National Book Week: Top five personal finance books
There is still a large number of South Africans who lack basic financial literacy, which is also part of the reason that many struggle to get rid of debt, become financially stable and develop a savings culture.
In celebration of National Book Week, taking place from 4 — 10 September, online insurance and financial comparison platform, Hippo.co.za, selected their top five personal finance books to help consumers save money.
- The Total Money Makeover, by Dave Ramsey
This book is a great financial guide, especially for those who wish to get out of debt. The book provides practical advice on several aspects such as how to start an emergency fund, pay off debt, pay off your home early and save for your children’s education. The seven-step approach has sold close to 5 million copies and earned the book a spot on the New York Times’ Best Seller list for over two years. The book can be purchased online for under R200, a small investment for a lifetime of practical financial change. - Your Money or Your Life, by Vicki Robin, Joe Dominguez and Monique Tilford
Although released in 1992, the book stays relevant today as it does not merely give the general “do this, not that” advice when it comes to personal finance, it goes into the psychology of money, provides insights into why we spend money on things and how to focus on money in terms of life instead of looking at it in terms of material possessions. This realistic approach helps with the guilt that comes with spending, as it looks at necessary and healthy spending based on your personal financial position. The e-book can be purchased for under R185 online. - I Will Teach You to Be Rich, by Ramit Sethi
This book, released in 2009, is probably one of the simpler books in terms of breaking down practical personal finance tips. It not only provides tips and tools to help manage your finances better, but also provides saving suggestions and ideas on how to make additional money with hobbies and passion projects. Some criticised the book for being a bit too simple, but most preferred it as it provided them with a simple and realistic way of handling their personal finances. You can find the e-book, paperback and summary version online for R224, R193, and R30 respectively. - Get a Financial Life, by Beth Kobliner
Whilst most people have learned the tips and tricks of managing their finances by the time they have reached their middle ages, many could have been in better financial positions had they received these tips at a younger age. This book targets the younger adult who has managed to gain some buying power and who is on their way to managing their lives on their own. The book provides tips from dealing with student loan debt, to saving for a home to considering health and other insurance. There are several paperback versions online from about R116. - Personal Finance for Dummies, by Eric Tyson
This best-seller by a renowned financial counsellor and author takes you through sound financial advice from complex topics such as investing and taxes to simpler tips on getting out of debt, budgeting and saving. This book is for anyone who wants a better understanding of how financial matters impact their lives and who wants to give their personal finances a complete overhaul. It is the pricier option of all, but nonetheless a great short-term investment that could yield long-term financial benefits.
For those who want some quick reads and tips particularly in relation to insurance, personal finance and saving, also consider reading some of the articles at http://www.hippo.co.za/blog/.
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Established in 2007, Hippo.co.za is South Africa’s leading comparison website that helps consumers save money by comparing a range of South African providers across financial products such as Car Insurance, Household Insurance, Life Insurance, Medical Aid and more. Hippo.co.za is free to use and saves consumers the time and hassle of shopping around for the best deal since the Hippo.co.za website instantly retrieves real-time quotes from the different providers using the latest Internet technology. You could save hundreds of Rands per month* on your Car Insurance alone by using Hippo.co.za to compare before you buy or switch to a new provider.
Hippo.co.za makes money by simply charging its partners a fee when a customer chooses to find out more about their products. The results consumers see, and the order in which they are presented, are in no way influenced by the fee Hippo.co.za charges its partners or any other factors other than the price of the product being compared.
For more information, visit us on www.hippo.co.za, connect with Hippo.co.za on LinkedIn, http://www.linkedin.com/company/hippo-comparative-services-pty-ltd/, like us on Facebook, www.facebook.com/HippoSA, and follow us on Twitter, @Hippo_co_za and YouTube, http://www.youtube.com/user/hippocompare.
Hippo Comparative Services (Pty) Ltd is an authorised financial services provider (FSP number: 16357).
Terms and Conditions apply.
*Based on 2016 independent market research conducted by Kaufman Levin Associates.
Sources
How to reduce Medical Aid costs
According to recent data by Stats SA, 17% or 9.5 million South Africans belonged to a Medical Aid scheme in 2016. That means over 45 million people were without Medical Aid. The report also shows that although there are various public health facilities that service those without Medical Aid, half of South Africa’s health professionals service the 17% of South Africans who have medical cover.
