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Manage your money with less stress and greater success! Here are three ways 1Life’s Truth About Money can help you manage your money better in 2021 - and the good news is, this service is free for 1Life policyholders and successful applicants.
What is Truth About Money?
Truth About Money is a 1Life initiative that helps South Africans take control of their finances and make informed financial decisions. Together with our partners, who are experts in their fields, we can help you improve your knowledge and finances in three areas:
- Financial education
- Debt management
- Wills and estate planning
Financial education
Why is financial education important?
People aren’t born good money managers, it is a skill we have to learn. When you know more about money you can make informed financial decisions that will help you manage your budget, control your debt, and grow your savings and investments.
What financial education does Truth About Money offer?
With our partners, Boston City Campus and The Money School, we offer an 8-hour digital course that helps you develop your financial knowledge and money management skills. The course can be done in your own time, at your own pace in the comfort of your own home or at your nearest Boston City Campus.
Topics covered include:
- How to develop a spending plan for your household
- How to make sure your debt doesn’t get out of control
- How to set, plan and achieve your life goals
- How to invest and grow your wealth
Debt management
Why is debt management important?
It is easy to get into too much debt very quickly. Getting out of debt is not so easy. It can take many years and cost you a lot of money in interest. Debt counselling can reduce your monthly debt repayments by up to two thirds, which means you can make ends meet every month. And you don’t have to worry about creditors knocking on your door or calling you to demand payment because they cannot do this when you are in debt counselling.
What debt management services does Truth About Money offer?
Together with our partner DebtBusters, we offer debt management services that include:
- Telephonic debt counselling
- Debt consolidation, combining all your debts into one manageable debt
- Debt settlement, negotiating favourable terms, such as a discount when you pay off a debt before it is due
Wills and estate planning
Why is wills and estate planning so important?
Your will names your heirs and the guardians for your children, and details how your assets such as your home must be dealt with on your passing. Without a will your assets will be distributed according to the laws of intestate succession, rather than according to your wishes.
Drafting and executing a will can be quite complicated as there are many rules and regulations to consider. Wills and estate planning experts can help you draft a legal will, and help your family carry out the instructions in your will when you pass.
What does the wills and estate benefit from Truth About Money offer?
Our partners LIPCO will help you and your spouse draft your wills, making sure your wills are legal and valid, and that your assets are distributed according to your wishes on your death.
We will:
- Draft or update your and your spouse’s will
- Assist with the winding down of your estate (carrying out your final wishes according to your will)
- Offer legal advice for your family for up to 12 months after your death
- Assist with resolving any disputes arising from your will
- Offer a 35% discount on transfer and bond registration fees if LIPCO appoints the transferring attorney
Where do I apply?
Visit Truth About Money and complete the online application form. Services are available free of charge to successful applicants and 1Life policyholders.
Read our blog
The Truth About Money blog has the latest personal finance news, as well as tips and tricks to help you manage your money well.
Become a super savvy saver and a smart spender
Financial freedom is a journey that starts when you take control of your finances. Start your journey in 2021 with Truth About Money and let us help you take control of your debt, put a legal will in place and learn how to manage your finances. By the end of the year you could be well on your way to a more prosperous tomorrow.
