do not have the discipline to reap the benefits of joint finances,” says Ernest. “The latest Household Financial Wellness Index conducted by Momentum and UNISA found that only a quarter of South African households are financially well. This research also shows that behaviour is the most critical component to financial success, so technically, only a quarter of households would benefit from joint accounts.” WHAT ARE THE ADVANTAGES? In an ideal world, the advantages of joint accounts mean your bills would be shared and everything would come out of one account. This would give you clear records of what’s going on. And with technology, we are all fortunate to have smartphones in our pocket that help us monitor this activity in real time. Having a joint account and clear guidelines for how to manage it may prevent arguments about money. If both of you have equal access, it will also allow you and your partner to be more open about income, expenses and money in general. DEATH IS INEVITABLE: Everybody is going to die. This is an unfortunate inevitability of life. But what happens to your joint account? I always advise my clients to always keep the end in mind. We are always playing an end game and the end BY GABRIELLE OZYNSKI
SMALL BUSINESS
financial issues dispassionate and legal. When four people running a business create a joint account, they would have a written and signed agreement in place to ensure that the account is not abused and all parties agree, legally, on conduct on the account going forward. Most married couples do not do this, but should consider it. Before you and your spouse open a joint account, you need to consider what kind of marriage you are in. Is it in community of property? Is it out of community of property with or without accrual? Based on that you can have a separate written and signed agreement for your bank account that falls in line with the legal terms of your marriage. TRANSPARENCY HURTS INDEPENDENCE: It may not be a critical facet of financial life, but there is a certain degree of freedom lost when all you have is a joint account. The transparent nature of this account will see to it that your partner always knows when money is spent or cash is drawn. What happens when you want to buy a surprise gift for your partner only for them to receive a notification on their phone? The surprise is lost. Everyone needs a little financial independence. JOINT ACCOUNTS EMPOWER WOMEN: The latest Household Financial Wellness index indicates that women in South Africa have less financial power The range includes a hand scrub and a hand balm than men. Coupled specifically formulated to clean and moisturise grubby with a very real gender hands and heels. There is a Green Goodness balm for pay gap of 20 to 30 eina stings, rashes, blisters and bumps, a Muscle balm percent, women are for achey, painey hardworking muscles, and a Wrinkle desperately in need & Crinkle balm for outdoor skins to smooth wrinkles of more financial away. An all-natural SPF22 sun Screen, a Skin Soothing empowerment, balm and an Anti-Bug body spray complete the range,” especially since they are says Jane. the ones that usually Where Are They Based? run the household THE products are available at garden nurseries, itself. Even though pharmacies and online. men tend to earn more Who Benefits? than women, a joint EVERYONE who understands that what we put on our account will help give skins is as important as what we put in our bodies. them more control. The products are 100 percent natural with no animal Even if they are not a testing. The planet also benefits as the products are breadwinner, giving the packaged in either glass bottles or aluminium tins – woman of the house both fully recyclable. access to the comings Contact Details: and goings of the Website: www.janesdeliciousshop.co.za household’s money will E-mail: sales@janesdeliciousgarden.com give her the power to Instagram: DeliciousJane balance what comes Twitter: @DeliciousJane in with what Facebook: Jane’s Delicious Garden goes out. Landline: (011) 482-2052 Cell: 082 898 6953
game is certain. When you are planning your finances you have to be thinking about what happens when your estate needs to be wound down. When you die, your accounts will be frozen. This includes joint accounts. The winding down of one’s estate needs to be simplified with all precautions taken. Have extra accounts that are tied to individuals so they can be accessed when needed. Nobody wants to be worried about frozen accounts and cash flow issues when grieving for a lost loved one. CREDIT SCORES ARE SHARED|: Ernest Zamisa It doesn’t matter what kind of agreement you are entering into, you should always know the other person’s background. For better or worse, both parties in a partnership will always reflect on one another. This logic applies to joint savings accounts, too. You need to look at the credit score of the person you are tied to in a joint account. If they have a bad credit score, it will likely negatively impact your score as well. HAVE AN AGREEMENT: Even though it can feel adverse to an emotionally secure relationship, it is always good to keep
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HAVE a small business you’d like us to feature? Contact Gabrielle Ozynski at gabrielleo@caxton.co.za and fill us in on your entrepreneurial venture. R
What Do They Do? WHEN Jane started growing her own vegetables and herbs it was a natural step to experiment with making unguents, lotions and potions. Her mom’s old double boiler ‘was hauled out from the back of the cupboard and put to good use melting beeswax and shea butter. Abundant herb harvests were chopped, macerated, dried, steeped, spread and made into everything from delicious body creams to healing tinctures’. This has now led to Jane developing a range of 100 percent natural body products for hard working hands and bodies. “The products are hand-made by the Angel Factory in the small Free State town of Lindley.
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ANE GRIFFITHS is a television producer, writer, artist and traveller who has grown organic vegetables and herbs in her Johannesburg garden for more than 20 years. Her first book, Jane’s Delicious Garden, (over 26 000 sold and available at Exclusive Books) led to a vegetable revolution in South Africa, with thousands of people now following in her green footsteps, and Jane has now brought out a range of 100 percent natural body products, particularly suited for South Africa’s climate.
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Jane’s Delicious Shop
