Nedbank announced the planned launch of MyFinancialLife, an online personal financial management tool that is secure, easy to use and empowers consumers to achieve their financial goals.

MyFinancialLife provides a consolidated view of the users’ entire financial position online and in one place, available to new and existing clients by end August.

“We are delighted to bring you MyFinancialLife as part of our ongoing commitment to empower all in South Africa to build financial fitness. Whether just starting out or seeing greater financial security within reach, it is important to consistently manage ones finances, yet increasingly challenging to make the time available. We are always looking at ways in which we can make our hard earned money work better for us. It is for this reason that Nedbank developed MyFinancialLife™ as the online hub for anything relating to the financial aspects of one’s life,” says Ingrid Johnson, group managing executive: retail and business banking at Nedbank.

“MyFinancialLife lets clients to link accounts from various banks and non-banking financial service providers in a secure environment enabled through a digital security mechanism, called Approve-it.

Anton de Wet, Nedbank managing executive: client engagement, says clients can access MyFinancialLife directly from within their electronic banking, providing an additional security layer.

At launch, MyFinancialLife provides six core functions enabling clients to customise their dashboard in line with their individual financial interests and requirements:

* Net worth calculation – consolidated view of your financial position, based on financial accounts linked or non-financial assets added manually; Nedbank clients will have some accounts  pre-populated.

* Spend analysis – shows your spend graphically based on the categorized card and electronic transactions. Initially a manual intervention, the system will then automatically recognize all your transactions repeated with the same supplier.

* Budgeting – allows you to track your actual spend against your planned spend.

* Saving for a goal – a goal-save tool that allows you to set goals, categorise them, choose an amount you would like to save during a specific timeframe – and then calculates how much should be put aside to meet your goal – such as saving for a holiday, education or buying a new car.

* Alerts – can be set on budgeting or goal-save functions and can be sent via e-mail or SMS. You can, for instance, set up alerts when 50% of your allowed credit card limit has been reached or when you have exceeded a budgeted amount.

* Calendar view – allows you to track debit orders against payments that need to be made, making it easy to view weekly, monthly or yearly transactions, ensuring that you have always planned to have sufficient funds available.