It’s official, 2018 is here.
People have long since associated the new year with the opportunity of new beginnings. There’s a sense of satisfaction we get from closing the book on the previous year, and starting fresh on a brand-new page!
New Year’s resolutions are different for everyone, whether they be around relationships, healthy eating, doing more exercise – the list goes on. But have you ever really stopped to consider what your financial New Year’s resolutions for 2018 are?
Well, lucky for you, the team at JUNO have come up with 12 financial resolutions for the New Year to help you shape up your finances.
Check them out below:
1. Are you happy with your current KiwiSaver provider and fund? Get clued up on your KiwiSaver and if there are things making you unhappy, change providers. Visit sorted.co.nz for a step-to-step guide on how to do this.
2. Aim to put away 5-10% of your income into an untouchable savings account.
3. Use all those loyalty and club cards! They’re there for a reason, and they can save you a lot of money.
4. See a financial adviser to get help setting your goals. Check out ifa.org.nz for a list of Institute of Financial Advisers members in New Zealand.
5. Check your credit score on creditsimple.co.nz to find out where you’re at. Too high a credit card limit could hamper your mortgage borrowing power.
6. The New Year is a great time to review your mortgage. Should you fix your interest rate, or float? Check out the latest rates on interest.co.nz. If you’re breaking a fixed-rate mortgage, you can estimate your break fee there too.
7. Consider diversifying your investments. If you’ve only invested in property, look at putting a sum weekly into the share market using websites like Sharesies.co.nz or the stock exchange’s Smartshares.co.nz.
8. De-clutter, then do a big Trade Me sale of all the stuff you’ve been holding onto, but never use. Ever.
9. Got a dress or suit you that lives in your wardrobe and is never worn? Sell it on Designer Wardrobe and get some money for it.
10. Big credit card balance? Consider putting it on the mortgage to get a lower interest rate.
11. Go to the supermarket with cash and a list of things you need. This way you spend no more than what you have.
12. Subscribe to JUNO magazine! We have heaps of handy tips and market insights to help you build a nest-egg.
By Stephanie Munro
First published 20 December 2017
JUNO does not contain financial advice as defined by the Financial Advisers Act 2008. Consult a suitably qualified financial adviser before making investment decisions. This story reflects the views of the contributor only. Content comes from sources that JUNO considers accurate, but we do not guarantee that the content is accurate. Charts are visually indicative only.