By Jean du Toit and Jonty Leon, technical editors of the publication ‘Expatriate Tax - South African Citizens Working Abroad and Foreigners in South Africa’. As many South African expats are now aware, as of 1 March 2020, the amendment to section...
Video: Keep your electricity costs low
The price of municipal electricity increased by around 13-16% which is going to hurt our pockets. Understanding how electricity tariffs work will help you take charge of your spending. If you get your power directly from Eskom you will be charged...
Competition comes to business banking
FNB has announced First Business Zero, a digital-only business bank account with no monthly account fee. While competition in the retail banking sector has driven down fees, business banking has remained largely uncompetitive and expensive. We are...
Video: Crazy ways to save money
We asked South Africans to share their “crazy ways to save” and we got some great ideas! Nonhlanhla has a debit order into a 32-day notice account where she saves for things she needs like furniture or renovations. She doesn’t touch the money for...
Video: Tax implications of paying your grandchild’s school fees
As a grandparent you may want to start an investment for your grandchild or help with their education costs. While this is an invaluable gift, you need to consider the tax implications. Donations over R100 000 in any tax year will attract...
Video: Plan for money moments and avoid debt
Most short-term debt is simply a lack of planning. So, this year, instead of taking on more credit, plan for those money moments by starting a contingency fund in a high interest savings account. If you are planning a holiday this year, create a...
Understanding your interest rate
You may have seen an advert for a five-year fixed deposit offering an interest rate of 13.3% on maturity. This seems like a really high interest rate, but what you need to understand is that this is the interest you receive at the end of a...
Fighting debit order fraud
A new debit order system will be made compulsory towards the end of the year, but will it make a difference in the fight against debit order fraud? Just last month, organised crime syndicates operating on a massive scale ‒ duping banking customers...
How to give your child the retirement you wish you had
Most parents want to leave their children a legacy, but what if you could leave your children a secure retirement? A retirement that they never have to save a cent towards and that is completely tax free? According to Nic Andrew, executive head of...
The pros and cons of a business bank account
If you are self employed and working as a freelancer in the services industry, you may be debating whether you should work as a sole proprietor or register as a business. There are pros and cons for each, and the answer is not clear cut. I ran my...
Previous Articles
How to work out your electricity costs and save
By Michael Franze, managing director at Citiq Prepaid New electricity rates kicked in on 1 July, with municipal electricity tariffs increasing by around 13% to 16%. Understanding how electricity tariffs work is the first step towards taking charge of your spending....
#CrazyWaysToSave: Money tips from ordinary South Africans
As part of the launch for Savings Month in July, the South African Savings Institute asked South Africans to share the crazy ways they save. Here are some great ideas. Kgomotso uses the Standard Bank Stash app to save into a tax-free savings account. Stash is an app...
African Bank launches new transaction account
Customers benefit as banks launch cost-effective banking solutions. The banking industry is certainly seeing an increase in competition, with the launch of TymeBank earlier this year and with the imminent launch of Discovery Bank. As part of the increased competition...
Some banking history
This year, to celebrate 180 years of banking, FNB has created an exhibition which is currently at Portside in Cape Town. In addition to documenting the history of FNB, it is a fascinating history lesson on the evolution of banking in South Africa. FNB started its life...
Power options to combat loadshedding
Unpacking the costs and benefits of various power options to alleviate the effects of loadshedding After losing five hours a day of productive time during loadshedding, I thought it was time to find a solution for my home office. This led to a wider investigation into...
The fight against illegal debit orders
Why has it taken banks so long to take action against illegal debit orders? FNB recently issued a press release stating that it would reverse all debit orders and refund customers who have been victims of ProCall and Mzansi illegal debit orders. Absa Bank followed...
TymeBank launches low-cost offering
TymeBank recently had its official launch, and has already signed up over 80 000 customers. As South Africa’s first fully digital bank, it is what the industry calls a “digital disruptor”. Its only physical presence is at kiosks at PicknPay and Boxer stores where you...
Why cash has been king
Investors in cash have had better real returns in the last two years than any time since the end of the credit crisis fallout in 2010. A real return is the difference between the interest you earn and the inflation rate. The normal rule of thumb is that an investment...
Video: Be Money Aware
Our family got into the habit of keeping a household budget after our own personal financial crisis 14 years ago. I have no doubt that without budgeting every month and maintaining strict financial discipline, we would simply have got deeper and deeper into debt,...
Countdown to the commencement of the amended expatriate tax law
By Claudia Aires Apicella, Head of Financial Emigration at Tax Consulting SA The announcement by National Treasury and SARS in 2017 that the tax exemption on South African expatriates is set to change, has resulted in the lifestyle of many South Africans, who are...