Your 30s is a great time to get your money on track, but how can you do it? Here are 7 easy tips.
7. Make a plan and goals
Think about what you’d like to achieve or be able to afford in the next year, five years or 10 years. Maybe it’s a house, overseas travel, or getting some decent savings behind you.
6. Sort your spending
Are you throwing away money on things like takeaways, or grabbing food on the go? Now’s a good time to start good spending habits. Food is one of the biggest budget killers, so try to cook more at home, bring lunch to work, and look for budget-friendly meals to cook.
5. Check your KiwiSaver fees
Fees eat into your hard-earned KiwiSaver money and reduce your balance. Check how much you’re paying in fees using the Sorted KiwiSaver Fund Finder
and make sure you’re happy with what you’re paying.
4. Your first home
If buying a house is one of your goals, put plans in place to get there. If you have a home already, think about how you can pay off the mortgage faster. Maybe it’s paying off more each month, restructuring your mortgage, or shopping around for a better interest rate. See a mortgage broker or your lender who can offer suggestions on how to do this.
3. Progress your career
Earning more from an early age can put you in a good financial position, and will mean more contributions to your KiwiSaver account too. Make a plan and goal to boost your career and earnings.
2. Start a savings account
If you don’t have any savings, now’s a good time to start. Having some money in an emergency fund for any unexpected expenses can reduce stress. Aim to build up a few months’ worth of expenses, but start with a goal of $500. Store it somewhere where you won’t be tempted to spend it.
1. Check your KiwiSaver provider and fund
Research your KiwiSaver provider and fund type and check they are both right for you. If you’re not sure who your KiwiSaver money is with, you can call IRD. Helpful tools to compare include the Sorted KiwiSaver Fund Finder and Smart Investor websites. Make sure you’re getting good value for your fees, and find out if you prefer an active or passive investment style. It’s easy to switch KiwiSaver providers and funds.
Story by Claire Connell, JUNO
Published 24 June 2020
Pie Funds Management Limited is the issuer of the JUNO KiwiSaver Scheme. You can read our Product Disclosure Statement. This article is general in nature only and has not taken into account any particular person’s objectives or circumstances. We recommend you speak with an independent financial adviser. All content is correct at time of publication date.