Most short-term debt is simply a lack of planning. So, this year, instead of taking on more credit, plan for those money moments by starting a contingency fund in a high interest savings account. If you are planning a holiday this year, create a...
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Video: Car Insurance
The main reason we take out car insurance is so that we are covered in the case of an accident. However, if your car was not in a roadworthy condition at the time of an accident, or you were under the influence of alcohol, your policy might not pay...
Video: Buying a car
If you are considering buying a car, try save up so that you can put down a deposit. This will reduce the total cost of the car. By saving up a deposit, you could qualify for a better interest rate. A bank will view the fact that you were able to...
Video: Investment returns
We invest our money because we want it to grow or give us an income. But depending on what you invest in, there are different types of investment returns. Interest income is probably the best understood: it is what you earn when you deposit money...
Video: Travel Insurance
An unavoidable expense when planning a holiday, particularly if you're going overseas, is travel insurance. If you have booked your flight using your credit card, you might have automatic travel insurance benefits. However you need to read the fine...
Video: Tax tips for pensioners
One of the great frustrations for pensioners is the fact that they usually pay tax on their retirement income despite having paid tax during their working lives. It is important to do proper tax planning and seek the advice of a professional as...
Video: Should you use a lump sum to pay off debt?
One of the more frequent questions people ask is whether or not to use a lump sum to pay off debt. For example, you may have R100 000 sitting in a money market account earning 6%, providing an income of R500 per month. At the same time, you have a...
Video: Give gifts of love
Before you spend money on a gift for a family member, take some time to find out what makes each member of your family feel loved. In the book The Five Love Languages authors Gary Chapman and Ross Campbell talk about the five ways that you can make...
Video: What’s does financial freedom mean to you?
Financial freedom means different things to different people. For some it might be about having no debt so that you start each month not paying for something you bought six months ago, which is really about living within your means. For others it...
Video: Be Money Aware
Our family got into the habit of keeping a household budget after our own personal financial crisis 14 years ago. I have no doubt that without budgeting every month and maintaining strict financial discipline, we would simply have got deeper and...
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Video: Shopping around for mortgage insurance
When you take out a mortgage or bond, you will be required to take out life insurance. This is so that if something happens to you, the insurance will cover your mortgage repayments. This usually includes death, disability and possibly retrenchment cover. What you...
Video: Understand the total package
If you are starting a new job or considering a change, you need to understand the implications of your new package. Most employment contracts are done on a “cost to company” basis which includes things like medical aid, retirement funds, housing and travel allowance....
Video: How medical gap cover works
If you have recently been hospitalised or undergone a medical procedure, you may have been faced with a bill from your doctor which was not fully covered by your medical scheme. In some cases there may be a co-payment for an elective procedure, or the specialist...
Video: What should you include in your will?
A valid will ensures your wishes are carried out, makes it easier for your family, and protects your children when you no longer can. You need to nominate an executor to administer the deceased estate. You can appoint a professional executor or nominate a responsible...
Video: How to save 10% of your salary
Imagine if you were told that from next month you would have 10% less money to spend. Yet this is exactly what would happen if you decided to start saving 10% of your income today. While we all want to save, and 10% sounds like a good number, we know that it requires...
Video: What is a lump sum worth when it comes to income?
When we look at our retirement funding as a lump sum it may seem like a lot of money – until you realise that it represents your entire future income. If you retire at the age of 60 and you live until 80 – which is relatively young – you need enough to pay for 240...
Video: Understand your retirement fund rules
While retirement vehicles share some characteristics, especially on taxation, there are some key differences and it is important to understand exactly how your retirement fund works. The similarities are: All types of retirement vehicles give you a tax break on your...
Video: The real cost of bad debt
Credit can be extremely valuable in achieving life goals such as paying for tertiary education, buying a car or providing a home for your family. However, it can quickly turn into a debt trap if we start to use it for day-to-day living on items we could easily save...
Video: No-pain saving
Most of us associate the word “saving” with “sacrifice” or “doing without”. Yet there are many ways to boost our savings without any pain at all. Have you ever wondered how much money you would collect if you saved your coins? Keep a jar in your kitchen and throw in...
Video: Sort out your paperwork
Keep track of your bills The most important part of managing your finances is making sure you pay your bills on time. If you miss a payment by even just one day, you face penalties and additional interest charges. This applies to debts as well as municipality bills...