Make a date with your money next week
30 August 2013
New Zealand’s national Money Week kicks off on Sunday and David Kneebone, Executive Director at the Commission for Financial Literacy and Retirement Income is urging Kiwis to take the time to sort their money during the week.
Led by the Commission, Money Week runs from 1-7 September and aims to motivate Kiwis to manage their money better.
Mr Kneebone says although recent research has found Kiwis have a good level of financial knowledge, ranking top among 14 other countries, we’re not always good at putting our knowledge into action.
“Getting in control of your money can stimulate a lot of positive changes elsewhere in life. Taking time to assess your current situation and set financial goals is a key first step. Make a date with your money during Money Week, you won’t regret it
“Often changes like prioritising debt repayments, setting up an automatic payment into a savings account or completing or reviewing your family budget are key steps towards being financially sorted. Once people experience the positive effects of these actions, they are motivated to do more,” says Mr Kneebone.
Mr Kneebone says most of us could benefit from taking a fresh look at our finances. Money Week’s free financial education activities in workplaces, community groups, banks and schools around the country are a great way to get started.
David recommends taking the following steps:
- Make a plan for your money – ensure you’re spending less than you earn
- Set financial goals for the short, medium and long term.
- Make a repayment plan to reduce your debt and always start with high interest debt first.
- Save for an emergency fund of three months' expenses.
- Check your insurance cover to ensure it still meets your needs.
- Work out what lifestyle you want in retirement and what you will need to fund it.
To find out more about Money Week events visit moneyweek.org.nz.