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.

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Article brought to us by Old Mutual.

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