MyMoney Online

Savvy financial tips for women...

Insure the more expensive vehicle in your name instead of your spouse, as you are more likely to get better rates on the car. Many households have two cars and dad generally has the expensive 4×4 and mom the runner.

Insurance companies recognise that women drivers are safer than men when it comes to probabilities of having an accident. Their lower risk leads to lower rates on the insurance policy. So insure the car with dad as the second driver. You’ll save on running costs too….

Separate accounts not joint – having one account with signing powers only for the wife poses a serious estate problem as a joint account in the will be frozen in the estate in the event of death.

This could leave the surviving spouse in a position where there is no access to cash. Estates can take ages to wind up and the last thing you need is to battle with cash to get through the months it takes before the proceeds from the estate are released.

Have your own contingency fund for emergencies and unforeseen expenses. Not only your own banking account but also a savings account in your own name which you can access for emergencies. This amount should cover between 3 to 6 times your monthly expenses. The funds should be reinvested in a money market account with your local bank so that you earn some interest.

Ideally the account should be linked to your internet banking profile alongside your own personal account. This will enable you to transfer the required funds at the click of your mouse giving you complete control of your funds.

Listen to the audio below for more information...

Read more from Paul Roelofse at www.investforlife.co.za


This article first appeared on 702 : Savvy financial tips for women...


Recommended

by NEWSROOM AI
Read More
Living together, but not married? Tips on arranging your finances…

Living together, but not married? Tips on arranging your finances…

Personal financial advisor Warren Ingram has advice on keeping the money side of the relationship healthy when shacking up.

Drowning in debt? You may be able to refinance (but there are pros and cons)

Drowning in debt? You may be able to refinance (but there are pros and cons)

Galileo Capital Financial Advisor Warren Ingram on "good debt", "bad debt", "neutral debt" and consolidation your debts into one.

2 best companies on the JSE to invest in now (by Nefg Fund Managers)

2 best companies on the JSE to invest in now (by Nefg Fund Managers)

Not sure which shares to buy? Bruce Whitfield interviews Gerbrand Smit, Chief Investment Officer at Nefg Fund Managers.

Don’t earn much? How to best invest tiny amounts...

Don’t earn much? How to best invest tiny amounts...

Earn peanuts, but want to start investing? You can now buy even tiny fractions of a share at a time. And it's very simple!

How to talk to your kids about money

How to talk to your kids about money

What does your behaviour teach them? The Money Show’s Bruce Whitfield interviews Certified Financial Planner Kim Potgieter.

3 shares that’ll boost your wealth, if you buy now (by Cannon Asset Managers)

3 shares that’ll boost your wealth, if you buy now (by Cannon Asset Managers)

Cannon Asset Managers Portfolio Manager Samantha Steyn shares her stock picks of the week.

Popular articles
'Basetsana Kumalo explained to me that this was the worst week of her life'

'Basetsana Kumalo explained to me that this was the worst week of her life'

Social Media Law Expert, Emma Sadleir, says the Randburg court has issued a protection order for the Kumalo's.

A third Metrorail train goes up in flames in less than a month

A third Metrorail train goes up in flames in less than a month

Regional manager, Richard Walker, says there's an indication of arson in all three incidents but the motive is still not clear.

'Cyril Ramaphosa is the weakest president of the ANC since 1994' - analyst

'Cyril Ramaphosa is the weakest president of the ANC since 1994' - analyst

Political analyst Prince Mashele talks about the ANC NEC meeting contradicting messages stemming from this.

Max du Preez opens up about money (and losing everything on Vrye Weekblad)

Max du Preez opens up about money (and losing everything on Vrye Weekblad)

The Money Show’s Bruce Whitfield interviews the famed and fearless journalist about his money history, hopes and beliefs.

2 best companies on the JSE to invest in now (by Nefg Fund Managers)

2 best companies on the JSE to invest in now (by Nefg Fund Managers)

Not sure which shares to buy? Bruce Whitfield interviews Gerbrand Smit, Chief Investment Officer at Nefg Fund Managers.

Malema under fire after 'Indians are racist' comment

Malema under fire after 'Indians are racist' comment

SA Institute of Race Relations media head Micheal Morris says politicians must be cautious of such divisive statements they make.

[WATCH] Eusebius Mckaiser: I call BS on Malema's racism targeting Indians

[WATCH] Eusebius Mckaiser: I call BS on Malema's racism targeting Indians

Show host Eusebius McKaiser says EFF's leader Julius Malema's comments on Indians are grossly unacceptable and irresponsible.

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

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

Stage 1 load s​hedding has been declared nationally. The City of Cape Town has urged residents to take note of the schedules.

Man who dumped body of family dog in street demoted at top JHB law firm

Man who dumped body of family dog in street demoted at top JHB law firm

Media law guru Emma Sadleir warns employees online that there are many potential events that could bring a company into disrepute.