This monthâ€™s theme is â€˜Get Activeâ€™! Most people will think this applies to your health and fitness â€“ But here at Goodlife, weâ€™re applying this to your financial health and wellbeing!
How can you â€˜Get Activeâ€™ and get your financial lives in ship-shape order? Letâ€™s look at one powerful and helpful tip:
Why do we put so much importance on â€˜Budgetingâ€™? Itâ€™s essential that you know where your money is going and whether thereâ€™s any room for discipline. Just like youâ€™d start your exercise regime with stretching â€“ Budgeting is the starting point for personal financial success!
Do you track what you spend your money on? It probably wouldnâ€™t surprise you to learn that almost every Kiwi Mum and Dad I meet, doesnâ€™t budget or have any mechanism in place to track spending. This is the first port-of-call we look at when working with our clients. Thereâ€™re plenty of options available to you out there from software to spreadsheets to writing it all down in a book! Utilise free software here are the Sorted website.
The New Zealand Federation of Family Budgeting ServicesÂ also has some great online tools that you can use to help you track your spending and plan your budget. They also offer free budgeting services if you are struggling with your finances.
Or, email me on email@example.com and Iâ€™ll send you the spreadsheet that I personally use every week. It just takes me 10 minutes! All you need to do is download your statement and tick off each item after youâ€™ve entered it â€“ Easy! I can also provide you with a list of categories to itemise your spending.
The first thing you need to look out for is whether youâ€™re www.sorted.org.nz/home/sorted-sections/kiwisaver/key-featuresspending more than you earn. Unfortunately this is common in NZ. Once youâ€™ve got an understanding of your weekly, monthly, or annual spend, you can check this against your net income (take home pay) to see if thereâ€™s a surplus. Here is a great website to find out what your net income is:
Once you know whether or not youâ€™re coming out with a surplus, you can then think about a savings plan! And thatâ€™s what weâ€™re here to help you with personally. Remember, thereâ€™s plenty of financial assistance along the way to add to your savings from places like the Government and various tax effective strategies.
Good luck with getting active with your finances this month!