Do you want to start saving money?
We're often not sure how to begin saving money because we don't really know what's going on in our bank account.
What's my credit card balance? When's my next debit order? When did I spend R500 on groceries?
In other words, we need more control over our bank account to make better savings decisions. It helps if you have a full view of your account: balances, transactions, and scheduled payments so that you know where you stand financially. This is why your banking app is so important. It gives you the tools to stay in control of your money.
Let's find out how.
Automate payments to your savings account
Making your savings goals official by setting up a savings account is one of the easiest ways to actively save money. With internet banking, you can transfer money into your savings account using your banking app on your phone. You can even set up an automatic transfer so you don't have to do it every month.
Check your statements
Knowing the status of your account – what's being spent and what's available to save — is important. Of course, this information is available on your statement. How often do you check your statements? If it's not something you do frequently because you don't have time, then consider doing it on your phone. We spend most of our time using our phones to browse social media or text each other. Safely logging in to our online banking app shouldn't be a problem.
Decrease your credit card limit
Are you often tempted to overspend on credit? Using your credit card sparingly is not easy if you're struggling to make it through to payday, but if you find yourself splashing out on luxury items, then it's time to reconsider your habits. One easy way is to set a limit on how much you can spend on your credit card. You can do this on your app, simply by logging in and selecting credit card. Taking control of your POS and withdrawal limits will help you swipe within your means and budget well.
Manage debit order disputes
Unauthorised debit orders cost money. On the rare and unfortunate occasion that you have to dispute a debit order, you want to be able to tend to it as soon as possible. Start the process by disputing the unauthorised debit order on your app. It's unpleasant and annoying, but at least you can start to address the issue on your app.
Saving money requires discipline and control of your money. There are a few ways to achieve this, but managing your account on your app is the easiest and cheapest (yes, it's free!) way. Take control of your personal finances and download your banking app today.