Financial stress has soared as a result of the Covid-19 crisis, with savings dropping and debt levels rising. 58% of households across South Africa are facing high or overwhelming financial stress, according to the latest Old Mutual Savings &...
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Listen: Money Makeover: How we reached our goals in just six months
In the final episode of our Money Makeover Challenge podcast, Maya (@mayaonmoney) and Mapalo (@womanandfinance) chat to the two winners Catherien and Nono about their journey and how they turned their finances around. In just six months these women...
Video: How to prioritise those bills
Lockdown and the economic fallout will affect different people in different ways. Some are fortunate enough to still be receiving a salary but according to the recent Old Mutual Savings and Investment monitor, over 50% have experienced a pay cut....
Protect yourself from cyber criminals
Cyber criminals are taking advantage of the anxiety around lockdown. Manie van Schalkwyk, Executive Director of the Southern African Fraud Prevention Service (SAFPS) provides some insight into what scams to watch out for. The world is currently a...
Listen: How to track your financial progress
In previous podcasts we have discussed the concept of net worth and how to use it to assess your financial progress (take a listen to "Grow your net worth in 2020" and "Do you know your net worth?"). In this podcast, Maya (@mayaonmoney) and Mapalo...
Check before you press pay
If you accidently pay into the wrong account, there is no guarantee you will receive your money back. I recently received two complaints from readers who had accidently paid money into the wrong account, highlighting the risk of electronic fund...
Money Makeover: Making plans for bigger dreams
“Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.” – Earl Nightingale The true motivation behind financial freedom is to have the money to live our dreams – we just need a plan to get us...
Reduce the impact of that payment holiday
If you have taken a debt payment holiday, make sure you catch it up. I have previously warned readers against taking the three-month payment holiday offered by the banks unless you had no option. This is because the interest is capitalized and like...
How to save for your goals to avoid debt
One of the main reasons we have a credit crisis in South Africa is that we never plan and save towards our goals, because it’s just easier to borrow. Change your dependency on credit by planning for those money moments and start saving for your...
When SARS unlawfully help themselves to your bank balance
By Jashwin Baijoo, Tax Attorney at Tax Consulting South Africa Everybody knows SARS is under collection pressure and they have grown rather fond of appointing third parties, such as banks, to recover outstanding tax debts directly, which leaves...
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The defaults have started
Credit bureau Experian has released figures confirming that South Africans are in deep financial trouble. The number of credit active South Africans who have missed a debt repayment for the first time ever is at a record high. This is based on the Experian Consumer...
Listen: How do you know if you are getting good advice?
In this podcast Maya (@mayaonmoney) and Mapalo (@womanandfinance) each discuss an event in their week that made them reflect on the way we engage with money. A negative experience with the way financial products are sold makes Mapalo question whether people are...
Is the outrage over food prices justified?
Have you been shocked at the rapid price increase of some of your regular food purchases? City Press/Absa Money Makeover candidate Peter has been keeping a close eye on his grocery bills and has seen certain items increase, such as tinned tuna, cheese, Bakers Toppers...
Money Makeover: Planning for when you’re no longer around
Our Money Makeover candidates are all parents, so estate planning is a particularly important part of their financial plan. Read this article to get tips on what to look for when drawing up your will and making sure you have tax-effective estate planning. Follow the...
Q&A: Interest rates
We’ve had significant cuts in the interest rate this year. On 1 January 2020, the prime interest rate was 10%, and as of 22 May, it had been reduced to 7.25%. The current repo rate of 3.75% is the lowest it's been for almost 47 years. So it's not surprising that many...
Listen: Money Makeover: Mistakes to avoid with your own business
In this, our fifth Money Makeover podcast, we chat to Elton Govender, senior enterprise development specialist at Absa, to provide some tips to those of us who are self employed or running our own businesses. Elton shares the guidance and tools he developed to help...
How to start that emergency fund
If you follow my articles, podcasts or videos, you will know that I talk a lot about emergency funds. The concept of an emergency fund was really drummed into me when I edited Dave Ramsey’s Total Money Makeover for South African readers. I always say that you cannot...
Video: Do I have to purchase an annuity at retirement?
Chris is about to retire and wrote to us asking what he should do with his provident fund. A provident fund (unlike a pension fund or retirement annuity) allows you to take the full lump sum at retirement; you are not forced to purchase an annuity. Chris asked whether...
When your credit shortfall insurance leaves you short
Despite having credit shortfall insurance, many policyholders find themselves out of pocket when it comes to claiming because they don't properly understand how the cover works. In its 2019 annual report the Ombud for Short-Term Insurance (OSTI) found that 49% of...
Listen: Beware the payment-holiday trap
Payment holidays are a lot like real holidays – they end up costing more than you realise. In this podcast, Maya (@mayaonmoney) and Mapalo (@womanandfinance) look at the costs of debt-payment holidays and how to get back on track after taking one.