We are well and truly into money week around New Zealand and throughout the week we’ve been running sessions for our people here at IAG around Kiwisaver, wills, and financial planning.
Doing a financial check-up can be quite daunting, and David Porter, Business Development Manager – Kiwisaver at ASB, says that fear is one of the biggest barriers when beginning to sort out our finances.
“I think one of the biggest barriers is probably the fear to start. Where do I even begin? The thought of creating a budget scares a lot of people, but it doesn’t have to be that difficult. You can start by sitting down with someone that you know who might be better than you at this kind of thing, or sitting down with a work colleague you feel comfortable with. Even sitting down with a bank and talking to them about your current financial situation is a great start, and often you find that you can easily come up with a reasonable budget. And once you’ve made that start – like anything in life – say if you want to get fit or you want to achieve a big goal – the hardest thing to do is start. But once you actually do, it becomes a lot easier from then on!”
In terms of money saving tips, David says that creating a budget is a great place to start.
“It’s so important to know what money you’ve got coming in, and that you understand what money is going out. That should hopefully leave you with a disposable income that then gives you the opportunity to be able to save up for things like holidays or to do things that you want to do with that money. So before you do anything, the most important thing to do is to create a budget. Knowing where your money goes will also allow you to look at it and say ”hey, am I actually paying the right money for these types of things?” and help you look at your expenses to see how you might be able to get better value. That might be anything from saving money from your groceries by shopping somewhere else, or it could be your electricity and looking at ways you can reduce the amount of expenses you have so that your disposable income becomes greater. So creating a budget is a really great place to start!”
Money Week is a great reminder for us all to do a bit of health check on our finances and ensure that we are prepared to weather whatever life throws at us. Check out Money Week for more tips and information here.