“Car paid off and wedding savings on track”
Zamokuhle shares his milestones during the six month Absa/City Press Money Makeover journey
What I achieved during the Money Makeover competition:Paid off my car:
I bought my car in September 2014 and had financed it over 72 months. By increasing my instalments and putting extra money towards the car repayment I managed to pay it off by November 2017. My car is paid up now and I have saved tens of thousands of rand on credit interest. I have been using these savings to increase my contributions to the wedding fund and have saved nearly R60 000.Increased my mortgage payments:
I increased my mortgage payment by R600 a month. This will reduce my bond period from 20 years (2037) to 16 years (2033).Paid for my son’s school fees:
I settled my son’s 2018 school fees by paying in full before the end of the first term and saved R583. I bought his school uniform to the value of R1300 in November 2017 and paid R400 to his school for a year’s stationery. This lifted a huge burden usually faced by parents in January of every year.Did a full financial review:
I met my financial advisor Charlotte Pretorius and a thorough and detailed financial analysis was conducted. The following plans were formulated and executed.
A joint last will and testament for my wife and I was drafted and signed and will be reviewed annually. It distributes all our assets to our heirs in case we die and this will provide peace of mind to our children and surviving spouse in the event of me or her dying. The future of our kids is safe this way.
Executer fee cover for the amount of R30 000 was taken for a monthly fee of just R97 with a free funeral cover for myself, wife and three kids. This money will improve liquidity of the estate for the payment of the executor’s fee on our death.
I have upgraded my R1 million life cover to R2 million but only increased my premiums from R174 pm to R299. This is a bargain and will sustain my family in the event that I pass away.
My retirement annuity was increased from R371 to R500. This decreases my taxable income and tax obligation while protecting my retirement needs beyond July 2041.
R2500 is put away each month into an investment to pay for the tertiary education of our three children.
I also used my reward programmes to save money:
I am an Absa rewards member since December 2016. I only put petrol at Sasol and get an average of R50 on rewards per month.
I am a Dial Direct client with a rewards app, paying me back R51 per month since July 2017. As I am a 5-star driver and very conservative and safe on the road this reduces my comprehensive insurance obligations from R360 to R310 on average.
I am a Pick ‘n Pay Smart Shopper since I can remember. I save on discounted goods regularly and get vouchers for future purchases. I cashed in R490 in November 2017.
I am an OK rewards card member for the store near me. I save from time to time on their discounts.
I was an Ackermans rewards holder from March 2017 till it ended in December 2017 and I cashed in R112 in December 2017.