The lock down will give us plenty of time to explore the internet for useful websites which will give you some practical financial insights.  Here are some sites that I have compiled to help you while away the hours.

Investment Planning                                                            www.marriot.co.za

Investment tools for retirement and income preservationEasy to use and very practical in terms of understanding the dynamics of how investments perform over time in relation to income draw downs and fees charged.

Budgeting                                                                               www.22seven.com

All your accounts. All your transactions. All together. Link bank accounts, credit and store cards, investments, loans and rewards. You then get a personalised budget based on your own actual spending.

Debt                                                                                     www.clearscore.co.za

Free credit score which you can compare with others in your area. Let’s you know if you have any judgements, if any accounts are in default, or have overdue payments. It also provides ways to improve you score to put in a better standing with your next credit application.

Information                                                                           www.statssa.gov.za

Explains how CPI is compiled and calculated
History of CPI data to get a better understanding of the price movements of various items and sectors.

Financial Guide for parents                                             www.moneyasyougrow.org

Useful guide for parents to get their children savvy about money

Finding an advisor                                                                          www.fpi.co.za                                                                           www.findanadvisor.co.za

You can view profiles of financial planners and advisors and get a good idea of their practices. How they charge and what areas of expertise they offer.

Direct investing                                                                               www.etfsa.co.za

A platform which offers all the exchange traded funds available in South Africa for as little as R300 per months. Has online functionality where you can transact and view your fund performance. All you need to know about ETF’s is found on the site together with fact sheets on each fund. Needs research to understand but has value if you can go direct.

Enjoy and stay distant………

The government has been on point dealing with the Corona Virus pandemic. They have rallied effectively mobilising South Africans to prepare for the onslaught of this crisis. Social distancing is the plan.

Relief on the way

The government has already unlocked a surplus (R3,6bn) found in the UIF fund and has opened this up to employees of companies who have closed because of the impact of COVID-19. 

More can be done.

There are other more drastic measures which could be implemented to provide immediate relief to South Africans:

• Cutting interest rates –  to help with debt repayments
• Defer interest on the debt – temporary immediate relief  
• Cheaper rates on essential services – electricity, water, rates 
• Provide free data – to everyone during certain times
• Widen the non-VAT items – make more food items cheaper

You will be forced to save 

Social distancing and isolating yourself will lead to less spending:

• Entertainment – restaurants, cinemas and bars
• Grooming – Hair, nails and massages
• Transport costs – petrol, taxies, buses and planes
• Holidays – hotels and lodging
• Bulk buying – cheaper goods items and fewer visits to stores

The resultant cutback on spending by households drastically affects the economy and the damage will only be assessed once the crisis has turned. The big problem is that we do not know how far the Corona Virus pandemic will deepen. Turn this time into an advantage to save as much as possible.