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Money Week 2015: Five top tips to get your money fighting fit! 

Money Week is a nationwide week of events that motivates New Zealanders to look at their financial situation and get their money into the best shape possible - and we love it! We’ve asked our experts for their top tips for getting your money fighting fit!

1. Spend less than you earn.
In today’s increasingly consumer world it’s easy to get carried away with all the choice we have at our finger tips. Some of us succumb to the ring of cash register at sale time, or perhaps an unexpected expense leaves us in the red. Regardless, spending less than you earn comes in at the number one tip to stay on track.

Action Tip: 
Write down a budget that clearly outlines your incomes verses expenses.

2. Pay off bad debt.
Often reviewing our debt can be a very uncomfortable experience.  We may feel overwhelmed, or even embarrassed that things have gotten a bit out of control.  Don’t worry, you’re not alone, and it’s never too late to formulate a plan to get back on track. There are lots of great tools available to get you started such as the free debt calculator from Sorted. If this is an area of real concern for you then we’d strongly suggest seeking professional advice.

Action Tip: Pay off the highest interest rate first and pay on time to avoid incurring fees (those interest rates are not your friend!).

Manage your cash flow.
A simple budget is one of the fundamentals to any successful financial plan. We see lots of clients who are pleasantly surprised to find that once they account for their spending they actually have a surplus at the end of the week! Imagine if you started putting that surplus towards your next lifestyle goal, rather than another flat white. You’ll be really surprised to find out how really small changes in this area can make a BIG difference.

Action Tip: Maintain a spending diary for a fortnight. You’ll soon see where you are spending those dollars!

Maintain an emergency fund
Maintaining an emergency fund acts as a support buffer if times ever get tough. The general rule of thumb is to work toward being able to cover all your expenses for a minimum of three months. Start by putting aside a small and manageable amount each week, and keep it consistent. Lots of our client’s set-up a weekly automatic payment into a separate savings account to help them to manage this.

Before you know it you’ll be well on your way to being covered for that rainy day!  This is probably a great time to review any insurance options too.

Action Tip: 
Open up a savings account for your emergency fund - today.

5. Create more wealth.
There are plenty of things that you can do right now to create more wealth and maximise your assets. First on the list is to review your current KiwiSaver and ensure you are getting the most bang for your buck. KiwiSaver has around two hundred different funds, all with varying returns. 

Are you in the fund that earned just a 5.8% return last year or do you get a whopping 23.6%? There's a big difference! 

Most people are really surprised at how simple and easy it is to change your provider or fund. You can do this yourself (at not cost) by contacting your provider or ask an expert about your options. Regardless, a change today could be the difference of literally thousands when you get to retirement. 

Action Tip: Book your free 20 minute KiwiSaver review with Wealth Works today.

Are you on the road to financial freedom? Talk to the fully qualified and authorised team at Wealth Works. 
You’ll receive expert advice on how you can reach your financial goals. It’s just one way we can help Kiwi’s realise their dreams. 

Take the first step toward financial freedom and call us to book for your 
free initial consultation today 09 306 5820

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