r/PersonalFinanceZA • • May 03 '24

New to /r/PersonalFinanceZA? Have a question? Read this first!

20 Upvotes

Welcome!

Before making a post or a comment, be sure to understand the rules of the community.

There is also a wiki that contains answers to frequently asked questions as well as some useful resources.

Be sure to search the sub as well. There is a wealth of content already posted that may assist you if the wiki did not.

Remember to keep things civil, resourceful and on topic!

Don't hesitate to contact the moderators if you need any clarification or assistance.


r/PersonalFinanceZA • • Apr 30 '26

Other SA budgeting and financial planning apps megathread

75 Upvotes

Folks, we've been inundated of late by many members who've developed budgeting and investing apps and want to share them on the sub. This post will be the single place to host them, so feel free to post your app, website, tool etc.

Please include a short description of what your app does, it's main features, how it works (including if it is vibe-coded, accesses the user's bank accounts or investment accounts, scrapes websites or public data, accesses private or proprietary info etc.), what user input and info it requires (including personal financial data) and where it is stored, whether it is local or cloud-based, any commercial or investor ties, and any other info that would be pertinent.

Note to sub members: none of the apps that may be posted here are endorsed by this sub or the mods. You use any apps or tools at your own risk. Take substantial precautions especially when asked for personal info, including financial info.


r/PersonalFinanceZA • • 2h ago

Crypto Anyone else getting Capitec or bank blocks when trying to sell Crypto to zar ?

3 Upvotes

Been trying to sell a bit of USDT/ZAR lately and keep running into payment issues with Capitec or deposits blocking my accounts on the usual platforms.

Is this still a common problem in 2026 or have people found workarounds that actually work without too much hassle?

Looking for real experiences, not the official “try this” answers. Thanks.


r/PersonalFinanceZA • • 1d ago

Other Discovery Transaction

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32 Upvotes

Hey everyone I just got charged on my discovery transaction account. It says Google cloud but I haven't used any of their services in a while. Just checked on the portal under billing and theres nothing there.

I called discovery bank and they weren't very useful, a friend said I can wait for the transaction to go through (currently pending) and then dispute it. Can anyone assist?


r/PersonalFinanceZA • • 23h ago

Other What is a reasonable amount of your salary net of tax that can be allocated to entertainment?

6 Upvotes

As a rule of thumb.


r/PersonalFinanceZA • • 19h ago

Investing TFSA from old mutual to easy equities

1 Upvotes

I Wanted to know I am currently busy with moving my tfsa old mutual to Ee.

We busy with signing the forms, however old mutual want it as a hard signed physical copy which I have done.

However old mutual wants EE to do the same for the same document, however EE not responding, they did with a digital copy, nothing since

What should I do,

Did multiple follow ups


r/PersonalFinanceZA • • 23h ago

Debt Thinking to take a personal Loan to cover Credit Car

2 Upvotes

First of all, this might be the dumbest financial mistake, but I am hoping to recover..

I want to take personal loan, and payoff my credit card and TFG account so that I can face the loan alone.. Next year. I am looking for a loan with the cheapest rate... I saw African Bank Advertising one for 12% interest. anyone who knows the cheapest loan?


r/PersonalFinanceZA • • 1d ago

Other Unrecognised Credit Default

10 Upvotes

Hi all, I'm pretty new to adult life so please excuse if this is a naive question.

I have recently applied for vehicle financing through Investec. The person helping me contacted me today to inform me that I have a R1640 credit default that they need context on, and to ask if I have settled it. I informed them that I am not aware of a default on my credit record or even any debt that I may have.

To provide context I am a recent uni grad and started working in industry this year during Feb. My only consistent monthly debits are my medical aid and gym membership. I've confirmed that these are up to date. I don't even have a credit card.

After that conversation, I requested my credit record from TransUnion and I see that apparently I defaulted on the payment 25 June and have been handed over to debt collectors. Only issue is, up to today, I have not even been contacted once by the debt collectors or the mystery person who I owe money to.

I've read up on disputing the default and I plan on following that procedure tomorrow since TransUnion is closed right now.

My question to you all is what else should I do and has anyone experienced anything similar? I thought of calling the debt collectors to ask them, but debt collectors are notoriously horrible and I'm worried that contacting them might lead to them harassing me?

