My Money My Lifestyle

In this episode of My Money My Lifestyle, host Maya Fisher-French is joined by financial advisor Munya Shumba to address a critical yet often neglected aspect of financial planning: prioritising your own financial future over solely focusing on your family's needs. They explore the delicate balance between generosity and self-preservation, highlighting the need for parents and young professionals alike to establish firm financial boundaries. Listeners will gain insights into how to navigate familial financial responsibilities without compromising their future, the power of starting investments early, and the critical role of having a financial plan in place. The conversation also touches on the pitfalls of debt as a means of family support and the psychological benefits of disciplined saving. Whether you're a parent striving to provide the best for your child or a young graduate grappling with supporting your family while building your own financial foundation, this episode offers practical strategies and a fresh perspective on creating a sustainable financial plan that serves both your and your family's needs. Tune in to understand how to maintain a healthy balance between supporting loved ones and investing in your own financial resilience, ensuring a stable future for all.

In this episode of My Money My Lifestyle, host Maya Fisher-French and financial planner Kirsty Scully tackle the daunting reality of expenses for young graduates entering the workforce. With salaries that seem substantial on paper, they break down the sobering truth of the cost of living, from rent and groceries to utilities and transportation. Kirsty brings invaluable insights on the financial hurdles faced by those in their early career stages, discussing the potential pitfalls of home ownership, the significance of saving for retirement from a young age, and the importance of medical cover. They also touch on the strategic ways to handle insurance costs and the advantages of shared living to mitigate expenses. Listeners will learn the hard numbers behind what it truly costs to live independently as a new graduate. From the excitement of the first paycheque to the stark realisation of budget constraints, Maya and Kirsty guide you through practical financial planning to avoid common traps that can jeopardise financial stability. Whether you're a recent graduate, a parent advising your child, or simply interested in understanding the financial challenges faced by young professionals, this episode is packed with strategies and advice to navigate the financial transition from student life to full-time employment. Tune in to equip yourself with the knowledge to make informed decisions, prioritise financial goals, and take control of your financial future, one paycheque at a time.

In this eye-opening episode of My Money My Lifestyle, host Maya Fisher-French delves into the often contentious intersection of love and finance. Maya is joined by Queen Malobane Provincial General Manager at Metropolitan to unpack the complexities of dating and maintaining relationships when partners are in different financial leagues. Queen's recent article on the subject serves as a springboard for a candid discussion about the power dynamics and emotional challenges that arise when one partner earns significantly more than the other. They explore the impact of societal values on relationships, where income disparity can create tension and test the resilience of love. Maya and Queen offer personal anecdotes and practical advice for navigating these tricky waters. From the importance of open communication and transparency to setting boundaries with family members who may perceive one partner as a "gold digger," this episode tackles it all. Listeners will learn how to approach sensitive financial discussions, the significance of mutual respect, and the necessity of creating a joint financial plan that considers both partners' circumstances. They also touch on the role of financial advisors in helping couples plan for the future, including investments, risk management, and estate planning. Whether you're currently navigating a relationship with income disparity, planning to merge finances with a partner, or just seeking insights on love and money, this episode offers valuable perspectives and strategies. Tune in to gain the tools you need to build a relationship that thrives, not just survives, in the face of financial inequality. (00:00) Maya introduces the topic of money and relationships (02:15) Queen Malabane's insights on dating outside your financial league (04:50) The importance of discussing money early in relationships (07:30) Red flags to watch for on dates that indicate future financial friction (10:20) The dynamics of power and control in relationships with income disparity (13:40) The need for respect and appreciation of non-financial contributions in a partnership (17:05) Dealing with family perceptions and setting boundaries (20:35) Navigating financial support for extended family members (24:00) Creating a fair and transparent joint financial plan (27:45) The importance of including investments and retirement planning (30:50) The role of financial advisors in relationship planning (34:15) The impact of financial stress on relationships and the need for open communication (37:30) Queen's concluding thoughts and Maya's wrap-up

