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Illustration of woman in red riding a bicycle.

How does the 2021 Budget Speech affect you?

Finance Minister, Tito Mboweni, delivered the highly anticipated National Budget Speech on 24 February, announcing the government’s planned expenditure for 2021. In 2020, we faced a year like no other. Budgets were stretched, dreams were put on hold, lives were changed.

Now more than ever, we need someone that doesn’t deflate dreams, but adds Momentum to them.That’s why we need someone with fresh financial perspectives that can guide us on our journey to success. Through #BudgetSpeech2021 and beyond, we’ve got advice for that.


Budget Speech got you speechless

Has the Budget Speech got you stretching your budget? At Momentum, we've got advice for that.


SA's economy is expected to rebound by 3.3% this year, following a 7.2% contraction in 2020.

We've got advice for that.

Feeling uncertain about how your business will be impacted after #BudgetSpeech2021? Speak to a Financial Adviser to empower you to see the upside of a world turned upside down.

Government is set to roll out a free mass COVID-19 vaccination campaign for which R9 billion has been allocated over the next 2 years.

We've got advice for that.

Answer 3 questions to find out when you’ll be able to get the COVID-19 vaccine. Members of all medical schemes administered by Momentum Health Solutions can rest assured your medical aid will cover the cost of your COVID-19 vaccine.

Gross debt has increased from 65.6% to 80.3% of GDP between the 2020 and 2021 budgets.

We've got advice for that.

Are you worried about the state of your finances? Wondering how to get out of debt, or make your budget stretch further – without getting into the debt trap? Speak to a Momentum Financial Adviser or Velocity Club relationship coach about how to make a plan – a Money Plan.

Despite government’s efforts to boost job creation and soften the blow for those who lost their jobs in the past year, the unemployment crisis in South Africa shows little sign of letting up.

We've got advice for that.

Your greatest asset is your ability to earn an income. Protect you and yourself financially if something unexpected was to happen to you with income protection cover.

Amidst the uncertainties of the #BudgetSpeech2021, are you looking for certainty that your loved ones will be financially taken care of if you were no longer there?

We've got advice for that.

Where there’s a Will, there’s a way. Rather don’t put off drawing up a Will or a Living Will. We’ve got #AdviceForSuccess that will keep your loved ones protected.

An inflation-related increase of 15c/litre in the general fuel levy and, a higher than inflation increase, of 11c/litre in the RAF levy will be implemented from 7 April 2020.

We've got advice for that.

The road ahead looks a little bumpy with those fuel levy hikes. With Momentum Insurance, success is still within you control. You can enjoy up to 30% of cashbacks, even if you claim.

A 340ml can of beer or cider will cost you an extra 14c and a 750ml bottle of wine will cost an extra 26c.

We've got advice for that.

Not feeling like there’s much to cheer about and that you maybe need to re-charge your physical success? Join Momentum Multiply. Stay physically active, take care of your heart, track your progress - and we’ll reward you for that.

The personal income tax brackets will increase
by 5%.

We've got advice for that.

Does it feel like the changes in the income tax brackets will slow down your momentum? With Tax Tim, you’ll always be in control of your tax journey. Get #AdviceForSuccess by using Tax Tim to empower you through the upcoming tax season.

illustration of red car with luggage on roof being followed by a blue moving truck.

The science of your financial success

The Momentum Unisa Household Financial Wellness Insights Report revealed that success is a science. The report looked at the effects of COVID-19 on household finances and determined what were the building blocks that resulted in financially successful households in the midst of a pandemic. The report found that consumers who receive expert financial advice from a certified Financial Adviser and who have a comprehensive financial plan are much better off than those who don't.

Give your finances Momentum. Get #AdviceForSuccess with the
7 habits of financially savvy households.


Illustration of a black woman holding a clipboard.

Budget Speech breakdown: Get a fresh perspective

This year we witnessed one of the most anticipated budget speeches since 1994 owing to the pandemic and its effects on the country’s economy. The minister focused on key areas including taxes and the growth of the economy. Let’s look at the highlights from #BudgetSpeech2021


Tax

The minister announced that tax increases will be kept at a minimum. Personal income tax has not been hiked while sin tax and fuel levies have increased. The minister has also announced that SARS is set to establish a unit to improve compliance.

Government expenditure

The minister said that savings in salaries in the public service could be achieved by doing away with the annual cost of living adjustment in the public service until 2023/2024, reduced head count and early retirement amongst others. According to the Budget Review, Treasury has spent R248.8 billion on health in the past financial year.

Economic growth

The crisis of unemployment is still plaguing the country despite what the minister calls “governments best efforts to soften the blow” of those hit hardest by COVID-19. During the Budget Review, the minister said that R12.6 billion was allocated to various sectors to create short term jobs in the previous financial year and this is set to continue in the 2021/2022 financial year.

COVID-19 effects and vaccination roll out

The minister provided relief for taxpayers by announcing that Treasury will be bank rolling the COVID-19 vaccination roll out. Government has set aside R9 billion to fund vaccines. The money will be funded through budget allocations, emergency withdrawals and contingency reserves if needed.

#AdviceForSuccess leads to a #MomentumShift

Last year women in business won their share of R1 million during the Budget Speech. This enabled them to make a #MomentumShift in their journeys as entrepreneurs and success seekers. Meet our winners.

Shamila Ramjawan: Princess D Cups

What makes your business successful?

"Visibility in other countries and winning awards for the work currently being done."

Juanita Khumalo: Trove Wellness

What makes your business successful?

"We will count our business as successful once the income strategy and profits have increased."

Sinenhlanhla Ndlela: Yococo Ice Cream

What makes your business successful?

"Manufacture and supply 1 400 tubs of ice cream into the shops excluding private deliveries and corporate events. We are trying to get into Dischem and Woolworths."

Vuyisile Zondi: Corium Skincare

What makes your business successful?

"We achieve our financial targets and our marketing objectives."

Give Momentum to your dreams with financial advice for success

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