Budgeting goes social with new financial challenge

Anyone who knows what it’s like to live on peanut butter and toast at the end of the month also knows that budgeting isn’t exactly the easiest thing in the world. But what if R10 000 for a charity of your choice was riding on your ability to save?

Financial startup Moneysmart has challenged 10 South African journalists — including Memeburn’s own Steven Norris — to test their financial savvy in a challenge which will see them marrying their budgeting and social media skills.

Moneysmart says the competition will be heavily weighted toward the contestants’ budgeting skills. They are, however, allowed to rally votes from the public to increase their chances of winning.

Each journalist will reportedly be required to share budgeting activities with the company on a daily basis, in order for financial scores to be updated on the dedicated Budget Challenge Facebook page.

In the Moneysmart Budget Challenge, 10 bank accounts of R1 500 each were opened for each journalist along with internet banking facilities and a transactional card.

Moneysmart CEO Tobie Van Zyl reckons that South Africans need to become much more aware of how important budgeting really is.

“South Africans clearly have a lot to learn in budgeting as 13-million languish in debt with almost 75% of all salaries servicing this debt,” he said.

The Budget Challenge will run from 28 February March to 5 March 2012, with the journalist who manages their money best wins R10 000 to be given to a charity of their choice.

Moneysmart is a financial platform that allows users to aggregate their banking information into a single place, outlining budgets and setting goals. It claims to be “the only online financial platform in constant communication with South Africa’s banks”.