News | Features
30 Mar 2024 1:35
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business > Features

    If the Government Can Do It...

    If there's one topic that I should write about more often, but I avoid because I fear it will turn people off, it's budgeting. But with the government's Budget in the news, now is as good a time as any to consider the way we - as individuals or couples - spend our money. And I promise not to get preachy.


    The first question to ask yourself is whether you need to budget. If your income covers your expenses - which should include saving if you need to save - then perhaps there's no need for a formal plan.

    Make sure, though, that you are in the habit of saving to buy expensive items, such as cars or travel. If you save before buying, rather than putting it on a credit card, you will be thousands of dollars better off over your lifetime.

    If you are not that well organised, or if you have debt of any kind, budgeting to some degree can make a big difference to your total wealth.

    There are two levels of budgeting. The first is to simply ask yourself as you spend money over several weeks: "Did I really need or want that?"
    Identifying unnecessary spending and reducing it might make all the difference.

    The second level is to write a list, estimating how much you spend in different categories, such as food, clothing, transport and so on. Then check that against your actual spending - either by noting what you buy as you go or by going over bank statements, credit card statements, cheque butts and so on. Wherever your actual spending is higher than your estimate is probably a good place to cut back.

    Two thoughts that might make spending reductions easier:

    · Experts say that , to change a habit, you need to do the new thing daily
    for just a month. It's easier to aim at 30 days than "forever".

    · If you cut spending on something that is bad for your health - such as
    smoking or drinking too much or eating fatty food - you are killing two birds with one stone. The virtue you will feel should give you extra impetus.

    You might also find it helpful to set goals. The following are tips on goal
    setting:

    · Make your goals specific. For example, plan to pay off your credit card
    debt in a year, or save $10,000 in three years to buy a new car.

    · Break down your goals into smaller chunks. With the credit card debt, that
    might mean monthly repayments that start at $100 and grow by $50 a month.

    · Involve others. A relative or friend can help you to be realistic. And
    discussing your plan may help you stick to it.

    · Write your goals down, and mark your diary or calendar to check your
    progress.

    Don't be too hard on yourself. Include a few treats. And, if you miss your target one month, don't try to make it up next month unless that's easy. If you often miss the steps towards a goal, perhaps you should modify it.

    And be flexible. Circumstances change. Only you will know if you are being realistic in adjusting a goal or you're just finding excuses. If it's the latter, think about whom you are cheating.

    Just a minute. I said I wouldn't get preachy. Time for a quote from poet Robert Frost: "Nobody was ever meant to remember or invent what he did with every cent."

    © 2024 Mary Holm, NZCity

     Other Features News
     10 Sep: Spring clean your finances
     13 Aug: Plan ahead to give yourself a debt-free Christmas!
     10 Jul: Wise up to clear credit card debt
     07 May: Ways to prepare for the unexpected
     30 Mar: Time for a financial progress check
     10 Feb: Studying up on NZ Super
     10 Jan: Managing the back-to-school bills
     Top Stories

    RUGBY RUGBY
    The Chiefs are backing young first-five Josh Jacomb to step up in tonight's Super Rugby clash against the Crusaders in Christchurch More...


    BUSINESS BUSINESS
    New Zealand Food Safety is supporting Matakana Smokehouse in its recall of a specific batch of two of its salmon products because of the possible presence of Listeria More...



     Today's News

    Rugby League:
    NRL Good Friday: Bulldogs take on desperate Rabbitohs, Broncos renew rivalry with Cowboys 23:07

    Law and Order:
    Gisborne Police have charged three people with graffiti vandalism and have identified a fourth suspect after the city's rainbow crossing was defaced with white paint earlier this week 21:57

    Entertainment:
    Heidi Klum would've "loved" a role in 'Griselda' 21:53

    Law and Order:
    Police have left the scene of a party that erupted into a disturbance on Auckland's Princes Wharf 21:37

    Entertainment:
    Tom Schwartz "made out" with Scheana Shay 12 years ago 21:23

    Entertainment:
    Mel B vowed she would never marry again following her split from Stephen Belafonte 20:53

    Entertainment:
    Eva Mendes has branded her mum "incredible" for retaining her sense of humour during her battle with cancer 20:23

    Entertainment:
    Katie Maloney doesn't "hang out" with her 'Vanderpump Rules' co-stars 19:53

    Entertainment:
    Jessica Chastain found it "difficult" to film 'Mothers' Instinct' with her showbiz pal Anne Hathaway 19:23

    Rugby:
    The Chiefs are backing young first-five Josh Jacomb to step up in tonight's Super Rugby clash against the Crusaders in Christchurch 18:57


     News Search






    Power Search


    © 2024 New Zealand City Ltd