By Rudi Botha, CEO of BetterBond If you have a R1m home loan, payable over 20 years at the current prime interest rate of 10%, you are set to pay more than R1,3m in interest by the time you’ve paid off that bond and the home is finally yours. But...
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Godparent vs Guardian: debunking the myths
By David Thomson, Senior Legal Adviser at Sanlam Trust Whether you are a godparent or you’ve asked someone else to be your child’s godparent, do you have clarity on what the term actually means? There is a critical difference between a godparent...
Helping your children to manage their money
As a mom, my goal is to see my two children grow up to be independent and to stand on their own two feet. A big part of this journey is financial education. You can give your children the best academic education you can afford, but if they don’t...
Financial mistakes people make in divorce
Discussing “what will happen if we get divorced”, particularly financially, is a conversation that is often avoided before entering into a marriage agreement because it is deemed unromantic or tainting a marriage before it’s even started. But this...
Financial Emigration or Double Taxation Agreement?
By Jonty Leon, Attorney and Financial Emigration Legal Manager and Claudia Aires, Head of Financial Emigration at Financial Emigration. There is a lot of misinformation circulating in the South African expatriate community, perpetuated by service...
Millennials: it’s time to wake up
Forget retirement and start thinking out of the box! The latest Sanlam Benchmark Survey on retirement reveals that the average retirement savings balance for a person of the age of 37 is only R90 000, and the average for millennials (people between...
Can you save money by homeschooling your children?
With the cost of education rising, parents are increasingly considering homeschooling as an alternative. But how much can it really save you? Private schooling has become increasingly expensive in South Africa. Fees vary depending on the school but...
Survey reveals confusing complexity in medical gap cover products
GTC launches inaugural Gap Cover Survey to rank and categorise all providers in South Africa Sanlam and Absa have emerged as the top-ranked medical top-up ‒ often referred to as ‘gap cover’‒ providers in South Africa, according to the first ever...
What are your rights if a business goes bust?
When the economy takes a knock it’s not only consumers who struggle ‒ businesses struggle too. During the tough times it’s not uncommon for businesses to go bust as they battle to make ends meet. But it’s not always the economy that puts a strain...
Understand the risks when dealing with a pawnbroker
When his son was selected to attend a music competition in Europe, like any parent Malcolm (name changed at reader’s request) was prepared to do anything to make it happen. Unable to get a loan to cover the cost of the air tickets, he and his wife...
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Your UIF questions answered
Please note that this website cannot answer your questions about your UIF application. You must apply and submit your continuation forms via the UIF website. If you are struggling with the online application process, you can email Ms Ditoro Makgato, Mr Deon van...
eWallet eXtra: getting banked in minutes
First National Bank (FNB) has announced the launch of eWallet eXtra, a mobile bank account that allows unbanked and underbanked South Africans to use a feature-phone or smartphone to open a bank account without submitting paperwork at a branch. The solution will be...
Claim statistics reveal our biggest risks
Cancer, car accidents and retrenchment are major risks for younger people. Both Momentum and Liberty recently released their claim statistics, revealing some concerning trends especially relating to cancer and claims among younger clients. Momentum statistics show...
A Mother’s Day gift worth a thousand boxes of chocolates
Why not skip the chocolates and the bubble bath on Mother’s Day this year, says Emma Heap, Chief Growth Officer at 10X Investments, and give your mother something really meaningful? We know Mother’s Day is upon us when the supermarket shelves are crammed with boxes of...
What happens to your joint mortgage when your partner is placed under debt review?
Your joint mortgage may form part of your partner’s debt review without your consent. If you are married in community of property and your spouse is placed under debt review, so will you, because you share a joint estate which includes all debt. However, what about...
Factors to consider when ceding your life policy
By Lee Bromfield, CEO of FNB Life Many consumers who are eager to finalise the house-buying process often rush into taking out and ceding life insurance without first doing their homework. The ceding of a life policy involves legally transferring a portion of the...
Avoid being the victim of an unscrupulous builder
Many of us have either been the victim of unscrupulous building contractors or know someone who has been. My sister was one of those victims; despite hiring what she believed to be a reputable project manager to oversee her renovations, she was left with a building...
Buy your franchise with a tax deduction
Under section 12J of the Income Tax Act, investors can invest in qualifying venture capital companies (VCCs) and receive a 100% tax deduction on the amount invested, as long as the investment is held for a period of five years. This has been a great opportunity for...
The best bank account for a student
With my son starting his first student job, he needs to upgrade from his kid’s bank account to one that provides a few more transactions. Part of this exercise was to identify what a student, or any young person, needs from a bank account and then identify which...
Advice for provisional taxpayers who have missed the tax deadline
By Jeremy Burman of Private Client Holdings Are you a provisional taxpayer who recently awoke in the dead of night in a cold sweat with the realisation that you missed the 28 February 2018 provisional tax deadline? Or do you have a sinking feeling that you should have...