Old Mutual’s free money management app, 22Seven, now makes it easy to save for the things that are important to you. It has introduced Goals, which enables you to save with a specific goal in mind, such as a deposit for a house, or the first year of your child’s university education.
Jikku Joseph, managing director of 22Seven, says: “We’re excited about how Goals can help South Africans set, build and track their progress towards their personal financial goals. Goals is simple to use, allowing users to set personal financial goals, visualise them and track their progress.”
You simply create a goal (or select one of the goal templates in the app), set your own monetary amount, add any kickstart funding, identify how you want to save and for how long.
The app allows you to open low-fee taxed or tax-free investments directly.
“Research consistently shows that setting goals actually increases efforts to achieve them, helps you stay committed and removes obstacles to obtaining your goals. We also know that South Africans are saving for real-life events such as emergencies, education and retirement. Knowing you’re on track to achieve your goals can help to give you peace of mind in a turbulent financial and economic environment,” Joseph says.