The ‘why’ behind our spending
The human relationship with money is a complex one and can’t be attributed to only one cause or factor. As a Social Bonder, you’re in danger of being a bit too relaxed about your finances. As a popular and generous person, you occasionally prioritise other’s financial wellbeing over your own. Have you ever asked yourself what the reasons behind your spending habits are?
Many Money Secrets stem from this relationship with money - be it unemployment, materialism, tax, lack of knowledge, corruption or even irresponsible gambling.
In 2014 the Heartlines Centre for Values Promotion launched a campaign in association with Nedbank. This campaign has a strong focus on values and money, and explores honesty in earning, responsibility in spending, wisdom in borrowing, self-control in saving, and generosity in giving.
See more about the campaign here.
Shape up your money
Being a Social Bonder, money is not the alpha and omega to you. While it’s good not to be obsessed with money, shaping up your finances in the current economic climate should be a priority - regardless of your money archetype.
A big part of what affects your financial health is inflation. If you don’t manage your savings and investments to show growth despite inflation, your money loses buying power over time.
We’ve put together a few Money Secrets to help you get financially fit:
Also take a look at Nedbank’s investment plans here.
How do I budget?
If your money archetype is the Social Bonder, budgeting might not be top of mind for you. That’s not because you don’t care about your finances. You just feel there’s more to life than money - and that’s okay. Hear us out though: a proper budget can change your life.
Luckily, we have a Money Secret up our sleeve. We’ve put together a step-by-step guide on budgeting.
Step 1: Track your expenses.
To draw up an action plan of how you intend to budget, you first need to figure out what you’re spending your hard-earned money on. Don’t exclude anything. Even small expenses like a clothing item on sale or a vetkoek on the way to work should be taken into account.
Step 2: Make a priority list.
Once you have an accurate list of expenses, divide the list into must-haves and nice-to-haves. Your bond or rent is an essential expense. Drinks and eating out are not.
Step 3: Take action.
Now that you’ve prioritised, take action. If you’re not using that gym membership, cancel it. And do you really need the full satellite TV package? Downgrade.
For a detailed look at how to budget click here.
Also try the Nedbank My Financial Life tool here.
Money hassle is not your thing. You like things easy and straightforward. That’s why a Ke Yona bundle could be the account for you. With a fixed monthly fee, R2 000 funeral cover, and free digital subscription, it’s more of what you need and less of what you don’t.
As a Social Bonder, another no-frills-or-fuss account option is a Savvy Plus Account. You pay a fixed monthly fee and get a gold cheque card. You can also add or remove benefits as and when you need to.
You enjoy helping friends and family. While it’s important to ensure that you’re not taken advantage of, a personal loan could make a difference to your own life or a loved one’s. Explore Nedbank’s flexible loan options, great interest rates, and easy online application.
As a Social Bonder, you need to be mindful of getting the best deal, because your trusting nature can be detrimental at times. MFC, a division of Nedbank, has a step-by-step guide to help you finance your vehicle. From calculating what you can afford to finding a reliable vehicle and finalising the application process.