The economic lockdown revealed how financially vulnerable self-employed people are. People in formal employment have certain protections stipulated by their employment contracts and UIF, but if you work for yourself, you must create your own...
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Video: Make interest-rate cuts work for you
When we began 2020, who could have imagined that mortgage rates would fall by almost one-third, decreasing from 10% all the way down to 7% percent. Economists are even predicting further rate cuts this year. While this has been great news for...
Video: Create a debt repayment plan
We often believe that the only way to pay off debt is with a windfall like a big bonus or winning the lotto. But this thinking gets us caught in an anti-wealth trap. We spend on our credit cards all year and use our bonus or 13th cheque to settle...
Video: Review your insurance and save
We should be in the habit of regularly reviewing our insurance cover, but if you haven’t done so for a while, COVID-19 lockdown is the perfect opportunity to make sure you have the correct cover in place and even save on premiums. You may find that...
Video: Start that emergency fund
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...
Video: Money mistakes for women to avoid
There are many money mistakes we all make that prevent us from reaching our financial goals and we could all learn better money habits. However, there are specific money issues that relate directly to women. To chat to us about the key money...
Video: Pay back that payment holiday
We've seen many financial institutions offer their customers a debt payment holiday during these trying times. And while it may seem like a welcome relief, be careful because it might end up costing you a lot more than you realize. According to the...
Video: Check your credit insurance
If you are being retrenched or forced to take unpaid leave due to the lockdown, you may be able to claim from your credit insurance policy. Many people, especially those with short-term debt and even store cards, may have credit insurance without...
Video: Car and handbag insurance for women
I always maintain that actuaries never lie, and women on average pay less for car insurance than men, so is it true that women are better drivers? In light of Women's Month, I am speaking to Christelle Colman of Elite Wealth Assets Insurance to...
Video: Your UIF questions answered
There’s been a lot of controversy and debate around the rules and regulations of the Unemployment Insurance Fund (UIF) since the beginning of the national lockdown. With more retrenchments and job losses looming, many people are wondering what...
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Video: Retrenchment
66% of people surveyed for the Old Mutual Savings and Investment Monitor said they feared losing their job. It is important to understand what benefits you have if you are retrenched. Accepting a voluntary retrenchment package provides the same retrenchment rights and...
Video: How to prioritise those bills
Lockdown and the economic fallout will affect different people in different ways. Some are fortunate enough to still be receiving a salary but according to the recent Old Mutual Savings and Investment monitor, over 50% have experienced a pay cut. Now is the time to...
Video: Do I have to purchase an annuity at retirement?
Chris is about to retire and wrote to us asking what he should do with his provident fund. A provident fund (unlike a pension fund or retirement annuity) allows you to take the full lump sum at retirement; you are not forced to purchase an annuity. Chris asked whether...
Video: Play the Lotto or invest?
Over the last 20 years the National Lottery has paid out a total of R285 million in jackpot prizes. But as they say, the lottery is a tax on the mathematically challenged. The chances of winning are really, really small. You only have a one in 14 million chance of...
Video: Tax-free investing
Do you know that over a 20-year period, you could give away more than a quarter of your investment returns to the taxman? That is why tax-free investment accounts are becoming so popular and why they have a place in everybody’s investment plan. The growth on the fund...
Video: When to use the budget facility on your credit card
If you are a regular watcher of Money Matters you will know that the best way to manage a credit card is to pay it off in full at the end of each month. A credit card acts as a revolving loan. If you are only paying off the minimum instalment required each month, it...
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, you need to decide...
Video: What is considered a good credit score?
Say you have been working hard at improving your credit score by settling outstanding debts and you are now paid up and you want to buy a house or a car. How long before that reflects on your credit score to the extent that you are now considered a “good risk”? We...
Video: Understanding loyalty programmes
75% of South Africans who earn at least R10 000 a month belong to one or more of the 100-odd loyalty programmes in South Africa. While loyalty programmes are popular, are they really working for you or just cluttering up your wallet with another card or your cellphone...
Video: Should you use your home loan to buy a car?
Home loans are usually the cheapest form of financing and it may seem like common sense to use this lower interest rate to pay for shorter-term debt like car finance. In theory you save money by paying a lower interest rate, however, most people forget that a car is...