By Ferdi Booysen, Head of Strategic Relationships at Old Mutual Wealth The higher interest-rate cycle begs the question: is it currently better to use your investable funds to pay off your mortgage or to add to your retirement savings? Recent...
Buying a car in December
By Nicholas Nkosi, Head of Vehicle and Asset Finance – Personal Markets, at Standard Bank It is natural to think about the joys of starting the New Year in your dream car when your bank account is filled with an end-of-year bonus. However, is it...
Concerns with eFiling and erroneous tax registration
Concerns about SARS eFiling have been raised in the first annual report issued by the Office of the Tax Ombud. In several cases bank details were changed on the eFiling system resulting in a refunds being paid into a third-party bank account. In...
Preparing for life’s surprises
Our parents’ experiences can teach us a great deal about how we should be making plans for our own futures. My mother, who is now 75 years old and relies on a pension, has seen her food bill increase from R500 per month to R1 200 in just six years...
Tax Ombud gives a voice to taxpayers
The first Tax Ombud report raises important concerns with SARS processes and has already made a difference to ordinary taxpayers in resolving outstanding issues. In its first six months of operation, from 1 October 2013 to 31 March 2014, the Tax...
How much would you spend on your wedding?
The costs of the wedding are just the tip of the money iceberg when it comes to getting married. In the past, according to tradition, a young couple could expect the bride’s parents to pay for their wedding with a contribution by the groom’s family...
Wanted: Low-cost, low-premium, flexible savings solutions
One of my greatest frustrations with the financial industry is the lack of simple, cost effective, flexible savings products for people who want to start saving, but have only R100 to R200 per month to put away. While R200 may not seem like a lot...
Finding cost-effective medical cover
We set ourselves a challenge to try and find medical cover for one of our readers. Our findings show that medical cover is expensive for many middle-income earners and that a comprehensive hospital plan is possibly the best option. Elizabeth has...
How to fund your child’s education
When I was in grade one at a government school in 1984, my school fees for the year were 25 cents. I have the receipt to prove it! When my son started grade one last year though, we had to fork out just under R30 000 for the year. Ouch. We’re...
Financial planning for the “sandwich generation”
by Kagisho Mahura, investment and retirement planning specialist at Gradidge-Mahura Investments. The sandwich generation refers to those people who find themselves supporting both their parents and kids financially. The growth of the sandwich...
Previous Articles
Check those till slips
In response to complaints about unauthorised cash withdrawals at PicknPay till points, PicknPay has announced upgrades to their till points. A shopper had complained that on two separate occasions, PicknPay tellers had made unauthorised cash withdrawals when he was...
Five biggest debt mistakes
Wikus Olivier, debt counsellor at DebtSafe, highlights a number of common financial mistakes that individuals often make, resulting in debt. However, these can be mitigated if discipline is practised and changes are made in spending behaviour. Consumers can often feel...
Long-term perspective: about more than just investments
Ensure that the “sandwich generation” is only a one-generation phenomenon, writes Kagisho Mahura In 1974, sociologist Dr Edward Banfield of Harvard University wrote a book entitled The Unheavenly City. In it he described one of the most profound studies on success and...
Free financial planning workshops in Cape Town
Financial Planning Week: 25-29 August CERTIFIED FINANCIAL PLANNER® professionals Craig Torr, Paul Rossouw, Ian Beere and Laverne Slater will be giving four free financial planning workshops in Cape Town on 26, 27 and 28 August, as part of Financial Planning Week in...
Domestic worker benefits
For most South Africans, their domestic worker is part of the family. As such and as a responsible employer, you should consider providing additional benefits similar to those that an employee in any other working environment would enjoy – for example, health care and...
Creating a financially savvy kid
Even if you have a natural saver on your hands, you still need to teach your child about budgeting and investing, as well as how to shop mindfully by comparing prices and understanding the value of what they are buying. Whenever I meet people whose finances are in...
It’s annual tax phishing season
With tax filing season upon us, the annual tax-related cyber-fraud feeding frenzy has begun, warns Jonas Thulin, Security Consultant at Fortinet. "The Receiver of Revenue, financial institutions and security firms have been issuing the same warnings every tax season...
Jointly owned bank accounts in the British Isles – pitfalls and planning strategies
By Oliver Charles Phipps, FISA member and Solicitor in England with Lester Aldridge It is quite common for an individual in South Africa to own a bank account which is registered in the British Isles. This may be because he or she originated from the British Isles or...
Choosing a bank account for your child
When selecting a bank account for your child, first consider what they will be using it for and then look for one with the best pricing structure. A young child who is mostly saving will want an account with a high interest rate, while an older child who may be doing...
Shopping online: how to avoid overspending
According to World Wide Worx, which monitors the local e-commerce landscape on an annual basis, in conjunction with MasterCard, online shopping has stayed in line with forecasts over the past few years – slightly surpassing last year’s expectations. A report by the...