Any financial journey cannot progress unless your partner is on board. If you share a household, you share your finances. Money is a highly emotional topic; it is cited as the number one reason for divorce. So, having a relationship where you can...
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Video: Understanding loyalty programmes
75% of South Africans who earn at least R10 000 a month belong to one or more of the 100-odd loyalty programmes in South Africa. While loyalty programmes are popular, are they really working for you or just cluttering up your wallet with another...
Unpacking interest rates
Last month, the South African Reserve Bank cut rates by 100 basis points and this led to many questions about the mechanism of interest rates. We unpack how interest rates work both for borrowers and savers. What is the difference between the repo...
Listen: Teaching your kids about money
Most parents make supreme sacrifices to provide for their children. Research shows that mothers in particular will put their children’s needs before their own. We want to offer our children the perfect world where they want for nothing, where they...
Free advice for distressed SMEs
Financial and strategic advisory company Fluence Capital is now offering pro-bono support and guidance for South Africans facing the potential loss of their business due to the COVID-19 shutdown. “Many companies tend to wait until the last minute...
Raising your kids with values
This Mother’s Day I will have been a mom for 20 years, as my son celebrates his 20th birthday this week. Being under lockdown and living through COVID-19 has been a huge teaching and learning opportunity when it comes to raising our children to...
Video: Should you use your home loan to buy a car?
Home loans are usually the cheapest form of financing and it may seem like common sense to use this lower interest rate to pay for shorter-term debt like car finance. In theory you save money by paying a lower interest rate, however, most people...
Why successful investors avoid gambling
Financial markets are no place for gambling on a single share or even a single asset class, says Tlotliso Phakisi, Investment Analyst at Cannon Asset Managers. One of the most famous poker games ever recorded took place at the 2008 World Series of...
Listen: Money Makeover: Love and Money
Regardless of how motivated you are to improve your finances, you will struggle to make progress unless your partner is also on board. In our third City Press/ABSA Money Makeover podcast, Maya (@mayaonmoney) and Mapalo (@womanandfinance) talk...
How credit insurance can cover your debt
If you are being retrenched or forced to take unpaid leave due to the lockdown, you may be able to claim from your credit insurance policy. Many people, especially those with short-term debt and even store cards, may have credit insurance without...
Previous Articles
Money Makeover: Adapting financial plans for the lockdown
For our Absa/City Press Money Makeover candidates, the COVID-19 lockdown has been an unexpected obstacle on their journey to financial freedom. While Mishack has lost out on overtime pay, Colen is worried about his investment properties and Bellah’s construction...
Video: What happens when you pay off your home loan?
If you have been paying extra into your home loan and have settled it before the required date, you need to decide whether you wish to keep the mortgage bond in place. The home loan is the credit facility that the bank grants, while the mortgage bond refers to the...
When do you qualify for a chargeback?
When you use your credit card for transactions, you qualify for chargeback rights if merchants don't deliver goods and services. Cowyk Fox from Absa Retail and Business Bank explains: “In essence, a chargeback prevents customers from suffering financial loss and...
Listen: The interest rate cut and your money: 101
As a result of the unexpected 100bps cut in interest rates, we received many questions about interest rates, and the impact the rate cut has on both borrowers and savers. Maya (@mayaonmoney) and Mapalo (@womanandfinance) unpack how interest rates work and do some...
Where to put your money in a COVID-19 world
While investors watch their investment values collapse, some see this as an opportunity. Around the world the value of stock markets has fallen by at least 25%, which means markets are now offering better value than they have in years. Locally South African bonds are...
Video: Know your net worth
The beginning of the year is a great time to review your net worth. This is a list of your assets vs your liabilities – or put another way how much you own vs how much you owe. This is a personal balance sheet and provides a good measure of your financial health each...
Cashflow relief is better than a term extension on your loan
Taking a payment holiday should only be done if you really have no way to meet your monthly debt payment. It adds to the cost of your loan and can add significantly to the period of your home loan, especially if you recently bought your property. For example, if you...
What does the downgrade to junk mean for our money?
At the end of March, amid the chaos of the lockdown, the rating agency Moody’s downgraded South African sovereign debt to non-investment grade – or junk status. As the last rating agency to do so, it means that South African government bonds will no longer be included...
Listen: How to make money from your stokvel
Whilst you are sitting in lockdown, now may be the time to turn that WhatsApp group into an investment club. Maya (@mayaonmoney) and Mapalo (@womanandfinance) chat to Palesa Lengolo, financial educator and author of Stokvels: How they can make your money work for...
Credit Life Insurance 101
Credit life insurance is poorly understood in South Africa. This is ironic, because it’s one of the best risk-management tools available to the consumer – especially in challenging economic times. From COVID-19 to junk status, few would argue that 2020 qualifies as...