“There are various factors such as unemployment, economic climate and lack of affordability that impact whether someone can afford membership to a medical scheme or not”, says John October, Chief Executive of online insurance and financial comparison website, Hippo.co.za, “But in many cases, people simply have no choice but to belong to a Medical Aid scheme. Many have to take compulsory schemes through their employers or have the need for specific medical care or treatment that they cannot afford as an out-of-pocket expense.”
So what can consumers do to help minimise Medical Aid costs? Hippo.co.za provides some tips:
- If you need Medical Aid or you are up for renewal on your existing scheme, do not simply consider going with the provider you know. Compare costs and benefits for your specific needs from at least three different providers to ensure that you are not paying too much for the same cover.
- Consider your health requirements for the next twelve months to ensure you will be adequately covered by your Medical Aid. For example, if you are planning on starting a family, ensure that your Medical Aid includes adequate cover for gyneacologist consultations, scans and tests at the time of commencement or renewal. If not, you may be charged more to upgrade at a later stage or have to pay for these costs yourself.
- Should you be at a stage where your children are financially independent and need to be removed from your Medical Aid, consider re-evaluating your overall cover as you may no longer need certain benefits.
- If you have a Medical Aid plan that provides a savings account for out-of-hospital medical expenses such as doctors’ visits and medication, it could get depleted quite quickly. Manage your savings by visiting doctors with lower rates and comparing the cost of medication at the practitioner’s pharmacy with that of a local pharmacy outlet to determine the lowest cost.
“As October is the month where you can start reviewing your Medical Aid before renewal, now is a good time to consider your options and shop around for the best possible rates from a range of South African Medical Aid providers,” concludes October.
Established in 2007, Hippo.co.za is South Africa’s leading comparison website that helps consumers save money by comparing a range of South African providers across financial products such as Car Insurance, Household Insurance, Life Insurance, Medical Aid and more. Hippo.co.za is free to use and saves consumers the time and hassle of shopping around for the best deal since the Hippo.co.za website instantly retrieves real-time quotes from the different providers using the latest Internet technology. You could save hundreds of Rands per month* on your Car Insurance alone by using Hippo.co.za to compare before you buy or switch to a new provider.
Hippo.co.za makes money by simply charging its partners a fee when a customer chooses to find out more about their products. The results consumers see, and the order in which they are presented, are in no way influenced by the fee Hippo.co.za charges its partners or any other factors other than the price of the product being compared.
For more information, visit us on www.hippo.co.za, connect with Hippo.co.za on LinkedIn, http://www.linkedin.com/company/hippo-comparative-services-pty-ltd/, like us on Facebook, www.facebook.com/HippoSA, and follow us on Twitter, @Hippo_co_za and YouTube, http://www.youtube.com/user/hippocompare.
Hippo Comparative Services (Pty) Ltd is an authorised financial services provider (FSP number: 16357).
Terms and Conditions apply.
*Based on 2017 independent market research conducted by Kaufman Levin Associates.
Junk status survival tips for consumers
Predictions of the downgrade to junk status have been reported since the end of 2015, with a key risk factor, according to ratings agency Fitch, being the deterioration in GDP growth. Although political factors have also been identified by Fitch and have ultimately led to the downgrade, South Africa’s deteriorating GDP growth still has a big impact on ratings.
According to the latest reports by Statistics SA, real GDP growth fell by 0,3% in the fourth quarter of 2016. A deteriorating GDP growth rate not only impacts ratings, but also impacts consumers directly as it results in increased unemployment, lower wages and added pressures to disposable income.
“Consumers need to consider the possible effects on their pocket and take their own stand by ensuring they protect their personal finances,” says Derek Wilson, Head of South Africa’s first insurance and financial comparison website, Hippo.co.za.
Here are some tips on how consumers could survive, even in junk status:
Bargain with businesses. Consumers should not merely accept prices of goods as they are displayed or advertised. A lot of businesses are willing to put their money where their mouth is, especially when it comes to beating a competitor’s prices. Don’t be afraid to mention that you could probably find a cheaper deal elsewhere.
Consider switching. Loyalty is good, but money talks, especially in tough times. It’s a good idea to compare and shop around even if you have been loyal to a particular brand or company. If you can find a better deal, let them know you are considering switching and they may return the loyalty by offering a better deal. If not, at least you know you can get one elsewhere.
Compare online. When it comes to online comparison sites there are many available on the market that allow you to compare everything from groceries and clothing to electronics and tech gadgets to insurance and loans. With Hippo.co.za alone, you can compare across the board from products like insurance, life & medical, finances, and home & utilities to travel, business, and motoring — all at your fingertips. “Why not give your entire financial portfolio an overhaul? See where you can save by getting at least three quotes from different providers before.
