The Vitality Money Financial Analyser
What is the Vitality Money Financial Analyser?
The Vitality Money Financial Analyser is an advanced budgeting and comprehensive financial analysis tool that's available to all Discovery Bank clients on the Discovery Bank app. The Vitality Money Financial Analyser uses advanced data analytics to give clients insights on their income, savings and spending habits, which allows them to better manage their money and get rewarded.
Who can use the Vitality Money Financial Analyser?
The Vitality Money Financial Analyser is available to all Discovery Bank clients with Vitality Money.
How do I access the Vitality Money Financial Analyser?
To access the Vitality Money Financial Analyser, you log in to the Discovery Bank app and tap on the Financial Analyser tab on your home screen.
How do I set up a budget in the Vitality Money Financial Analyser?
To set up a budget on the Vitality Money Financial Analyser, you must:
- Log in to the Discovery Bank app.
- Select Financial Analyser
- Tap Budget
- Follow the steps of the Budget Setup Wizard to complete your budget.
How do I create a brand-new budget after I set up my first budget?
To set up a new budget on the Vitality Money Financial Analyser, you must:
- Log in to the Discovery Bank app
- Select Financial Analyser
- Tap the three-dots menu at the top right
- Select Edit Budget & Alerts
- Tap the three-dots menu at the top right
- Select Create default budget
- Select the number of months spending history you want to base your budget on
- Select your category and sub-category alerts
- Tap Save to complete.
How do I change the number of months my budget is based on?
To change the amount of months your Vitality Money Financial Analyser budget is based on, you must:
- Log in to the Discovery Bank app
- Select Financial Analyser
- Tap Budget
- Tap the three-dots menu at the top right
- Select Edit Budget & Alerts
- Select 3, 6, 9 or 12 months.
How do I recategorise my unknown transactions?
To recategorise unknown transactions on your Vitality Money Financial Analyser budget, you must:
- Log in to the Discovery Bank app
- Select Financial Analyser
- Tap Expenses
- Select the Uncategorised expense category
- Select the transaction you want to recategorise
- Tap the Financial Analyser block and select the pencil icon
- Use the search bar to find the category you want and tap to select
- Tap Save to complete.
Note: The Financial Analyser will remember this category information, so you don't have to redo it again in following months.
How do I set up spend limit alerts for my Financial Analyser budget?
Setting up spend limit alerts can help you keep an eye on your budget. To set up a spend limit alert for your Vitality Money Financial Analyser budget, you must:
- Log in to the Discovery Bank app
- Select Financial Analyser
- Tap Budget
- Tap the three-dots menu at the top right
- Select Edit Budget & Alerts
- Select the category you want to set up an alert for
- Tap Alert threshold and select the percentage at which you would like to receive an alert
- Tap Save to complete.
How do I add a new Segment for my Financial Analyser budget?
To create a new Segment for your Vitality Money Financial Analyser budget, you must:
- Log in to the Discovery Bank app
- Select Financial Analyser
- Tap Budget
- Tap the three-dots menu at the top right
- Select Manage Segments
- Tap Add segment
- Add a name for this segment
- Tap Save to complete.
How do I edit my existing Segments for my Financial Analyser budget?
To edit an existing Segment for your Vitality Money Financial Analyser budget, you must:
- Log in to the Discovery Bank app
- Select Financial Analyser
- Tap Budget
- Tap the three-dots menu at the top right
- Select Manage Segments
- Select the Segment you want to edit
- Edit the details
- Tap Save to complete.
How do I assign a transaction to a Segment on my Financial Analyser budget?
To assign a transaction to one of your Financial Analyser budget's Segments, you must:
- Log in to the Discovery Bank app
- Select Financial Analyser
- Tap Expenses
- Select a category to open a list of transactions, and select a transaction
- Tap the Financial Analyser block
- Select the segment from the dropdown list
- Tap Save to complete.
How are the budget levels set?
You can set up either a default budget or a manual budget:
- If you choose a default budget, the Discovery Bank app automatically sets up your budget based on the previous month's average expenses.
- If you choose a manual budget, you set expense categories and personalised budget limits for each category yourself.
Can I earn Vitality Money points for using the Vitality Money Financial Analyser?
You can earn up to 5 000 Vitality Money points for setting up and sticking to your budget every month and engaging with the Financial Analyser. You'll earn points from one of three categories in a month - meaning you'll only earn set-up points, or accuracy points, or engagement points in a particular month.
How do I earn Setup points with the Vitality Money Financial Analyser?
- You get 10 000 setup points when you first set up your budget on the Vitality Money Financial Analyser on the banking app.
- The setup points are valid for the month when you set up the budget and the following three calendar months.
- You only earn these points once.