Thanks again for any advice.


r/PersonalFinanceZA • • 1d ago

Other Student Loan effect on Credit Score

3 Upvotes

Hey guys,

I am 23M. My student loan from Manati appears on my ClearScore app.I waited from last month to see if my credit score will change, atleast increase. Today it was supposed to update, but my credit score still shows as -1 (negative one). I applied for the loan back in August to reduce my fees at uni, and made first payment in September and second payment just this past Friday for October.

So I wanna ask if really educational loans do not count towards credit score or I should be patient and maybe it will increase next month? I understand it does take time to update, but my concern is that will it atleast increase my credit score as I really wanna move up from -1 (I have never taken any credit before).


r/PersonalFinanceZA • • 2d ago

Banking Anyone else having issues with the FNB Banking app after the update?

10 Upvotes

This app seems much slower and kinda crashy after the update last week?

First my accounts didn't show. Then my recipients didn't show and now it just doesnt load.

Very erratic behavior.

Anyone else experiencing similar issues?


r/PersonalFinanceZA • • 2d ago

Vehicle/Household Insurance What insurance policies have the best rewards/cashback benefits?

4 Upvotes

Hi Reddit fam,

I am in the process of purchasing a house, and long story short, I will be going with the bank's home insurance and bond protection insurance. I've opted for the basic cover with my standard bank homeloan.

So with my policies with the bank, I will be getting Ucount tiering points, and that's about it.

Many people on this subreddit has advised against the using the bank insurance. I'm not taking that advice lightly, and want to move insurers once the bond has been registered.

I am looking for something whereby I can get insurance for home and contents, my vehicle insurance, and bond protection (or life cover), and get some sort of rewards, or cashback or something of the likes. I know PPS has some sort of profit sharing, Sanlam has wealthbonus, and not sure of others. I do qualify for PPS as I'm a 'professional'. Where do you recommend I start shopping around for a bundle insurance deal and where I can get maximum benefit back whilst paying the grudge payment?

TIA


r/PersonalFinanceZA • • 3d ago

Investing Why are ETF spreads so high on EasyEquities?

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46 Upvotes

I've been looking at buying the Satrix MSCI ACWI ETF (STXACW) on EasyEquities, but noticed the bid–ask spread is almost 5%.

I checked a two others and found similar spreads:

- Satrix MSCI World: 4.92%

- Sygnia MSCI World: 6.54%

I understand these prices were checked over the weekend, but are the spreads normally much lower during trading hours?

Even if you're investing for the long term, a spread this large can add significantly to the overall cost of buying and eventually selling.

Has anyone checked the spreads on these ETFs during trading hours? What percentages do you typically see, and would buying through another broker make any difference?

I'm trying to figure out whether this is a real cost I should be concerned about or just weekend pricing.


r/PersonalFinanceZA • • 2d ago

Taxes SARS verification document advice

0 Upvotes

Hi. Please may I ask for some help: I was requested the following for my self employment:

  • Detailed financial schedule/ statements with relevant supporting calculations for trade profit/loss.

Do I just submit the profit/loss statement or do I upload bank statements as well? Thanks


r/PersonalFinanceZA • • 4d ago

In Retirement Advice for my mom's RA

19 Upvotes

My mom is in her late 70s. She only worked a conventional job when I was very young and has an RA with Liberty from that time. For the last 30 years she has been self-employed and relying on my dad. Very little went in to the RA and it was essentially forgotten about, and it is now sitting with roughly R90k in it.

She is trying to figure out whether it would be better to just leave the money in there or just pull it out and invest it elsewhere.

The money is not needed, and is not her retirement plan, but she wants to put it where it would get the best returns.

I do not know enough about these things to advise her.

The RA has an average rate of return of 7.76% p.a., total rate of return is 6.25%.

Can anyone weigh in on possible better options? I believe since the value is small there will be no tax if she withdraw the full amount?


r/PersonalFinanceZA • • 5d ago

Taxes SARS - Advice for owing SARS money

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53 Upvotes

Hi everyone,

I honestly do not know much about SARS and tax and need some help. I used to have a tax practitioner who assisted to claim tax back for me when I did casual work but now I just do the auto assessment myself.