In this practical episode of My Money My Lifestyle, host Maya Fisher-French tackles the often-overlooked details of short-term insurance contracts that can have a big impact on your wallet. Maya shares her personal discovery of significant hikes in her insurance policy when it came to excesses - prompting a deep dive into what policyholders can do to navigate these changes. Joined by insurance expert Karen Rimmer from PSG Insure, they explore the trend of insurers adjusting excess fees and how this affects claims. Karen explains the reasons behind these industry shifts, including the aftermath of global events and local challenges like infrastructure woes and escalating crime rates. Maya and Karen discuss the importance of understanding your insurance contract, the power of negotiation with insurers, and the concept of self-insurance—how to determine what risks you can manage yourself and what requires comprehensive coverage. They also highlight the benefits of having your property assessed, debunk myths about what insurance typically covers, and reveal valuable add-ons that might already be part of your policy. Whether you're looking to cut costs without compromising coverage or simply want to ensure you're not caught off guard by hidden clauses, this episode is filled with actionable insights. Tune in to learn how to proactively manage your short-term insurance and make informed decisions that safeguard your lifestyle without breaking the bank. (00:00) Introduction to short-term insurance surprises (01:22) Maya's personal experience with excess fee increases (03:40) Karen Rimmer explains the industry trend and its causes (06:15) The impact of global and local events on insurance claims (08:50) The role of risk underwriting and individual factors (10:35) The shift towards a risk-sharing model between insurers and clients (13:05) How to approach self-insurance responsibly (15:30) The fine print: What to watch out for in your insurance contract (17:45) The advantages of having an insurance assessor evaluate your home (20:10) Uncovering hidden benefits in your insurance contract (22:35) The value of expert advice from a financial advisor (24:50) Special perks for policyholders over 55 (26:40) Closing thoughts on the importance of understanding your insurance details

In this insightful episode of My Money My Lifestyle, host Maya Fisher-French takes you behind the scenes of South Africa's national budget with the expertise of Mr. Edgar Sishi, Deputy Director General of National Treasury and Head of the Budget Office at National Treasury. As the nation grapples with the impact of financial decisions, Maya and Mr. Sishi dissect the complexities of a R2.37 trillion budget, the daunting reality of debt servicing costs, and the delicate balance of tax collection. Ever wondered about the gargantuan task of managing a country's budget amidst divergent opinions on taxation and spending? This episode shines a light on the intricate process of fiscal policy-making, the rationale behind the absence of bracket creep relief, and the contentious topic of wealth taxes. Maya also probes into the government's social wage spending, which accounts for a staggering 60% of the budget, and the introduction of the Corporation for Deposit Insurance, set to safeguard individual deposits up to R100,000. But it's not just about the big numbers and policies. Maya and Mr. Sishi delve into the future of tax-free savings accounts and the innovative use of the gold and foreign exchange contingency reserve account to reduce national borrowing. This episode is a must-listen for anyone seeking clarity on South Africa's financial roadmap and the implications for personal finance. Tune in to demystify the national budget, understand the implications of fiscal drag on your pocket, and explore the strategies National Treasury employs to ensure economic stability and growth. Get ready to be informed and empowered with this deep dive into the fiscal fabric of South Africa. 📋 Episode Chapters (00:00) Maya Fisher French: Welcome to My Money, My Lifestyle podcast (00:46) The Government plans on spending 2.37 trillion rand over the next financial year (02:54) Mr. Edgar Sishi - Deputy Director General at National Treasury (04:43) At National Treasury, there are many differing opinions about how to run budget (09:14) South Africa's debt as a percentage of GDP is higher than other emerging markets (13:40) Taxation affects us the most when preparing National Budget (21:56) One of the things that we did in this budget is not provide bracket creep relief (26:29) Six out of every ten rand collected in taxes is spent on social services (31:40) South African Reserve Bank is taking money from its contingency reserve account (37:59) On 1 April 2024, the corporation for deposit insurance comes into effect (39:51) The future of Tax-Free Savings Accounts

In this comprehensive episode of My Money My Lifestyle, Maya Fisher-French, a seasoned freelancer herself, delves deep into the world of taxes with tax experts Kagiso Nonyane and Dumisa Sihawu, from BDO South Africa. They tackle the complexities of tax for freelancers, from understanding why tax may be deducted from your earnings to the intricacies of tax directives and provisional taxpayer status. Are you a graphic designer, writer, or any kind of freelancer juggling clients and projects? Then you have probably encountered the complexity of tax. Our experts break down the legalities, the percentages, and the dreaded tax surprise that may come knocking if you're not prepared. But it's not all about what you owe. Kagiso and Dumisa also shed light on the deductions you can claim to minimise your tax liability and the benefits and burdens of VAT registration for freelancers. They even touch on when it makes sense to transition from a sole proprietor to a Pty Limited company, and the potential pitfalls of making this move for tax reasons alone. If you've ever found yourself scrambling to pay a tax bill, or if you're considering voluntary VAT registration, this episode is a treasure trove of advice. Learn how to stay on top of your admin, avoid penalties, and maybe even find a silver lining in tax season. Plus, get insights into SARS' Voluntary Disclosure Programme and how it could be a lifeline for those who've missed the boat on their tax obligations. Don't let tax be the bane of your freelance existence. Tune in to this episode of My Money My Lifestyle and equip yourself with the knowledge to navigate the tax tides with confidence. And remember, if you have questions or need clarification, Maya is just a Q&A podcast away.

