The New Zealand Bankers’ Association (NZBA) says we could all benefit from taking time to think about building our nest egg and saving for our future, and the long Easter weekend is the ideal time to do so.
“It’s good to take time to think about your financial future and set personal financial goals. By making a plan and managing your money, you can get ahead to save for short terms goals like a holiday, or think longer term to build a nest egg for a home deposit or your retirement,” said Antony Buick-Co stable, acting chief executive of the New Zealand Bankers’ Association.
“Online tools are a useful resource to assist with planning your personal financial goals. If you are looking for information about managing your money and making informed financial decisions, your bank is a great place to start,” Buick-Constable added.
Build your nest egg and get ahead with these money management tips:
- Set short and long term financial goals. Think about what you want in life and how your money decisions can support you to achieve that. Write down your short and long term goals. Think about what you need to do or change to succeed.
- Hatch a plan. The ultimate tool to help achieve your financial goals, increase savings or reduce debt is a budget. Take time to review how, when and where you spend your money. Tracking your expenses allows you to set a realistic budget and identify the areas where you can make changes. Making your lunch or cutting back on a coffee each day could save you thousands each year – it all adds up faster than you think! Most importantly, once you have set your budget you need stick with it. By staying with your plan you will soon see progress toward your goals. There are useful budget planning resources at www.sorted.org.nz or on your bank’s website.
- Grow your nest egg. Have short and long term savings goals. Whether you’re saving toward a much-needed holiday or a deposit for a house, by staying focused and committed to your goals you will see results. If you haven’t started saving for your retirement, it’s never too late – hop to it! For more information visit www.kiwisaver.govt.nz
- Manage debt. Take time to review any debt that you hold and make it your goal to be debt-free. Talk with your bank about how to get debt-free fast. Avoid ‘dumb debt’ and only ever borrow what you need and plan to pay it off as quickly as you can.
Having a nest egg can be a good investment for your future. So hop to it and take some time
this Easter to hatch a plan!