I was recently interviewed by a magazine who asked if it is possible for a family today to live debt-free. My reply was “absolutely”. I believe that because of the proliferation of credit cards and easy access to credit, we have forgotten how to...
Why a weak rand won’t save us
Adrian Saville, CIO of Cannon Asset Managers, explains the fallacy of relying on a weak currency There is prevailing conventional wisdom among labour and certain parts of government and industry that a weak rand will reverse South Africa’s sagging...
The risk of easy credit
“I've always been a saver and have hated debt with a passion. I applied for a store card to create a good credit rating. It soon became clear that I am not a disciplined spender so I paid off the card and closed the account. This year I bought a...
The tax relief farce
Each year I get particularly annoyed about the falsehood that we receive a “tax relief” – as if Minister Gordhan managed to eke out some extra money for cash-strapped taxpayers. So let’s put it in perspective. Based on last year’s personal tax...
Our million-a-day tax bill
With no particular surprises for taxpayers in this year’s budget, I decided to drill through some of those tax numbers to see exactly how much tax we are now paying. If you add all our taxes together, individuals account for over R700bn in tax...
Budget your way out of debt
Debt counsellors see a surge in applications around February every year as the wheels fall off after the excesses of the festive season and the school fees are due in January. If you’re in debt, you’ll know the feelings of helplessness and...
Starting a savings plan
“You always say that every cent is important so I want to start a savings plan. My pocket money is R400 a month and I want to save R200 to invest for the future. I want to know how I should invest my money,” writes Amogelang who is 22 years old...
Debt: the kiss of death
Recently I had two very disturbing conversations about the world of debt. The first was a conversation with someone from the Credit Ombud about how debt administrators and debt collectors farm debtors’ books. Although this practice is less...
Five reasons to sort out your finances today
"Better late than never", or so the saying goes. We say: "Better now than too late." But dealing with financial matters is something that we tend to keep putting off. Here are five reasons why you need to sort out your finances today! 1. Beat the...
Financial hangover recovery plan
If you’re battling with a financial hangover from a holiday spending spree, we have a 5-point plan to get you back on track: 1. Budget Write down an accurate and honest list of your expenses and income. Use your recent bank statements, invoices and...
Previous Articles
How to maximize your first paycheque
A young person starting at their first job suddenly realizes that their first paycheque brings with it substantial power. But understanding this power, and how to wield it, is an extremely important lesson to learn. The power of money can create wealth and abundance...
Turn your stokvel into an investment club
If you have an existing savings club with a group of friends that you want to take to a new level, creating an investment club to build wealth is a great strategy. Twelve years ago the Ya Rona club transformed itself from an informal savings club, which facilitated a...
How to get out of debt review
If you can prove that you are able to start making regular payments, you can request to end your debt review. When Joseph Masemola's debt began to spin out of control in 2010, he applied for debt review via a debt counsellor. Since then, he has managed to settle and...
Consumer Protection Act: Know when to complain
We’ve all had a bad customer experience, but how many of us actually take it further? Under the Consumer Protection Act (CPA), you may be entitled to compensation. Consumer Goods and Services Ombud (CGSO), Adv. Neville Melville points out five common areas of...
Should I invest in FinBond?
“What do you think about some of the banks that offer high interest rates such as Finbond that guarantees their investments? Finbond has a banking license just like Capitec and it appears that they offer up to 9.5% on fixed deposits,” writes Michael. Maya replies: You...
How the Tax Administration Act affects your tax return
Tax season is in full swing and as you race to get all your documents in order, you should take some time to reflect on the Tax Administration Act and how it affects you. SARS extended power The South African Revenue Service will now have extended powers to collect...
Cutting expenses: tips to help you make every cent count
When it comes to cutting expenses, there are small changes you can make in your spending behaviour that can add up to big savings. With at least 72 per cent of South Africans cutting down expenses in their budget, you too may be wondering how best to shave off some...
How to turn your movie ticket into a retirement fund
If you cut out your monthly trip to the cinema and saved what you would have spent on your night out, you could significantly boost your retirement fund. “It is surprising what can be achieved by employing a bit of what I call movie magic'," says Esther Venter, the...
Old Mutual Savings Monitor: Reality hits
The latest Old Mutual Savings Monitor shows that South Africans are coming to terms with their new economic reality and taking control of their finances, but it’s still really tough to make ends meet. As households come under pressure from rising costs such as a...
Money management: four ways to get in financial shape
Karin Muller, head of Sanlam Growth Markets Solutions, suggests four empowering money moves you can make. South Africans are not very good when it comes to money management. In March this year, the total outstanding consumer credit balance for South Africans was a...