We are often so focused on saving or paying off our credit cards, which is great but it can mean missing out on the fantastic banking benefits available to us. There are Nedbank Perks, you may not be unaware of, that can save you hundreds of rands!
[Read more…]My Top Nedbank Bucket List Items Tattoo Included
I am sure you all have a bucket list of sorts. Mine is rather long and includes things like travel, gadgets and stuff for our home. My list also contains a few crazy things like bungee jumping and getting a tattoo. When Nedbank asked me to share the top items on my Nedbank Bucket List, I had to think hard about where my priorities lie. [Read more…]
Start Your Journey to Financial Wellness with Multiply & Win!
{Entries are Closed}
Your Journey to Financial Wellness with Multiply
Hello lovely readers you may have read a post recently, where I discussed how important Financial Wellness is – if not please pop over and have a read! I know that some people would rather be doing something else, other than talking finances but it is vital to know where your future is headed! It is a New Year after all, so no better time to sort out finances and take charge of your financial well-being!
One of the first things we did as a family, to start 2015 off on a positive note, was to sort out our budget. This is something which we have never been very good at doing. It was also one of the things, after completing the Multiply Wellness assessment, which was highlighted as a weak point for me! I must admit it felt great going through the process and having some sort of plan for the year ahead. We have also informed our girls, aged 11 and 13, of how budgeting works and the benefits of having a budget – you are never too young to start your journey to Financial Wellness!
Multiply, the wellness and rewards programme offered by Momentum, identifies that there are eight dimensions of wellness, which are:
- Occupational wellness: enjoying your work environment, and feeling valued there.
- Emotional wellness: understanding your feelings and coping well with stress.
- Spiritual wellness: developing a set of values that help you seek meaning and purpose.
- Environmental wellness: respecting the delicate balance between the environment and yourself.
- Physical wellness: maintaining a healthy body, and seeking medical care when you’re ill or injured.
- Social wellness: performing social roles effectively and comfortably and creating a support network.
- Intellectual wellness: having an open mind to new ideas, and continuing to expand your knowledge.
- Financial wellness: having the financial security to manage day-to-day expenses, and plan for long-term needs or unexpected life events
None of these dimensions are more important than the other, and paying due attention to them is likely to lead to ‘a state of complete physical, mental and social well-being, and not merely the absence of disease and infirmity’ (World Health Organisation).
To help encourage you to find out more about your financial wellness, the kind folk over at Multiply have decided to give away an awesome R2500 Dis-Chem Voucher, to one lucky reader. This will in-turn help keep your body healthy, while they concentrate on your financial well-being. The first step on your journey to Financial Wellness, is to pop over to the Momentum Website and complete the Wellness Assessment. Once you have completed this please leave a comment about your results below, sharing your #MultiplyScore.
Once you have completed your assessment and commented below this post, please share the competition either on Facebook or Twitter. {please remember to let me know where you have shared below}
To recap:
- Complete the Multiply Wellness Assessment. {Follow the link create a profile on the Momentum website, if you do not already have one. Login then Click ‘My Financial Wellness’ then click the ‘My Score’ tab. Please complete all eight surveys provided on the tool. Once you have completed the assessment, the tool will produce a report for you, highlighting the areas of your financial well-being that need attention.}
- Share your #MultiplyScore in the comment section below.
- Share on Facebook: Start your journey to #FinancialWellness with #Multiply by @MomentumZA and @InspiredLifeSA and win a R2500 Dischem Voucher 0r
- Tweet: Start your journey to #FinancialWellness with #Multiply & @InspiredLifeSA! Win a R2500 Dischem Voucher @Momentum_za
- Use the Rafflecopter form below to enter.
- Please ensure you read the *Terms & Conditions below carefully, to ensure you comply with all the entry criteria.
a Rafflecopter giveaway
*Terms & Conditions:
- Entries are open from 7th January 2015 until the 16th January 2015 the winner will be announced on the 19th January 2015.
- You must complete all the steps as stipulated above: Complete the Assessment, Leave a Comment, Share on Facebook and/0r Tweet about the competition.
- To ensure that your entry is processed correctly (please use a valid email address). Your details will only be used to validate your entry and inform you, if you are selected as a winner.
- Prizes may not be exchanged for cash.
- This competition is only open to South African residents.
- By “Liking” you enter and agree that this promotion is in no way associated with, administered by, or endorsed by Facebook; and acknowledge a complete release of Facebook by your participation.
Disclosure Ranking:3
Financial Wellness with Multiply
Multiply by Momentum
As a woman one of the most important things to me is financial well-being! I am not talking fast cars and a lavish lifestyle but rather knowing there is enough money in the bank to provide for our family and to get out of a pickle in an emergency. To quote a very wise woman “a girl has to have her running away money!!”
