How to get started.

Start now. Right now if you haven't already. Don't know how to start? Keep reading.

Set a goal

If you have a dream in mind, turn it into potential reality by breaking that dream down and making it an achievable goal.

Break your goal down

When you've established what your savings goal is, you need to spend some time breaking it down into steps. Imagine your goal is to save for your first home:

  1. How much do you need to save?
    • $50,000 for a 10% deposit on a $500,000 home
  2. How long do you want to be saving for?
    • I want to move into my first home in five years
  3. How much does that mean you need to set aside each payday?
    • I get paid fortnightly. Five years x 26 fortnights = 130 paydays.
      $50,000 deposit/130 paydays = about $385 per pay
  4. Is it achievable with your current spending? If not, what do you need to change to make it achievable? You might need to cut back on some 'wants', or you might need to push out your time-frame. Play around with your calculations to make it achievable. Don't be disheartened if things are going to take longer than you thought. You're better to save for longer than not save at all!
  5. Shop around for a good savings accounts that rewards you with a higher interest rate for putting money in and not taking it out.

Review, review, review

Life is a constant journey with twists and turns. This might work in your financial favour e.g. a new job, or it might add stress to your financial resilience e.g. loss of a job.

By reviewing your whole financial situation on a regular basis, from your utility providers, to how much your contributing to your KiwiSaver, you might find ready opportunities to improve your long-term financial position.

Talk to your bank or financial providers often. If they know your financial goals, and your current situation, they're better positioned to help you make your dreams a reality.