Financial wellness is crucial for success, but having access to financial experts can be costly. That is why FNB is excited to launch Money Coach – a financial wellness feature on the FNB App—conveniently located under nav» Money to assist consumers in getting started with financial education content for free.
Money Coach, as described by Jolandé Duvenage, nav» CEO at FNB, “is a money management guideline based on simple but fundamental financial principles. It is free, quick, and easy via the FNB App, with no paperwork. It is primarily intended to provide customers with an information portal where they can educate themselves on some of the money moves they need to make for financial wellness. The content is interactive, with educational tips, quizzes, podcasts and infographics to assist you along the journey.”
Your personal Money Coach
Money Coach could help you and your family with the following:
- Spend less than you earn: When it comes to money, this is the golden rule. Money Coach assists you in taking responsibility and staying on track with your financial commitments within the limitations of your budget.
- Manage your debt: Keeping up with your credit arrangements is critical to maintaining good financial health. Money Coach will assist you in better understanding credit and how to make it work for you.
- Save for emergencies: As the saying goes, “life happens”, and emergencies are unavoidable. That is why it is critical to save for emergencies at least once a month or even once a week if your income cycle is weekly. Set specific goals and commit to a regular amount that is appropriate for you. Aim for at least one month’s income, but ideally three months income, as emergency savings.
- Protect your family: It is critical to have a financial plan in place that your family can rely on if you pass away. This could help families avoid the hardship that typically occurs when breadwinners are no longer present. As well as giving certainty on who receives what via a will. There are various options for dealing with this, and Money Coach can guide you through the process.
- Protect your income: The ability to work and receive an income is a vital component to protect against unforeseen events such as disability or illness. There are several ways and solutions available to assist you in protecting your income.
- Manage your assets: Many people assume that the notion of assets is only important to those who are wealthy. Aside from traditional assets such as real estate or a car, there are many others to consider.
- Provide for your retirement: The sheer number of South Africans who will be unable to afford a comfortable retirement is alarming. So, if you earn a living, it’s critical to avoid slipping into this category because you’ll be forced to rely on the state’s welfare system or, if you’re lucky, family members. Make retirement a part of your financial preparation.
- Provide for education: Quality education is critical for one’s prospects and requires a lifelong commitment. Whether it is for kids or yourself, it is advisable to always plan ahead. This includes acquiring ongoing upskilling to adapt in the ever-changing environment.
“Good money management is important in every economic cycle, not just in bad times,” explains Ester Ochse, Product Head of FNB Integrated Advice division. “That is why we believe that solutions like Money Coach are for everyone, not just consumers who need help managing their money. In addition, good money management principles are universal, so regardless of how much you earn, you must be able to manage your income in a way that aligns with your or your family’s goals or aspirations. We encourage everyone to give Money Coach a try by simply visiting our App or downloading it to create a profile and begin a journey of financial wellness,” adds Ochse.