Financial insights
Financial insights from accredited professionals
Retirement, protection, tax and wealth planning written by MyGenie professionals and approved before it appears here — so clients and search engines can find clear, attributable advice.
Published by Wick van Schalkwyk · 31 Aug 2026
What to consider when buying your next car
Is Your Car Quietly Destroying Your Retirement Wealth? For many people, purchasing a vehicle is simply a monthly affordability decision. “Can I afford the instalment?” But that may be the wrong question. A vehicle can be…
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Published by MyGenie · 31 Aug 2026
How to Pay Off Student Loans Faster in South Africa
Why the first years matter most Education debt is usually the first large liability young professionals carry. The balance feels distant, but interest compounds from day one — and in South Africa most study loans sit at…
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Published by MyGenie · 31 Aug 2026
Student Loan Repayment Calculator: What You Need to Know
What a good calculator should show A repayment calculator should do more than divide balance by months. It needs your interest rate, any grace period before repayments start, and the effect of additional payments — becau…
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Published by MyGenie · 31 Aug 2026
Should You Pay Off Your Study Loan Before Investing?
The guaranteed return of paying debt Paying off a loan at 11% interest is equivalent to earning 11% after tax with zero risk. Very few investments guarantee that. For most graduates, extra capital on study debt beats dis…
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Published by MyGenie · 31 Aug 2026
Joint Bank Account vs Separate Accounts for Couples
Joint is not the same as merged Many couples open one joint account for shared expenses while keeping separate accounts for personal spending. That hybrid often works better than full merger because it preserves autonomy…
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Published by MyGenie · 31 Aug 2026
How to Combine Finances When You Get Married
Start with disclosure, not accounts Combining finances begins with a full balance sheet: assets, liabilities, income, policies and retirement funds. Surprises after the wedding — undeclared debt, maintenance obligations,…
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Published by MyGenie · 31 Aug 2026
Financial Planning for Unmarried Couples in South Africa
The law treats you as strangers Without marriage or a registered civil union, partners have no automatic inheritance rights and limited claim on each other's assets. The intestate succession rules favour blood relatives,…
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Published by MyGenie · 31 Aug 2026
How Much Deposit Do You Need to Buy a House in South Africa?
Zero deposit is possible, not always wise Banks occasionally grant 100% bonds for strong earners with clean credit, but a deposit reduces your instalment, total interest and the risk of negative equity if prices dip. A 1…
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Published by MyGenie · 31 Aug 2026
Rent vs Buy: Which Is Better in South Africa?
Compare full ownership cost to rent The bond instalment is never the full cost of owning. Rates, levies, insurance, maintenance and opportunity cost on your deposit belong in the comparison. Rule of thumb: budget 1% of p…
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Published by MyGenie · 31 Aug 2026
First-Time Home Buyer's Guide to Bond Affordability
What banks actually measure Affordability is gross income minus existing debt obligations minus living expenses, with a stressed bond rate. Credit score, employment stability and deposit size shift the outcome. Bond inst…
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Published by MyGenie · 31 Aug 2026
Car Finance vs Paying Cash: What Makes Sense?
Cash is not always optimal Paying cash avoids interest and keeps the asset unencumbered, but it drains liquidity you might need for emergencies or higher-return uses. If your only alternative is high-interest unsecured d…
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Published by MyGenie · 31 Aug 2026
How Much Car Can You Afford in South Africa?
The instalment is half the story Fuel, insurance, licensing, tyres and maintenance often match or exceed the finance payment on a mid-range car. Budget transport as a category, not a single line item. Households targetin…
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Published by MyGenie · 31 Aug 2026
Balloon Payment on Vehicle Finance Explained
What a balloon is A balloon or residual is a lump sum due at the end of the finance term — often 30–40% of the original price. Monthly payments exclude that portion, so they look affordable while a large obligation waits…
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Published by MyGenie · 31 Aug 2026
How Much Should You Save for University Fees?
