The cost of electricity will increase by 15% in April. That is triple the rate of inflation which means a bigger portion of our budget will go to paying for electricity. It is worth taking the time to understand how your electricity is charged...
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When does it make sense to have a travel allowance?
If you are required to travel for work there are several ways to claim for this expense. You can receive a travel allowance or be provided with a company car. In the case of a travel allowance, the employer would normally pay a set amount, for...
FSCA issues crypto health warning
The FSCA wants to warn the public that if something goes wrong with your crypto investment, you are not likely to get your money back and will have no recourse against anyone. The Financial Sector Conduct Authority (FSCA) has noted with concern the...
Video: Tax-free savings
Do you know how much tax you save by investing in a tax-free savings account? Sanlam Investments did the maths and found that you can save hundreds of thousands of rands. So why pay tax when you can make money? To recap: you can invest up to...
Fancy new car or a fabulous retirement?
Khwezi Jackson, investment consultant at 10X Investments, explains how buying a fancy new car could sabotage your retirement funding. Seeing a headline, ‘Spending R10,000 per month on a new car’, got me thinking: Why would anyone spend that much...
In search of a low-cost credit card
For the last 14 years I have been the happy owner of a Virgin Money credit card. The card has zero annual fees which made it a perfect credit card to hold for emergencies rather than using for day-to-day spending. In my case I also used it for...
Video: The true cost of cashing in your pension
Do you know the true future cost of cashing in your pension? The long-term consequences are not reversible and will leave many financially destitute when it comes to retirement. This video, as part of a member education series for the Government...
Video: How to grow your side hustle
In any crisis there is opportunity. Lockdown created new market opportunities as customers became open to trying new brands through e-commerce. Research has already identified that post lockdown, people are less likely to return to major shopping...
Listen: Talking to your children about money
How do you teach your children to manage money? It starts at home, says 13-year-old Alidzulwi Tshikosi, author of Not being authentic can be costly - a warning tale of a young man who uses credit to live beyond his means and which ultimately...
Unmarried couples and death – how to protect yourself and your partner
David Knott of Private Client Trust explains how unmarried couples can protect themselves in the unfortunate event that one partner dies. Many unmarried couples mistakenly believe that they are protected as “common law” spouses. However, South...
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Video: Make sure you receive your retirement benefits on time
As you enter retirement, one of your biggest risks is a delay between when you receive your final salary and the first payment from your pension. This video, as part of a member education series for the Government Employees’ Pension Fund (GEPF), explains what you need...
Video: Changes to provident funds
On 1 March 2021 the Taxation Laws Amendment Bill of 2020 came into effect. It contains changes that have a direct impact on the members of provident funds. These changes are part of a process to simplify the retirement fund industry and bring provident funds in line...
Don’t ignore your credit providers
The Credit Ombud wants to remind consumers that there are ways to ease the woes that come with being unemployed while having debt, and you shouldn’t just ignore your credit providers. If you’ve just lost your job or have had your salary reduced due to the Covid-19...
Supporting your retired parents
Many retirees have not saved enough to meet their financial needs, leaving children with the burden of supporting their retired parents. A retirement survey by Sanlam found that 51% of retirees cannot make ends meet, and one-third do not have enough money to cover...
The true cost of cashing in your pension
Have you heard of the term Sdudla? I recently came across it in relation to members of the GEPF, specifically members who are teachers and nurses. This is the practice of resigning from your post to access your pension fund. As teachers and nurses can work as...
Video: How to stick to your money resolutions
Why is it so hard to stick to our New Year resolutions? We know that if we want to lose weight we need to eat less and exercise more. To grow wealth we must spend less and save more. So why then do we give in and buy the chocolate bar when we purchase our groceries,...
Should your small business take a Covid loan?
The Banking Association South Africa recently announced that only R17.84bn of the R200bn Covid-19 Loan Guarantee Scheme for small businesses had been approved by banks. The scheme received 48 366 applications of which 27% were approved by the banks and taken up by...
Surprising increase in household net wealth
South African households’ real net wealth increased by just over R1 trillion since the first quarter of 2020, according to the latest Momentum-Unisa Household Wealth report. Between the start of the second quarter of 2020 (Q2 2020) and the end of the year (Q4 2020),...
The 2021 Budget and your money
Ten ways the Budget affects your personal finances: Your tax rate is not going up! In fact, thanks to an above-inflation adjustment to the tax brackets, personal income tax payers receive back R2.2bn. The R40bn tax measures that were proposed in the 2020 October...
Video: No early pension access for GEPF members
Members of the Government Employees’ Pension Fund (GEPF) can not “borrow” or withdraw from their retirement savings. Cashing in your pension is “stealing” from your future self! This video, as part of a member education series, explains why GEPF members should not be...