kobus, Author at Octogen

Financial Wellness in South Africa Just Got Better!

Octogen, in partnership with Old Mutual, helps South Africans from all walks of life become financially fit through an innovative debt review programme. For three years in a row, we have received awards and recognition for our contributions to financial wellness in South Africa.

Octogen Receives the Prestigious Old Mutual Partnership Award in 2021

We have worked alongside Old Mutual for many years to bring financial wellness to more South Africans, and our ongoing partnership has proven fruitful. A long-term relationship and excellent work have culminated in us receiving the prestigious OMPA award in 2021. Old Mutual nominated the Octogen team for various categories in 2021. We walked off with the Industry Body Partner, Private Sector Partner, and Best Partner of the Year. This has made us truly proud. Receiving an Old Mutual Partnership Award (OMPA) is a feather in our cap. The award will go a long way in propelling our industry forward. Our endeavours to increase financial wellness in South Africa will no doubt reach even greater heights in the years to come.

What is the OMPA (Old Mutual Partnership Award)?
The Old Mutual Partnership Award is the highest accolade that recognises partnerships with the OML Group. Only the most outstanding submissions can qualify, from hundreds across the continent. The Old Mutual Group celebrates partnerships that are making a difference in African communities through the Old Mutual Partnership Awards at an annual event.

Why Brilliant Partnerships Make a Difference

Old Mutual and its partners understand brilliant partnerships make substantial progress possible. As one of the OMPA winners, Octogen has seen how such a prestigious award can affect positively on the lives of so many. Together, we are changing negative situations into positive ones. Octogen Financial Wellbeing Officers represent Old Mutual in 39 of its national retail branches, with a partnership spanning 12 years. As a result, Octogen has assisted and guided over 179,010 customers on their financial wellbeing journey. Many South Africans have enjoyed positive results such as relief from financial distress. South Africans from all walks of life benefit from our financial wellness programs and tools. We jointly showcase our work and honour the valuable networks Old Mutual creates. By creating the values we stand for, we are reaching many sectors, from businesses to our customers and communities. We endeavour to serve South Africans from right across the continent. Together, we are making a difference and improving the lives of many. By doing so, we are transforming socio-economic conditions and uplifting African households.

Who is Octogen, and How Are We Helping South Africans?

We are a progressive debt management company in the financial services industry. Octogen is a proud leader in credit legislation and consumer spending sectors. Our assessment tools and financial planning tools are here to make a difference.

At Octogen we pride ourselves on our involvement in the development of South Africa’s National Credit Act. We know what to do and where to help.
Our innovative G-Access digital assessment is part of our Budget Repair Solution. The assessment process evaluates debts and finances. We combine over 15 years’ consumer data in the assessment.
Our Octogen team cares about the financial health of employees and customers. We help you reach financial goals through attainable aspirations.
It takes 6 months to reach your personal financial well-being. This time period is to help employees and customers get back to a sustainable budget. Get the financial security you deserve without the financial strain.

What is Effective Debt Management and How Does It Work?

Octogen and Old Mutual have partnered to create an effective debt solution. This unique management system uses a combination of high-tech applications and personal coaching. The focus is on helping staff and customers to take control of their money. The idea behind Budget Repair is equipping employees and staff with the right tools. This will help with balancing budgets. Budget Repair is also there to help employees and customers address any debt challenges. The goal is to reach long-term, sustainable objectives that improve financial lives.

Does Budget Repair Work and Can It Help Me?

It takes time to change your financial behaviour. It also takes time to create and build new financial habits. Budget Repair takes 6 months. This debt consolidation plan gives our Octogen team sufficient time to help you make a difference. Our plan is here to help you reach your long-term objectives through financial coaching and analysis.

8 Steps We Use to Help You Conquer Financial Stress

The employee or customer will undergo a one-minute online assessment. This is an online debt self-assessment (G-assist).
Our financial education will help you improve your financial health. A financial wellbeing and debt management consultation will take place. We help you tackle debt consolidation for the long-term. This is regardless of your income level.
We assess your finances using credit bureau reports and a monthly income statement.
Octogen gives clients and employees detailed feedback. This is based on income, spending, and debt.
We review spending behaviour and spending habits.
Our team will then discuss debt management and the various options.
Let us create your unique personal debt development plan just for you!
Our team of experts will keep you on track with follow-ups. We do this monthly. At this point, we adjust your plan and assess your progress through coaching.

Follow Our Easy Guide Today and Take the First Step

Are you ready to make smart financial choices? At Octogen we can help improve your financial position and reduce your debt with our step-by-step debt review process. Break the bad debt cycle today with clever financial management. We’ll take the time to get to know your financial situation. Then we will guide you towards financial wellness. This is good news and a significant benefit for employees and customers. Reach your short-term and long-term goals with our financial well-being interventions today. Ensure the wellness amongst employees through debt rehabilitation. Octogen’s award-winning team is ready to help you reach your financial goals.

