Financial planning involves everything from having adequate insurance cover to preparing for your retirement.
Having adequate savings is a cornerstone to successful financial planning.
So what are your options when it comes to saving? And how can you make it work for you?
Read on to find out…
Why savings are such an important aspect of financial planning
Savings are cru... ››› more
If you're looking for a way to save that's unique to South Africa, you have to consider a stokvel.
So what is a stokvel? How do they work? And how can you use one to save?
Read on to find out more…
What is a stokvel?
A stokvel is a club consisting of 12 or more people where each member contributes a fixed amount of money on a regular basis, explains Wikipedia. Its origins date bac... ››› more
One mistake you should avoid making when you retire is to give up your active income. Active income is money you earn through working or from a business you own.
You shouldn't confuse it with passive income. This is money you receive from an annuity or pension.
So why should you not give up your active income?
Read on to find out more…
The pitfalls of giving up your active income ... ››› more
Financial planning involves all aspects of money management for today and for your future.
Everyone needs to support themselves. This involves buying food, paying rent or a bond, and putting petrol in the car.
But once you get your essential spending done, you should be putting your money into savings and investing the rest.
So what is the difference between savings and investing?
Let'... ››› more
Managing your monthly income can be a difficult task. There are so many expenses and bills to pay.
But you have to allocate a certain amount of money to put into savings so that you can start to build a nest egg.
Having savings in the bank gives you financial security. And importantly, it means you can let compounding work.
Let's take a closer look…
What are your financial priorit... ››› more
When you're young, you have hopes and dreams for the years that lie ahead. Retirement seems a far off notion that you won't have to worry about now.
As you age and you creep closer to retirement age, the reality dawns that you may not be in a financially sound position to ever retire. Things aren't quite like you envisaged them.
But you can make changes now that will help you live a comforta... ››› more
Trying to plan for your future is difficult. You want to grow your wealth so your future is secure and that you'll have a comfortable retirement.
But how can you achieve this? You can't do it by slaving away in your current job. This isn't going to build wealth and a financially comfortable future.
You need to exposure multiple income streams.
Read on to find out more…
What are mu... ››› more
There isn't an easy way to prepare for retirement. You'll have to make a lot of choices along the way.
If you're contributing to a pension or a retirement annuity, it's good to add some diversification by looking at other ways of saving for your retirement.
And you could do this by using your tax-free savings account.
Read on to find out more…
Investing for retirement with a tax ... ››› more
You most likely already know that the earlier you start preparing for retirement, the better.
From when you start work until you reach retirement age, there are certain things you should focus on in terms of planning for your retirement.
Let's take a closer look…
Planning for retirement in your 20s
In your 20s, retirement planning isn’t likely to be top of mind, but this is whe... ››› more
Financial planning involves all aspects of dealing with your money now and into the future.
It's vital to have short-term, medium-term and long-term goals as part of your financial planning strategy. To meet some of these goals, you may need to look at savings vehicles to help you get there.
So are government retail bonds worth considering?
Let's take a closer look…
What are gover... ››› more
Tomorrow, the finance minister Nhlanhla Nene will give his medium-term budget.
With the government's coffers feeling the strain of slowing economic growth, Nene is under pressure to introduce new ways of increasing tax revenue. But how is he going to do it?
Since Thomas Piketty, a French economist, suggested introducing a new ‘wealth' tax in SA, could this happen?
Let's take a closer lo... ››› more
If you struggle to pay your dues from month to month, a home business could be the perfect solution.
Starting your own home business could give you the chance to make much needed extra cash.
So which home businesses ideas are worth considering? And how can you choose the perfect one for you?
Read on to find out...
The makings of a perfect home business
If you’re looking to make... ››› more
Planning for your later years is no easy task. There are so many decisions to make.
You know you need to make provisions and save for retirement, but what are your options?
Read on to find out more about five ways you can fund or top up your retirement savings…
How to plan for your retirement
Planning for retirement is a time consuming task. Of course, the earlier you start the be... ››› more
Endowments, also known as endowment policies or endowment plans, are essentially savings vehicles provided by life assurance companies.
Endowments can be a good option for you to consider for providing additional income once you reach retirement if you sit in a higher tax bracket.
Let's take a closer look at endowments…
What are endowments?
Endowments are targeted savings plans. T... ››› more
Debt does have its uses, such as helping you to buy a property. But if you use debt to fund your lifestyle, it's time to address the situation.
Carrying a lot of debt means you're working to service this debt, plus it stops you working towards financial goals.
So how can you get out of debt?
Read on to find out…
Prioritise your debt
The first step is going through all the debt ... ››› more
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