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Fixed installments ‒ but at what cost? An offer from your bank of fixed installments on your home loan might seem like great news, but be aware of the costs further down the road. Standard Bank an

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Recession fears mount as German industrial output falls German industrial production declined more than expected in March due to a heavy fall in car manufacturing.

Thailand women beat Australia to win LPGA International Crown Thailand captured the LPGA International Crown on Sunday, blanking Australia 3-0 in the championship match to complete a near-perfect run.

How to fund your solar panels In February’s budget speech, the government introduced some tax relief for households who wanted to get off grid by investing in solar panels.However, this relief won’t help to fund the entire installation cost, and with solar panels costing in the region of R5 000 per panel, what are options fo...

Eskom to Frankfort community: Stop your load shedding mitigation! Urgent court application looming.

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How prepaid funds work in your access bond Depending on how your access bond is structured, you might not be able to withdraw all of your prepaid funds.

VBS loan recipients ordered to pay back R100m, plus interest Marketing solutions company received R250m of VBS funds to finance a contract with a state-owned agency.

CHRISTMAS TIPS TO SAVE MONEY

1. Pay Your Bills First

There is a substantial number of people who get paid earlier in December than they would the rest of the year. Bills are still due at the end of the month, so this often gives people a good few days of enjoying their salary before having to pay bills.
However, you don’t want to spend too much early and not have enough for your bills. To avoid this, pay your bills as soon as you get paid. It is also important to note that your next salary is only likely to be at the end of January so you have to keep money aside for the next month as well.

2. Develop a Gift-Giving Philosophy.
Normally, our first suggestion in every instance of life is to budget. And we’ll get there. But before you budget, our very first Christmas tip is this: You’ve got to create your Christmas gift-giving philosophy.
What does giving mean to you? Is it about finding the perfect presents? Do you hope to impress others with how much you spend on them? Or do you feel obligated to buy for people? These motivations (and others like them) can really shape how you view the season.
Be honest with yourself and think about why you’re buying presents before you think about how you’re going to pay for them all.

3. Budget.
Now, the way you become the hero of the holidays is by budgeting. That’s right—if you want to stay on Santa’s nice list, set a limit for how much you’re going to spend and stick to it. Use our Christmas Present Planner as a guide!


4. Track your spending.
So, lots of people spend like crazy throughout December and never check in on their budget. They just think, I’ll worry about it in January. Future you has some advice here: Don’t. Do. That. Track your expenses as you go, so you don’t end up overspending and ruining this month’s and next month’s budget.

5. Re-Evaluate Your December Social Spending

Social spending is not a necessity, so turning down plans with friends to save money is totally okay. You could decide how much you want to spend on your social life for the month and split that over the entire four weeks.

6. Rein in other spending.
We know Christmas is expensive.
First of all, you don’t have to spend that much. We want you to know and own that truth. Don’t spend outside of your comfort zone this season or any season.
But what about the money you do need for Christmas? If you’ve been shopping all year or stashing cash into your Christmas sinking fund, you might be set. But if not, you’ll have to find that money somewhere else. The first step here is to move money around in your budget—spending less on some categories in December to make up for the extra Christmas celebrations.

5 SMART WAYS TO SPEND YOUR PERSONAL LOAN

Personal loans are loans that have a fixed schedule for repayment. They can be obtained from lots of different sources. You could obtain a personal loan from a bank or microlender. Personal loans can provide you with either a small or a large amount of money, with some lenders allowing you to borrow as little as R1,000 or as much as R500,000 or more.
As you can see, personal loans are a very versatile financial product. In fact, you can do almost anything you want with the money. However, while you have tons of flexibility in what you can do with personal loan funds, there are some common uses of personal loans. Here are five things that you may want to do with a personal loan.
1. CONSOLIDATE AND PAY OFF HIGH-INTEREST DEBT
Consolidating and repaying high-interest debt is one of the single best uses for a personal loan. Often the interest rate on a personal loan is far lower than the interest rate on a credit card, payday loan, or many other types of consumer loans. By using the proceeds from a personal loan to pay back other money you owe, you can make paying debt much more affordable.
Not only can using a personal loan to pay back old debt help you lower your interest rate, but it can also simplify the process of paying what you owe. Instead of having to worry about making multiple payments to creditors every month, you will only owe one lender and will just send your payment to the single loan you have.
Of course, you will need to make sure you can qualify for a personal loan at an interest rate below what you’re currently paying in order to make the consolidation worth your time and effort.

