Five tips to increase your Vitality Money status and rewards

Tip 1: Pay extra towards your existing debt to increase your debt management points

Target: Your minimum monthly repayments on your unsecured debt should be less than 5% of your gross monthly income.

How: Try to structure your budget to avoid taking on more debt or spending more than you earn. By doing this consistently, you can improve your debt-to-income ratio and earn more debt management points. To earn the maximum number of points, make sure that your monthly obligations decrease and don't exceed 5% of your monthly income before tax and other deductions.

To see how many points you can earn, tap the Debt ring in the Vitality Money section of the Discovery Bank app.

How Discovery Bank can help: The Vitality Money Financial Analyser can help you keep track of your spending and payments towards debt. Set alerts to be notified when you've reached your maximum towards debt payments.

Take advantage of your Dynamic Interest Rates. When you improve your Vitality Money status, you can lower the interest you pay on the money you've borrowed. Lower interest rates mean your debt repayments will be lower and easier to manage.

Tip 2: Every rand you save with Discovery Bank will increase your points for saving

Target: Aim to have about three times your gross monthly salary set aside for emergencies and unforeseen expenses.

How: The closer you get to the target of having three times your gross monthly salary in savings, the more savings points you will earn. Along with increased points, you will be better prepared for unforeseen events. You automatically earn points for the savings you have with Discovery Bank and you can increase it by saving more each month. To earn points for savings or non-retirement investments you have with other non-bank financial institutions, upload the details on the Discovery Bank app.

To see how many points you can earn, tap the Savings ring in the Vitality Money section of the Discovery Bank app.

How Discovery Bank can help: Use the Vitality Money Financial Analyser to keep track of your spending. This handy tool can show you where you can free up some cash to put towards your savings.

Take advantage of your Dynamic Interest Rates. When you improve your Vitality Money status, you can earn a higher interest rate on your savings and everyday balances. Better interest rates mean that your savings will grow faster and you'll earn more Vitality Money points and increase your Vitality Money status.

Tip 3: Make sure you have sufficient insurance cover to increase your points

Target: Have medical aid, short-term insurance and life insurance in place.

How: By having medical aid, short-term insurance and life insurance, you have extra financial protection so that you don't have to use your savings or incur extra debt when unexpected events happen. When you have all three types of cover in place, you will earn the maximum number of insurance points. You'll automatically earn points for insurance products you have with Discovery. You can earn more insurance points by activating the cover you may still need. To earn points for insurance with other providers, simply upload the details on the Discovery Bank app.

To see how many points you can earn, tap the Insurance ring in the Vitality Money section of the Discovery Bank app.

How Discovery Bank can help: Making sure you have the right financial protection in place can be tricky. That's why Discovery Bank clients get discounted access to online courses through Worth, a financial education provider.

You can also watch Vitality Money educational videos on your banking app. Simply:

1. Log in to the banking app
2. Go to the Vitality Money section and tap on your Vitality Money status
3. Choose Money Tools
4. Tap Education videos
5. Scroll down and select the video you want to watch.

Tip 4: Manage your progress to meet your financial needs in retirement

Target: Stay on track and manage your personal retirement goals.

How: You know the age when you want to retire and that means you have to plan for retirement based on this goal. To increase your retirement points, you can increase your contributions towards your long-term and retirement investments. If you are retired or older than 65, you will not earn these points. Your Vitality Money status will be based on managing debt, savings, insurance and property payments.

To see how many points you can earn, tap the Retirement ring in the Vitality Money section of the Discovery Bank app.

How Discovery Bank can help: Not sure where to start? Complete the Retirement Assessment to get your predicted Vitality Retirement Age, set your retirement goals and earn retirement points for staying on track.

To access the Retirement Calculator:

1. Log in to the banking app
2. Go to the Vitality Money section and tap on your Vitality Money status
3. Tap Retirement Calculator

We'll help you find out what changes you need to make to achieve the retirement age you want.

Tip 5: Pay off your home loan or build up savings for rent in retirement to increase property points

Target: Pay off your property before you retire or increase your savings for rent and living expenses in retirement.

How: Part of managing money well is paying off your secured debt, such as a home loan and vehicle finance, sooner.

If you decide not to buy a property, it's important to make provision for rental payments in retirement.

These property points are awarded separately to the savings points you earn for reaching the savings target of three times your gross monthly salary.

To see how many points you can earn, tap the Property ring in the Vitality Money section of the Discovery Bank app.

How Discovery Bank can help: Investing and finances can be overwhelming, but with our Risk Capacity Assessment you'll learn more about your investment risk profile.

You can use your risk profile when managing your investments and to safeguard your long-term financial health.

To access the Risk Capacity Calculator:

1. Log in to the banking app
2. Tap on your Vitality Money status
3. Tap Risk Capacity

Keep reading: How to measure your financial health

Your Vitality Money rewards are waiting for you ...

By increasing your Vitality Money status, can control every aspect of how well you manage your money. The better your Vitality Money status, the better your protection against an unaffordable level of debt, being exposed to unexpected expenses, and insufficient retirement income. Start with one goal at a time and soon you'll see an increase in your points, and experience all the life and lifestyle rewards of managing money well.

Visit our Info and Tips page for more information about our financial education and tools.

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This article is meant only as information and should not be taken as financial advice. For tailored advice, please contact your financial adviser.