Being a “stay-at-home-mom” makes having complete financial independence a bit tricky but it is still vital to ensure your financial security and make sure you are in the loop as far as finances go. I am not the main breadwinner in the family but that does not mean I must live with my head in the sand. My hubby and I discuss all financial decisions and I have made a point of always knowing where I stand financially.
Having a hubby who is in the financial game has been a great asset. Although at times I lose interest when he starts with the financial jargon, I am definitely aware of my financial health.
The thing is although I know quite a bit about my financial status in general terms, there are definite gaps when it comes to my financial planning for the future.
I became more aware of a few of these weak areas recently, when I answered a questionnaire on Momentum’s website, as part of the Multiply rewards programme. It made me realize that there are definite areas in my Financial Wellness which require attention.
As far as having adequate life cover and insurance, as a couple we are well covered but something I have never really considered is what happens after retirement, will we still be able to enjoy the lifestyle we do today. Our main focus is always the here and now! Things like having enough money for school fees, having adequate household insurance and medical aid cover, especially if you have young children.
The majority of my scores on the Multiply Wellness assessment where quite high, over 80% but I think that is largely to do with my hubby’s influence. One area which I know have to make changes in is drawing up a budget and sticking to it! We are fairly lackadaisical when it comes to budgeting which is definitely not a good idea.
My question to you is Do you know what your Financial Wellness status is? Do you have complete peace of mind about your future? If your answer is no or even if you think you do, I urge you to pop over and complete the assessment you will be surprised at how much you have not taken into account regarding your future.
As well as giving you an indication of your Financial Wellness, Multiply offers Momentum clients excellent discounts on products and services from more than 40 well-known brands. You can also save money on gym membership, fitness assessments, travel and leisure, gadgets and online shopping.
As part of their drive to provide you with more insight and financial security, Multiply in conjunction with Inspired Living will be running a reader giveaway! So do your Financial Wellness assessment and please check back soon for more details.
Image Source: Multiply
Disclosure Raking:3
Introduction to investing, by Super Finance Guy
So you have been thinking of putting a little something away each month, for a rainy day, the kids’ education or simply to add to retirement savings, but you have no idea where to start.
While you consider your options and start to do some research, the first thing to ensure is that any cash in the bank is at least invested in the highest interest bearing account that your bank has to offer. A simple money market call account will certainly give you a far better return that just keeping your cash in a cheque account.
You then need to establish how much you have to invest, be it a lump sum or monthly contribution, or even both. You can now start looking at the various options out there.
For a lump sum or larger monthly contribution, you have the most flexibility, and may start by looking at buying direct share exposure through a stock broker. This may entail selecting a single share each month, or accumulating a few months-worth of contributions before making a purchase. Bear in mind that the smaller the investment value, the higher the effective transaction costs, and the longer it will take to realise a positive return on your investment. There will inevitably also be a monthly administrative charge for having an account open with a stock broker.
For smaller amounts, the best option is to select a unit trust that meets your investment objectives and to invest on a monthly basis. If you want to narrow your focus on one investment house then you can go directly to them but if you want to have the flexibility of selecting and switching between a number of different funds run by different fund managers, then an investment platform will be your best option. Remember to check what the minimum lump sum and monthly investments are for the different options – this may impact your choice. You should also be very sure to compare costs of the various funds and platforms by looking for the TER % (total expense ratio) of each so that you know the annual costs that you are in for.
If you have no predisposed preference for any fund management company and are happy to remain agnostic in this regard, then a very useful alternative is to look at exchange traded funds (ETF’s). These are instruments that are listed on the stock exchange and trade in the same way as shares, but effectively give you exposure to a selection of shares that make up a particular index or sector of the market. A good example is the Satrix range of investments, and the Satrix40 is one which will give you exposure to the top 40 companies, by size, on the JSE. The ETF’s can be bought via a stockbroker if you do go this route, or directly via the company that runs the ETF, as in the case of Satrix. There are administrative costs involved, so again make sure that you are aware of all costs before investing.
From a retirement savings perspective, you can start a retirement annuity, which is a very good idea if you are self-employed, or if your employer does not run a company pension or provident fund, or simply if you would like to enhance you current retirement savings. There are limits to the tax benefits that an individual receives regarding these retirement funding contributions, and it is worth discussing this with your tax advisor.
The options out there may seem daunting, but with a little research and the assistance of a financial advisor, you should be investing in no time at all. As a parting piece of advice, remember that investing in the share market is a longer term commitment, so do not expect incredible returns overnight, but stick with the plan and you will be rewarded in the long run.