Fees are the visible part Published tuition is only part of the cost. Accommodation, textbooks, transport, devices and living expenses often double the bill. Budget the full cost of attendance, not the brochure fee. Educ…
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Published by MyGenie · 31 Aug 2026
Education Savings Plan Options in South Africa
No dedicated education wrapper like some countries South Africa does not offer a special tax-free education account separate from the TFSA. Most families combine unit trusts, education policies, endowments or plain savin…
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Published by MyGenie · 31 Aug 2026
How to Fund Your Child's Tertiary Education
The funding stack Most households blend savings, current income, bursaries or scholarships, and student loans. The mix shifts with time — early years favour saving; final years may lean on income and loans if savings fal…
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Published by MyGenie · 31 Aug 2026
How Much Money Do You Need to Start a Business?
Startup is two numbers, not one Capital expenditure — equipment, fit-out, stock, registration — is the visible bill. Working capital — cash to pay rent, salaries and suppliers before customers pay you — kills more startu…
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Published by MyGenie · 31 Aug 2026
Small Business Startup Costs in South Africa
Registration and compliance Company registration via CIPC, tax registration with SARS, UIF and COIDA if you employ, industry licences (FSCA, health, liquor etc.) — compliance cost varies wildly by sector. Budget professi…
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Published by MyGenie · 31 Aug 2026
Should You Quit Your Job to Start a Business?
The runway question How many months can the household run without the salary? Include medical aid, bond and school fees — not just groceries. Six months is a minimum for a proven idea; twelve to twenty-four is safer for…
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Published by MyGenie · 31 Aug 2026
What to Do With Your Pension When Changing Jobs
Do not cash out by default Leaving an employer triggers a choice: transfer to a preservation fund or new employer fund, or take a cash payout. Cash is taxed on the retirement lump-sum table and destroys compounding — the…
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Published by MyGenie · 31 Aug 2026
How Long Can You Survive Without Income Between Jobs?
Runway is net of job-hunt costs Months of expenses in the bank is the starting point. Add interview travel, skills courses, temporary medical aid if cover lapsed, and higher stress spending — runway burns faster than spr…
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Published by MyGenie · 31 Aug 2026
Tax Implications of Changing Jobs in South Africa
Two employers in one tax year SARS sees your total income for the year of assessment. A mid-year move can push you into a higher bracket on combined income even if each employer withheld correctly in isolation. You may o…
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Published by MyGenie · 31 Aug 2026
Does Life Insurance Cover Extreme Sports?
Standard policies often exclude or limit Many life policies exclude death while participating in defined hazardous activities — mountaineering, motor racing, scuba beyond depth limits, paragliding and similar. Others cha…
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Published by MyGenie · 31 Aug 2026
How Risky Hobbies Affect Your Insurance Premiums
Loadings reflect expected claims Insurers price known risk. Regular scuba, off-road motorcycling or competitive fighting sports typically attract a percentage loading on life and disability premiums once disclosed. The l…
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Published by MyGenie · 31 Aug 2026
Disability Cover for Adventure Sports Enthusiasts
Own occupation vs any occupation Own-occupation disability pays if you cannot perform your specific job; any-occupation pays only if you cannot perform any suitable work. Professionals and specialists should fight for ow…
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Published by MyGenie · 31 Aug 2026
Emergency Fund: How Much Do You Need in South Africa?
Essential expenses, not full lifestyle An emergency fund covers bond or rent, food, utilities, transport, insurance and minimum debt service — not holidays or discretionary subscriptions. Calculate essentials monthly, th…
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Published by MyGenie · 31 Aug 2026
TFSA vs Retirement Annuity: Where Should You Invest?
RA gives upfront deduction, TFSA gives backend freedom RA contributions deduct within section 11F limits (27.5% of remuneration capped annually) — valuable at high marginal rates. Growth is tax-free inside the fund but a…
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Published by MyGenie · 31 Aug 2026
How to Build Wealth on a South African Salary
Surplus is the engine Wealth accumulates from income minus tax minus expenses minus debt service. Raising income helps, but controlling lifestyle inflation often moves the needle faster — every rand of permanent expense…
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Published by MyGenie · 31 Aug 2026
How Much Do You Need to Retire in South Africa?
