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.


Recommended

by THE NEWSROOM
Read More
Sona debate was 'long, productive and cordial'

Sona debate was 'long, productive and cordial'

The Money Show’s Bruce Whitfield interviews EWN Parliamentary Reporter Lindsay Dentlinger.

Euphonik (one of South Africa's richest DJs) opens up about money

Euphonik (one of South Africa's richest DJs) opens up about money

Bruce Whitfield talks to Euphonik (aka Themba Nkosi) about his attitude to money (hopes and fears, successes and failures, etc.)

Spending too much? Our brains suck at money stuff. Here’s how to train it…

Spending too much? Our brains suck at money stuff. Here’s how to train it…

Bruce Whitfield interviews Dan Ariely, co-author of "Dollars and Sense: How We Misthink Money and How to Spend Smarter".

Pick these 3 stocks right now, make a killing (by Sasfin Securities)

Pick these 3 stocks right now, make a killing (by Sasfin Securities)

These are the three best shares to buy right now, says stockbroker and portfolio manager Nesan Nair.

‘A tough Budget is a good Budget. We need a VAT increase’

‘A tough Budget is a good Budget. We need a VAT increase’

The Money Show’s Bruce Whitfield interviews Old Mutual Asset Management Economist Johann Els.

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
[LISTEN] Biomimicry could be the answer to Cape Town’s water crises

[LISTEN] Biomimicry could be the answer to Cape Town’s water crises

Certified biomimicry professional & founder of Biomimicry SA Claire Janisch chats about how biomimicry can help humans adapt.

Hawks video shows fugitive Ajay Gupta leaving SA

Hawks video shows fugitive Ajay Gupta leaving SA

The Hawks are in possession of video footage showing Gupta, wanted in connection with Vrede dairy farm scandal, leaving SA.

JoJo - struggling to keep up with demand - now has a turnover of R600 million

JoJo - struggling to keep up with demand - now has a turnover of R600 million

The JoJo brand has entrenched itself in the psyche of South Africans. Bruce Whitfield interviews its MD, Grant Neser.

'Today, Zuma declared war on the ANC'

'Today, Zuma declared war on the ANC'

Political analyst Richard Calland says there was a sinister and threatening tone to President Zuma's interview with the SABC.

Hope Ramaphosa: Cyril never lifted a finger to me, he wouldn't beat a woman

Hope Ramaphosa: Cyril never lifted a finger to me, he wouldn't beat a woman

Cyril Ramaphosa's ex-wife says abuse allegations spread by EFF leader Julius Malema are an attempt to tarnish his reputation.

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.

Clifton in Cape Town is the 2nd best beach in the world – National Geographic

Clifton in Cape Town is the 2nd best beach in the world – National Geographic

The magazine describes Cape Town as a city flanked by stunning beaches and calls it “The African Capital of Cool”.