Make Money Mondays

Make Money Mondays: Top 5 tips on dealing with retrenchment

Samke, known as Sam, Ngwenya, Private Banker and Personal Finance Consultant gives us top 5 financial mistakes to avoid when retrenched or facing loss of income

She says retrenchment is one of those difficult topics to address, but knowing these important points can help prepare you if that should ever happen.

Not everyone has a savings buffer. That's why you need to make sure that you have enough cash flow.

She looks at the following 5 points:

  1. Treatment of pension
  2. Avoid debt
  3. Try meet all your monthly repayments
  4. Be stuck in illiquid assets
  5. Try do it on your own

You get one week salary for every year you work for the company, but company's do have discretionary powers.

Sam, Ngwenya, Private Banker and Personal Finance Consultant

This article first appeared on 702 : Make Money Mondays: Top 5 tips on dealing with retrenchment


Recommended

by NEWSROOM AI
Read More
RMB and a paediatric surgeon from Baragwanath came together to save little lives

RMB and a paediatric surgeon from Baragwanath came together to save little lives

Ray White interviews Prof Jerome Loveland (Paediatric Surgery at Wits and Baragwanath) and Gareth Armstrong (Rand Merchant Bank).

Lesetja Kganyago – the world’s best central banker - opens up about his money

Lesetja Kganyago – the world’s best central banker - opens up about his money

The Money Show’s Bruce Whitfield interviews Kganyago about his attitude to money (hopes and fears, successes and failures, etc.).

'I’m very conscious about how I spend. I don’t buy fancy cars. I buy bargains'

'I’m very conscious about how I spend. I don’t buy fancy cars. I buy bargains'

Bruce Whitfield interviews Sipho Hotstix Mabuse about his attitude toward money (hopes and fears, successes and failures, etc.).

'The universe is an extremely high-risk investment by the Creator'

'The universe is an extremely high-risk investment by the Creator'

Bruce Whitfield interviews Professor David Block about his attitude toward money (hopes and fears, successes and failures, etc.).

10 most-read profile interviews on The Money Show in 2018

10 most-read profile interviews on The Money Show in 2018

The year’s best interviews of South Africa and the world’s most famous (and infamous) movers and shakers.

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

"I have no desire for clothes. I have no desire for holidays. I have no desire for outings. All I see is the suffering of people…"

Popular articles
Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Eskom has warned that more power cuts can be expected as maintenance continues over the next twelve months.

[WATCH] SA choir joins Beyonce on stage at Global Citizen Festival

[WATCH] SA choir joins Beyonce on stage at Global Citizen Festival

The international superstar was joined on stage by a South African choir singing Halo.

[LISTEN] 'I spent 12 years in jail for a murder I didn't commit'

[LISTEN] 'I spent 12 years in jail for a murder I didn't commit'

In 1990 Raphael Rowe was convicted and jailed for a murder he didn't commit. He shares his story with Sara-Jayne King.

[WATCH] Ellen Pakkies shares her own story as local film adaptation hits screens

[WATCH] Ellen Pakkies shares her own story as local film adaptation hits screens

Eleven years after murdering her drug addict son, the film about Ellen Pakkies' story is being shown at cinemas across SA.

What you need to know about Genetic Sexual Attraction

What you need to know about Genetic Sexual Attraction

Genetic Sexual Attraction (GSA) describes a sexual attraction between relatives who meet for the very first time as adults.

Why Genetic Sexual Attraction isn't quite the same as incest

Why Genetic Sexual Attraction isn't quite the same as incest

Clinical sexologist Dr Eve unpacks the complex phenomenon of estranged relatives who are sexually attracted to each other.

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.