About
Established in 2007, Hippo.co.za is South Africa’s leading comparison website that helps consumers save money by comparing a range of South African providers across financial products such as Car Insurance, Household Insurance, Life Insurance, Medical Aid and more. Hippo.co.za is free to use and saves consumers the time and hassle of shopping around for the best deal since the Hippo.co.za website instantly retrieves real-time quotes from the different providers using the latest Internet technology. You could save hundreds of Rands per month* on your Car Insurance alone by using Hippo.co.za to compare before you buy or switch to a new provider. Hippo.co.za makes money by simply charging its partners a fee when a customer chooses to find out more about their products. The results consumers see, and the order in which they are presented, are in no way influenced by the fee Hippo.co.za charges its partners or any other factors other than the price of the product being compared. For more information, visit us on www.hippo.co.za, connect with Hippo.co.za on LinkedIn, http://www.linkedin.com/company/hippo-comparative-services-pty-ltd/, like us on Facebook, www.facebook.com/HippoSA, and follow us on Twitter, @Hippo_co_za and YouTube, http://www.youtube.com/user/hippocompare.
Business Insurance: Grudge purchase or mandatory?
Business Insurance: Grudge purchase or mandatory cost?
In 2016, South Africa experienced deteriorating GDP growth caused by various factors including the Rand’s depreciation of R15.51 against the Dollar, severe drought, water shortages, and the rising unemployment rate. GDP growth is however expected to improve moderately in 2017. Businesses, particularly start-ups and SMEs, can expect better growth and opportunity than in 2016.
“Now more than ever small businesses need to safeguard themselves against the perils that could be harmful to their growing business,” says Derek Wilson, Head of online insurance and financial services comparison website, Hippo.co.za. Business Insurance is more than just protecting your business assets. Not having insurance could result in a negative impact to your bottom line, damage to your business’s reputation or even the loss of your business.
Here’s what you need to know about Business Insurance:
Insure your nett worth If you have business property such as commercial offices, a house or any vehicles used for business or commercial purposes, you have nett worth. Ensure that your nett worth is adequately covered and that you do not put your business under unnecessary strain by having to pay for loss or damage to business assets yourself. Insurance for business assets usually includes cover for theft, accidental damage, fire, vandalism and, most importantly, cover for business interruption or loss of earnings if you are unable to operate following a claimable event.
Your risk profile Understand how your business risk profile is calculated by the insurer as things such as your credit rating, type of business, area where you do business from, and where your business or commercial assets are kept, are taken into account.
You are liable Liability cover is probably the most important cover you need. The loss or damage to another’s property or worse, injury or loss of life to a person, could not only cost you money, but also have devastating effects on your business’s reputation and credibility. The reputational damage could result in further communication and marketing costs to repair the damage to your business’s image and could determine whether your business survives the impact or not.
“Various insurers are able to provide you with Business Insurance according to your specific needs”, concludes Wilson, “Business owners can research costs and benefits from a range of different insurers at Hippo.co.za”.
Ends.
Established in 2007, Hippo.co.za is South Africa’s leading comparison website that helps consumers save money by comparing a range of South African providers across financial products such as Car Insurance, Household Insurance, Life Insurance, Medical Aid and more. Hippo.co.za is free to use and saves consumers the time and hassle of shopping around for the best deal since the Hippo.co.za website instantly retrieves real-time quotes from the different providers using the latest Internet technology. You could save hundreds of Rands per month* on your Car Insurance alone by using Hippo.co.za to compare before you buy or switch to a new provider. Hippo.co.za makes money by simply charging its partners a fee when a customer chooses to find out more about their products. The results consumers see, and the order in which they are presented, are in no way influenced by the fee Hippo.co.za charges its partners or any other factors other than the price of the product being compared.
For more information, visit us on www.hippo.co.za, connect with Hippo.co.za on LinkedIn, http://www.linkedin.com/company/hippo-comparative-services-pty-ltd/, like us on Facebook, www.facebook.com/HippoSA, and follow us on Twitter, @Hippo_co_za and YouTube, http://www.youtube.com/user/hippocompare. Hippo Comparative Services (Pty) Ltd is an authorised financial services provider (FSP number: 16357). Terms and Conditions apply. *Based on 2016 independent market research conducted by Kaufman Levin Associates.
Sources:
SME South Africa
National Treasury (South Africa)
Black Enterprise
Forbes
Issued by:
Sharney Nel PR Manager
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