Let’s explore some of the best personal finance apps available in South Africa to help you manage your money effectively.
1. 26s (formerly 22seven)
What it does: 26s is a popular South African finance app designed to track your spending and help you manage your budget. The app links to your bank accounts and credit cards to categorize your transactions automatically.
Features:
Track Spending: Automatically categorizes your spending (e.g., groceries, entertainment) so you can see where your money is going.
Set Budgets: Create custom spending limits for different categories and stick to them.
Financial Insights: Get reports and insights on your spending patterns to help you make smarter financial choices.
Example: Suppose you’re spending too much on eating out. The app will show you your monthly food expenses and help you set a budget to keep those costs under control.
Why it’s great for South Africans: It’s specifically designed for local banks, making it easy to link and track your South African financial accounts.
2. Yoco (For Small Business Owners)
What it does: Yoco is more than just an app - it’s a payment solution designed to help small business owners and entrepreneurs manage payments, track sales, and understand their business finances.
Features:
Point of Sale (POS): Accept card payments directly through your phone with Yoco’s card reader.
Sales Insights: Track sales, revenue, and business performance in real-time.
Cash Flow Management: Keep track of your expenses, payments, and profit margins to ensure your business stays healthy.
Example: A local café owner can use Yoco to track sales, pay suppliers, and keep a record of daily income and expenses - all in one place.
Why it’s great for South Africans: Yoco is built for South African businesses and supports various local payment methods, making it perfect for entrepreneurs across the country.
3. GoodBudget
What it does: GoodBudget is a budgeting app that uses the envelope method to manage your money. It’s a digital version of the old-school envelope budgeting system, where you divide your money into different categories.
Features:
Envelope Budgeting: Set up virtual envelopes for categories like groceries, transportation, and entertainment. Each envelope has a specific amount you can spend.
Sync Across Devices: You can sync your envelopes between your phone, tablet, and computer, so you can track spending on the go.
Track Savings Goals: GoodBudget also allows you to set aside money for future goals, like a holiday or emergency fund.
Example: If you’re saving for a vacation, you can set up a "Vacation Fund" envelope and regularly add money to it, ensuring you stay on track.
Why it’s great for South Africans: GoodBudget is perfect for people who prefer a more visual, hands-on approach to budgeting without needing to link to their bank accounts. It's simple and doesn't require a South African bank connection.
4. FNB Banking App
What it does: While FNB’s main focus is banking, its app has robust personal finance features that go beyond just checking your balance. It offers budgeting tools, financial planning features, and investment options.
Features:
Budgeting Tools: The app provides budgeting assistance by tracking your spending and categorizing it automatically.
Investment Options: FNB allows you to invest in stocks, bonds, and unit trusts directly through the app.
Alerts and Reminders: Set up notifications to remind you about upcoming bills and payments to avoid late fees.
Example: If you’re looking to invest for retirement, FNB allows you to invest in a retirement annuity directly through the app. You can also track how your investments are performing over time.
Why it’s great for South Africans: It’s an all-in-one solution for FNB customers, making it easy to manage your bank account, savings, and investments on the go.
5. Vault (by Standard Bank)
What it does: Vault is an app offered by Standard Bank to help you save and invest. It’s a great option for South Africans who want to start saving without the complexity of traditional investment methods.
Features:
Automated Savings: Vault allows you to set up automatic transfers into your savings account. You can round up your purchases and save the change, or set up monthly goals.
Investments: The app lets you invest in a variety of options, including unit trusts and ETFs. Goal Tracking: Whether you’re saving for a new phone or a holiday, you can set goals and track your progress.
Example: Suppose you want to save for a rainy day. Vault helps you set up automatic transfers from your bank account, so you don’t even have to think about it.
Why it’s great for South Africans: Vault’s seamless integration with Standard Bank accounts makes it easy for customers to save and invest, even if they’re new to the process.
6. Mint
What it does: Mint is an all-in-one budgeting app that can help you manage your finances by tracking expenses, creating budgets, and giving you insights into your spending habits.
Features:
Expense Tracking: Mint links to your bank accounts, credit cards, and bills, helping you track your spending across all your accounts.
Credit Score Monitoring: Mint provides an overview of your credit score, which is crucial for South Africans applying for loans.
Bill Reminders: You can set up alerts to notify you when bills are due, ensuring that you don’t miss a payment.
Example: If you’re worried about overspending on shopping, Mint can show you exactly how much you've spent on clothes, giving you a clear picture of where your money is going.
Why it’s great for South Africans: Mint supports international bank accounts, making it a great option for South Africans who have multiple accounts with different banks.
Why Use Personal Finance Apps?
Before diving into specific apps, let's understand why using personal finance apps is a smart move:
1. Convenience: All your financial data in one place, accessible from your phone or computer.
2. Better Financial Awareness: Seeing where your money goes can help you make better decisions about saving and spending.
3. Budgeting Made Easy: These apps track your spending and help you set budgets, so you can avoid overspending.
4. Savings & Investment: Many apps now help you invest or save automatically.
5. Debt Management: Apps can help you create debt repayment plans and track your progress.
Managing your finances doesn’t have to be stressful. With the right tools, you can stay on top of your budgeting, savings, investments, and debt. These personal finance apps can help South Africans take control of their money and make smarter financial decisions. Whether you’re a small business owner, someone who wants to save for a rainy day, or you’re just trying to stick to a budget, these apps offer a wide variety of features that cater to different needs.
Questions after the interview:
At the end of an interview there is usually an opportunity where you can ask any questions you might have. This is a great opportunity to show the interviewer that you are interested in the position as well as the company. It is a good idea to prepare a few questions before the interview – this can be done while you are doing research on the company.
Your questions should show the interviewer that you are a good candidate for the position. Try and avoid questions that are based on your personal needs and preferences, for instance:
- How much leave will I get in a year?
- Will I be considered for promotion in my first year?
- When will I get an increase?
- What time can I leave in the afternoon?
These questions are inappropriate at this stage and will probably raise concerns on the side of the interviewer. Should you be the successful candidate then all these questions will be answered in your letter of appointment so don’t waste this opportunity by asking these basic questions.
If the position is an entry level job or very junior then you are welcome to ask questions in line with the position, for instance:
- Why did the previous person leave the position?
- What would the successful person be tasked to do in a typical day?
- How does this position fit into the department and / or company?
- Could you explain the company structure to me?
- Is there any further education assistance or support?
If the position is more senior then you can prepare question around the following themes:
- current issues that will face the successful candidate;
- inter-personal challenges in the department;
- any process, technology or people challenges that needs to be attended to urgently;
- key result areas that need urgent attention in the first few months;
The above information should get you started. Prepare a few questions so that you can show your worth. Good luck with your interview!
