The Financial Planning Institute of Southern Africa is hosting a Consumer Clinic, supported by the South African Savings Institute (SASI) as part of their Festive Seasons Campaign initiative. They will provide you with an opportunity to get free...
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Tips to get your finances in order for 2012
Every year the same tips circulate about how to get your finances in order, but every year they are worth reading. Even if you just follow one tip, it is a step in the right direction. John Manyike, head of financial education at Old Mutual...
Chip and PIN not as safe as you think
Chip and PIN cards were introduced in order to reduce the level of fraud on credit cards. The argument is that without the PIN your card cannot be used. However many bank customers have found that their cards are still being used fraudulently and...
EasyPay fights back
Next week an estimated 180 000 Easy Pay customers will receive an email offering money back rewards on all their EasyPay transactions. This is part of EasyPay’s strategy to restore credibility and regain customers’ confidence after the site was hit...
Absa taking on EasyPay?
Last week I wrote an article for Mail&Guardian on how EasyPay is fighting back after banks prevented their customers from using their credit cards to do transactions via EasyPay (see Easy Pay fights back). This was after a crime syndicate used...
10 ways to avoid financial disaster this festive season
The head of consumer education at one of the banks was blowing off some steam earlier this week as she lamented about how people never plan for the festive season. “This is an annual event, we know we will be spending money, this does not come as a...
Buy a car or pay off the bond?
“I am 29 years old and I have managed to save R100 000 with which I was planning to buy a new car (cash). However I realised that the car I am using is still in a good condition and is paid up and I can still use it for 2 more years. I have a home...
How to save R150 000 in seven years
"I am 23 years old and I earn R7000 a month. I want know where and how much to save so that I can buy a car worth R150 000 by the time I am 30 years old. I am thinking of buying a house too but I am tired of borrowing a car. At least my parents are...
Can foreigners apply for loans?
“I am a foreigner with a work permit and a stable income. Can I still apply for a personal loan without a South African ID?” writes Taurai. Maya replies: It seems this differs between banks. Standard Bank may be a good option while FNB is a flat...
Retrenchment benefits increase
Those facing retrenchment or retirement can look forward to better tax breaks from this year, with retrenchment or retirement tax-free payments increasing from R30,000 in a lifetime to R315,000, effective from the 2012 tax year. This is according...
Previous Articles
How your piggy bank savings can pay for your festive spending
When my husband opened his FNB account at the end of last year he opted for a "Bank Your Change" savings account which is linked to his transactional account. Each time he uses his bank card, the transaction is rounded to the nearest R5 and the difference is credited...
Why your inflation rate is higher than the official CPI
Whenever the inflation figures are released, consumers must wonder what basket of goods StatsSA could possibly be using because one thing is for sure, our cost of living is going up far quicker than the official 5.3%. As an example, just this week we received notice...
Six ways to cut R1000 off your budget
So you think you can't find money to save? Here are six savings tips which could save you over R1 000 a month. Shop online We cut about R500 to R800 a month off our grocery bill by shopping online. This forces you to buy according to your list as it prevents those...
How to calculate if you are on track for retirement
The Crawford Measure has been created by Dave Crawford, a financial educator. It is a simple spreadsheet that helps to calculate whether or not your retirement savings are adequate. It starts with your current living standard and then compares that with the amount you...
The difference between a money-market and unit trust account
“What's the difference between a money market account and a unit-trust money-market account?” asks Roderick Maya replies: A money-market account offered by a bank is simply a bank account with a more aggressive interest rate. It's an investment account rather than a...
Am I saving enough?
“I am a 31 year old dedicated saver and I have two main savings besides my pension and I want to know if they are the right investments. I've been increasing these savings by 10% each year and putting some into my bond. Do you think this will give me the right returns...
How do I find the cash to save?
The bottom line is that saving is very difficult – if it was easy our savings rate would be far higher. Every age group has its specific expenses. Someone in their early twenties is most likely paying off student loans, possibly have parents to support and have...
Can you live without debt?
I was recently asked whether or not it was possible for a family of four to live without short-term debt. I think the question needs to be reversed. We need to be asking why we believe we need debt in order to live. According to the Old Mutual Savings Monitor, 65% of...
The one-hour budget
What a budget really means is spending less than you earn and saving the balance. Most of us think we know the state of our finances, but right now can you say exactly how much do you spend each month? But it would take less than an hour to draw up a budget – this is...
Five mistakes to avoid when saving for retirement
The average retiree will have generated savings that will purchase a pension of only 30% of the salary they were earning before retirement. It's a gloomy statistic, suggesting that we're either not well informed, are not getting the right advice or are still doing...