All in Saving
A few weekends ago a young guy was scanning my groceries and he was chatting away about his final exam and his finish date. When I asked him what he had planned for the summer, he said he will be working for about 35 hours a week. Although I was desperate to ask him the finer details of his financial life, I didn’t want to freak this young guy out so I kept my questions to myself. But my absolute main one was “what is a 16-year-old proposing to do with all the money they will make this summer?
There are no two ways about it. Overseas travel ain’t cheap. It’s awesome. But it sure ain’t cheap. We said to ourselves that 2019 would be a ‘stay at home’ year because we have bills coming up, there is not enough in our travel fund and we can’t afford a trip this year. But how have we managed to do it, despite saying we couldn’t afford it this year?
Those of you who have read my blog for a long time have been on a journey with me as I teach my daughter, now 11 years old, about how money works. Like every parent, I’m just making it up as I go along and I’m slowly working on her education around how money and life interact. So far, I’m pleased with how things are going and the time has come for her very first bank account.
This question was sent in by Declan a while back, but it is one that crops up in my inbox relatively consistently as well, so I thought back to what I did and what I would do if faced with the situation he is proposing again.
Today I wanted to answer a question that was asked by Linda. She is interested in looking at the pros and cons of taking her KiwiSaver as a PENSION versus a LUMP SUM invested in the bank and using the interest to supplement her government super…
The very first thing I would do is set up an automatic transfer to syphon off a set amount of money each week into a sub account with your bank and give it a flash name like “IKMSMOI” (investments keep my sticky mitts off it).
Today I thought I would tackle one of YOUR questions head on. It’s housing related, a topic that is constantly being talked about in New Zealand and one that I generally try to avoid. So here goes…