2. IMPROVE YOUR HOME
Making repairs or upgrades to your home can be a good investment because you can preserve or increase your property value. You can also create a more comfortable space for your family to live. You may also be working from home more often due to Covid and in need of a home office setup.
Home upgrades are often expensive and paying cash for them may not be possible. An access bond or registering a further bond is one solution but is an option only if you have enough equity in your home to qualify for one. Taking the equity out of your home also puts you at risk of going underwater on your home loan and owing so much you couldn’t sell your home if you needed to. Plus, since your home acts as collateral for a home equity loan, you risk foreclosure if something happens, and you can’t make payments on time.
A personal loan is an alternative source of funding that doesn’t have these downsides that a home loan does. Most personal loans aren’t secured. Even if you get a secured personal loan, it probably won’t be your house securing it -- it will be secured by some other form collateral.
While your personal loan interest rate will probably be a bit higher than the rate you’d get on a home loan, you may still decide you’d prefer a personal loan to fund home improvement and avoid putting your home at risk.
3. PAY MEDICAL BILLS FOR YOURSELF OR A FAMILY MEMBER
When you or a loved one needs medical care, sometimes securing money right away is necessary, especially if your medical aid does not fully cover your cost or you may not have medical aid cover.A personal loan could help you to borrow a substantial sum to pay for care -- and often at a lower rate than you’d get if you paid with a credit card.
Using a personal loan to pay medical bills ensures you will know exactly when the debt is repaid. It’s usually possible to obtain personal loan funding in 48 hours or less, so you can access the money quickly when you can’t wait for treatment.
4. PAY YOUR TAXES USING A PERSONAL LOAN
If you owe more money to SARS than you can pay back, this can have big consequences. You may owe penalties and interest for non-payment and SARS could even begin legal proceedings against you. Remember not paying SARS is a crime and could have serious consequences.
5. USE A PERSONAL LOAN TO PAY FOR BIG PURCHASES
You should always try to save up and pay cash when you need to buy something big or pay for a costly special event, such as a wedding. Sometimes, however, that’s not practical. If you must make a substantial purchase before you have the cash for it, a personal loan can be a good method of financing.
With a personal loan, you can decide exactly how much you’re borrowing up front and will have a fixed schedule of payments so you have a definite debt-free date. In addition, the interest you’ll pay will often be less than if you’d charged the big purchase on a credit card.
Looking to secure a personal loan, then contact us or visit our webpage by clicking this link https://smartcontactsa.co.za/we-have-a-personal-loan-for-you/

Where to find the best interest and income in South Africa South African savers are starved for choice as they search for proper, low-risk returns.

10 WAYS FOR SOUTH AFRICANS TO SAVE MONEY

1. PAY YOUR SELF FIRST
Probably the very best tip for saving money is to make paying yourself priority. You should try to save at least 10% of your earnings before tax.
Ensure that saving becomes a habit and treat paying yourself like paying any other bill.
2. TRACK YOUR SPENDING HABITS
It’s likely that you’ll start spending less if you monitor where and what you spend on. Begin by noting how much money you spend daily and what debit orders you have in place, so you can determine your current spending habits.
Remember, first spend on what you need and if there’s extra money to spend after you’ve saved a predetermined amount, you can spend it on your wants.
3. REVIEW MEDICAL AID AND INSURANCE POLICIES
You may be able to save thousands of rands a year by reviewing your medical aid and insurance policies and either negotiating better rates or shopping around for better offers.
Remember to review your car insurance, given that the market value of your car will depreciate each year.
4. REDUCE PHONE COSTS
Investigate whether you’ve got the best possible package/plan.
Also, consider switching off your phone at certain periods of the day and check for and remove any apps that use data without you even knowing. The savings that result could add up to hundreds of rand.
5. WATCH YOUR CAR EXPENSES
Regular maintenance of your car ensures it lasts longer and may help you avoid major costs three or four years down the line.
Currently, South Africans spend more of their salaries on petrol than most other nationalities. So also do what you can to reduce your fuel costs.
For example, save on petrol by:
• planning routes and combining tasks to minimise number of trips
• have your car serviced at the recommended intervals
• have your vehicle’s wheel alignment checked and keep your tyres at the optimal inflation to minimise resistance
• close your car windows when driving to reduce drag
• reduce your car’s weight by clearing the boot of unnecessary items
• keep your speed to a minimum to reduce wind resistance
• use the air conditioning sparingly.
6. MANAGE YOUR GROCERY SPENDING
Create a monthly budget and stick to it.
Stick to this limit by planning your meals in advance, listing what you need to buy and then buying everything in one trip.
Also, be both wary and aware of specials. They can be useful if they’re on goods you’d buy anyway. However, they can also lead you into impulse buying.

