TymeBank is cautioning customers and consumers in general not to let other people use their bank accounts, even if they are promised payment in return. If you do, you may be considered a “money mule”. “There’s a risk that you may be helping...
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The 12-month financial plan
If you've decided that 2023 is the year to take control of your finances, try this 12-month financial plan to get your financial life into shape. The biggest mistake we make when it comes to our financial goals is that we make big resolutions like...
Our favourite reward programmes
Clicks dominates, but for lower-income earners, Shoprite and Capitec are the favourite reward programmes. Clicks ClubCard is the most used loyalty programme in South Africa, according to the 2022 Truth & BrandMapp Loyalty Whitepaper. The...
A different take on gift-giving
Nic Horn, Director and Regional Head at Citadel, suggests that families take a different approach to gift-giving this festive season. The festive season is typically a time of frivolous spending, but there are some families that use this time of...
Failing to plan: a recipe for disaster
People with lower incomes who plan properly are more financially secure than those earning higher salaries but failing to plan. Each year, I am involved in the Money Makeover Challenge, in association with City Press and Absa. It is a highlight in...
Listen: Find the courage to change your financial situation
2022 Money Makeover runner-up Zinzy says that when she entered the money bootcamp six months ago, she needed to find the courage to have difficult discussions with people who owed her money. In this podcast discussion, Maya (@mayaonmoney) is joined...
Social media investment scams: don’t get caught out
Recently, fraudsters impersonated my social media profile. They used a slightly different spelling of my handle and copied my social media page, making it identical to my legitimate page. The only way you could tell the difference is that the fake...
A monthly fee for financial advice
Doshguide is a new financial advice platform that charges a monthly fee to help you navigate major financial decisions. The first time I engaged with my financial planner I spent my time searching for elusive pieces of paper and trawling my inbox...
Video: How we sabotage our retirement
For most of us, retirement is one of our most important goals. Putting away money for our retirement is probably the biggest investment we will make in our lifetime, yet we find so many ways to sabotage our retirement goals. The most common mistake...
GEPF revises resignation benefit
On 1 November, the Government Employees Pension Fund (GEPF) revised its actuarial factors. This will have an impact on the resignation benefit of members, in calculation of a divorce order, or for members who exit the fund with fewer than 10 years...
Previous Articles
Listen: Six months to turn you finances around
It is possible to fix your finances in just six months. The Money Makeover Challenge has proven this over and again. The stories from the candidates who enter the Challenge are testament to the fact that financial freedom is not about miracles. It is about having a...
A guaranteed annuity can offer real value
One of the most difficult decisions for a new retiree to make is whether to use their retirement fund to buy a guaranteed annuity (also called a life annuity) or to invest in a living annuity. With a guaranteed annuity, you are unable to leave money for your heirs....
Video: An underwritten life policy is cheaper
If you are a generally healthy person, one of the ways to reduce the cost of life cover is to ensure that your policy is underwritten. You will know if your policy is underwritten if you were required to answer lengthy questions about your health and lifestyle and had...
Focus on preventative screening by medical schemes
Many medical schemes have boosted their benefits for 2023, including reduction in co-payments, increased access to GPs as well as a focus on preventative screening. According to Dr Ryan Noach, CEO of Discovery Health, the Covid-19 pandemic caused many people to defer...
Listen: Understand your medical scheme
Belonging to a medical scheme is expensive ‒ and it becomes more expensive every year. The average family pays R6 000 or more each month for their medical scheme premium, yet Andre Jacobs, author of Medical Schemes Explained: Your Ultimate Guide to Using Your Medical...
Gaming fraudsters might be targeting your kids
You might think that your children are simply playing an innocent game of Fortnite, but Angelique Ruzicka warns that this could expose them to gaming fraudsters keen on stealing from your family. Allowing your children to play online games behind a closed bedroom door...
Video: What your credit score says about you
If you are planning on buying a home, the first thing you should do is go check your credit score. The purpose of your credit score is to inform prospective lenders how much of a risk you present when you apply for a loan. If a lender perceives you as a high risk,...
Buying a home now could make sense
While the increasing interest rates will make buying a home more financially challenging, buying at the top of an interest rate cycle could be a smart move. Firstly, higher interest rates temper demand, so property prices may come down slightly. Secondly, you know...
Listen: First in your family to graduate? Here’s some advice.
Earning your first paycheque and balancing the many financial demands is challenging for any graduate. For those who are the first in their family to become a professional, there are even greater expectations and financial demands. In this podcast Maya (@mayaonmoney)...
MTBPS 2022: Key insights and takeaways
Warren Wilkinson, franchise principal & financial adviser at Consult by Momentum, breaks down the key insights and takeaways from yesterday's Medium Term Budget Policy Statement (MTBPS). Higher inflation is eroding purchasing power and has led to higher interest...