The outbreak of COVID-19 and the lockdown will have far-reaching consequences for many households. Even before this crisis, people found it hard to make ends meet as salaries failed to keep up with the cost of living. This leads to the slippery...
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Video: Make sure your will carries out your wishes
A will is a very important document as it makes sure your wishes are carried out and protects your children when you no longer can. However, there are circumstances where your wishes can be superseded. Your retirement funds do not fall under your...
Relief options for small businesses
There are various financial relief options available for small businesses, from tax relief to soft loans and even grants for sole proprietors. SME tax relief PAYE: Tax-complaint small- to medium-sized business with turnover less than R50 million...
Listen: Is it time to start investing? And where?
Over the last few weeks our discussions have focused on keeping our heads above water during the coronavirus meltdown. We now turn our attention to investing. With markets down significantly, is this the time to start testing the waters? In this...
Options for lockdown debt relief
Credit life payouts and payment holidays are on the cards. But it will only be for those who are directly impacted by the lockdown, and will come with Ts and Cs. While we are expecting more announcements from the banks, they have all indicated that...
The hidden costs of divorce
By Lee Hancox, Head: Channel and Segment Marketing at Sanlam Real-life love stories don’t always have the proverbial happily ever after. In fact, Stats SA found that four in ten couples get divorced before they reach their tenth wedding...
Listen: Money Makeover: how to manage your money when life happens
The topic for this City Press/ABSA Money Makeover podcast could not be more relevant given the financial stress so many households are feeling with the COVID-19 crisis. Falling into a debt trap often happens because of a change in personal...
Don’t panic, your monthly investment is getting bargain rates
As markets fall, continuing with you regular monthly investment is the most powerful tool to ensure positive long-term growth. The stock markets have had a really grim start to the year. At the beginning of this week the JSE All-Share Index had...
Money Makeover: Kill the credit card debt
All of our 2020 Money Makeover candidates were struggling with credit card debt. When your spending exceeds your income, it is easy to slip into the habit of using your credit card to make it to the end of the month. But unless you are paying it...
Covid-19: Tax relief proposed by the President
By Graham Viljoen, Nina Keyser, Shirleen Ritchie, Yashika Govind, Lumen Moolman and Bianca de Klerk from Webber Wentzel The address by President Cyril Ramaphosa on Monday, 23 March 2020, set out certain fiscal relief measures to help small and...
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Listen: Lockdown: Get your finances in order
The lockdown will affect people in different ways. There are those who will be fortunate enough to still be receiving a salary, others will see a cut in pay, while many business owners or self-employed people will be fighting to keep their heads above water. In this...
What the crash means for your retirement
The market collapse highlights the need for good financial planning in retirement. The market collapse on the back of the coronavirus pandemic has created a buying opportunity for those who are still investing towards retirement, but it comes at a very bad time for...
Beware of coronavirus scams
According to SABRIC, the South African Banking Risk Information Centre, there’s been a sharp rise in cases of cybercriminals exploiting the spread of COVID-19 by using coronavirus-based scams to trick people into clicking on links in emails or SMSs appearing to offer...
Video: Get your admin in order
Now is a great time to do your financial admin and put together a “life book”. An important part of knowing your net worth is having your admin in order. You need to have one place where you keep all those important documents rather than scratching around piles of...
Video: What does travel insurance cover?
This video was done when travel operator Thomas Cook collapsed last year, however it is just as relevant for holiday-makers facing COVID-19 cancellations. Travellers may not be aware of the limits around travel insurance which has exclusions depending...
Productivity 101 for those unaccustomed to working from home
Many employers are asking their teams to self-isolate and work from home right now, while entrepreneurs who would usually work from a shared space are now working from home instead. This is in order to reduce the risk of employees contracting the COVID-19 virus. For...
Listen: COVID-19 and your money
In this time of unprecedented events Maya (@mayaonmoney) and Mapalo (@womanandfinance) have put together a comprehensive strategy on how to manage your money in light of COVID-19: what to do with your investments, what to do if you are close to retirement, and what...
Time to consider a fixed deposit?
With a cut in interest rates likely, now may be the time to lock into a fixed deposit. Over the last two years interest paid by financial institutions relative to inflation was the highest since the end of the credit crisis in 2010. Last year, unit trust money market...
Are you covered if you test positive for COVID-19?
By Jill Larkan, Head of Healthcare Consulting at wealth and financial advisory business, GTC People who contract COVID-19 (the new coronavirus) who are under the age of 80 and do not have any pre-existing conditions (such as cardiovascular disease, diabetes, chronic...
Money Makeover: Tell your money where to go
The first challenge for our 2020 Money Makeover contestants was to get a get a handle on where their money goes each month and to make some decisions about what they were prepared to live without in order to reach their personal goals. For all of them it was a shock...