Off The Beaten Track

Your Money

Don’t put off drawing up your will

February 27, 2017 // 0 Comments

We know that death is inevitable, but we distance ourselves from our own mortality to the extent that we put off things like drawing up a will because “we can do it later”. But what if later never comes? You do not need to have millions in assets and investments to have a will. Feuds over things as trivial as cutlery prove that it’s not always about the money. If you are employed or run your own business; are part of a pension fund; have some furniture, a car or any other [...]

Here’s why you should get a tax-free savings account

August 29, 2016 // 0 Comments

Last year the government introduced tax-free savings accounts to boost South Africa’s savings rate. TFSAs are ideal because account holders are exempt from paying capital gains tax , tax on interest and tax on dividends. TFSAs are useful as long-term investments and parents can open them for their children. If you want a TFSA for each of your children you can save up to R30,000 a year per child. A family of five can save up to R150,000 a year. When it comes to the type of investment [...]

How to spot a pyramid scheme

August 24, 2016 // 0 Comments

With pyramid schemes popping up in many shapes, it’s easy for those looking for a quick and easy way to riches to take advantage of unsuspecting individuals, especially in trying economic times. As alleged pyramid schemes – such as MMM Global SA – collapse, it’s important that consumers protect themselves by knowing what a pyramid scheme is, how it operates and how to identify one. In a pyramid scheme, one person, or a group, will recruit a handful of people to the [...]

What you need to consider before buying a car

August 22, 2016 // 0 Comments

To start with, will you buy a new car, or a second-hand one? This is important, because the car’s age will influence your finance application. For instance, Absa does not offer instalment finance for cars older than five years. WesBank is limited to cars less than 20 years old worth at least R30,000 when bought from a private seller. Then you’ll have to decide whether to buy from a dealership or a private seller. A private deal might be cheaper, but you will have to ensure that the [...]

What interest rate hikes mean for your credit

June 2, 2016 // 0 Comments

  This article first appeared in the Sunday Times. Find the original here. We began 2016 with the Reserve Bank hiking interest rates by 50 basis points. In March, we had another 25 basis points hike, and, if inflation data is anything to go by, consumers should brace themselves for more interest rate hikes throughout the year. With the economy in the state it’s in, taking on long-term debt such as a vehicle or home loan requires thorough consideration. Many industry experts have [...]