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Nedbank's MoneyTracker puts detailed financial information about your business or household at your fingertips. Picture: Supplied/Nedbank
Nedbank's MoneyTracker puts detailed financial information about your business or household at your fingertips. Picture: Supplied/Nedbank

Most people realise how important saving is for their long-term financial security and that of their families and businesses.

Unfortunately, the lingering financial challenges of Covid-19 mean many South Africans are finding it challenging just to balance the books every month, and so saving feels a little out of reach right now. 

That’s why Nedbank has developed a digital money management tool to help its clients navigate their finances.

Called MoneyTracker, it enables individuals, households and businesses to monitor the flow of their money, keeping track of their income and spending patterns, so they can make their money work harder for them. 

MoneyTracker is free for Nedbank clients, and because it’s fully integrated with the Nedbank Money app and Nedbank Online Banking, it makes keeping track of your personal or business financial transactions quick and easy. 

It also enables effective budgeting, which experts agree is the foundation of good money management. 

You can configure up to eight different online dashboards with this innovative tool, allowing you to keep track of your personal, household, business or side-hustle finances easily, all in one convenient digital location. 

Once a dashboard is configured, you simply indicate which accounts you want to track. You can then categorise the various money inflows and outflows, so that you can see exactly where your money goes, and get insights into where you may be able to cut expenses to free up money for other purposes — like saving.

There’s even a feature that can categorise your income and expenses for you automatically. 

“Once your money-in and money-out transactions are categorised this way, the real magic of MoneyTracker is revealed,” says Lance Vuma, head of segment design and development for professional banking and small business services at Nedbank.

“This tool then creates a dynamic income statement view for each of your dashboards, putting detailed financial information about your household or business at your fingertips, and making it easier than ever to set up workable budgets for each expense category, allowing you to carefully manage your money over time.”

Business owners who use MoneyTracker also have the option of creating and managing invoices on the digital platform, making effective cash flow monitoring and management easier and more accurate.

“MoneyTracker gives our personal and business banking clients the opportunity to see their money more clearly — which makes all the difference when it comes to making the most of their finances,” says Vuma.

Nedbank clients can access MoneyTracker under the “More button at the bottom of the Nedbank Money app home screen, or by clicking on the MoneyTracker link once logged in to Nedbank Online Banking. 

This article was paid for by Nedbank.