Practical money guides for South Africans
Practical guides to budgeting, debt management, credit scores, loans, insurance, and everyday money decisions for South Africans.
In short: Funeral cover pays a smaller amount quickly, usually within days, to pay for a funeral. Life cover pays a much larger amount to replace your income and settle debts for the people who depend on you. By law, a funeral policy’s benefit is capped at R100,000 per person insured with each insurer (escalating … Read more
In short: Building insurance (also called homeowner’s insurance) covers the structure of your home: walls, roof, fixed fittings, geysers and permanent outbuildings. Contents insurance (household insurance) covers what you would take with you if you moved: furniture, appliances, clothes and electronics. Owners usually need both. Renters only need contents cover, because the landlord insures the … Read more
In short: Your car insurance excess is the part of a claim you pay yourself before the insurer pays the rest. Most policies have a basic excess, and many add extra excesses, for example for young or newly licensed drivers, for claims in the first months of the policy, or for theft and windscreen claims. … Read more
In short: Credit life insurance pays off or pays your loan if you die, become disabled or lose your job. A lender can require you to have it, but by law you may use your own policy instead of the lender’s, as long as it gives at least the minimum benefits. The National Credit Regulations … Read more
In short: For R20,000, a credit card is often cheaper than a personal loan if you can pay it off within about two years, because the legal maximum interest rate on credit cards (21.25% a year) is lower than on unsecured personal loans (28.25% a year), based on the 7.25% repo rate. A personal loan … Read more
In short: Several medical schemes have announced 2027 contribution increases. Discovery Health Medical Scheme reports a weighted average of 8.2%, Bonitas an average of 8.7%, Momentum Medical Scheme an annual average of 7.9%, Medshield a weighted average of 7.9%, and KeyHealth an overall weighted average of 8.5%. Your own increase depends on the option and … Read more
In short: SARS taxes a bonus or 13th cheque as an annual payment. Your employer works out your yearly salary, adds the bonus, and deducts the extra tax that the bonus causes. That means the bonus is taxed at your highest (marginal) tax rate, not at your average rate. So it feels heavily taxed, but … Read more
SARS taxes a two-pot savings withdrawal at your marginal rate through a tax directive. How it works, rough 2027 examples, and other deductions.
In short: Standard Bank’s cellphone banking (USSD) code is *120*2345#. If you’re out of airtime, dial *130*2345# to recharge. You need airtime (not data), a cellphone number linked to your Standard Bank account, and an active transactional account. It only works in South Africa. Help: 0860 123 000. Confirm on Standard Bank. Not financial advice. … Read more
In short: Capfin does not publish a separate “download my monthly statement” walkthrough in its public FAQ. To see what you owe, log into your Capfin profile at capfin.co.za/login with your 13-digit SA ID and the OTP sent to your registered cellphone, then open Your Active Loans / My loan account. For a settlement quote … Read more