Why does a financial planner ask so many questions, and what should I be asking a potential financial planner? Um... good question.
Almost everyone wants to improve how they save, especially during these harrowing Covid times. The tech world has taken notice by releasing a steady stream of financial tools to lend a hand. So, which one do you choose? The 22seven app is a pretty good place to start – because it can help you to do way more than simply save a few pennies for pizza Fridays.
In a nutshell, 22seven is a free budgeting and investing app from Old Mutual. But it’s actually way more than that. Here’s a list of the impressive perks…
1. Finally, you get to see all your money in one place
You link all your money stuff (think: bank accounts, cards, investments, rewards and loans – from any bank or store) so 22seven can automatically gather all your balances, transactions and other relevant info and bring it together in one place for you.
2. Instead of a general budget, yours is personalised
Once that’s done, every transaction is automatically categorised so you can see exactly how much you spend on what. A personalised budget, based on your own actual behaviour, is automatically generated for you. And you can track your spending any time of the month to see if you need to slow down or if you’ve got money to spare.
You’re also shown how much money you have and owe, and your net value. Even calculate what kind of home you can afford! And there’s a bunch of other features and tools that help you make more sense of your money, more easily, or save for your goals.
3. All this amazing stuff, for free
Okay, there’s more. Besides the fact that’s legit free, our fave features include… Nudges! These are hints and observations about your money. They show you things you probably didn’t know or hadn’t considered, and help you use your money better. Like a money-savvy little helper on your phone…
We also love how organised this app will make you feel! All your transactions are automatically updated and sorted into categories. Find any transactions instantly, from three days or three years ago. And it’s exportable, making tax returns easy.
Security is tight, guys. Your information is always encrypted. In fact, 22seven uses the same security measures as banks, governments and the military. ‘Nuff said.
4/ Receive a money report…
By using the app, you can see how your net value has changed, which categories recorded the most spend, and how your money in vs. money out looked over the course of the month. Check out your Money Report every month for these new insights.
You can also see whether you spent more or less than you earned, and by how much. Ever wondered if you’re saving enough? Spending too much? Satisfy your curiosity by seeing how you compare to other 22seven users in the same income bracket as you. Balancing your budget is easier when you understand what you regularly overspend on (if anything!). Check out your top overspent categories on your report.
5/ 22seven as a business offering
Small business owners in South Africa will be able to upgrade their financial management at no cost. Yup – 22seven Business is designed to help small businesses control and manage their finances better by tracking their cash flow, and creating and monitoring professional quotes and
With 22seven Business, users can securely link bank accounts and track their business finances in one place. The use of smart machine learning and customised rules ensures that business transactions are classified automatically for easy reporting.