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Tina

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Tina last won the day on February 8

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About Tina

  1. The 52 week money challenge

    Well done. I am Definitly impressed.
  2. The 52 week money challenge

    Hi thanks for ur update. These things have their ups n downs. Just out of curiosity do u contribute to an emergency acc
  3. The 52 week money challenge

    wanted to know how everyone doing
  4. Kiwi saver switching plans

    Correction, under Kiwisaver Act 2006, part 53 http://www.legislation.govt.nz/act/public/2006/0040/latest/DLM378372.html (1) A person may be a member of only 1 KiwiSaver scheme at any one time. (2) This section does not limit subpart 3. (3) This section does not prevent people from having more than 1 account or investment product of any one KiwiSaver scheme. For instance, BNZ kiwisaver has several kiwisaver accounts, cash, moderate, conservative, growth balanced to name a few. Your kiwisaver total sum can get divided into as many of these as possible provided minimum amount is 5% of your kiwisaver account total in each account. I have mine divided into moderate, growth and conservative in equal amounts.
  5. Would you have your 5 year old pay rent?

    I take inspiration from my grandfather who started my schooling from the age of 3 and got me to count the change left over from the day to day costs of running a rural household. My biological brother was brought up in household where he was given everything and spent his free time and money as most children do. When he grew and had to strike out on his own, he made mistakes but instead of learning from those he gave and today is living off someone. As for me, I was on my own by 19 and yes I made mistakes and thought about giving up but the lessons I learnt at a young age helped me go on and today I am financially stable. Learn to walk before running and learning to count before to budget is a good way to begin for young minds to give them the courage and confidence to keep on striving.
  6. Would you have your 5 year old pay rent?

    When my niece was little, I took her to the dairy to buy bread one morning. she had $5 and she rushed around picking up things to buy. I stopped her and explain the prices on the candy to her and how much she had. I told her she can spend a $1 on lollies every day to eat or $5 on two chocolate bars for today and go without for next few days. She chose the $1 lollies and pocketed the $4 at 3 years of age. I think the mother is doing a great job to educate her child in the above story. Nowadays parents enroll their children in sports or arts at an early age and tell them they are going to be superstars one day. they teach them how to talk, dress, eat, etc all from an early age so why not about the commodity which gets you all those things from an early age. Learning to walk is dangerous and stressful for a child, hot milk can burn a child or choke and it all is stressful for a child in the beginning. everything new is. But slowly they start to enjoy the freedom of walking, of deciding what their favorite foods are,etc. So why not they joys of managing money from a young age.
  7. Best place to raise a child

    I take a road trip every year to spend some time in the small towns, its a cheap way to have a vacation. Would also be a good way to get to know a town and people in a short period of time and suss out the employment market.
  8. A review of sorts

    Discussed with my bank about some debt left from my last renovation last year which is on high interest. Managed to transfer to mortgage which fropped it down to 5% and can now make extra payments on mortgage to pay off quicker.
  9. Budget with partner

    In what way does your partner does not get it?
  10. Worth getting an accountant?

    Hey if you only have one rental its quite easy to do it yourself. If you have 2 or more talk to an accountant, get it under a company name and let them sort it out. its all claimable via tax. I have 2 rentals and its also peace of mind someone else deals with ird.
  11. A review of sorts

    Hi everyone, I just spent the better part of the day going through my finances. New job with a pay increase so was weighing on whether I could be able to increase some payments elsewhere. Here are some changes I have made : Kiwisaver contribution increased from 3% to 4%. Net pay would still show a few extra dollars after. Changed my insurance provider as got better package deal and saved some dollars. Increased mortgage repayments. anyone else recently done any changes?
  12. Yes I dont pay the monthly fee. Also have a credit card with interest rate same as my mortgage rate but I tend to use it too much so going to cancel it and stick to cash. No yearly fee on that either. Have had cashbacks offered too when I was getting a new mortgage to pay for legal fees. It pays to ask.
  13. When I bought my first house there were a lot of unforseen expenses that I did not think about in the excitement of buying my first house. Lawyers fees for change of ownership and checks, moving costs, buying furniture, etc. always good to have sme spare cash on the side.
  14. I use a total money package with BNZ. It calculates interest on total amount that is mortgage minus money i keep aside for emergency. its good to keep in a separate acc emergency fund as house prices, LVRs and bank rules can change or banks can take time to process application. Also somehow emergencies usually happen on weekends and public holidays.
  15. Welcome to the brand new Sorted forum!

    For me debt is only stressful if it is making me move backwards rather than forwards. A mortgage on a house is good if I can afford payments, paying a third of my salary on rent is not for me. I do tend to shop around but only buy from NZ retailers who are GST registered as I want to support them and not overseas online marketers who avoid paying tax. also Clarify whether ones needs to make a purchase like a good shoes for work or a want like another pair of sandals for a night out. Eat well on a $100 fortnightly budget with enough meat, vegetables, etc. If i look after my body I will be more healthy to do my job and will get less sick. In the long term, I will be better off spending a little bit more on myself. Live closer to work to save on fuel costs. Somebody once told me that the first payment should be the mortgage but the second should be the insurance to protect the investment. Same pay for your living costs but have insurance for yourself. Emergency savings is a good way too. see my other post under 52 week challenge for further breakdown, thanks
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