- Set-up points are awarded on the day you create your first budget. They expire after three full calendar months from the setup month. After that, you'll get up to 5 000 Vitality Money points each month for how accurate your budget is (accuracy points) and for engaging with the Vitality Money Financial Analyser (engagement points).
How do I earn Accuracy points with the Vitality Money Financial Analyser?
- You get 10,000 points for being within 5% above or below your budget in the previous month.
- You get 5,000 points for being within 15% above or below your budget in the previous month.
- You only get Accuracy points if you have four or less transactions in the "unclassified" category at the end of the month.
- If you are more than 15% above or below your budget, or you have five or more transactions in the "unclassified" category at the end of the month you could still earn engagement points.
- Accuracy points are awarded on the first day of the month, and expire on the last day of the month.
How do I earn Engagement points with the Vitality Money Financial Analyser?
- You get 2,000 engagement points for simply engaging with the Vitality Money Financial Analyser, meaning that you can get them by reclassifying at least one transaction a month, changing an expense budget in a category, or changing alert settings.
- Engagement points are awarded on the first day of the month, and expire on the last day of the month.
Why do setup points expire?
When you set up your first expense budget, you'll immediately earn 10 000 points. These points will expire at the end of three full calendar months after you get them. You have three months before your setup goal expires so you get enough time to become familiar with the Financial Analyser and improve your budgeting accuracy.
When in the month do you calculate my qualifying percentage of expense to budget expenses?
We calculate the qualifying percentage on the first day of every month. This percentage will apply until the next run at the same time next month.
When in the month will I get my accuracy or engagement points?
You'll get accuracy or engagement points at the start of each month for the previous month's budget and Financial Analyser engagement. Your accuracy and engagement points are valid for the month when you earn them, and they automatically count towards your overall Vitality Money points.
The Vitality Money Assessment
Where can I find out more about the Vitality Money Assessment?
Find out more about the Vitality Money Assessment, the five financial behaviours it measures and how Vitality Money points are determined.
The Discovery Bank Unsecured Debt Report
What is the Discovery Bank Unsecured Debt Report?
The Discovery Bank Unsecured Debt Report provides insight into your credit information held by the credit bureau. This is the same information we use to calculate your Vitality Money debt points.
It offers a consolidated view of your unsecured debt products across the market, including your monthly repayments and outstanding balances. The main aim is to help you understand how your debt points were calculated and view the data as we've received it from Experian, an external third-party credit bureau
How do I download my Discovery Bank Unsecured Debt Report?
To download your Unsecured Debt Report, simply:
- Log in to the Discovery Bank app.
- Tap the Vitality Money tile.
- Scroll down to Tools and tap Unsecured Debt Report.
- Tap the share button (top right) to download or share.
What should I do if the information in my Discovery Bank Unsecured Debt Report is incorrect?
We check the data every month using information received from Experian, an external third-party credit bureau. Experian usually gets this information at least once a month from organisations you have debt with. If any data is outdated, it could be because an organisation's data was updated after we received the data. For any corrections or queries, please contact Experian directly or read your credit report on www.mycreditexpert.co.za.
What can I use my Discovery Bank Unsecured Debt Report for?
The report can also be used to understand your Vitality Money debt points and the factors influencing them. It also helps you see a consolidated view of your unsecured debt products, track your monthly repayments, and monitor outstanding balances. This information can assist you in managing your debt more effectively and making informed financial decisions.
What can the Discovery Bank Unsecured Debt Report NOT be used for?
The Discovery Bank Unsecured Debt Report is not a comprehensive credit report. It doesn't include all your financial obligations and credit information, such as closed unsecured lending, secured lending, payment behaviour, or other billing or insurance products. So it can't be used for something that requires a full credit report, such as applying for new credit or assessing your overall creditworthiness.
Worth Financial Education
Who is Worth?
Worth is a leading provider of independent financial education to individuals and corporates in South Africa. They offer a range of online courses to help people take control of their money in 60 days or less.
Why did Discovery Bank partner with Worth?
Financial education is very important to us at Discovery Bank. Through Vitality Money, we encourage and guide our clients to improve their financial knowledge so that they can be more aware of their financial health. Only by knowing more about their current financial health, can our clients make positive changes and get rewarded for managing their money better.
For these reasons, we've partnered with a company who shares our values on financial wellbeing. The Worth courses, along with the Vitality Money educational videos and guidance, will give you the knowledge to improve your financial health.
Who can complete a Worth course?
The Worth courses are available to anyone through their website. However, Discovery Bank clients can access the course for a greatly reduced price if they sign up using the Discovery Bank app and can earn 10 000 Vitality Money points once the course is completed.
What courses do Worth offer?
