Managing your money can quickly feel overwhelming when you're busy living life, especially when emergencies suddenly break out. However, planning a budget and factoring in some wiggle room can save you a lot of hassle further down the road.

Personal finance tips.

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Tip 1: Plan a budget.

<h2>Tip 2: Apply the ‘<strong>50-20-30’ </strong>rule.</h2><ul><li>Spend 50% on necessities.</li><li>Put 20% towards your savings.</li><li>30% can go to whatever.</li><li>Or, if you like, try '60-20-10-10:<ul><li>60% on expenses.</li><li>20% for savings.</li><li>10% on long term goals.</li><li>And 10% on short-term fun!<br>&nbsp;</li></ul></li></ul><h2>Tip 3: Write down your purchases.</h2><ul><li><span style="color:#0E101A;">Start by adding up your income&nbsp;— that's all the money you've got coming in.&nbsp;</span></li><li><span style="color:#0E101A;">Then, subtract all your expenses<strong>&nbsp;</strong>— that's everything you spend (we do mean everything).</span></li><li>Once you have an idea of what you currently spend, start taking note of your purchases as you make them.</li><li>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.</li></ul>

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

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Tip 5: Carefully consider personal loans.

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

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

<h4><span class="text-tiny"><i><strong>Disclaimer.</strong></i></span></h4><p><span class="text-tiny"><i>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.</i></span></p>

Personal Finance Tips

Found out your credit score and didn't like what you saw? Or have you just been rejected from a loan or credit application? No worries — we've got tips on raising scores, what you should be looking out for and even why you should care (if you're still not convinced). Plus, extra tips on how to improve your score when house hunting.

Improve your credit score

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There are many different credit card options out there — but how do you know which card (or cards) to use?

Debit or credit card?

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Do you often forget to check your bills? That’s understandable — bills have a habit of coming in when we least expect. So, how do you keep on track of them?

How to set reminders for your bills.

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It's crucial to keep a good hold on any money leaving your account. So, in this blog, we’ll cover all the ways to track your money — financial planning, budgets and calendars.

Why financial planning, budgets and calendars are important.

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Did you miss a payment and now have to tell your credit provider? While it can seem daunting, the steps towards getting your missed payment sorted are straightforward. 

How to talk to your lender or provider about a missed payment.

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Missing a repayment can be concerning, particularly if you’re trying to grow your credit score so you can get better access to loans. But the good news is, if you catch a missed payment early, it’s easy to correct.

I missed a repayment — what should I do?

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While it’s always wise to pay your bills, they can sometimes pile up, making it hard to manage. Taking out loans to pay other loans may also prove difficult, as lenders or credit providers will likely prevent you from getting other loans if you have a history of not repaying what you owe.

Help, I'm struggling with debt — can I claim hardship?

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Getting a message from a debt collector can be a terrifying experience — particularly if you didn’t even know you had an overdue amount to begin with. Debt collectors may make it seem like you have to pay right up front or over the phone to get your owing amount sorted. But don't worry, you have rights.

Debt collection letters and calls: here’s what to do.

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Failure to repay your loan or credit amount is severe — leaving unpaid debt untouched can result in late collection fees and additional interest. You may even find certain things you own repossessed (depending on what you agreed on when you signed for a loan or credit amount).

What to do when you're overdue on repayments.

Feel like your money problems never end? A personal loan could be an option to explore if you need cash fast. But, before you do anything, it's essential to consider how taking on a new loan affects your finances.

Personal loan tips.

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Tip 1: Don't borrow what you can't pay back.

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Tip 2: Be aware of your credit score.

<h2>Tip 4: Get weirdly into financial reports.</h2><ul><li>If you're going to the bank or a lender for a business loan, you'll need to have a credit report.</li><li>Get together all your expenses, outgoing costs, and expected incomes for your report.</li><li>If making reports isn't your thing (which for many, it isn't), consider going to a credit reporter, like <a href="https://www.equifax.co.nz/">Equifax</a>, <a href="https://www.illion.co.nz/">illion</a> or <a href="https://www.centrix.co.nz/">Centrix</a>.</li><li>Do check the report you get back — there might be mistakes, which you can query if you think they're wrong.</li></ul><p>&nbsp;</p><h2>Tip 5: Be a wise student, not a poor one.</h2><ul><li>If you're thinking about studying, check to see what loan you can get.</li><li>If you don't know, contact <a href="https://www.studylink.govt.nz/">Studylink</a> — they handle all student loans.</li><li>There are two loan types — allowance and loan.</li><li>Allowance is free, and you don't pay it back. It's based on your circumstances - check first to see if you qualify.</li><li>Student loans you do have to pay back. Try to take out as little of this type as you possibly can.</li></ul>

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Tip 6: Get a car you can afford.

Need help managing your money? Yonda's here for you.

Loan tips

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You may have heard of credit before — basically, it’s money you use and spend, usually on a loan or credit card. When you take out credit, you’re opening a line of borrowing that extends into the future, building a case history of you as a borrower. This helps lenders, credit card companies, banks and other lenders decide whether to lend you any money.

What is a 'good line of credit'?

Everything you do affects your credit score, from paying bills to taking out credit cards and loans. Which in turn decides the interest rates you pay and whether you can get a loan at all!


Credit scoring tips.

Tip 1: Pay your bills. And credit cards.

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Tip 2: If you're going for something big, get a full credit report.

<h3>Tip 4: Don't apply too hard for credit.</h3><ul><li><span style="background-color:transparent;">If lenders see that many people have been checking your credit score, they might think you’ve been hunting for more loans than you can afford.</span></li><li><span style="background-color:transparent;">Don’t apply for too many credit cards either — it makes you look desperate.</span></li><li><span style="background-color:transparent;">Quotation enquiries are when credit providers look at your credit history without making a difference to your credit score.</span></li><li><span style="background-color:transparent;">Complete credit applications do make a difference, but just in the wrong way.</span></li><li><span style="background-color:transparent;">Too many complete applications will make it look like you're desperate for cash and drop your score.&nbsp;</span></li><li><span style="background-color:transparent;">So check what kind of enquiry you're getting when applying for either a loan or a financial checkup from a credit reporter.&nbsp;</span></li><li><span style="background-color:transparent;">And, if you're running a complete application before taking out a loan, make sure you need it first!&nbsp;</span></li><li><span style="background-color:transparent;">You can always use Yonda to check your credit score for free without it hurting your score in any way.&nbsp;</span></li></ul><p>&nbsp;</p><h3>Tip 5: Don't default, don't abandon.&nbsp;</h3><ul><li><span style="background-color:transparent;">If you’ve got a credit or store card you’re not using, cancel them.</span></li><li><span style="background-color:transparent;">Don't allow defaults or missing payments to stay on record.</span></li><li><span style="background-color:transparent;">Make a plan to pay them back instead of leaving them open.</span></li><li>Also — don't move your debts around between credit cards or shift credit over if applying for hardship. It's an actual red flag for lenders.</li></ul><p>&nbsp;</p>

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Tip 6: Build a credit history.

Hold on, dude!

Credit Scoring Tips.

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Getting a great credit score depends on your credit history. But how do you do that if you’re just getting started? And hey, you just started — so what even is a credit score? 

5 tips to supercharge your credit score.

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When you first set out into the world of credit, you may find it hard to secure any money. However, you need to set up a positive history of repayments to get to this stage. 

What is positive repayments data?

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It’s easy to buy things on credit cards, especially with the money we borrow. How do you stop yourself when you buy something online with a press of a button or a swipe of your phone?

How to control credit card debt.

Improve your credit score

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