MyFinancialLife Spend and Budget Analysis

Overview

Nedbank’s MyFinancialLife™, the online personal financial management tool aimed at empowering consumers to achieve their aspirations and financial goals first launched to Nedbank staff on 27 August, is now available to all.

MyFinancialLife is part of NedBank’s ongoing commitment to empower all in South Africa to build financial fitness. It is for this reason that Nedbank developed MyFinancialLife™ as the online hub for anything relating to the financial aspects of one’s life.

• At launch, MyFinancialLife provides six core functions to both Nedbank and non-Nedbank clients at no charge, enabling clients to customise their dashboard in line with their individual financial interests and requirements:
• ’net worth calculation’ – consolidated view of your financial position, based on financial accounts linked or non-financial assets added manually; Nedbank clients will have some accounts pre-populated.
• ’spend analysis’ – shows your spend graphically based on the categorized card and electronic transactions. Initially a manual intervention, the system will then automatically recognize all your transactions repeated with the same supplier.
• ’budgeting’ – allows you to track your actual spend against your planned spend
• ’saving for a goal’ – a goal-save tool that allows you to set goals, categorise them, choose an amount you would like to save during a specific timeframe – and then calculates how much should be put aside to meet your goal – such as saving for a holiday, education or buying a new car.
• ’alerts’ – can be set on budgeting or goal-save functions and can be sent via e-mail or SMS. You can, for instance, set up alerts when 50% of your allowed credit card limit has been reached or when you have exceeded a budgeted amount.
• ’calendar view’ – allows you to track debit orders against payments that need to be made, making it easy to view weekly, monthly or yearly transactions, ensuring that you have always planned to have sufficient funds available.

MyFinancialLife caters for individuals and the entire household as family members’ accounts can also be linked onto the same dashboard, assisting families to budget and plan for their future. Micro-enterprises may also find this tool useful in managing their business financial affairs.

Nedbank clients can access MyFinancialLife directly from within their internet banking, providing an additional security layer, and via www.myfinanciallife.co.za for non-Nedbank clients.

For more information on MyFinancialLife log onto www.nedbank.co.za or call the Nedbank Contact Centre on 0860 555 125