Minister of Finance, Tito Mboweni delivered the highly anticipated 2021/2022 Annual Budget Speech on Wednesday, 24 February 2021. With the economic challenges faced by the country as a result of the COVID-19 pandemic, we were definitely looking forward to hearing about plans in place to alleviate this and how budget changes would affect our members’ day-to-day lives. In this post, we look at some highlights of the budget speech and show you how to make the most of your membership in the current economic climate to stay on track with your financial goals.
Highlights
- No changes announced on VAT, it remains at 15%.
- Household consumption expenditure will be boosted by bracket creep relief, contributing to lower personal income taxes. On the other hand, social grants will be raised by less than inflation.
- No major increases were announced for medical tax credits. However, the following inflationary adjustments were announced:
- An increase from R319 to R332 for the first two dependants.
- An increase from R215 to R224 for all additional dependants.
How to multiply your money to adjust to the changes
Shop smarter at our cashbacks partners to save more
As a Momentum Multiply member, you get exclusive partner rewards like cashbacks when shopping at Pick n Pay, Dis-Chem, Makro, Clicks and the Multiply online shop. Take advantage of these cashbacks to save more on the things you’re already buying.
Boost your savings
With Multiply Money, you can save the cashbacks you have earned at our partners for a rainy day. If you keep the money in your savings wallet, you will earn interest from the very first cent you save.
Watch this video to see how to transfer money into your savings wallet.