7. REDUCE ELECTRICITY COST
You can reduce your electricity costs by following common-sense tips like these:
• limit how often you open the refrigerator and ensure you close it as soon as possible after opening it
• switch to energy-efficient bulbs
• when it’s time to replace appliances, invest in ones with high efficiency ratings
• reduce the temperature of your geyser to 55°C or less and consider installing a timer on it (or switch off and on again manually)
• switch off the TV, appliances and lights when not using them
• insulate your home properly – this can save dramatically on heating and cooling costs
• run full loads in the washing machine and dishwasher, and use cold water where possible.
8. PAY OFF CREDIT CARD DEBT
Reduce or totally halt credit card spending and focus on paying off debt.
Organise cards by interest rates, from highest to lowest, and pay off the card with the highest rate first.
Pay as much as you can every month. Also, see if you can make a dent in your debt by paying more than the minimum balance. This will reduce the interest you have to pay.
9. SWITCH TO A HEALTHIER LIFESTYLE
Bad habits can be expensive. For example, a pack of ci******es is about R50. A packet a day could cost you around R20 000 a year.
10. PAY EXTRA INTO YOUR BOND
Paying even a few hundred rand extra per month towards your bond can:
• significantly reduce the total interest you pay on the bond
• shorten your bond repayment period.

Help for debt trapped South Africans

Even before the COVID-19 pandemic, South African consumers were up to their ears in debt, owing a staggering R1.9 trillion at the end of 2019.
The pandemic has only made matters worse and it is likely to get worse before we see a turn for the better.
So what options do you have if you’re struggling with debt?
Apply for debt review
Debt review (or debt counselling, as it is sometimes referred to) is a legal process every South African can use if you are over-indebted – that is, if you cannot meet all your financial commitments. Through the debt review process, a registered debt counsellor negotiates with your creditors to reduce your monthly repayment commitments, easing your cashflow and giving you some breathing room.
What is Debt Review?
• It’s a legal process, that will see you officially placed under debt review.
• You cannot get access to any other credit while you are under debt review.
• Your credit isn’t written off. You simply reduce your payments to help you get back on your feet.
• If you don’t make your new restructured repayments, your creditors can take legal action.
Take advantage of the new debt relief bill
The National Credit Amendment Bill – known informally as the debt relief bill - was signed into law by President Ramaphosa in late 2019. It gives qualifying applicants a 2-year window to improve their financial situation. In that time, their debt will be suspended – that is, no payments need to be made to credit providers - and ultimately the entire amounts of outstanding debt could be written off if things don’t improve.
There are three qualifying requirements, says Botha:
• You need to be over-indebted
• Your gross earnings need to be less than R7500 per month for the last six months
• Your unsecured debt needs to be less than R50 000.
Try and consolidate your debts
If you have several personal loans, each with their own repayment, you could consider consolidating everything into one loan with one monthly repayment. The idea behind debt consolidation is that you collapse all your loans, with higher interest charges, into one loan, with a lower interest charge - and possibly a longer repayment period.