Some background information. I did my auto assessment on the SARS mobile app and I’ve been hit with a R4151.34 bill that needs to be paid to SARS.

At my current job I don’t get monthly payslips unless I request it and at my previous job we used a platform called simplepay where my payslips would be available with all the breakdowns.
On my current payslip my salary is split in the following way:
- Gross Salary: R17292.12
- PAYE: R2115
- UIF: R177.12
Nett Salary: R15000

I do have other savings accounts with around 100K as well as an easy equities account with around 10K. I also have a TFSA with around >100K but to my understanding this shouldn’t affect my taxable income. I have never withdrawn money from EE or my ETFSA.

I do not currently contribute to Medical Aid or Retirement Annuities.

I have attached a picture of the summary of my account. Please can anyone advise on why I owe SARS so much money and if there’s any way this can be reduced or if it’s possibly a mistake? Any assistance will be much appreciated.


r/PersonalFinanceZA • • 5d ago

Investing Saving for family member's studies

8 Upvotes

I would like to save money on behalf of a family member but I want it in my name so I can control withdrawals and outflows. I don't want it to be part of my estate should I die before the beneficiary gets the money for their studies. Also, I don't want to pay any more tax than I am currently forced to pay.

What is your past experience and what should I use?


r/PersonalFinanceZA • • 5d ago

Taxes SARS first time verification request - some wisdom please :)

5 Upvotes

Hi All. Its my first time getting a SARS verification request. It's my first time in me entire working life. Previously I had a full time job now I'm working as a contractor.

I'm sorry to ask, but can I please get some positive affirmations. I have been quite stressed. They asked for "Detailed financial schedule/ statements with relevant supporting calculations for trade profit/loss". My business is very simple I have my p&l statement and all my invoices for expenses. I will be submitting: 1) p&l account, 2)my bank statement with income, and 3) invoices for expenses.

Please share your experiences of hope and any wisdom thanks :)


r/PersonalFinanceZA • • 7d ago

Taxes Working abroad

5 Upvotes

Hi fellow redditers.
Im moving abroad next week. Should I open a bank account in Cape Verde where I will be living for about 5 years or move the bulk to my FNB account. It will be about R20 000 p/m that Im saving with a bigger lump sum twice a year. Eventually I want to buy a house and come back to SA without any SARS surprises. My last SARS audit was perfect and I dont want issues down the road.


r/PersonalFinanceZA • • 7d ago

Other Fell for a fake Burnt website scam – FNB’s fraud investigation process is shockingly poor

53 Upvotes

I recently fell victim to a fairly sophisticated online shopping scam, and while losing the money is frustrating, what has surprised me even more is how ineffective FNB’s fraud investigation process appears to be.

Here’s what happened:

I came across what appeared to be the legitimate Burnt sportswear website through Facebook. I’m not sure whether it was targeted advertising, but the website was an almost identical recreation of the real Burnt online store.
The fraudulent website was operating under burntstudiopro . co . za, rather than Burnt’s legitimate domain.
What’s particularly concerning is that when you click a link through Facebook on your phone, it opens in Facebook’s built-in browser, where the actual URL isn’t immediately obvious.

The website looked legitimate. You could browse products, add items to your cart and complete checkout. That’s exactly what I did.

How I discovered the scam:

After my order didn’t arrive, I started investigating.
There were a few warning signs I’d initially missed, including the fact that the website only offered collection from Stellenbosch.
I eventually contacted Burnt’s legitimate customer support team, who confirmed that the website was fraudulent.

Now for the really frustrating part: FNB.

I reported the transaction as fraud through FNB’s official process.
The response was astonishingly disappointing.
As you can see from the attached screenshot, there appeared to be virtually no investigation. Nobody contacted me for additional evidence, asked about the fraudulent website, or requested any meaningful details beyond the disputed amount. Just me following up until the they responded.

Instead, FNB essentially dismissed the dispute because I had authorised the transaction using a one-time PIN.

Now, I fully understand that I authorised the payment. I’m not disputing that.

But surely authorising a payment under false pretences doesn’t mean that fraud hasn’t occurred?

The payment was made to a fraudulent merchant impersonating a legitimate South African business.

