Digital Financial Education
Buying a home is one of the biggest financial decisions anyone will make.
When it comes to home loans, understanding what a good interest rate is can save potential homeowners a lot of money.
A good interest rate for a home loan typically hovers around the prime rate or slightly below, depending on your credit score and the specific terms offered by the bank.
As of September 2023, the prime rate in South Africa was 11.75%, but individual rates can vary based on personal financial profiles.
Tax Tim is an online platform that helps individuals and businesses in South Africa to do their taxes quickly and easily. With Tax Tim, users can complete their tax returns in under 20 minutes without any tax knowledge required. The platform converts users’ answers into fully completed tax returns for submission to the South African … Read more
Interest rates are a critical component of the financial world, and understanding them is vital for anyone who wants to make informed decisions about borrowing, saving, or investing. An interest rate is the amount a lender charges or a borrower pays for using money over a specified period. It is expressed as a percentage of the principal amount and can vary depending on the lender’s risk appetite, market conditions, and the borrower’s creditworthiness.
There are several types of interest rates, including nominal, real, and effective rates. Nominal interest rates are the stated interest rates on a loan or investment, while real interest rates are adjusted for inflation. On the other hand, effective interest rates consider compounding, which is the process of earning interest on interest. Understanding the differences between these types of interest rates is crucial in making informed financial decisions.
Interest rates can significantly impact personal finances, as they affect the cost of borrowing and the return on savings and investments. Changes in interest rates can also impact the broader economy, influencing inflation, employment, and other macroeconomic indicators. Therefore, understanding interest rates is essential for anyone who wants to navigate the financial world successfully.
Financial milestones vary by age and are essential for individuals to consider as they plan for their financial future. These milestones provide a general guide to help people assess their financial health and make informed decisions about their financial goals.
In their 20s, individuals should focus on building a solid financial foundation. This includes creating an emergency fund, paying off any high-interest debt, and saving for retirement. By their 30s, they should aim to have a clear understanding of their personal income and tax implications, as well as start building a corpus for retirement. By age 40, individuals should have a substantial retirement fund and be well on their way to achieving their long-term financial goals.
As individuals approach retirement age, they should consider their investment portfolio and ensure it is well diversified. They should also have a clear plan for generating income in retirement and ensure they have enough savings to last throughout their retirement years. By understanding these financial milestones, individuals can make informed decisions about their financial goals and work towards achieving them.
The South African Social Security Agency (SASSA) continues to play a pivotal role in the provision of financial assistance to millions of South Africans.
In the fiscal year 2024, SASSA’s commitment remains firmly on delivering social grants efficiently and on time. These grants serve as a lifeline for the vulnerable segments of society, including older persons, children, and individuals with disabilities.
A stokvel is a traditional South African savings or investment society in which members regularly contribute an agreed-upon amount of money to a central fund. The origins of stokvels date back to the early 19th century and they have since become ingrained in South African culture.
They serve as an informal financial institution where members can pool resources for various purposes such as bulk purchasing, social events, or providing mutual financial support.
Reversing a transaction that isn’t a debit order on Capitec’s app can often be a necessary step when incorrect payments are made or in cases of fraud. The process is designed to be managed through the easily navigable Capitec banking app, ensuring that clients have immediate access to secure their funds. For Capitec clients, the … Read more
Individuals under debt review often face the challenging prospect of securing additional loans. Being under debt review indicates that a person is officially recognised as over-indebited and is working through a structured repayment plan to manage existing debts. This process typically involves renegotiating payment terms and amounts with creditors, which can affect the borrower’s credit … Read more
Securing a personal loan in South Africa requires an understanding of the lending criteria set out by financial institutions. Capitec, a reputable retail bank in South Africa, offers a range of credit solutions, including personalised loans that cater to various financial needs. The bank’s approach to lending is tailored to individual circumstances, assessing factors such … Read more
Let’s talk about the fascinating world of lobola and how this age-old tradition is still making waves in modern African marriages. You’re at a vibrant African wedding, the air thick with the scent of delicious food and the sound of joyful music. Amidst the colorful attire and beaming smiles, there’s an undercurrent of something deeper … Read more