How social media can encourage you to overspend and destroy your finances. Once upon a time, it was easy to see when you were about to get into debt. You saw cash leaving your wallet and knew from the balance in your account that you needed to stop...
Despite several government investigations and submissions from interested parties over the past seven years, there has been no concrete action taken to address unethical payroll deductions. Concerns regarding payroll deductions have been raised for...
A large number of municipal workers are taking home a fraction of their pay due to unethical practices around so-called payroll loans. In one case, a mother of two children, with an unemployed husband, had total loan deductions of R5 000 off her...
A strong theme that emerged in the Money Makeover Challenge this year was the extent to which applicants have built up large amounts of debt in a short period of time. This phenomenon is driven by the rising cost of living and increasing interest...
Viral Twitter thread sparks property industry debate Recently, a hypothetical question was posed around what South Africans could afford on a R51 000 net salary. This became a trending topic on Twitter, sparking debates over whether these earnings...
As people struggle to make ends meet in an environment of rising inflation, households are increasingly being caught up in a debt cycle. Over the last few weeks, I’ve been speaking to South Africans from various walks of life as part of the...
Many people are wondering whether now is the right time to buy a home for the first time, given the high interest rates. It is a common question I receive from readers. One reader wrote: "I am looking to buy a home for the first time but am...
Black tax is not so much about money as it is about boundaries, says Ndumi Hadebe, author of Handle Black Tax like a Pro. In ten relatable stories that range from absent fathers to siblings’ expectations, self-leadership coach Hadebe explores the...
Have you thought about applying for debt counselling but decided against it, because you weren't really sure of the benefits? One benefit you may not have considered is that successfully completing debt counselling could help your credit score....
A pension-backed home loan could be a possible solution if you're looking for a way to finance alternative energy sources for your home. Consumers are in a tight financial squeeze, with an increase in fuel prices in February, coupled with an...
Depending on how your access bond is structured, you might not be able to withdraw all of your prepaid funds. Many people believe that putting all of their “spare cash” into their access bond is a smart thing to do. It can serve as your emergency fund because those...
While financial PTSD might not be officially recognised by health professionals, it is a reality for many people. Money is an emotional topic for most people, regardless of age, income or profession. Having money in abundance can unlock a world of opportunities, yet...
Capitec recently sent out a warning to its customers about false advertising by certain debt counselling companies. The warning stated: “Have you ever been promised immediate debt relief or a payment holiday that doesn’t affect your credit score? If it sounds too good...
People with lower incomes who plan properly are more financially secure than those earning higher salaries but failing to plan. Each year, I am involved in the Money Makeover Challenge, in association with City Press and Absa. It is a highlight in my calendar as it...
While the increasing interest rates will make buying a home more financially challenging, buying at the top of an interest rate cycle could be a smart move. Firstly, higher interest rates temper demand, so property prices may come down slightly. Secondly, you know...
Aggressive interest rate hikes may have more to do with the currency than local inflation. The decision in September to increase interest rates by 75 basis points was an aggressive decision by the Monetary Policy Committee (MPC) considering the weak economy and major...
In this podcast, Maya (@mayaonmoney) speaks to Ntombi Dube, a remarkable woman who paid off a mountain of debt ‒ R700 000 of it, to be precise. In a recent survey, a debt counselling firm asked financially stressed South Africans: “Why have you not done something to...
Whether you want to buy a property or a car, most South Africans need credit to do so. And, strange as it may seem, knowing how much credit you qualify for and how you can improve your credit score may just be critical to your ability to continue improving your life...
Missing one or two payments on your debt obligation is not a train smash, but once you miss three payments in a row, you are now in default. This means you will receive a negative listing on your credit record and in many cases your debt will be handed over to a debt...
A pensioner was shocked to discover that a TymeBank credit card comes with a mandatory fee for compulsory credit insurance. It is good financial management to check all the costs involved when taking on credit, and this is exactly what pensioner Iain MacKinnon did...