Unpacking the Social Development financial plan
WATCH: In conversation with Al Jama-ah leader Ganief Hendricks
As a result, the department will spend most of the 294-billion rand budget allocation on direct transfers. Social Development Deputy Minister Ganief Hendricks, discussed the department's budget vote with eNCA.
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The Citizen
21 minutes ago
- The Citizen
Moneyweb launches G20-focused podcast hosted by Jeremy Maggs
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The South African
21 minutes ago
- The South African
PowerBall draw jackpot at R84 million on Tuesday, 22 July
South Africans could become instant millionaires this week after ITHUBA, the national lottery operator, announced a massive combined jackpot of R98 million for the upcoming PowerBall and PowerBall Plus draws set for Tuesday, 22 July. The PowerBall jackpot is estimated at a staggering R84 million, while the PowerBall Plus prize sits at approximately R14 million. ITHUBA reminded all would-be winners: 'To win, you need to play.' Tickets are available at authorised retailers across the country as well as through online and mobile platforms. The record-breaking jackpot offers more than just the excitement of the game – it holds the life-changing potential of transforming everyday South Africans into multimillionaires overnight. Good luck! Buy your tickets now at your nearest participating retailer, on our website by visiting national using your computer or mobile site, via the National Lottery Mobile App, or participating banks, namely FNB, ABSA, Nedbank, Standard Bank, Capitec, TymeBank and African Bank otherwise dial 120 7529# for USSD. Winners who win R50 000 and above receive free trauma counselling from professional psychologists and financial advice from accredited financial advisors absolutely free. At the same time, winnings are paid tax-free directly into the winner's accounts. The next PowerBall and PowerBall Plus draws will take place on Tuesday, 22 July from 20:58. The PowerBall jackpot draw required players to pick five main numbers from 1 to 50 and one 'PowerBall' number from 1 to 20 for an entry fee of R5.00 per board. Draws take place every Tuesday and Friday. The record prize for any lottery game in South Africa came in the PowerBall when one winner scooped an incredible R232 131 750.69 in the draw held on 19 February 2019. PowerBall Plus is exactly the same as PowerBall but gives players a second chance to win. When buying a PowerBall ticket, players can pay an extra R2.50 per board to enter the PowerBall Plus draw. Odds are the same, while prizes are usually slightly lower. It was introduced on 28 November 2015 by the National Lottery of South Africa. If you are buying tickets from a lottery outlet, they close at 20:30 on the day of a draw. Players must be 18 years old. Monday: Daily Lotto Tuesday: Daily Lotto + PowerBall and PowerBall Plus Wednesday: Daily Lotto + Lotto, Lotto Plus 1 and Lotto Plus 2 Thursday: Daily Lotto Friday: Daily Lotto + PowerBall and PowerBall Plus Saturday: Daily Lotto + Lotto, Lotto Plus 1 and Lotto Plus 2 Sunday: Daily Lotto For more details and to verify the winning PowerBall and PowerBall Plus numbers, visit the National Lottery website. You must always confirm the official winning numbers on the National Lottery website. We do our best to post the results as accurately as possible, but the National Lottery is the only source you can use to 100% verify the results. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The Citizen
2 hours ago
- The Citizen
Can you really afford another emergency?
The past five years showed South African consumers that an emergency can happen at any time and that it could happen to each one of us. Emergency funds are top of mind for many consumers since the implementation of the two-pot retirement system in September last year, as the system was designed to give consumers a little access to their retirement savings in the case of emergencies. Christiaan Coetzee, CEO of FinFix, says South Africans are under growing financial pressure, with households increasingly running out of money before month-end. 'Savings remain low, with consumers saying they would not be able to cover an emergency expense of R10 000 without borrowing or selling something. 'These sobering realities highlight one key financial truth: without an emergency fund, many consumers are one crisis away from economic freefall. Whether it is a medical emergency, job loss, or an unexpected car repair, financial disruptions are inevitable. The real question is: How prepared are you if a problem arises today? 'With South Africa's official unemployment rate at 32.9% and inflation eating into disposable incomes, even a minor financial disruption can trigger a downward spiral of debt, defaults, or worse, total financial collapse.' Coetzee points out that emergency funds serve as a financial shock absorber, providing peace of mind and preventing the need to turn to high-interest debt or predatory lenders in times of crisis. ALSO READ: Here's why you need an emergency fund – and it's not to buy new golf clubs How much should you save for an emergency? Coetzee says a common rule of thumb suggests that to be financially safe you should aim to set aside 3 to 6 months' worth of living expenses for emergency needs. These funds are intended to cover unexpected expenses or income disruptions. He says there are two primary reasons to dip into your emergency fund: spending shocks and income shocks. 'Spending shocks refer to relatively common, unanticipated expenses that might include costs such as unforeseen healthcare needs, home repairs, or other urgent, unplanned expenditures. To prepare for potential spending shocks, experts recommend saving at least half a month's worth of living expenses as a starting point. 'Income shocks occur less frequently but tend to have a more significant impact. These include situations such as sudden job loss or a substantial decline in income. To safeguard against income shocks, many financial experts advise maintaining enough money in your emergency fund to cover 3 to 6 months' worth of living expenses.' When should you use your emergency fund? Coetzee says deciding whether to use your emergency fund can be tricky. 'While it exists to provide financial relief during challenging times, it is crucial to use it wisely. ALSO READ: How to build your emergency financial safety net What constitutes a real emergency? To determine if a situation qualifies as a true emergency, he says you must ask yourself these questions: Is the expense unexpected? Is it necessary? Is it urgent? 'If the answer to all three questions is 'yes,' it may be appropriate to use a portion of your emergency fund. However, avoid dipping into your savings for non-essential or discretionary expenses, as this could undermine the purpose of the fund.' ALSO READ: Two-pot retirement system: rather set up a separate emergency fund How to start an emergency fund Coetzee says even if you live pay cheque to pay cheque, starting an emergency fund is still possible by:
