Making money count: tips for organising your family budget



Get in the best financial shape you can!

Make financial wellness your top priority - starting now! Setting up clear goals and objectives for what you want to achieve will help; try these suggestions for how you can become more financially savvy.

1. Know what you’re dealing with 

Don't bury your head in the sand! Do a full financial audit of your current situation.  Spend some time getting to know your finances.  How much debt do you have, and what interest rates are you paying? What are your monthly expenses versus your income?  Then get organised: use spreadsheets to give you a clear picture, and file everything in one place.  

2. Create a household budget 

We all know financial wellness is not possible without a budget.  The key to successful household budgeting is realistic numbers and accurate information. Account for every daily, weekly and monthly expense, and if you’re not sure, keep a spending diary for one month.  

3. Manage your debt 

Are you drowning in debt? Make a plan to attack your debt, paying off debts with the highest interest rate first. If you’re motivated by faster results, try paying individual debts one at a time. You could consolidate your credit card debt into one card with a low interest rate. BNZ have a limited-time balance transfer offer of 0% for 12 months for certain credit cards. By paying back the principal and not the interest, you’ll make headway on your credit card debt a lot faster.

4. Start an emergency savings fund 

Unexpected costs like car repairs and appliances that need to be replaced can put a dent in any well planned budget and take you back to square one.  An emergency savings fund, even if you can only deposit a small amount per month, will give you give you peace of mind and watching it grow will increase your financial confidence. BNZ’s Rapid Save is a great way to start an emergency fund, there is no monthly base fee and your base interest is calculated daily.

5. Protect your family’s future 

If you haven’t already done so, prepare a basic will and investigate life insurance. Although these are hard topics to think about when you are responsible for a family’s wellbeing they need to be considered. 




PARENTING
GALLERIES


Copyright © 2017 www.ohbaby.co.nz. All Rights reserved.