If you can no longer afford your car, it's time to take action. Here are your options. Lucky wrote to me to find out whether or not he should sell his BMW for a loss as the cost of the car is having serious consequences on his other financial...
Keeping your cellphone costs manageable
Cellphones have become an indispensable part of our lives. Unfortunately, those cellphone bills can become all too costly, all too quickly. Here is a basic summary of some good options to help keep those costs down. Looking at cellphone contracts...
How to score using your loyalty programme’s rewards
Too much month at the end of your money? It might be time to start really paying attention to your loyalty programmes so that you can get the best value for your money. Recently FNB announced that eBucks members had earned R5 billion in eBucks...
Tweet your complaint to resolution
You have a complaint against a financial services company and you are frustrated beyond belief. So, you find their Facebook page and post your tale of woe along with all the relevant information. Stop. Have you thought about the full implications...
Big corporate salaries don’t make you rich
While many professional women earn impressive salaries and contribute towards corporate pension requirements, Citadel Advisory Partner Kirsten Smit says that it's important to build wealth outside your job. Many women believe they can only become...
The best gift my mother ever gave me
I was fortunate growing up to have a really great mom. She was the kind of person one thinks of when you say “mother”. She was a really involved parent – she made the pom-poms for sports day, sewed pretty dresses for me, came to all the...
Why a marriage contract saves you tax
A marriage contract is not just about divorce; it defines what happens to your finances while you are married. Not formalising your relationship could cost you more than you realise. When Melanie and John decided to get married after living...
Do household savings really impact SA’s economic growth?
According to the National Development Plan (NDP), the South African economy needs to grow by 5.4% or more to create enough jobs to redress inequality and resolve the country's stubbornly high unemployment rate. In order to reach and sustain this...
How to cut your fuel bill
The fuel price increase on 1 April was unfortunately no April Fool’s joke. Motorists are now paying an extra R1.62 per litre of petrol, which means that if you fill up your 50-litre tank twice a month, you're now spending an additional R160 per...
Should you use tax-free savings accounts for retirement?
South Africans are now able to invest up to R30 000 a year in tax-free savings accounts (TFSAs). The aim of these savings accounts is to encourage South Africans to save for medium-term goals and emergency funding, reducing our reliance on debt and...
Previous Articles
Fraudsters target ATMs
ATM card swopping leaves bank customers with little recourse when funds are stolen from their bank account. Sidwell contacted me after money had been taken from his bank account. His bank refused to refund him after his card had been swallowed while drawing money from...
Tax-free savings options
Companies have been racing to capitalise on the tax-free savings accounts. We sum up what products have come to market so far. Financial product providers have by and large brought out two types of tax-free savings accounts (TFSAs): a basic bank savings account which...
Tax-free savings a reality
Tax-free savings accounts (TFSAs) get the go-ahead. From 1 March 2015 South Africans will be allowed to invest up to R30 000 a year in tax-free savings accounts (TFSA). (*Update: this amount was increased to R33 000 per year on 1 March 2017 and to R36 000 per year on...
Tax-free savings – will it work?
South Africa’s declining household savings rate has been of national concern for some time now – in fact this burning issue has found its way into the annual budget speech year after year. But while initiatives have been implemented to try alleviate the problem – such...
How to stick to your New Year’s resolutions
We know if we want to lose weight we need to eat less and exercise more and we know that in order to grow wealth we must spend less and save more. So why then do we give in and buy the chocolate bar at the counter when we purchase our groceries, or whip out our credit...
Financial tools to keep you on track in 2015
In today's Internet age, keeping yourself on track financially has never been easier. There are a range of websites, smartphone apps and online financial tools to help you along the way. Track expenses and create a budget Find a way to track your daily expenses so you...
Making sense of interest rates
Last week, consumers received good news from the South African Reserve Bank (SARB) that the repo interest rate would be kept at 5.75%, which means that the retail rate at which consumers are offered credit, would stay at 9.25%. Absa provided this useful infographic...
Momentum Financial Wellness Competition winner
Monday was the last day for the Maya on Money/ Multiply competition and congratulations go to our winner Afika Soyamban who will receive R2 500 in Dis-Chem vouchers. After completing the Momentum financial wellness assessment Afika committed to drawing up a will after...
Should you pay school fees in advance?
by Niel Fourie, Public Policy Actuary, Actuarial Society of South Africa The short answer to the question "Should you pay school fees in advance" is: not if you have other short-term debt. Most schools have informed parents of the new school fees for 2015, which...
The financial Armageddon we call the “festive season”
Remember those days when you looked forward to the Christmas holidays? Long lazy summer days eating lychees and mangos; waking up on Christmas morning to gifts under the Christmas tree; a family feasts where you ate until you were ready to burst. When did that all...