What concerns me is that FNB’s process appears to stop at whether the customer authorised the transaction, rather than meaningfully investigating the fraudulent merchant receiving the funds.

When I tried following up, I was passed from department to department, with no clear ownership of the issue or explanation of what investigation, if any, had actually taken place.

My frustration comes down to two things:
1. The apparent lack of rigour in FNB’s fraud investigations.

I understand that banks cannot automatically refund every customer who falls victim to a scam. But surely there should be a meaningful investigation?
Simply establishing that a customer approved an OTP doesn’t address the underlying fraud.

  1. What happens to the criminals?

This is actually my bigger concern.

Someone has gone to the trouble of recreating an established South African brand’s website, directing customers there through Facebook and collecting payments.

If the bank’s response is simply that the customer authorised the transaction, who is investigating the merchants receiving these payments?

Are the fraudulent merchant accounts being flagged? Are other customers being protected? Is any action being taken against the people operating these websites?

From my experience, there’s little indication that anything is being done.

It feels like the scammers can simply continue operating while customers are left to absorb the losses.


r/PersonalFinanceZA • • 7d ago

Budgeting Advice when purchasing a home

11 Upvotes

Hi fellow redditors,

Im currently in the process of purchasing a house - home loan approval step. I require advice for those of you who have gone through it already, and would like to learn a thing or two of what you could've done better.

On the offer quote that the bank provided me, they included a quoted property insurance premium. However, the coverage of the insurance is not the full value of the house. On an approximately R1,8million home, the insurance premium the bank quoted is around R400pm. Do you think its a good idea to go with the bank's insurance, or should I shop around elsewhere i.e Santam, Auto&General etc.? What are some of the things I should include/exclude from the insurance cover?

Do you think that I should apply for an access bond or just carry on with a normal bond ? Personally, I know that alot of people prefer dumping their savings/storing it in an access bond to reduce interest, however it does not fit my style of saving. If I do put my savings there, good and well until I need it for something and then my bond instalment goes up again, and it feels like im taking a step back towards completing the bond. I'm not closed up to an access bond, but please tell me why I should? Current savings/investments are in place.

If I decide to, adhoc-ly, add some extra payments in on some months eg. R1,000-R2,000, can I just transfer the funds into the homeloan account, or do I need to inform my banker? For reference, Standard Bank.

I'm thinking of setting up a full solar from the get go, to help reduce electricity costs, do you think this is a wise decision or not?

I look forward to your helpful, honest, and caring advice - just a newbie on the block:)


r/PersonalFinanceZA • • 8d ago

Investing Looking for investment advice – Should I prioritise maxing out my TFSA?

13 Upvotes

I’m currently 19 years old and have been fortunate enough to accumulate a decent amount of savings and investments through various side hustles and business ventures from a young age, including e-commerce, crypto, and a few other ventures.

I’ve been investing through EasyEquities for a while now and have built up a portfolio consisting mainly of ETFs. I currently have a recurring monthly debit order that goes directly into my standard EasyEquities investment account.

However, I’ve recently been looking into optimising my investments, particularly from a long-term wealth-building and tax-efficiency perspective.

Would it make more financial sense to redirect my existing monthly ETF investments into a TFSA instead of continuing to invest through my standard EasyEquities account?

At my age, should I be prioritising maxing out my TFSA contribution allowance every year as quickly as possible, allowing compound growth to do the heavy lifting over the next 20–30+ years?

Lastly For those investing through EasyEquities, which ETFs would you recommend holding inside a TFSA for long-term growth? Would you stick with something like the Satrix S&P 500, or look at broader global exposure?
My overall goal is to build a strong long-term investment portfolio and make sure I’m being as tax-efficient as possible from an early age. I’m not looking to withdraw these investments anytime soon, and I’m comfortable taking on some risk given my investment horizon.

I’m still learning and would really appreciate any advice, insights, or lessons from those who have been investing for a while.


r/PersonalFinanceZA • • 9d ago

Taxes Sketchy CA/SA advice?

41 Upvotes

Hi all,

I have R8m cash that I'm trying to structure as tax efficiently as possible.

I sat down with a CA and asked him how to structure it. He advised registering a business and paying myself a salary every month with business deductibles that he will claim back from Sars (even though I do not own a business) I'm not very educated on Financials and tax implications but I didn't get a good feeling chatting to him. Is his advice not tax fraud? Or am I just uneducated?

