Tip 1: Plan a budget.

  • Work out what's going in and out of your account each week.
  • Check to see what you can afford to meet based on your weekly income.
  • Plan the following stages of your journey. For example, if you want to buy a house, where would that leave you financially?
  • Once you add everything up, you'll know what you have left to spend (this is what's known as your surplus).

Tip 2: Apply the ‘50-20-30’ rule.

  • Spend 50% on necessities.
  • Put 20% towards your savings.
  • 30% can go to whatever.
  • Or, if you like, try '60-20-10-10:
    • 60% on expenses.
    • 20% for savings.
    • 10% on long term goals.
    • And 10% on short-term fun!

Tip 3: Write down your purchases.

  • Start by adding up your income — that's all the money you've got coming in. 
  • Then, subtract all your expenses — that's everything you spend (we do mean everything).
  • Once you have an idea of what you currently spend, start taking note of your purchases as you make them.
  • You can note this down on your phone, on a notepad or by making a scrapbook out of your receipts! If you go for this option, make sure to add up the online payments.

Tip 4: Set long (and short) term goals.

  • Once you have a budget in mind, use it to start thinking about things you want to achieve.
  • Goals might include:
    • A three-month emergency fund was saved up for the end of the year.
    • Buying a house by the time you reach thirty-five.
    • Or paying off all your credit cards in the next nine months.
  • Check to see if these goals match your current spending habits. If not, maybe it's time to make a change.

Tip 5: Carefully consider personal loans.

  • A loan might give you cash now, but how does it factor in with your budgeting plans?
  • And if you're dead set on loan, are you sure you're getting the best interest rate?
  • If not, do some shopping around for lenders.
  • A good little math sum for working out affordable loans is:
    • Principal (amount borrowed) + interest (% of principle) + extra fees.

Tip 6: If loans are for you, know your credit score.

  • Credit scores are what lenders use to decide how much they'll let you borrow.
  • If your score is low, you're considered risky and might have to pay a higher interest rate.
  • Don't just take your score as read. If it's terrible, you can continually improve it over time by paying bills regularly, limiting your credit card applications and reducing the number of credit enquiries you ask for.
  • Good behaviour gets good scores — and better loans.

Need a hand with your personal finance in NZ? Yonda’s here.

Are you feeling overwhelmed? Don't worry. If you need finance tips in NZ, we're here for you. We've set up a fantastic new app designed to give you the tools you need to get your finances in order.

Sound good? Head to our homepage to download the app and find out more.


Info and tools on the Yonda website are used as a guide only and do not constitute financial advice. Use Yonda as a starting point and then seek professional advice.


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