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.

Read More
‘Empowerment endowments’ offer actual economic benefits to poor, black people

‘Empowerment endowments’ offer actual economic benefits to poor, black people

What is an “Empowerment Endowment”? Bruce Whitfield interviews Intellidex Financial Analyst Stuart Theobald.

Meet Bonang Mohale, BLSA's outspoken (‘don’t blame colonialism’) Chairperson

Meet Bonang Mohale, BLSA's outspoken (‘don’t blame colonialism’) Chairperson

The Money Show’s Bruce Whitfield interviews Business Leadership South Africa’s Mohale for his weekly “ShapeShifter” feature.

5 things to look out for at the ANC’s National Policy Conference

5 things to look out for at the ANC’s National Policy Conference

This time is very different, says Nomura International Emerging Markets Economist Peter Attard Montalto.

South African ad agencies rock the Cannes Lions Festival

South African ad agencies rock the Cannes Lions Festival

Branding and Advertising Expert Andy Rice raves about ads by KFC and Duracell. However, he slams an “appalling” ad by Netcare.

BankservAfrica (Saswitch inventor) is still at it, changing the way we pay

BankservAfrica (Saswitch inventor) is still at it, changing the way we pay

The Money Show’s Bruce Whitfield interviews BankservAfrica CEO Chris Hamilton.

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
Capitec Bank named ‘best bank in the world’ (for 2nd year running!)

Capitec Bank named ‘best bank in the world’ (for 2nd year running!)

South Africa’s most affordable bank is still the best in the world, according to international banking advisory group Lafferty.

Public clash in Parliament between two ANC MPs over SAA saga

Public clash in Parliament between two ANC MPs over SAA saga

The two MPs Peace Mabe and Yunus Carrim, who belong to the same party, exchanged unpleasant words while discussing issues at SAA.

Water saving measures in Cape Town helps Virgin Active save 13 million litres

Water saving measures in Cape Town helps Virgin Active save 13 million litres

More and more businesses in the Western Cape are embarking on water saving measures and Virgin Active has jumped on the bandwagon.

CoCT moves for Level 4B water restrictions due to low rainfall

CoCT moves for Level 4B water restrictions due to low rainfall

The recent rainfall contributed only 5% to the reserves. The City will be implementing further restrictions to help save water.

Michael Mol (SA’s hunkiest, most well-known doctor) bares his soul about money

Michael Mol (SA’s hunkiest, most well-known doctor) bares his soul about money

The Money Show’s Bruce Whitfield interviews Mol about his money beliefs, hopes and fears, successes and failures.

More South Africans on social grants than those earning an income

More South Africans on social grants than those earning an income

According to SAIRR researcher Gerbrandt van Heerden the number of people receiving social grants has increased by 328% since 2001.