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.
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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...
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...
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...
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...
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...
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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...
Video: Where to invest?
Money Matters viewer Khutang wanted to know whether it is safe to invest in Bitcoin and more generally, where a wannabe investor should be investing. As Khutang is specifically talking about investing, this would not be your emergency funds or short-term savings for a...
Why the net worth calculation trumps how much you make
One of my favourite calculations is the net worth calculation. It is not only meant for those who appear in rich lists of magazines, but is an important calculation for anyone who is working towards financial freedom. Effectively, the net worth calculation lets you...
Listen: Why offshore investing is wise
A decision to invest offshore should not be driven by fear but should rather form part of a diversified investment portfolio for the best risk-adjusted return. In this episode of My Money, My Lifestyle, Maya (@mayaonmoney) and Mapalo (@womanandfinance) chat to Duggan...
Using a personal loan to pay off your home
“I have been paying extra into my mortgage each month but it still taking a long time to pay if off”, says Martha, a reader who wonders if it would make sense to rather take out a personal loan over five years and use the money to settle her mortgage. Her logic is...