Every year, most of us set financial goals, but sticking to them becomes a different story. Whether those goals include saving more, eating out less or getting a side hustle, many of us start off the year strong only to have our resolutions disintegrate into nothing by March.
Don’t let that happen in 2022. Try doing things differently, like getting a secondary account. Andre Hugo, CEO at Spot Money, shares three reasons why you should get a secondary account.
“The traditional bank account fulfils important functions like financing a car, or paying off a bond, but more people are using secondary accounts to manage their daily lifestyle expenses. This is where digital banking solutions like Spot Money provide South Africans with a hassle-free way to take care of things like managing which bills they pay, grocery shopping, buying airtime or data, and splitting the restaurant tab with friends, Hugo says.
He adds and says secondary accounts help people better manage their finances. “Using a single bank account to cover all financial transactions can easily become daunting. Spot Money lets customers approach money in a new way and create multiple accounts for specific purposes beyond salary deposits and critical transactions.”
“Try going virtual. For instance, a virtual account can be created for each online shopping site a person uses and be disabled and enabled via the Spot Money app as required. Similarly, these secondary accounts can just as easily be set up to cover specific expenses such as utilities, fuel, and the like.”
Hugo says in this way, people are better able to plan their budget and see immediately how much funds they have available to do different things.
“Another innovation available through Spot Money is the shared account functionality where up to 10 people can manage their finances jointly. So, whether they are managing household bills, ride sharing, or even planning that next vacation together, these shared accounts are great to have full sight of transactions.
All a user needs to do once the joint account is created is to top up; thereafter they can make payments as needed,” says Hugo. “Spot Money’s shared accounts will attract no monthly account fees. Accounts can be created and shared instantly, and members can be added and removed in seconds by the shared account admin. All transactions are tracked in real time, with no surprises.“
Creating a Spot Money account is straightforward. A user simply needs to download the Spot Money app from their app store of choice, take a photo of their ID and a selfie, and then voila, the account is active. While users can choose to have a physical debit card sent to them, they can use their phone to pay directly on any NFC-enabled point of sale device, scan any QR code, and shop securely online using virtual cards. There is also the opportunity to earn immediate cash back when Spot is used at selected partners like Nando’s, Vida e caffe and Checkers to name a few.
For more info on how to use your Spot secondary account, visit www.spotmoney.com. Here, people can also see how to link their credit cards to their Spot accounts. Sign up is a user-friendly process with no fees involved.
