending those rewards on what matter most!

Momentum-Multiply-Rewards
Momentum Multiply – rewarding you for looking after yourself.

Momentum Irene would love to be of service to you on your financial wellness journey. Feel free to connect with us on any of our platforms, and we will come to you – masked and all! If you would prefer a Zoom or Teams introduction, that can also be arranged.

We wish you a magnificent, healthy, prosperous 2021, and look forward to meet up for a coffee (even if it is virtual).

Momentum-Irene-Financial-Wellness-Consultation
Financial Wellness consultations can be in person or online.
Savings

Sleep-easy

Momentum Irene

You are in lockdown; It was supposed to be 3 weeks…but it is day 100 whatever. Sitting with your head in your hands, asking yourself how are you going to get through yet another month? I mean…how has this happened in our time with such modern technology and medicine? Yet… It has!

During this time of isolation and social distancing, many people have realised they do not have enough (or anything!) in their “emergency fund”.

People who go through lockdown without worrying too much about how they are going to pay rent, car instalments, insurance and day-to-day living expenses are those with an emergency savings fund that is big enough to cover 3 to 6 months of expenses.

I can hear you say: “I want that! How do I start?”

Here are my Top 5 rules to start your Emergency Fund:

RULE 1:

Do not live a life you cannot afford, simply because you want to try and keep up with the Joneses.

RULE 2:

Live a frugal life: prioritise your expenses. Before you buy that new car (that will lose value the second you take ownership), ask yourself the question: Is this more important than saving for my child’s education? Is this more important than investing in a property or in my retirement?

Review your insurance. Shop around for better premiums, better excess values and inclusive packages.  

RULE 3:

Do not reduce the wrong expenses in order to build your “sleep-easy fund”. If you choose to pay less towards your retirement, this might have detrimental results down the line. Be sure to speak to a Financial Advisor, and have a proper Financial Needs Analysis done to ensure you are contributing enough to your Retirement Fund. Keep in mind, there are various tax advantages when contributing to retirement policies.

RULE 4

Your emergency savings fund is not an investment fund. Put your savings into an easily accessible account, available within 7 days. . You need to ensure that inflation does not erode your savings. Speak to your Financial Advisor regarding the various available options, other than a bank account.

RULE 5

Make your contribution towards your emergency savings a fixed monthly expense. You don’t need to build a 3-to-6 month emergency savings fund in a month. Simply start off with an affordable amount, and slowly build up enough to carry you through one month and try and do this in the shortest amount as possible.

Once you have achieved this, you should be used to saving that amount each month, and you can continue building this fund. (at least you have an emergency savings fund that can cover one month’s of expense, yay!). Certain financial institutions allow for a debit order to make it easier.

Once you implement all these guidelines, you should be able to have enough funds for the next global pandemic while being in quarantine, or for any unforeseen circumstance life might throw your way!

Written by Heinrich Reheder – Heinrich joined Momentum Irene in February 2020, and is as passionate about looking after your family as he is about his own.
Momentum Multiply

Momentum Lockdown Update

Momentum Irene

3 Days in to lockdown level 4, we want to assure you that your rewards will keep coming, no matter what. We are pleased to let you know that the following benefits will be extended until 30 June.

Extra 3% in cashbacks – Get an extra 3% in cashbacks from Pick n Pay, Dis-Chem and Clicks on top of your normal cashbacks percentage. This will be applied to both in-store and online shopping. Please check directly with your nearest store for updated trading hours.

If you haven’t activated your benefits yet, click on the logo to find out how:

Weekly Wins – Get a Dis-Chem or Total voucher for your Weekly Wins treat. Wimpy vouchers are currently not available. The process to earn Weekly Wins and receive voucher codes remains the same.


The R25 voucher is valid for 14 days, can be used in-store or online. No change given.


The R25 voucher is valid for 14 days, can be used for fuel or the convenience store. No change given.

If you are giving the voucher code to the cashier in store, please take precautions when doing so. Rather read the code out to the cashier instead of giving them your phone to hold.

Yours in wellness
Johan Kleu
Executive Head: Multiply

Momentum Multiply

Multiply your money when you need it most

Momentum Irene

In these uncertain times, Multiply Money is one thing you can be sure of to get you through financially, with low risk, no monthly fees and instant access to your money.

Build up an emergency savings fund – by doing the things you already do.
The cashbacks you earn when you shop for essentials at our retail partners, Pick n Pay, Dis-Chem and Clicks are paid directly into your Multiply Money savings wallet. You can also deposit money from any South African bank account into your payment wallet, then transfer it to your savings wallet. The money in your savings wallet grows from the first cent with a great interest rate*.

If you need essentials, Multiply Money has got you covered.
Get easy, instant access to your money by making mobile payments at selected retailers, using your Multiply Money Card to shop for essentials in-store or online or transferring money to your HealthSaver account to pay for medical expenses or pet care at the vet.

It’s never too late to start saving for a rainy day.
Since you may be spending less money on non-essentials, set a savings goal on the Multiply Money app and try to save towards it during this time. Having something to work towards is a great way to stay upbeat and motivated.

The recent prime rate cuts may have also left you with extra cash that you can use to pay off your debt quicker or save in a low-risk savings vehicle – especially since the market is uncertain now – to build up an emergency fund

We encourage you to make the most out of Multiply Money during this time.


Watch this video to find out how
Uncategorized

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

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.