According to recent statistics more than 50% of South Africa’s credit-active consumers (19 million) are over-indebted.
Coupled with widespread retrenchments and salary cuts, consumers are financially stressed in 2021.It’s likely we will see this situation get worse before it gets better. Add to this that after the end of payment holidays credit providers are now aggressively pursuing collections, its bound to get rough for many South Africans.
However, according to TransUnion’s third-quarter SA Industry Insights Report released in December 2020, the good news is that demand for new credit is falling and lenders have tightened their risk approach to new applications. The report revealed that enquiry volumes fell by double digits across all major lending categories. This was most noticeable for credit cards (down 49%) and non-bank personal loans (down 29%).
LESS CREDIT APPLICATIONS
Consumers are being cautious about taking on more debt. But they are still burdened by mountains of debt incurred during the past year and debt incurred pre-pandemic.
HELP IS NEEDED
Although vaccine roll-outs have started locally, the reality is that the pandemic will not be over soon. As the impact of Covid-19 on the already fragile economy becomes more evident, simple and accessible pathways to economic health, recovery and resilience need to be available to everyone.
With eight out of 10 South Africans financially affected by the pandemic, South Africans are urged to be careful with their finances. Seek help as soon as possible if you find yourself in difficulty.
MORE BAD NEWS
Eskom’s tariff increases will soon be phased in and consumers can expect a rise in petrol and diesel costs. This has a knock-on effect on the price of goods as transport costs rise, while the general price of living goes up relatively in response.
TAKE CONTROL OF DEBT
Consumers who take the debt review route have access to affordable legal protection from credit providers. The process allows them to legally reduce their monthly debt repayments by extending terms and negotiating with creditors on their behalf.
This has been a very successful solution for thousands of consumers who are plagued by over-indebtedness. The process makes provision that all living expenses are covered and that the consumer can live without taking on any more debt.

The Debt Review Process Made Simple

As South Africa is battling with the spread of Covid-19 and the third wave, many consumers are in financial distress and struggling to repay debts as a result of reduced and complete loss of income.
The National Credit Act (NCA) offers various debt relief measures for financially embattled consumers struggling to repay debts and consumers are encouraged to consider these measures where applicable,
Here are the various NCA debt relief measures to consider:
Credit Life Insurance is an insurance that consumers purchase when applying for credit or loan. It covers the outstanding debt in the event of unforeseen circumstances such as death, retrenchment, unemployment, inability to earn an income, disability and others.
In the event of the consumer becoming unemployed or unable to earn an income, the credit life insurance cover provides that credit providers must settle the consumer’s debt for:
– a period of 12 months,
– the remaining repayment period,
– until the consumer finds employment or
– is able to earn an income, whichever period is shorter.
It is important for consumers to remember that in order to benefit from credit life insurance, all payments regarding the credit life insurance policy must be up to date.
Debt Counselling or Debt Review is a debt relief measure intended to assist over-indebted consumers struggling with debt, through budget advice, negotiation with credit providers for reduced payments, an extension of the repayment term and restructuring of debt.
Debt counselling also offers consumers protection against repossession or legal action by credit providers.
Consumers who have been negatively impacted by the effects of the Covid-19 pandemic resulting in reduced income are encouraged to consider this debt relief measure since an income is required to apply for debt counselling. However, before signing up for debt counselling, consumers must ensure that the process is understood in detail and the implications thereof.
Surrender of goods
The NCA allows consumers to voluntarily surrender (return) goods to credit providers when they can no longer afford to maintain the repayments or can foresee that they will not be able to maintain future payments.
In terms of section 127 of the NCA, credit agreements under which goods can be surrendered are instalment agreements, secured loans or leases. However, consumers are encouraged to understand the process before giving notice to a credit provider to return the goods, says Legodi.
The process:
– The credit provider is required to provide the consumer with a letter setting out the estimated value of the goods, 10 business days after the consumer gave notice to surrender or return the goods, whichever is the latest.
– The consumer may withdraw the notice to surrender within 10 business days after receiving the estimated value letter if the account is not in arrears.
– The credit provider will sell the returned goods in an attempt to settle the debt. However, there is no guarantee that the credit provider will sell the goods for what the consumer still owes.
– If the proceeds from the sale are insufficient to settle the outstanding debt, the consumer will be liable to pay the shortfall after the sale. Consumers are also encouraged to privately sell goods that they can no longer afford to repay in an attempt to obtain the best possible price, advises Legodi.
For consumers with a need to borrow or loan money, they should do so having considered their ability to repay the debt and only use NCR registered credit providers. Consumers should never enter into any agreement with unregistered credit providers who usually retain bank cards, SASSA cards, identity documents etc. as security and a collection method. The retention of cards or identity documents is prohibited and a criminal offence in terms of the NCA.