New year, brand-new budget

It’s 2021 – a fresh start for you and your finances. Reviewing or writing a budget is the best place to start. Use our free budget planner tool. But first, here are some of the benefits of having an up-to-date budget in place.

1. Your most important costs are accounted for first

Having a budget is just another way to get your priorities straight. Make sure that having a roof over your head, water and electricity available to you, and your major financial commitments such as vehicle finance or loan repayments are front of mind when it comes to budgeting.

2. Get real about groceries

You can buy convenience but it costs more. Reduce your daily, weekly or monthly supermarket spend by shopping smartly. Plan meals, compare per kilogram prices and avoid last-minute treats that take their toll on the budget. Or you can plan for spontaneous purchases from takeaways or convenience foods stores – that way you know how much to spend and can enjoy it without worrying about being a reckless extravagance.

3. Budget for emergencies

Here’s how to start an emergency fund, a vital part of every budget. Saving a little bit every month will save the day for you and your family in the highly unlikely but totally possible (almost predictable) event of some devastating unexpected cost occuring.

4. Enjoy your money

You work hard for it. So, don’t hide what you most enjoy spending money on, rather factor whatever it is into your budget. Sports and hobbies can get expensive. The latest tech, data and TV entertainment costs a lot. Adventures and activities with your favourite people don’t always come cheap. They do say too much of a good thing is bad for you – but a regular, affordable amount of what makes life worth living for you every month is sensible. So, ensure you have included it.

5. Plan and then just live

Once you’ve used our free budget planner and you know how much you’ve got to work with, life is infinitely easier and more enjoyable. You know when to say “yes” and when to say “no, thank you”. You worry less about your family’s needs and your financial wellbeing. You can live freely, knowing you’ve got your stuff together!

You can check your financial wellbeing by taking our quick and easy quiz.

Stay up to date while in debt review in 2021

A new year can bring many changes and communicating anything new is so important. Octogen clients don’t have to do the debt review journey alone, but it is a two-way street. It is up to you to stay up to date in debt review. You must keep us in the loop – and remember that debt counsellors are always available to update you.

Here’s a list of three things to always keep in mind. If you have any changes regarding debt review to report in 2021 or simply want an update from your debt counsellor, please:
– Either call 086 011 1453 or 086 111 3967 and ask for Client Services,
– Or email cs@octogen.zendesk.com with your ID number for reference.

1. Keep contact & personal details current

Call or email Octogen if you … move residences; your postal address changes; you get a new phone number; you start using a new email account; your work details are different in 2021; or even if you get married.

2. Check your balance anytime at all

Call or email Octogen anytime to … check the balance on your consolidated debts. You should always have an idea of where you are in the debt review process in terms of payments. This will help you stick to your goal of paying off all your debts and joining the Debt Free Club!

3. Always tell us about your troubles

Call or email Octogen for advice if you … lose your job, get divorced, become widowed or anything happens to you that might affect your ability to stick to your debt review payment plan agreement with the courts.

Stay up to date in debt review and set some financial goals for 2021. Start by taking this easy quiz.

The hard truth about how South Africans spend

You can live your best life in 2021 by focusing on your finances and yours alone. Don’t let how others around you seem to be spending their money affect your decisions, because here’s the truth – statistically, South Africans are not saving enough, they’re spending too much and they’re servicing way too much debt. Here’s the hard truth about how South Africans spend:

We are spending 70% of our income on servicing debt

That is too high and we should all strive for just 30%. Experts estimate that the lack of growth in most people’s income in 2020 added to increased financial strain has contributed to the four-year-trend that shows most consumers’ debt levels steadily rising. As inflation goes up, short-term, high-interest loans become more popular or necessary, so many South Africans find themselves spending the majority of their monthly salary repaying yesterday’s spend.

The more we earn, the more unsustainable our debt is

“Consumers earning R20 000 or more a month had an unsustainable debt-to-income ratio of 138%.” This according to a Debtbuster report from the second quarter of 2020. That means that most people who earn more than enough to live a comfortable life are living a more luxurious lifestyle they actually can’t afford. On average, their monthly debt repayments are actually almost 40% more than they earn. So they end up borrowing even more and never get out of debt.

Less income should mean a less luxurious lifestyle, but it doesn’t

“It is clear that in absence of meaningful increase in real income growth, SA consumers are supplementing their income with more debt on a large scale,” the Debtbusters report says. So we earn less but we spend the same or more because of inflation. The key here is affordability. Don’t get into debt maintaining the dream lifestyle, rather get real and know that very few South Africans have got a raise or bonuses in recent years.

Check your financial wellbeing by taking this easy quiz. And use our confidential, no-obligation budget planner.