This week, Maya (@mayaonmoney) and Mapalo (@womanandfinance) answer readers’ questions about retirement: when to take the cash and run or when to buy an annuity, how much you can draw of your capital and why good advice is worth paying for. They...
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True wealth requires patience
One of the greatest sources of wealth is getting your money to work harder than you do. This is achieved through the power of compounding. The problem with compounding is that it only works with time – there is no get-rich-quick scheme involved....
Video: Joint life insurance
A recent survey found that middle-class households are cutting back on insurance and medical cover as their budgets come under pressure. However, if you have a family, life insurance is essential to provide for them if something happens to you. If...
When to use “budget” on your credit card
One of the things that really annoys me when I pay with my credit card, is the way I must often select to pay “straight” rather than “budget”. There are grocery stores that have budget payment as the first option – which is ludicrous. That said,...
Listen: Grow your net worth in 2020
In this first podcast edition for 2020, Maya (@mayaonmoney) and Mapalo (@womanandfinance) discuss their own strategies to grow their net worth and how to set SMART goals. They also share the apps and tools they use to manage their money.
An end to excessive fees on garnishee orders
A landmark ruling by the High Court has found against the excessive over-charging of debt collection fees on garnishee orders. The judgment will not only have a significant impact on the amount lawyers may charge for legal fees on outstanding debt,...
How to approach 2020
At the beginning of December there was some cautious optimism about the prospects for 2020. However, the commencement of load shedding and the realisation that Eskom’s problems are far more serious than we have been led to believe, changed...
The real cost of death
Funerals are big business in South Africa, with an estimated R10bn a year spent on funerals and related services. Insurance companies have found a lucrative product offering in funeral policies, with around 15 million such policies currently held...
Not all R5 coins are equal
You may have noticed a new R5 coin in circulation celebrating 25 years of democracy. While it may be a fresh new design, it does not have any value as a collector’s item – despite what coin stores may tell you. Mr Pradeep Maharaj, Group Executive...
Video: Beware balloon payments
Balloon payments are a way for consumers to buy a car they cannot really afford, and the real cost is seldom understood. A balloon or residual payment is a portion of the selling price that is payable at the end of the agreement. A dealership may...
Previous Articles
Video: How to compare interest rates
Comparing interest rates is not simple, especially when comparing interest on maturity with annual compounding interest and nominal interest rates. Take for example an advert for a five-year fixed deposit with 13.3% interest on maturity. In this case the annual...
TymeBank adapts for growing client base
TymeBank has announced that after nine months of trading, they have onboarded one million customers. Of these customers, approximately 45% (450 000) transact once or more a month. Although the bank’s main customer focus has been lower-income earners, nearly half of...
Video: Teach your kids the value of money
A woman asked me recently why she should give her children pocket money as she can afford to buy them what they want – unlike her upbringing where her parents were struggling, and she had to save for the things she wanted. Yet by not giving her children pocket money...
Escape the festive season without debt
If you do just one thing this festive season, plan for those 40 days to the next paycheque. As we approach the end of 2019, I could write a long list of all the things you need to do to get your finances in order for next year – but that can wait until January. Right...
Listen: How to get financially ready for 2020
In the final My Money, My Lifestyle podcast for 2019 Maya (@mayaonmoney) and Mapalo (@womanandfinance) discuss how to prepare your finances for an uncertain future. Should you use your bonus to pay off debt or rather invest it? Do you have enough pay cheque left for...
Find medical cover that fits your pocket and your needs
It is that time of year when you will receive a letter from your medical scheme confirming your benefits and premiums for next year. This year the average scheme increases were between 8% and 12%. According to Alexander Forbes Health, these price increases have been a...
Video: How to reach R1 million in 5 years
Last year we had a Money Matters show where we illustrated how you could save R1.1 million within 15 years using your tax-free savings allowance of R2 750 per month. A viewer asked us if it was possible to reach R1.1 million within five years by tripling the amount to...
OBS advises to check your loan statements
Incorrect balances and terms on home loans, personal loans and revolving credit make up a significant portion of complaints to the Ombudsman for Banking Services (OBS), according to its latest report. Of the 5 996 cases it has closed so far this year, nearly 40% were...
Listen: Building a retirement portfolio
The last four years of poor market performance highlighted the risk of relying on capital drawdown in retirement. In this final edition of our Investment Series with Marriott Income Specialists, Maya (@mayaonmoney) and Mapalo (@womanandfinance) discuss how to start...
Are illegal debit orders a thing of the past?
After a significant spike in the number of illegal debit orders, banks say action has been taken to clean the industry of rouge players. Despite much fanfare around the introduction of DebiCheck which puts customers in control of approving debit orders before they are...