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...
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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...
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...
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...
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...
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...
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...
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...
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....
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...
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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...
Money Makeover: Avoid the slippery slope of credit dependency
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 slope of credit...
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 will. While you can...
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 can defer payment of...
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 podcast Craig...
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 anniversary. It has been...
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 circumstances rather than...
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 fallen 22% since the...
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 off in full each...