Events to get you on the path to financial stability will be held all over the country from 13-19 October as part of Money Week.
Money Week, a joint initiative of the Commission for Financial Literacy and Retirement Income and Sorted, is held annually to motivate Kiwis to look at their personal financial situation.
Retirement Commissioner Diane Maxwell said worrying about money “erodes mental bandwidth, confidence, energy and optimism”.
"Building financial stability builds our own personal capability and allows us the space to plan our lives. But it means knowing where you want to get to, what success looks like and having a plan to get there,” she said.
Banks, budget advisors, community groups, workplaces and schools have been involved in planning events. You can find what’s happening near you at moneyweek.org.nz.
Make the most of Money Week checklist
The Commission has released its Top 10 Tips for getting into financial shape as part of Money Week. They are:
Work out by saving
Set aside savings before you do anything else. You may only start out small, but beginning right away and making it automatic helps.
Build that buffer
Having money is all about having options. Expect the unexpected, so try to build an emergency fund of at least three months’ expenses.
Get on the circuit
As you shop around, compare your choices carefully. If you’re borrowing money, don’t forget the true cost of any interest and fees you’ll be paying.
Trim your debt
Try to repay more than the minimum. Shed your high-interest debt as quickly as possible.
When you get a windfall, put it towards something that helps you get ahead – like paying off debt.
Clear and realistic goals for the short, medium and long term help us focus.
Plan your training
See the steps you need to take. A money plan for what you earn and spend is a great way to reach your goals.
Focus your energy
Flow your money towards your goals. Learn which mix of investments can help you achieve them. When you reach a goal, celebrate!
Protect your progress
You train hard, so you want to make sure you stay on track. Get the right insurance for you and review it annually, or as soon as your situation changes.
Stretch yourself further
Everyone can use a personal trainer – call 0508 BUDGET for a budget adviser or consult an authorised financial adviser to reach your highest potential.
Keep an eye on Consumer’s Facebook page for financial tips during Money Week.