Build an Emergency Fund, one of the cornerstones of financial resilience is having an emergency fund.
In the absence of savings, most Kiwis often resort to borrowing at high interest rates to promptly cover unforeseen expenses, thereby impacting their long-term financial stability.
Building an emergency savings fund, ideally up to three months' worth of living expenses in a high-yield savings account or a term deposit will serve as a financial safety net in case of unexpected financial setbacks like medical emergencies, big car repairs, or job loss.
Create a Budget, it's essential for managing your finances effectively.
By understanding where your money goes and how savings and debt affect your financial resilience you can take control over your financial position.
List your sources of income and your monthly expenses. Prioritize essential expenses such as rent or mortgage, utilities, groceries, and insurance. Make some choices about non-essential spending, and allocate a portion of your income to savings and clearing your debt.
Then find the best way to track this every month or fortnight
Reduce Debt, high-interest debt can erode your financial resilience.
Reducing your personal debt can be daunting and it's easier said than done. Make a plan of which debts you want to pay off first
Prioritise high-interest debts like credit cards and personal loans and focus any extra money you've got from budgeting on one debt at a time
The earlier you start to plan your retirement, the better.
As life expectancy continues to rise, planning for a secure and comfortable retirement becomes increasingly vital.
Retirement is full of uncertainties: when will I retire, how long will I live for and do I have enough money to live well in retirement. So a successful retirement requires careful planning and thoughtful considerations sooner rather than later.
Protect Your Assets, insurance is crucial for safeguarding your financial well-being.
Protect what’s important – your whanau, your health and what you own.
Ensure you have appropriate insurance coverage, including health, auto, homeowners or renters, and life insurance. Having insurance can prevent financial catastrophe in the event of an unexpected crisis.
Insurance
Life is full of risks and unexpected things can happen at any time and they can have a devastating effect on your life, your family, what you own or your ability to earn a living.
That is why we have insurance, its one way that you can reduce the financial and emotional impact should the worst happen.
So, we've partnered with Monument Insurance, Petcover and Cover-more to provide you access to their range of insurance products.
Get cover for: Life Insurance, Pet Insurance, Travel Insurance and more…
Wills & EPAs
Your will is often your last message to your loved ones. It is a legal document that is unique to you and can help make sure your assets, the people and things you love are taken care of after you’re gone.
And enduring powers of attorney (EPAs) are legal documents that allow you to appoint someone you trust to make important decisions on your behalf if you can’t make these decisions yourself due to illness or injury.
And so we've partnered with Public Trust, New Zealand's largest provider of wills and estate administration services to provide our Members, access to their new online services
Do it online: Safe and secure with 24/7 access with online support
Retirement
Most people can expect to live around a third of their life in retirement. That’s a long time. It should be the most enjoyable stage of life. Yet often, we are so focused on getting to retirement that we forget to plan ahead.
There are lots of uncertainties that can make planning ahead difficult. How long might I live? How much money do I need? When is the best time to retire? How can I stay fit and healthy? How can I top up my retirement income? Where should I invest my money?
And so we have partnered with Enrich Retirement and Lifetime Retirement Income to help you enjoy your retirement.
Get access to all information you need to plan your retirement and how to turn your life savings into income during retirement
