On 1 March 2024 there will be a radical change affecting everyone who is a member of a retirement fund, with the implementation of what has come to be known as the “two-pot retirement system”. Update: The two-pot system will now be implemented on 1...
We are only starting to understand that we are facing a water crisis in South Africa. I was recently on a panel discussion regarding the future of electricity and water in South Africa. While we are all too familiar with the electricity crisis in...
A large number of municipal workers are taking home a fraction of their pay due to unethical practices around so-called payroll loans. In one case, a mother of two children, with an unemployed husband, had total loan deductions of R5 000 off her...
For most young people buying a home is a financial priority, but a home is a significant purchase and it’s important to get your finances in order first. Two of the Absa/City Press Money Makeover contestants are preparing for this big step. Molefi...
The so-called two-pot retirement system will be implemented from 1 March 2024. There is still a lot of confusion around the system and exactly how it will work, and we are awaiting further clarity from Treasury on some of the details surrounding...
Your applicable tax bracket is calculated based on all of your income streams added together. Shivi writes: “I earn a monthly salary from my job, and I also receive a monthly amount of R14 000 which is from my late father’s retirement policy. Tax...
Many South Africans are finding themselves supporting their aging parents, thanks to the combination of a tough economy and insufficient retirement funding. But it’s critical to plan this key transition carefully to ensure your own finances stay on...
Roné Swanepoel, Business Development Manager at Morningstar South Africa, provides compelling evidence that trying to time the market invariably has disastrous results. Let’s start with a thought experiment. If you look back on your investment...
Financially stressed out, drowning in debt and struggling to buy the basics, were the overwhelming results of two separate financial consumer surveys recently released. DebtBusters’ second annual Money-Stress Tracker, which surveyed 35 000...
Managing family expectations may include having tough conversations with parents and relatives before you agree to help them financially. Setting boundaries with family members is always difficult, but if you do not look after your own finances...
Ensuring that your life cover includes an immediate payment benefit is the key to getting a partial payout in only 48 hours. One of the main reasons for taking out life cover is to provide for your dependants after your death. If you have family who are financially...
FNB, Standard Bank, Absa and Nedbank are leading the way in supporting solopreneurs. But what should you know before you apply for an entry-level business account? Angelique Ruzicka investigates. Solopreneurship (a reference to individuals who start businesses – in...
September is Wills Month and in this podcast, we discuss how you can use your will to protect your child’s legacy. Maya speaks to Alex Simeonides, CEO of Capital Legacy, about how parents can navigate the complexities of estate planning. Navigating grief with a...
An offer from your bank of fixed installments on your home loan might seem like great news, but be aware of the costs further down the road. Standard Bank announced that it is providing some breathing space for more than 20 000 home loan clients by fixing their...
TymeBank, Capitec and Discovery Bank have now joined Absa, FNB, Nedbank and Standard Bank as part of the PayShap payment system which allows for instant payments between bank accounts. PayShap, the brand name for the Rapid Payment Programme, is a new payment rail that...
While financial independence is a goal many people aspire to, it means different things to different people. For some people, financial independence means having enough capital to provide an income that covers their expenses. This is the goal behind the FIRE...
Several scams have claimed to be stokvels in an attempt to gain legitimacy. The word stokvel tends to be used very loosely by people who are trying to legitimise a scam. At no point did United African Stokvel (UAS) ever operate as a stokvel. It was an investment fund...
There has been a great deal of media coverage regarding the investigation into United African Stokvel (UAS) by the Financial Sector Conduct Authority (FSCA). Thousands of investors claim to have lost money, with losses estimated to be around R100 million. Many of...
An important aspect of financial wellness is mental wellness. Financial stress can cause emotional stress: it impacts our relationships and our workplace. As part of this year’s Money Makeover Challenge, I had a discussion with Dr Lesego Rametsi, group head of health...
Rory Brachner, Managing Director at DoshGuide, provides some tips on how you can recognise great financial advice. There are tens of thousands of financial advisors in South Africa, but there is considerable variability in the quality of advice they offer. Many will...