MyMoney Online, The Personal Finance series with Warren Ingram, Evergreen Content

Moving? Getting divorced? Keep money in your pocket when change is in the air

Change is the only constant.

Frank Magwegwe (in for Bruce Whitfield on The Money Show) interviewed Personal Finance Consultant Samke (Sam) Ngwenya (in for Warren Ingram) about the finances of change.

She had the following advice (listen to the audio below for more detail):

Finances of relocation:

  • Work backwards from rental affordability.

  • Research before buying property – buying immediately may not be the best route until you’re familiar with your current and future needs (i.e. work-home distance, schooling of current or future children, growth areas or established areas, etc.)

  • Keep tabs on all expenses that need to change or that you still have to honour after the move (particularly security services, Eskom accounts, Telkom accounts and any other location specific subscriptions) as ignorance of these may hit your credit score hard.

Finances of divorce:

  • Cost your single life before you jump ship.

  • Have a buffer for legal fees and ask about payment terms and conditions.

  • Determine your financing and banking reality without the support of your spouse.

Finances of being globally mobile:

  • Discuss available options of your offshore base with your banker or financial advisor.

  • Research cost of living overseas (education, property, travel, domestic help, etc.) given your specific family circumstances and keep abreast of these at all times, especially to SA-preferred destinations such as Australia, the UK and the US.

  • Research citizenship options (E.g. investments amounts needed to gain permanent residency or citizenship). Keep abreast of these as it will add to your competitive advantage should there be mass movement towards your preferred destination. You are not only competing against other South Africans, but also against the rest of the world.

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


This article first appeared on 702 : Moving? Getting divorced? Keep money in your pocket when change is in the air


Recommended

by THE NEWSROOM
Read More
Alcohol sales drop where medicinal dagga is legalised – US study

Alcohol sales drop where medicinal dagga is legalised – US study

If dagga and alcohol are substitutes, as US researchers suggest, legalisation may represent a significant public health benefit.

Economic researcher slams anti-poor VAT hike

Economic researcher slams anti-poor VAT hike

The Money Show’s Bruce Whitfield interviews Wits economic researcher Gilad Isaacs.

Woolworths, pummelled in Australia, loses R4.86 billion

Woolworths, pummelled in Australia, loses R4.86 billion

The Money Show’s Bruce Whitfield interviews Woolworths CEO Ian Moir.

How to capitalise on an environment that has suddenly turned for the better

How to capitalise on an environment that has suddenly turned for the better

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.

How to plan financially, considering you’re poorer after Gigaba's hectic Budget

How to plan financially, considering you’re poorer after Gigaba's hectic Budget

The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.

How to avoid losing your money when you divorce your spouse

How to avoid losing your money when you divorce your spouse

Divorce destroys wealth. But it doesn’t have to be this way, says financial advisor Warren Ingram.

Popular articles
NICD: Listeriosis cases rapidly rising in SA, death toll at 172

NICD: Listeriosis cases rapidly rising in SA, death toll at 172

National Institute for Communicable Diseases says all cases traced back to the same bacterial strain and source needs to be found.

'Foreshore development plan will exacerbate spacial and social divide'

'Foreshore development plan will exacerbate spacial and social divide'

UCT planning expert raises concerns over bidder's proposed plans for Foreshore development.

UK issues terror warning against SA after Brit couple abducted in KZN

UK issues terror warning against SA after Brit couple abducted in KZN

The British gov issued a travel advisory‚ warning of possible attacks when traveling to SA, after a UK couple was kidnapped.

Saps: Attackers spared 5 female cops in Ngcobo police shooting

Saps: Attackers spared 5 female cops in Ngcobo police shooting

E Cape Saps says they are investigating the murder of five police officers and one retired soldier at Ngcobo Police Station.

How to make your first million

How to make your first million

Warren Ingram discusses his new book in which he shares practical ways for ordinary people to achieve financial freedom.