Have you just received your latest power or internet bill and been given a huge shock? If so, you’re in the same predicament as many other New Zealanders. Price increases have been aggravated by unusually wintry weather causing power bills to skyrocket. And, if your income is heading in the opposite direction because of a redundancy or downswing in business income, your household budget could be in the red rather than the black.
Now is the time to look closely at your monthly outgoings and see how they are changing, and to examine their relationship to your income. You may be unaware that your discretionary spending is too high and needs to be cut back if you are to stay within your budget. It may be time to look at where cuts can be made because you especially don’t want to reduce your savings and/or your KiwiSaver or retirement contributions. That’s simply robbing Peter to pay Paul, and will decrease your net worth in the longer term.
We don’t like to see our clients struggling so, as your financial adviser, we are more than happy to help. Sometimes a third party can identify areas of potential saving you might not otherwise have thought of. If we can’t help you ourselves, we will find someone who can.