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
How to improve your credit score

How to improve your credit score

A listener wants to know how to improve his credit score (which she assumes is not bad).

How to get funding for your business (or project)

How to get funding for your business (or project)

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

Earn peanuts? How to best invest very small amounts...

Earn peanuts? How to best invest very small amounts...

Got a spare R200 or R300 a month? Here’s how to make that money work hard and grow…

‘Converting words into action is a challenge’ – Pravin Gordhan (from the WEF)

‘Converting words into action is a challenge’ – Pravin Gordhan (from the WEF)

The Money Show’s Bruce Whitfield interviews Finance Minister Pravin Gordhan who is at the World Economic Forum in Davos.

Record number of women to march the day after Mr Trump becomes Mr President

Record number of women to march the day after Mr Trump becomes Mr President

Beyoncé, Katy Perry, Meryl Streep... some of the famous females joining thousands of others for Saturday's Women’s March on D.C.

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
Why desalination isn't a solution to our water problems

Why desalination isn't a solution to our water problems

Prof Neil Armitage talks about the advantages and disadvantages of desalination, saying it is a very costly exercise.

Brother of man who died in Kuga opens up on air, discusses lawsuit against Ford

Brother of man who died in Kuga opens up on air, discusses lawsuit against Ford

John Maytham interviews Kaveen Jimmy; who says he has damning evidence against Ford.

'My daughter bought Spur shares when she was 10 years old' - Dr Adrian Saville

'My daughter bought Spur shares when she was 10 years old' - Dr Adrian Saville

What does Citadel’s famed disciple of contrarian, deep-value investing Dr Adrian Saville hope for (and fear) about money?