Jump to content

Welcome to the Sorted community forum! Please read our house rules and help us keep this a safe space to talk money.


  • Content count

  • Joined

  • Last visited

  • Days Won


Spendin last won the day on September 28 2017

Spendin had the most liked content!

Community Reputation

72 Excellent

About Spendin

  1. The 52 week money challenge

    I spent a couple of years building up a 6-month Emergency Fund. I now earn a little bit more money so spend a bit more, so it's probably more like a 3-4 month emergency fund. I'm glad I have it - it makes me much more confident knowing that I have a bit of money stashed aside!
  2. The 52 week money challenge

    I have a similar savings aim to you Tina. Did really well last year, but have been a bit hammered by December/January though - really need to tighten the belt and get back on track.
  3. Sounds a bit worrying to me too, @RichLife @Ford! Taking on debt to invest carries risk - I'm personally much happier having my money tied up in diversified index funds earning ~7% over the long term, than putting myself in risk of sleepless nights and bankruptcy in order to play the property game where returns may not be much better. It's worth noting that we're in unprecedented times of technological change too. Property values in major cities are generally much higher - generally because people are willing to pay a premium to be close to where they work. With projects like Elon Musk's Boring Company, Hyperloop, UAVs, (etc), I'd expect that the transport problem will be solved within the next 10-30 years, and our population will be far more spread out and less focused in city centers. And then what happens to the value of the cruddy 40sqm city-center apartments that currently sell for $750k? It's reasons like that, and all the other reasons that aren't apparent yet, that make me unwilling to borrow money to invest in property. It just seems overpriced for what it is - and technology will surely come in and fix that. Side note.. How much commercial ownership of residential property is there? Surely if property investment was such a sure-thing, companies would be in the game too?
  4. Expense tracking...

    I personally use and love YNAB.com. I stumbled across it a few years ago and it totally changed my financial life. I drag CSV exports from my bank in to the system which takes care of the manual entry. Has good graphs to track your progress over time - and just a really solid way of budgeting. My favourite part is splitting expenses out over the year (so I budget $5 per month for AA Membership, and then when it comes time to pay, the money is already sitting there. I also put money aside for xmas each month so that the December/January period isn't a stress like it is for many. There can be a bit of a learning curve with YNAB, but it's well worth it and they have plenty of great guides and videos on their website
  5. How do you track your spending

    I don't link YNAB directly with my accounts - I find that functionality a little buggy. Instead I just export Quicken files from ASB and drag/drop them on to YNAB. Example of how to export these below :-)
  6. Debt to Eat

    Sorry to hear Hilinda This video might interest you. The same guy in that video has a set of 'Baby Steps' for getting out of debt and getting ahead. See them here: https://www.daveramsey.com/baby-steps/ I started following the baby steps a few years ago and am now on baby step 4. Feels great. A lot of people think managing your money is boring and scary - it's actually the total opposite, it gives you such a feeling of freedom when you get in control. You can do this!
  7. 2017 Charity Challenge

    Eek, I've been slack responding to my own challenge post! July - Donated to the Fred Hollows Foundation via a friend's fundraiser August - Donated to the SPCA.
  8. I'm interested about this too. I keep my emergency fund in a term deposit that I can withdraw on short notice (I'd lose the interest, but I wouldn't be stressing over that in an emergency). I'm just starting to think about buying a home, and am trying to decide if I include my emergency fund in my deposit? If I can easily pull from the mortgage then it may make sense? Anyone with more knowledge/experience in this area?
  9. Paying down my debts

    I nearly got a $5,000 car loan to upgrade my car. I have a reliable Nissan, but wanted one that looked a bit nicer, had push-button start and keyless entry.. And I am so glad I didn't go through with the 'upgrade'. Shortly after this I started budgeting and my monthly savings equalled what I'd have been paying if I took out the car loan. It felt so much better to be able to save than keyless entry would have felt. In some cases a modest car loan makes sense - if you need a car to get to work etc. The lesson I learned was that you shouldn't buy more car than you need when you're financing it. At the end of the day it's a set of wheels to get you from A-B, and you shouldn't obsess over bells and whistles if financing the car with debt.
  10. Kiwisaver to clear debt

    I believe the decision somewhat falls to the fund providers' discretion. Would be worth getting in touch with them to check. But I doubt they'll allow a withdrawl outside of true financial hardship.
  11. First Home - KiwiSaver

    The KiwiSaver First Home Withdrawl page says "You must have been a KiwiSaver member for three or more years." but nothing about being a member of a specific fund. If your provider won't let you withdraw for first home, switch to another that will let you. The threat of the switch will probably change their mind. I'm with Simplicity and their FAQ says you're eligible if you've been with KS for 3 years.. Nothing about being with them for three years.
  12. Index Fund options in NZ

    The annual fee is great value for me. You'd have to have three years of no withdrawals and no new funds for Smartshares to come out on top. I'm looking forward to configuring my mix of funds that my Superlife investments will go in to; you set 'Your mix' through the website and assign percentages for each funds. Then any money you put in is invested according to your mix.
  13. Index Fund options in NZ

    I was surprised how easy it is! Smartshares and Superlife are both owned by NZX, and to my knowledge, Superlife has all of the Smartshares funds (plus more). I signed up to SuperLife and got a welcome email. I replied to this with the details about my Smartshares holdings and Superlife sent me a couple of forms to sign to authorise the transfer. They then take care of the rest! And no fees as far as I'm aware (could be wrong though).
  14. Index Fund options in NZ

    There's been a big improvement in the availability of index funds in New Zealand over the past few years. I started investing in the Vanguard S&P500 through Smartshares a few years ago. I'm now reaching a stage where I want to start spreading my investments across other Vanguard funds, so I've switched to Superlife which is overall a bit easier, has more fund options, and a much nicer web experience. I recommend considering a provider like Superlife, Smartshares, Simplicity, InvestNow, Sharesies, and others. All have their own mix of upsides/downsides in terms of minimum investments, functionality, sign up processes, etc; but all seem reasonably priced and a far better option than putting money in a term deposit. Given it's long terms savings for your kids, do consider the higher risk funds. Long term investments have much more time to ride out the ups and downs of the market - and you generally come out far ahead in a higher risk fund than a more conservative fund. Good luck!
  15. Tax refund

    Congrats! Being a bit brutal on my end too. Took a holiday I didn't budget for and have been rebuilding for months now. Unfortunately my tax refund is only like $6 ha!