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Katrina Shanks, Financial Advice NZ chief executive Other saving is good, but meaningful savings truly improves your overall wellbeing and gets you ahead financially.” “If there’s one thing we’d recommend, it’s to dial up what’s called your ‘meaningful savings’ – flowing your money towards paying down debt, building up funds for future goals like retirement, or buying a property. Tom Hartmann would have you save money with a clear purpose. “Never, ever, borrow money or have a credit card, unless you are buying a house.” Tom Hartmann, Sorted He also urges people to avoid debt where they can. When they turn 18, there could be $18,000 in there. “In the month someone significant in your life is born, set up a KiwiSaver account in their name, put it in a low fee growth fund, and pay in $50 a month.
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Sam Stubbs suggests doing something for someone else. With money comes freedom and increased happiness". Paying down debt is a privilege very few achieve - but there's help and support to allow everyone to do it. While most of us, at least in the short term, can't change our salary, we can all control how we spend our money. There is too much personal debt out there, with credit cards being a money pit. “Lockdowns have shown what we can (and can't) live without. Christopher Walsh, Money HubĬhristopher Walsh also favours paying off debt. We are at a turning point in the economic cycle so it will pay to be in as strong a financial position as possible as we go into next year.”Ĭhristopher Walsh: Get rid of your debt. “If I'm allowed a second thing, that would be to build up emergency money. Get rid of the most expensive debt first, which is usually credit cards and store cards, then work on ways to pay the mortgage down faster,” she said. “Interest rates are rising and this will have a significant impact on people with large mortgages.
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Liz Koh says paying off debt should be top of the list. So my suggestion to those Kiwis is to invest that excess (or at least some of it) and make those savings work harder for them than just letting it sit in the banks.” Financial adviser Liz Koh, Enrich Retirement “The one thing that Covid has done for many Kiwis who have maintained their jobs and incomes during last two years is they have more savings than ever before. David Boyle, Mint Asset Managementĭavid Boyle says some people have more money available to them than they normally would, due to being stuck at home during lockdowns and because travel is not possible. David Boyle: Make your savings work harder for you.