Worth offers two online courses for individuals:
Wealthy MeTM course
The Wealthy Me course is for individuals who want to learn and empower themselves to regain control of their cash flow, get out of debt, beat the system, and own their freedom. Throughout the 60-day course, the course will cover crucial life skills to help swap money stress for confidence using their proven methods. Find out more about the Wealthy Me course.
Wealthy CouplesTM course
The Wealthy Couples course is for couples who want to learn how to manage their finances together. The course will help couples have conversations about money so that they can learn to manage their household finances together. Find out more about the Wealthy Couples course.
What does a Worth course cost?
The Wealthy Me and Wealthy Couples courses cost R4 999 each. However, Discovery Bank clients get the courses for only R399 each if they sign up for a course through the Discovery Bank app and can earn 10 000 Vitality Money points once the course is completed.
How do I access a discounted Worth course?
To qualify for the discounted course, you need to sign up using the Discovery Bank app. To sign up on the banking app, you must:
- Log in to the banking app.
- Go to the Vitality Money section and tap on your Vitality Money status.
- Tap Money Tools.
- Select Worth Financial Education.
- Tick the box to accept the Terms and Conditions.
- Tap Activate Now.
- Select which account to debit the amount from and tap Next.
- Make sure that the details are correct and tap Pay.
How long does it take to complete a Worth course?
The Wealthy Me course consists of five lessons, and the Wealthy Couples course consists of six lessons. Worth recommends that you complete one lesson a week because each lesson takes about an hour to complete.
Worth knows that life happens and that it is not always possible to complete a lesson each week, so they allow you eight weeks (just under 60 days) to complete a course in full.
How many Vitality Money points will I earn for completing a Wealth MeTM or Wealthy CouplesTM course?
You will receive 10,000 Vitality Money points for 12 months after you complete your online course. For the following 12 months you'll receive 5,000 points.
Does Worth offer technical and course support?
Yes. Worth has a help desk that you can contact when you have any questions about logging in, your password, or any other technical issues. Once you sign up, you will also have access to tutors who are on standby to answer any course-related questions.
You can contact Worth directly by calling them on 010 592 1839 or emailing them at info@worth.co.za.
Who do I contact if I have a question about my Worth course?
If you have any questions or concerns about your Worth course, you can contact Worth directly by calling them on 010 592 1839 or emailing them at success@worth.co.za.
Where can I find out more about Worth?
You can find out more about the Worth courses by visiting www.worth.co.za.
Educational videos
What are Vitality Money educational videos?
The Vitality Money educational videos are a series of videos that will help you understand how improving your financial behaviour will help you stay on track for better financial health and teach you how to earn Vitality Money points and improve your Vitality Money status.
Watch the education videos to learn about important concepts that impact your finances like managing debt and becoming a savvy saver.
Where can I access the Vitality Money educational videos?
To watch the Vitality Money educational videos, you must:
- Log in to the banking app.
- Go to the Vitality Money section and tap on your Vitality Money status.
- Choose Money Tools.
- Tap Education videos.
- Scroll down and select the video you want to watch.
What do the educational videos cost?
There is no charge, other than the usual charges for data usage. You can access these videos at any time on your Discovery Bank app.
Retirement Calculator
What is the Vitality Money Retirement Calculator?
The Retirement Calculator measures how well you're progressing towards your retirement goals. By answering a few simple questions, the calculator can show you what changes you need to make to achieve retirement at the age you're aiming for. For example, if you want to retire younger or started investing later in life, you might have to invest more each month to reach your retirement goal age and payout.
How do I access the Retirement Calculator?
To access the Retirement Calculator, you must:
- Log in to the banking app.
- Go to the Vitality Money section and tap on your Vitality Money status.
- Tap Retirement Calculator.
Risk Capacity Calculator
What is the Vitality Money Risk Capacity Calculator?
The Risk Capacity Calculator measures your long-term financial health and your capacity to take risks with your investments.
What does my Risk Capacity score mean?
Your Risk Capacity score, which is between 0% and 100%, shows you your ability to take risks with your investments given your current financial circumstances.
A low Risk Capacity shows that you might not be able to meet your current and future responsibilities, while a high Risk Capacity means you have the ability to take risks with investments.
Does my Risk Capacity score affect my Vitality Money status?
No. The Risk Capacity score helps you understand your capacity to take risks with your investments but does not have an effect on your Vitality Money points or status.
How does Vitality Money measure my Risk Capacity?
There are a number of different ways to improve your Risk Capacity. Use the different input fields of the Risk Capacity Calculator to see how changing different situations affect your Risk Capacity score.
How do I access the Risk Capacity Calculator?
To access the Risk Capacity Calculator, you must:
- Log in to the banking app.
- Tap on your Vitality Money Status.
- Tap Risk Capacity.