MINIMUM ‘BRIDE PRICE’ OF 10 COWS WILL SET YOU BACK R90 000

capital gains tax. You can withdraw from this investment at any time without penalties or restrictions, so the investment offers the liquidity required for short-term investing. • is effective if you want to invest more than R33 000 in a tax year. The funds are also easily accessible with no penalties or restriction. •

Money market account.

option allows you to invest directly in cash and various money market instruments. The returns depend the interest rate. •

Unit trust funds. Stokvel.

Each member of a stokvel has a turn to receive a cash lump sum, which is paid every month. Some stokvels contribute amounts monthly and these funds are invested in a stokvel account. Happy Ngale, a financial well-be- ing consultant at Alexander Forbes, says lobola makes getting married very expensive, because many couples also have a traditional “white wedding”. This option This “It is advisable to save for lobola well in advance, giving enough time to earn returns. With many options available to the investor, various factors such as liquidity, the term of the investment and the risk pro- file of the portfolio, should be con- sidered before deciding where to invest the money,” Ngale says. While the burden of the lobola price is a traditionally laid upon the groom and his family, women get hands on when the process has been concluded in planning their wedding day.

WEDDING BUDGET

Nicky Lala-Mohan, the Credit Ombud, says it is important that couples discuss financial matters before they get married, to avoid a debt trap. “Ladies might not be brave enough to ask that their future spouse wraps their engagement ring in a credit report. The same applies to the men: the lady’s ‘yes’ is not requested to come with a credit score. As unattractive as this may be, understanding one another’s finances and credit should be discussed in any relationship,” Lala-Mohan says. A study by global payments tech- nology company Visa found that: • 30% of women were willing to spend more than six months’ salary on a wedding, while only 7% said one month’s salary was sufficient. • The women surveyed said the average budget for a wedding was R53 885, while the average budget for a honeymoon was R24 474. • Only 15% of the respondents thought a budget of R50 000 or more was reasonable for a honeymoon. kabelo.khumalo@inl.co.za