Why do so many people feel that the financial system is rigged against the average person, that the system is built to benefit the elite at the expense of the average person? In this podcast Maya has a frank discussion with David Buckham, founder and CEO of Monocle Solutions and author of The End of Money, The Age of Menace and Why Banks Fail, about the inherent flaws in the banking system and the reasons behind the erosion of trust across all areas of society – financial and political. They unpack what is behind the narrative that South African banks have actively worked to weaken the South African currency; what or who is to blame for the rising global inequality and why we have more billionaires than ever, yet average people are struggling to pay their bills.

Money is not about rands and cents – it is an emotional currency, which is why money conversations are so hard. Money means many different things. It encompasses power dynamics in a relationship, it can symbolise success and status. For some people it reflects care and for others it represents safety. Money and gifts are one of the five love languages. When two people in a relationship have a very different emotional connection to money, those conversations can become loaded and challenging. In this conversation that every woman should be having, Maya and Andrea have a candid discussion with relationship therapist Connie Valkin about how to have these emotionally charged conversations surrounding money Why, if you can talk about everything except money, you may not be “financially married”. Why trying to find a 50/50 balance in a relationship is not the right approach, and what it may mean if we can’t talk about money. If you are finding it hard to initiate money conversations within your household, consider listening to this podcast as a catalyst for opening the door to those necessary, yet uncomfortable, discussions. If you are on the brink of marriage, this discussion offers insights into those vital conversations you need to have now about establishing clear expectations and defining the parameters of your relationship from the start.

When her mother tragically passed away in car accident three years ago, the then 24-year-old Zihle found herself emotionally and financially responsible for her two younger sisters. To make ends meet Zihle turned to credit – what started off as “small loans” soon snowballed into larger and larger debts. The more the repayments ate into her disposable income, the more she relied on further credit to pay the bills. Maya speaks to 2023 Money Makeover Challenge runner-up Zihle about her personal journey and how with the help of her financial adviser Anton Battiss she has been able to take control. Not only has Zihle paid off debt, but she has seen a significant transformation in her own mindset – she now sees a future for herself. Zihle’s experience is testament to the impact finances can have on our mental health but also what can be achieved in a short space of time if we take the right steps. Zihle story will resonate with so many young people who find themselves responsible for their family’s financial well-being.

In this podcast Maya speaks to Johan the winner of the 2023 Absa/City Press Money Makeover Challenge about how he reduced his debt by over R85 000, built up an emergency fund of R42 000 and increased his retirement contributions – all in just six months. Joined by his financial adviser Takalani Badugela, Johan discusses how small day-to-day choices over time created a significant debt burden and about his decision to enter debt review. Johan is an inspirational story of what is possible when you commit to a goal. Each year six people are selected for a money bootcamp. Each candidate is paired with an Absa financial adviser and together they set the goals for the following six months. This is the seventh Money Makeover Challenge and this year the candidates exceeded their goals and expectations. This challenge is absolute proof that you can turn your financial situation around in just six months – but it requires commitment.

When you get married or have a child there are so many exciting things to focus on like the wedding dress, invitations, the honeymoon and baby showers. The last thing we want to think about are the financial aspects. Yet it is the finances that will have the most lasting impact on our relationships. This is especially true when it comes to writing up a will. After your marriage contract, this is the most important document to get drawn up. In this conversation Maya and Andrea chat to fiduciary expert Moremadi Mabule about everything you need to know when writing up your will: This podcast is part of a series of conversations where Maya speaks to Andrea Carr about her experience of getting divorced which led Andrea to question many of the decisions she made as a woman, as a mother and as a wife, when it came to her finances. It made her realise the importance of taking care of herself, instead of only taking care of her family. It is important to note that while the idea for this series came from Andrea’s personal experience of getting divorced, this is not just about women or divorce. These conversations are relevant to anyone in a relationship especially when there are children involved and the additional workload of caregiving. We want to understand how to navigate this space so that it feels fair – from a financial, physical and emotional perspective. This is the third podcast in a four-part series in partnership with NinetyOne. Take a listen to the other episodes in this series, and look out for the last episode in which we will be speaking to a relationship therapist.

