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  • Independent on Saturday

    YOUR QUESTIONS ANSWERED

    Feb 27, 2021 4 minutes

    Credit or TFSA to pay for wedding?

    I’ve been saving into a tax-free savings account (TFSA) for three years. I am getting married, and I want to use these savings to cover the costs. Is this a good idea? I may need to use credit to fund my wedding instead, because I have only about R5 000 saved in a unit trust account, separate to my tax-free savings.

    Name withheld

    Jaanre Muller, a financial adviser from PSG Wealth Hermanus Portfolio Management and Stockbroking, responds: A TFSA allows you to invest a maximum of R36 000 per tax year, or R500 000 over your lifetime, irrespective of any withdrawals that you make. This means you cannot replace funds that you withdraw

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