It’s been about 2 weeks since starting to use the 22seven app to better understand my finances and boy has it been an eye opening experience. Just like the spec in their logo 😉 A few Friday’s ago they invited a few bloggers to learn more about the service being pegged as a Google for your personal finance. Their offices are amazing. If you ever get the opportunity you should check it out.
A quick recap on the 22seven app for those of you who don’t know the deal. It’s an app the automagically monitors your fincances by using your online banking login and works with all South African banks. Don’t worry, it is safe. Old Mutual bought them recently so you know it’s the real deal. Here’s is what 22seven has taught me:
- I’m spending way too much on my car insurance. As I’ve been working from my home office for the past few months by car has been securely collecting dust in the access controlled parking garage next to my apartment. Most of my meetings are at coffee shops that are within walking distance from the home office so my insurance premium costing more than my petrol expenditure made no sense. I used various online insurance quoting tools and cut R400 off my insurance premium. My car being worth a bit less since the last time I updated my insurance also helped. I think it is good to reassess your insurance at least every 2 years. If it wasn’t for the 22seven app I probably would have let this slip by.
- I do not need DSTV. The only thing I used to watch on DSTV was Sport and thanks to Wiziwig I can now stream all my favourite sport for free online. I’ve already said goodbye to DSTV before using 22seven but that 700 and something Rand along with my insurance saving leaves an additional R1100 in my account after all the debit orders go off.
- I need to re-look at all my financial services and associated costs. Health, Banking, Retirement, Investments… All of them. I’ll do so in due course but am taking it one step at a time.
If it wasn’t for 22seven I would have just accepted the status quo of my finances. It has been a wake up call that I’ve needed for a while. I’ve got an idea on how 22seven can be used for something a little different but I’ll save that for the next post.