Investing & Money
piece written on the 20th November 2014 by  

Have a quick glance at these topics:

  1. Home Loan
  2. Vehicle Finance
  3. Personal Loan
  4. Savings Goal
  5. Child’s Education
  6. Saving for Retirement
  7. Income Tax

All of these topics are topics that we’ll probably all face at some point of our lives. The problem is, there’s either too much information on them or too little – I cannot begin to explain how many articles I’ve read over the years to do with some of these topics, simply to gain insight and understanding. In fact, I can honestly say that I’ve spent the past couple of years trying to grow my knowledge on these topics. Whilst doing this, I’ve made a strong effort to try and find resources online that are credible and trustworthy.

I’ve been using Momentum’s Financial Wellness Solutions and one of their solutions, called Mysmarts, deals with all of these topics. The best part, it deals with the topics in a question/answer type approach that allows you to come in from many angles.

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For example, let’s look at the Home Loan section. Upon clicking through to this you’re asked what you’re trying to figure out: 1. Monthly installment, 2. Loan amount or 3. Term of loan. I decided to think about this from a buying another investment property point of view so I’d like to know my monthly installment amount to determine if it’s something I can afford. Upon selecting that option I’m presented with a really easy to use calculator that you can experiment with:

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Once I’d selected all the figures I clicked the “CALCULATE” button and was presented with the answer which was R6,943/month. That’s really useful to know!

Now that’s a really simple one, if you take the Child Education solution for a run, it will literally break down how much you need to save in order to send your child through school comfortably. This solution in incredibly useful and I truly believe that anyone planning on having a kid or anyone who has a baby should give this a try.

These topics are topics that I always wished I had learnt at school – imagine the additional knowledge I’d have. But, if you’re like me, you didn’t learn these topics and you’ll just be thankful for financial solutions like these ones.

The tools are free to use provided you’ve registered on the site. Click here to have a look at My smarts.