This year has brought about many uncertainties and heightened the need for people to better manage their money through budgeting. Recently, FNB launched an innovative smart budgeting tool for customers, located under the nav» Money functionality on the FNB App.
Since launch, there has been over 66 000 total alerts from customers showcasing interest in the tool. Over 11, 400 customers have set up a spend category across 60 different categories with groceries, telecoms and fuel being in the top three.
Doret Jooste, CEO of FNB Money Management says, “Customers feel empowered when they are in control of their money. The new smart budget tool uses the banks dynamic data capability to create a level of accountability and real time coaching that has not been provided before. FNB customers will be able to take control of their spend, set budget limits and get notified; when they are half way there, just before they get there and once they have hit their budget amount.”
Over 1 million customers have already benefited from the bank’s credit, savings and spend tools on nav» Money on the FNB App. The smart budget tool takes the experience once step further by redefining how customers can view their spend. The tool allows for all the customers spend to be auto sorted for them, every last rand and every last cent. From Groceries to fuel, data spend to medical and more. This means more clearly than ever you customers know what they are doing with their money, and are in the drivers seat to see what their money could be doing for them.
The nav» solutions were first launched on the FNB App and include nav» Money, nav» Home, nav» Car, and nav» Wellness; all intended to help customers manage a range of needs.
Customers are encouraged to utilise the following tips to better money manage going into 2021:
· Intrinsic to money management is understanding money in and money out
The smart budget tool helps with setting the guidelines for one to understand money going in and out of their account. This provides a better understanding of ones finances and assists with better planning and budgeting for goals set.
· Do value based spending, set those alerts up first
Before one is able to reach a goal, they need to first make a commitment to understand their money. It is also import to spend on the things which you value and are important to you, for example children’s education, being debt free or having a comfortable retirement. By setting alerts according to your spend, you are able to have first-hand knowledge of what you are spending your money on, then you can adjust your spending to the things you truly value.
· Use eBucks to supplement cashflow
Rewards are a great way to supplement your monthly cashflow and stretch your money even further. Through the eBucks Rewards programme, FNB is helping customers to support their cost of living expenses, rewarding members for good money management, and creating valuable opportunities to save and grow their money by supplementing their financial spend with rewards.
“The New Year presents an opportunity for our customers to recover from what has been one of the toughest year economically. We believe the smart budget tool will go a long way in assisting our customers to prioritise their spend in order to money manage and ultimately, be in a better financial standing,” concludes Jooste.
— Dineo Molaba
Main Image: IOL