South African consumers may be buying cars with alacrity, but the cost of running a car isn’t insignificant. With this in mind, Chris de Kock, executive head of sales and marketing at WesBank, has come up with some tips to help us all save on our...
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How do I consolidate my debt?
" I want to consolidate my debt and apply for a home loan, how do I go about it?," asks Howard Maya replies: Debt consolidation is usually done when you already own a home and you can use some of the equity (the difference between the value of the...
Should I buy Krugerrands?
I am interested in buying Krugerrands. They appeal to me as they are a physical investment that I can actually store at home, show friends and family and pass down to children and grandchildren. The question is, is it a sound investment? Would I be...
Gold Bugs Bite
A few days ago I received an email from a colleague asking me where he could by gold “lots of it”. This took me back a few years to December 1999. I was working for a stockbroking firm and a friend of mine, who had never owned a share in her life,...
Paying for financial advice
Dumisani asks: In 2009 I took out a retirement annuity with Momentum to supplement my company provident fund. I contribute R500 per month to it. I recently requested that my portfolio of underlying unit trusts to be restructured into a higher risk...
Is your divorce a corporate risk?
There's only one thing more fascinating than a celebrity marriage, and that's a celebrity divorce. Particularly when it's messy, vituperative and, yes, expensive. But it's when we think of divorce as a corporate risk that it takes on another whole...
Where do I save for my children?
Bank account: All the banks offer account for children but it depends what you are trying to achieve. If you want to give your teenager a bank account to teach them how to manage their money, these accounts are good options. Alternatively open an...
How do I start a savings club?
Savings clubs are very popular ways to save because they form a social contract between friends which helps create the discipline to save every month. Also when you are pooling your resources you are able to make a more significant investment. Why...
Financial media vs the financial adviser
Can the financial media replace the financial advisor A recent survey by financial services company acsis looked into the financial security of middle income South Africans. They were specifically interested in how secure people felt around their...
Should you be paying provisional tax?
If you've checked the provisional tax status of your eFiling profile, you may have noticed that all taxpayers are now loaded as provisional taxpayers. Why is this? Technically, any person deriving income that's not remuneration is eligible for...
Previous Articles
The lowdown on ‘deal of the day’ websites
Everyone loves a good deal or a discount. If you haven't already discovered sites like Zappon, Groupon, What-a-Deal, UbuntuDeal, Wicount or Twangoo (and there are more), you're missing out on some savings. You do need a credit card – though apparently bank transfer...
Working in a ‘hot zone’? How’s your insurance?
Companies with footprints in the Middle East and North Africa are probably more interested in political risk and insurance than in the markets right now. With Libya in chaos and with tensions in Bahrain and Yemen escalating, it's fair to say the region is chronically...
Want to sort out savings? Get rid of FICA
hile National Treasury bemoans our low savings rates and looks at ways to encourage savings, it should first look in its own back yard. In South Africa’s desperate attempt not to look “third world”, our financial authorities have burdened the formal financial sector...
Should you fix your mortgage?
In some cases, the banks will only offer customers a fixed interest rate, in other words no matter what happens to the prime lending rate, your home loan repayments remain the same. This is usually for customers who have had a problem with their credit history in the...
Retirement
Should you cash in your pension to settle your mortgage? Pension surveys show that around the age of 35 many people who change jobs will cash in their pension fund to settle their mortgage. The question is whether this makes financial sense. Let’s assume you are a 25...
How to sell your car
"A friend of mine bought a car and now he can’t afford the installment. Is it wise to take it back to bank or to a dealer and will he get something back?" asks Thabang Maya replies: It is very important that your friend sells the car rather than waiting until the bank...
Seven must-read fuel-saving tips
The Department of Energy's fuel-efficiency tips might just save you quite a bit each month. Close your windows when you drive. An open window creates drag, which increases fuel consumption by as much as 20%. Multigrade oil reduces drag, so consider a switch. If you...
The tax implications of donating to charity
What are the tax implications of donating to charity? Billy Joubert, tax director at Deloitte, says that donations are tax deductible if they’re made to certain types of non-profit organisations. To get the deduction, the donor would need to obtain what's known as a...
What a first-time art investor needs to know
Investing in art may seem like an arcane or dubious investment practice to the uninitiated, but we do know it can bear fruit. Art does have investment potential – it's considered an alternative investment that offers investors the chance to diversify out of equities...
Avoiding Repossession
Thabang asks: A friend of mine bought a car and now he can’t afford the installment. Is it wise to take it back to bank or to a dealer and will he get something back? Maya replies: It is very important that your friend sells the car rather than waiting until the bank...