The Consumer Protection Act provides significant protection for consumers; the Act does not, however, remove the obligations of consumers when undertaking an agreement. “A small business hired a hall for an event scheduled for 7pm on a Saturday...
How to save for your child’s education
Choosing to save for your child’s education ahead of your own retirement plan may be a risky strategy but it is understandable given the rising costs of education. According to the Old Mutual Savings and Investment Monitor, 54% of South Africans...
If you are a spendthrift, it may genetic
A study into what drives people’s decision-making discovered that people with a particular gene variant appear to make better financial decisions. A paper entitled Born to Spend? How nature and nurture impact spending and borrowing habits,...
Breaking the myths around buying a new car
Leave the buying of new cars to people who don’t understand maths, or to those for whom status is worth more than building wealth In the book The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, authors Thomas J Stanley and...
The best gift to give your children
Think differently about what makes a great Mom The truest thing ever said about becoming a parent was by author Elizabeth Stone who said deciding to have a child was to “decide forever to have your heart go walking around outside your body." Most...
Saving towards a 5-year goal
A reader wants advice on where to save towards buying a property. “My mother, sister and myself would like to open a savings or investment plan whereby together we would contribute R900 monthly and increasing it by R300 yearly or bi-annually for...
Capitec Bank is South Africa’s fourth largest bank for main accounts
AMPS results show Capitec has pushed out Nedbank to become the fourth largest bank in terms of the number of people using Capitec for their main account. According to a press release issued by Capitec today, the bank has overtaken Nedbank as South...
Getting out of debt is about a change in attitude
“In 2011 after getting advice through City Press I managed to pay off all my debt. I have since gotten married and we bought a house and a car. Now we are in debt and a financial mess. I have two credit cards totaling R27 000, an overdraft of R21...
Make April 27th your Debt Freedom Day
The 27th of April is Freedom Day in South Africa, marking the annual celebration of South Africa's first non-racial democratic elections in 1994. Since political freedom, South Africans have striven to correct the wrongs of the past. South Africa...
Banking Ombud recovers over R16million for customers
The latest annual report from the Ombudsman for Banking Services (OBS) which was released recently showed that of the 4450 complaints received, 1753 cases were found in favour of the customer and a total of R16.4 million was paid back to aggrieved...
Previous Articles
The small business banking challenge
It is very difficult for a small business owner to try and compare banking products and understand which bank’s products best meet his needs. So we gave the banks a real example to see who could offer this entrepreneur the best banking package. Nathan Calitz, owner of...
Why money matters are gender biased
As a panelist at the global Financial Literacy and Education Summit, to be held in Chicago on April 17, I will be joining other personal finance journalists from around the world to provide a perspective on women and financial literacy. This has led my thoughts to the...
Rising costs of car ownership
With steep increases in the price of petrol, the running costs of your car could be as much as your monthly instalment. Last month South African motorists faced the largest ever petrol price increase with the cost of petrol increasing by a massive 81c per litre. The...
Putting words into practice
Putting a personal financial plan into action After writing my review on the South African version of Dave Ramsey’s Total Money Makeover, I received an email from a reader who shared his experience of getting his finances in order after reading the US edition of Total...
New consumer ombudsman launched
The Consumer Goods Council of South Africa (CGCSA) recently launched the Consumer Goods and Services Ombud (CGSO), ahead of World Consumer Rights day on 15 March. The Consumer Goods Council represents 11 000 companies in the retail, wholesale and manufacturing of...
Cellphone companies need to re-examine their policies around fraud
A new form of crime around stolen SIM cards can cost a customer up to R2 800 an hour, but some cellphone companies don't seem to care. At around 5.30pm one evening Jenny Hibbert’s cellphone was stolen from her handbag at a restaurant. Only noticing the missing phone...
What you need to know before turning 40
What most 40 year-olds discover is that the choices they made ten years ago are now limiting their options when it comes to retirement, risk and medical cover. When you are in your 20s, it is hard to imagine what it would be like to be 60 years old; it is...
Consumer Commission gone AWOL
“How can I get hold of the National Consumer Commission? Twice I called and both times was put on eternal hold. The last time I called it went straight to a voicemail facility. The fax line is not accepting faxes and the email address on the website is incorrect....
Profile of a reckless lending case
Without a proper record of credit, can a provider be responsible for reckless lending asks Maya Fisher-French How does someone get into the position where their debt levels reach 217% of their income and who is responsible? While a desperate consumer may take whatever...
Energy: new source of government revenue
Hemmed in from raising value-added tax (VAT), personal income and company taxes, Finance Minister Pravin Gordhan played his trump card in introducing carbon tax to the South African fiscus, Rhodes Business School tax professor Matthew Lester said last week. Addressing...