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4 February 2022

Top tips for saving this year

Here are our top tips to make your money go further in 2022.

Food, petrol and housing cost a lot more than they did a year ago. In December 2021, inflation hit 5.9 percent – the biggest annual jump in 30 years. The Consumer NZ Sentiment Tracker found 15 percent of New Zealanders had no savings, and a further 27 percent were anxious about their level of savings. Here are our top tips to make your money go further in 2022.

Our top budget tips

Spring-clean your subscriptions and memberships: Is there a service you pay for that you don’t use? Check your bank or credit card statements over the past 12 months to catch any annual recurring subscriptions or memberships you may have forgotten about.

Don’t rack-up purchases on interest-free deals: An offer might sound tempting, but it could be a debt trap. Interest-free deals often come with set-up and service fees that can add between five and 16 percent to the purchase price. If you don’t clear the debt within the interest-free period, we found interest rates on some deals cost from 22.90 to 25.99 percent per annum.

Try budgeting apps: They’re a popular way to keep track of your money. If you don’t know where to start, check The site offers a free budgeting tool, KiwiSaver calculators and savings calculators.

Have an emergency fund: When an unexpected cost hits, it’s handy having an emergency fund. Putting in a little money each payday can really make a difference when a car repair or dentist bill comes up.

Our top banking tips

Compare account options offered by different banks: Could you get a more attractive interest rate on a savings account at another bank? Here’s our guide to navigating the different bank accounts and fees.

Consider having a separate savings account with a different bank: This way you’re less likely to dip into your funds, as there’s a higher barrier to making transfers or withdrawals.

Check your bank fees and charges: For example, most banks charge fees when you do your business in the branch. Using online banking is an easy way to avoid charges.

Review your loan repayments: Is your repayment schedule working for you? If you have loans on a more frequent schedule (for example, weekly or fortnightly rather than monthly), you can save money in total interest over the term of the loan.

Shop around

If your broadband or mobile plan is up for renewal, why not see if there’s a better deal elsewhere?

Our Powerswitch website makes comparing prices of energy providers – and calculating what you’ll save – easy. Just make sure to understand the terms of your contract. For instance, you don’t want to be stung with break fees by ending a contract early.

Switching insurers can also save you a lot of money. For example, you can often get a discount for combining house, content and car insurance. Our annual house and contents price survey has a handy comparison of different premiums.

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