Replace net income, not gross Retirement planning targets the expenses and tax you will actually pay after work stops — often 70–80% of pre-retirement net for comfortable lifestyles, less if bond-free and children indepe…
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Published by MyGenie · 31 Aug 2026
Retirement Annuity vs Living Annuity Explained
At retirement you choose how to draw Up to one-third of retirement fund proceeds may typically be taken as a lump sum (taxed on the retirement lump-sum table); at least two-thirds must provide a retirement income. The in…
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Published by MyGenie · 31 Aug 2026
When Can You Access Your Pension Fund?
Normal retirement age Fund rules set normal retirement age — often 55 or 60 for pension and provident funds. Access before normal retirement is restricted except for permitted withdrawals under fund rules and law, includ…
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Published by MyGenie · 31 Aug 2026
How Much Does It Cost to Raise a Child in South Africa?
From birth to independence Direct costs include nappies, childcare, school fees, activities, clothing and medical care. Indirect costs include larger housing, a safer vehicle and often reduced working hours for a parent.…
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Published by MyGenie · 31 Aug 2026
Maternity Leave and Financial Planning in South Africa
UIF replaces a portion, not all UIF maternity benefits pay a percentage of remuneration subject to a cap — not full salary. Employer top-up policies vary; read your contract and HR policy before you plan leave dates. Unp…
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Published by MyGenie · 31 Aug 2026
Life Insurance When You Have Dependants
Cover the gap, not a round number Size life cover as capital to replace net income until children are independent, plus clear major debts and fund tertiary goals. Subtract existing investments and group cover. Both paren…
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Published by MyGenie · 31 Aug 2026
Divorce and Finances: What Happens to Your Money?
Regime determines the split In community of property, the joint estate generally splits equally unless a court orders otherwise. With accrual, each spouse shares in the growth of the other's estate from marriage date. An…
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Published by MyGenie · 31 Aug 2026
Retrenchment: Financial Steps to Take Immediately
First week actions Request a UI-19 and severance breakdown in writing. Register for UIF within prescribed timeframes. List essential expenses for three and six months — cut non-essentials the same day. Notify creditors p…
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Published by MyGenie · 31 Aug 2026
Emigrating from South Africa: Financial Checklist
Tax residency vs financial emigration Ceasing tax residency triggers an exit charge on worldwide assets under section 9H for individuals — with exclusions and timing rules that need professional advice. 'Financial emigra…
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Published by MyGenie · 31 Aug 2026
How to Build an Emergency Fund Quickly
When the shock already happened If the bill is already due, triage: negotiate payment plans, pause discretionary investing and TFSA top-ups, sell unused assets, and use low-cost debt only if income certainty is high. Do…
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Published by MyGenie · 31 Aug 2026
What to Do After Unexpected Medical Expenses
Understand the shortfall stack Medical aid pays scheme rates; specialists often charge above scheme. Gap cover addresses some co-payments and shortfalls — not all procedures or limits. Prescribed minimum benefits cover d…
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Published by MyGenie · 31 Aug 2026
Income Protection When You Cannot Work
Employer sick leave is finite BCEA sick leave cycles cap paid absence. Extended illness moves to unpaid leave, UIF illness benefit (subject to conditions) or personal cover. Group disability through employer may be own-o…
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Published by Wick van Schalkwyk · 31 Aug 2026
What is the best car to buy, financially?
Before you ask which is the best car to buy, you might want to look at how Buying a Car Can Affect Your Retirement. Lets discuss 5 Financial Mistakes to Avoid. Is Your Car Quietly Destroying Your Retirement Wealth? For m…
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Illustrative and educational only. Not a quote, not a contract, and not FAIS advice. Figures depend on the assumptions shown and must be confirmed with an accredited professional.