"Human brains are not computers, human brains are not perfectly rational decision-making machines. In fact, we are just primates, that’s all we are," says Sam Beckbessinger, author of How to manage your money like a f*cking grownup.
"Our brains are not very good at discipline so when we try and create systems that rely on self-discipline we are just setting ourselves up to fail.”
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This is why it is really important to, at a glance, be able to look at the current balances of any of all your debts, accounts or investments, and the history of all your transactions, she says.
“And then you’ve got real data! If you just try to rely on your memory and guesses, you’ll likely always be off by half.”
“I’m biased because I used to work at 22seven, but I legit think it’s the most awesome product for South Africans,” says Beckbessinger. The application available on iOS, Android and web. It gives you a complete overview of your finance and a personalised budget - automatically.
Available on iOS, Android, web, this application will show you how much you can spend on a daily basis after your fixed expenses have been taken into account. Even if you overspent, the app will recalculate to make sure you reach the end of the month. “But be warned, it’s still in beta,” Beckbessinger says.
This application, available online and on Android, sets up automatic bank feeds so that your income, expenditure ,and bank transfers are automatically updated in My Money. “There’s a free version as well, but it doesn’t update your accounts automatically,” Beckbessinger says.
Made by Nedbank, this application analyses your spending habits and helps you gain insight so you can take control of your spending behaviour. It is only web-based, but is not limited to those with Nedbank accounts.