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...
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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....
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....
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...
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...
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...
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,...
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...
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...
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...
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Video: What happens when you pay off your home loan?
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 bond refers to the...
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 financial health each...
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 will. While you can...
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 around piles of...
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 depending...
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 process. When you...
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 income, tax free,...
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 month. Top-up your...
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 with your tax refund...
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 for consumers earning...