CA's of South Africa, please advise?


r/PersonalFinanceZA • • 10d ago

Investing Investment advice.

23 Upvotes

Good day all!

I hope you're having a lovely weekend!

I come to you looking for advice.

I am 33M, currently have about R400k liquid and no debt with a paid off home and vehicle. Monthly earnings after all deductions, including groceries, utilities, insurance, etc., is about R30k.

Pension fund is at ~R1.5m

R320K is currently in a "Depositer plus" account at ABSA which is earning around 6-7%, R45k in a TFSA, and the rest is in a transactional account.

I would like to invest, long term, in some or other ETF. My "aged" knowledge is telling me to go with the S&P500 or something similar that has historically good performance.

My questions,

  1. Do I use Luno? I've been using it for years for crypto and have recently noticed the ETFs they added.

  2. Is R250k too much? I definitely want to leave some in the depositer plus account as it is an "immediate access" account so it will function as a emergency fund with the added benefit of accumulating interest.

  3. Is an ETF worth it with the amount of money I'm planning to deposit, or is there a better option?

  4. Does anyone have any other advice for me that will help me grow?

I am not very savvy when it comes to investments/tax implications/wealth. I grew up poor and have learned to save what I have, I would now like to learn how to get my savings to work for me.

I apologize if anything i said sounds silly or obvious. A appreciate the help and I'm thankful. =)


r/PersonalFinanceZA • • 10d ago

Investing Looking to acquire an established IT support / MSP business in Johannesburg

9 Upvotes

Hi everyone,
I’m looking to acquire an established IT support business or Managed Service Provider (MSP) in Johannesburg.
Ideally, I’d like to connect with an owner who is considering retirement, succession, or selling their business and wants to find the right buyer to take it forward.
I’m particularly interested in businesses with a solid base of recurring monthly revenue, established business clients, and a good technical team.
I’m open to discussing different deal structures, including a phased acquisition or a transition period with the existing owner, where appropriate.
If you own an IT support business, know someone who might be considering selling, or have experience with acquisitions in this industry in South Africa, I’d appreciate hearing from you.
Feel free to comment or DM me for a confidential conversation.
Thanks!


r/PersonalFinanceZA • • 10d ago

Other I have lodged a complaint with the Info Regulator for EasyEquities' / Purple Group's failure to disclose the third parties they share my data with

95 Upvotes

This may not seem relevant to investing, but I beg to differ - and so would anyone who has experienced having funds stolen from their bank account due to identity theft.

A key aspect of investing is managing risk, which not only involves setting stop limits, diversification etc.

I would like to posit that the security and transparency of the underlying platform that you use to invest should be a consideration in your investment strategy.

As with the recent breach disclosed by an EasyEquities third part service provider, personal data can and does get exposed, even by registered financial institutions.

Hence the setup, I have found the handling of requests for my personal information by EasyEquities / Purple Group severely lacking. So much so that I am unable to exercise the rights I have as a data subject under the POPIA Act.

Thus I am lodging a complaint with the information regulator, because a registered FSP should have the necessary procedures, channels and training in place for a data subject to request which third parties their information has been shared with. The deadline for implementation was in 2021.

The facts of my particular case are as follows:

- First contact: To the fraud department to request my data shortly after the reported breach. Result: The support AI responds confirming that it will delete my account. I wish i could make that up.

- Second contact: I ask to escalate to management as i feared my account would be deleted. Result: They respond apologising for the mistake, but don't answer my initial request on how to request which third parties my info has been shared with.

- Third contact: I follow up on my initial request in the same thread. Result: No response.

- Fourth contact: I follow up again. Result: No response.

- Fifth contact: I email the listed information officer regarding my request. Result: No response.

- Sixth contact: I follow up. Result: No contact.

- Seventh contact: I mail the listed complaints email for Purple Group. Result: No response.

- Eighth contact. I follow up. Result: No contact.

As you see multiple channels have been attempted and it appears that all of them are either unmonitored, or there simply is no will to even answer requests about personal information.

Objectively, this is a red flag.

Thank you for your time. I will post the results of my complaint with the info regulator here if the mods see fit to leave this post up.