GETTING A KIWISAVER WOF — for people of all ages
Worried about how the Covid-19 pandemic is affecting your KiwiSaver investment, and wondering what to do about it?
Or is KiwiSaver the last thing on your mind? Maybe you were auto enrolled and have ignored it since.
Some shocking results in survey on New Zealanders’ finances
Canstar Consumer Pulse Report 2022:
– More than half spend more than they earn — especially young
– 2/3 don’t have enough rainy day money
– Nearly ¼ don’t save anything
– Only 45% are debt-free, excluding mortgages
How you might change your habits.
Q&As:
– Where to get help for worrying family member
– One way to help your child into the house…
– … And tax changes shouldn’t get in the way
– Capital gains already taxed if you aimed at profiting
– Tax on NZ Super when you continue to work
– Quitting job ‘best thing I could have done’
Q&As:
– It’s not worth staying in highly paid job you hate
– How rainy day money might help with mortgage
– Don’t forget finance company collapses
– How rental property is different
– Am I unfair, or is the reader?
– Big-hearted landlords
Emergency — or rainy day — money
– But first — win a copy of Mary’s new book!
– Make emergency money your second to top priority
– When things go wrong…
– How much do you need?
– How to set up saving for this
– Where to keep the money
– Use your mortgage?
– Charity fund?
– If you use the money, top up again!
Economic wellness. Also National’s KiwiSaver idea.
– What ‘economic wellness’ means
– How can we achieve it
– Will our health improve if we achieve economic stability?
– Is it easier to be well if you have money?
Plus: Is National’s plan to let people withdraw $20,000 from KiwiSaver to start a business a good idea?
Q&As:
– 72-year-old should buy house she rents. Plus how to make her savings last
– Last week’s indebted reader should get a mortgage
– No choice but to apply for overseas pensions
– No government handouts without rules — but help is available
Q&As:
– When debt can be good…
– … And when it’s not
– Job seeker benefit not easy to apply for
– Is this NZ Super reduction fair?
Mixed messages to New Zealanders these days
– Some examples: work from home vs support CBD businesses, Buy NZ goods vs imports
– In more depth: Encouraging you to spend vs setting up your emergency fund
– 2 recent surveys: How big are people’s emergency funds? What are people doing about that?
– The big question: Is it selfish to look after your own finances, rather than helping the economy to recover?
Keep your hands off KiwiSaver in economic downturn!
Commission for Financial Capability survey results. How we could do this better:
– Sidecar emergency savings fund attached to KiwiSaver
– More use of moneytalks.co.nz to access free financial advice and budgeting help
– Build up your own emergency fund