Most of us know that we should have some emergency cash stashed away for a rainy day, but how many of us actually do it? With the COVID-19 pandemic came job losses and salary cuts for many South Africans, and this in turn is shining a very bright...
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How to start that emergency fund
If you follow my articles, podcasts or videos, you will know that I talk a lot about emergency funds. The concept of an emergency fund was really drummed into me when I edited Dave Ramsey’s Total Money Makeover for South African readers. I always...
Video: Where to invest that extra cash
Busang wrote to say that he has no debt and R600 extra each month that he wants to start investing for the long term. He wanted to know which unit trust or exchange-traded fund would be the best option. For anyone who is starting to save or invest,...
How your stokvel can make you money
While you are sitting in lockdown, now may be the time to turn that WhatsApp group into a stokvel. In her book Stokvels: How they can make your money work for you, author and financial educator Palesa Lengolo writes, “I have watched how some...
Listen: The interest rate cut and your money: 101
As a result of the unexpected 100bps cut in interest rates, we received many questions about interest rates, and the impact the rate cut has on both borrowers and savers. Maya (@mayaonmoney) and Mapalo (@womanandfinance) unpack how interest rates...
Time to consider a fixed deposit?
With a cut in interest rates likely, now may be the time to lock into a fixed deposit. Over the last two years interest paid by financial institutions relative to inflation was the highest since the end of the credit crisis in 2010. Last year, unit...
Act now to avoid another ‘Janu-worry’ in 2021
By Rebekah Funk Sjoe, you made it through Janu-worry 2020. Well done. After exhaling that deep sigh of relief, get ready to follow these five time-tested money tips from the experts to ensure you can save more and spend better come the December...
Video: How to compare interest rates
Comparing interest rates is not simple, especially when comparing interest on maturity with annual compounding interest and nominal interest rates. Take for example an advert for a five-year fixed deposit with 13.3% interest on maturity. In this...
Video: How to reach R1 million in 5 years
Last year we had a Money Matters show where we illustrated how you could save R1.1 million within 15 years using your tax-free savings allowance of R2 750 per month. A viewer asked us if it was possible to reach R1.1 million within five years by...
Where to invest for my child’s education?
A reader wants to invest R1 000 per month for a period of 15 years towards her child’s education and wonders what the best option would be. The key is to make sure that the underlying investment meets your timeframe. If you are only putting money...
Previous Articles
Video: Keep your electricity costs low
The price of municipal electricity increased by around 13-16% which is going to hurt our pockets. Understanding how electricity tariffs work will help you take charge of your spending. If you get your power directly from Eskom you will be charged according to a...
Video: Crazy ways to save money
We asked South Africans to share their “crazy ways to save” and we got some great ideas! Nonhlanhla has a debit order into a 32-day notice account where she saves for things she needs like furniture or renovations. She doesn’t touch the money for six months at a time....
Understanding your interest rate
You may have seen an advert for a five-year fixed deposit offering an interest rate of 13.3% on maturity. This seems like a really high interest rate, but what you need to understand is that this is the interest you receive at the end of a five-year period. It is not...
How to give your child the retirement you wish you had
Most parents want to leave their children a legacy, but what if you could leave your children a secure retirement? A retirement that they never have to save a cent towards and that is completely tax free? According to Nic Andrew, executive head of investments at...
#CrazyWaysToSave: Money tips from ordinary South Africans
As part of the launch for Savings Month in July, the South African Savings Institute asked South Africans to share the crazy ways they save. Here are some great ideas. Kgomotso uses the Standard Bank Stash app to save into a tax-free savings account. Stash is an app...
Why cash has been king
Investors in cash have had better real returns in the last two years than any time since the end of the credit crisis fallout in 2010. A real return is the difference between the interest you earn and the inflation rate. The normal rule of thumb is that an investment...
The best place for your emergency fund
Every financial plan should start with an emergency fund. Even if you have debt, before you start focusing on accelerating those repayments, you need to first build up an emergency fund. An emergency fund is what will stop you going back into debt. Ideally you should...
Are we managing our money better?
South African households appear to have a better handle on debt levels, but this could be at the expense of savings, especially for emergencies. Despite headlines about the deteriorating state of consumer finances, the latest Old Mutual Savings and Investment Monitor...
Sneakers or saving?
A few weeks ago, a young man named Kuhle asked me a very simple question: “If I got a R3 000 windfall should I use it to party, to buy sneakers or to save?” My automatic, gut response is: “Save it all!” But that answer is not going to resonate with a 21-year-old who...
Afraid to ask your adviser about fees? That’s weird.
By Emma Heap, Chief Growth Officer, 10X Investments Even if you feel a tinge of anxiety each time you see another news report about the damage high fees have done to someone’s retirement plans, you remind yourself that your financial adviser is an old family friend...