If you have been paying extra into your home loan and have settled it before the required date, you need to decide whether you wish to keep the mortgage bond in place. The home loan is the credit facility that the bank grants, while the mortgage...
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Video: Know your net worth
The beginning of the year is a great time to review your net worth. This is a list of your assets vs your liabilities – or put another way how much you own vs how much you owe. This is a personal balance sheet and provides a good measure of your...
Video: Make sure your will carries out your wishes
A will is a very important document as it makes sure your wishes are carried out and protects your children when you no longer can. However, there are circumstances where your wishes can be superseded. Your retirement funds do not fall under your...
Video: Get your admin in order
Now is a great time to do your financial admin and put together a “life book”. An important part of knowing your net worth is having your admin in order. You need to have one place where you keep all those important documents rather than scratching...
Video: What does travel insurance cover?
This video was done when travel operator Thomas Cook collapsed last year, however it is just as relevant for holiday-makers facing COVID-19 cancellations. Travellers may not be aware of the limits around travel insurance which has exclusions...
Video: How to exit debt review
You can apply for debt review if you are unable to meet your debt commitments. However, in some cases, your finances may improve and you may wish to exit debt review. Whether or not you are able to exit will be determined by where you are in the...
Video: Use your tax deductions before 29 Feb
As this is a leap year, 29 February marks the end of the financial year. All information up to this date will be included in your 2019/2020 tax return. This includes all tax deductions. Top-up your retirement fund You can invest up to 27.5% of your...
Video: Maximise your tax deductions before 29 Feb
The 29th of February marks the end of the financial year. All information up to this date will be included in your 2019/20 tax return, including all tax deductions. So, make sure you have taken advantage of all those tax perks before the end of the...
Video: Save your tax refund
Were you one of the lucky taxpayers who received a tax refund from SARS after submitting your tax return? Take a moment to think about what you did with your tax refund last year, or the year before. Do you even remember? What should you be doing...
Video: Debt relief
The National Credit Amendment Act (NCA) was signed into law in 2019. The Act included provisions for debt relief. This is not a way to avoid your debt obligations and you need to understand what it really means. This is a free debt review process...
Previous Articles
Video: Joint life insurance
A recent survey found that middle-class households are cutting back on insurance and medical cover as their budgets come under pressure. However, if you have a family, life insurance is essential to provide for them if something happens to you. If you are a married...
Video: Beware balloon payments
Balloon payments are a way for consumers to buy a car they cannot really afford, and the real cost is seldom understood. A balloon or residual payment is a portion of the selling price that is payable at the end of the agreement. A dealership may offer this option as...
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 case the annual...
Video: Teach your kids the value of money
A woman asked me recently why she should give her children pocket money as she can afford to buy them what they want – unlike her upbringing where her parents were struggling, and she had to save for the things she wanted. Yet by not giving her children pocket money...
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 tripling the amount to...
Video: Where to invest?
Money Matters viewer Khutang wanted to know whether it is safe to invest in Bitcoin and more generally, where a wannabe investor should be investing. As Khutang is specifically talking about investing, this would not be your emergency funds or short-term savings for a...
Video: Understanding credit insurance
If you have taken out credit, you mostly likely have a credit life policy linked to that loan for which you are paying a monthly fee. While it has many names such as credit life, credit protection insurance or payment protection insurance, it is essentially an...
Video: Money is not gender equal
Money is not gender equal. The facts remain that women earn less than men and carry the greatest load in raising children whilst balancing work and family. On average, women live seven years longer than men, so we need to save more for retirement. If a man is saving...
Video: Loan scams on the rise
There has been an increase in loan scams as people become financially desperate and see a cheap loan as a way out of a financial crisis. My inbox is flooded each day with companies claiming to offer really cheap loans. Many of these emails are using names of...
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...