Last month I talked about setting goals and what things could be included in your financial plan.
Like a lot of things in life, taking the first step to create your financial plan is the hardest. And sticking to it is often harder.
What’s important is that you make a start, as what you do now will impact your financial life in the future.
So, how do you begin? A good place is to start talking. To friends, to family and to trusted advisers.
You may be surprised how many people are in the same situation as you – they may be overloaded with debt, wondering how they are ever going to pay off their mortgage, or how they will ever have a comfortable retirement.
Once you’ve made the first step towards taking control of your money, and your future, I guarantee you’ll feel a whole lot better.
KiwiSaver
I often get asked about KiwiSaver and whether it’s worth it. The short answer to that is “yes”! Quite frankly where else can you get free money?
If you’re already enrolled in KiwiSaver, do you know where your money is and how it’s performing? If you want to change it up, e.g. if you want to take more or less risk, then now’s the time to do it. I recommend doing a yearly review of your KiwiSaver account so it keeps pace with your changing life.
Many first-home buyers can use their KiwiSaver money as a deposit. This is becoming increasingly popular, especially in a heated housing market. If you have children, then consider enrolling them in KiwiSaver – the sooner the better.
Everyone likes free money
Did you know that legally your employer has to contribute 3% to your fund? The government will also match you 50c in the dollar up to $521 per year (if you contribute up to $1042).
Make sure you’re not missing out! Please do contact us if you have any questions about KiwiSaver, we’d be happy to help.
KiwiSaver is just one of the key elements we look at to build a strong financial plan.
If you’d like to have a plan that will map out and achieve your financial goals, then the time to start is now. If you need a hand, give us a call.
‘Dollars and Sense’ is a monthly column Mike writes for the Hastings Leader and Napier Courier. This column is general in nature and should not be regarded as personalised financial advice. A disclosure statement is available on request and free of charge.
