YOUR QUESTIONS ANSWERED

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