“Money conversations are hard. They are harder than talking about sex or the in-laws. How much money one earns versus how much a partner earns is linked somehow to our perceived value. The person who makes more money has more power unless there is a conscious approach in the relationship. The person who has more money has potential to dominate the conversation and control the flow of the money. Money can also be used to shame - blaming a partner for not earning enough or keeping the family in a standard of living. Money is a powerful tool in a relationship, and we need to be very aware of it”. In this conversation, that every woman should be having, Maya and Andrea Carr share their money stories with financial planner Sunel Veldtman founder of Foundation Family Wealth. How does your upbringing affect your relationship with money and the financial conversations you have with your partner? How do you agree on a household budget – setting shared goals and making sure both partners’ wants and needs are met? They discuss mistakes women make when it comes to the financial responsibilities they take on. Why women may find that they are taking on credit card debt to keep up with the family expenses or skimp on their retirement and future needs to provide for the children. It is important to note that while the idea for this series came from Andrea’s personal experience of getting divorced, this is not just about women or divorce. These conversations are relevant to anyone in a relationship especially when there are children involved and the additional workload of caregiving. We want to understand how to navigate this space so that it feels fair – from a financial, physical and emotional perspective. This series is in partnership with Ninety One

Why two attorneys need to be part of your wedding plan. In this series of conversations, Maya speaks to Andrea Carr about her experience of getting divorced which has led Andrea to question many of the decisions she made as a woman, as a mother, and as wife, when it came to her finances. It made her realise the importance of taking care of herself, and not only her family. Andrea’s experience is true even if you are in a relationship for life – at some point statistically, as a woman, you will be on your own. In this episode we speak to Beverley Clark, a leading attorney and specialist in family law about marriage contracts and finding financial equity in marriage, especially when one parent takes on the responsibility of raising children. "Conversations every woman should have" is a four-episode podcast series. Look out for the rest of this series of podcasts, in which we will be speaking to a financial planner, a fiduciary expert, and a relationship therapist.

It is that time of year when our medical schemes inform us how much more we will be paying for our medical cover. With medical costs rising above inflation, the amount we spend on medical services takes a growing bite out of our budgets. It is important that we spend time understanding our medical plan to make the most of it. In this podcast I chat to Jillian Larkan, head of healthcare consulting at financial advisor firm GTC to unpack the mysteries of medical cover:

On 1 March 2024 there will be a radical change affecting everyone who is a member of a retirement fund. This is known as the Two-Pot Retirement System and applies to any member of an employer pension/provident fund, a retirement annuity or a preservation fund as well as members of the Government Employees Pension Fund. There have been many questions and complaints about how the new system will work, especially when it comes to withdrawals. In this podcast Maya speaks to Mr. Basil Maseko a Director of Tax and Financial Sector Policy at National Treasury about the thinking behind the introduction of the new system and why they capped the initial withdrawal at R25 000.

Many South Africans are finding themselves supporting their aging parents, thanks to the combination of a tough economy and insufficient retirement funding. But it’s critical to plan this key transition carefully to ensure your own finances stay on track and to maintain a healthy relationship with your parents. In this podcast Maya speaks to Stian De Witt, Executive Head of Financial Planning at NMG Benefits about how to have these conversations and financial implications to consider.

September is wills month and in this podcast we discuss how to use a will to protect your child’s legacy. Maya speaks to Alex Simeonides CEO of Capital Legacy to help parents navigate the complexity of estate planning. This podcast was sponsored by Capital Legacy.

An important aspect of financial wellness is mental wellness. Financial stress can cause emotional stress, it impacts our relationships and our workplace. When it comes to managing money, we need to be aware of our money emotions - what makes us spend, why does money make us so anxious? While financial pressure can impact our mental wellbeing, our mental wellbeing could be causing our financial challenges. For example, if you are feeling stressed you overeat, you are more likely to make impulsive purchases to make yourself feel better, and maybe start slipping behind on bills…. How do you identify the triggers? As part of this year’s Money Makeover Challenge Maya shares a discussion she had with Dr Lesego Rametsi, group head of health and wellness at Absa, about the relationship between financial stress and mental health.

As banks improve security around identification and biometrics are introduced, fraudsters are finding that the easiest way to get into your bank account is to get you to help them! In this podcast Maya shares the story of how her husband nearly fell victim to a vishing attack. “I often write about these scams and we are all aware of them. We think it will never happen to us because we are savvy, we are aware – but these scamsters are so good and they know how to push the emotional buttons”. Maya speaks to Capitec experts Jean Rossouw, Head of Financial Education and Nick Harris, Head of Financial Crime at Capitec to explain how these scams work, how to identify a scam before it is too late - and then what to do if you are a victim.

If you are about to retire, you need to start thinking about how to invest your lump sum to provide you with an income for life. According to an article by the Actuarial Society of SA, there is a window of opportunity for retirees to lock in some of the highest rates in 20 years. With inflation peaking and the cost of living rising, this is an opportunity not to be missed. In this podcast Maya speaks to Deane Moore, CEO of the Just Group about how to use a guaranteed annuity to boost your income, even if you are already in retirement.