NZDF Spending Webinar

00:02
there's a surprise
00:04
um so just so you know that's all being
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done my
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right eye is keeping an eye on the chat
00:09
screen so i do keep an eye out for the
00:11
chat and try and involve everybody bear
00:13
in mind that you're able to
00:15
change the drop down box to send it to
00:17
everybody if you want everybody to read
00:18
your feedback or your comments
00:20
or alternatively just make it to hosts
00:23
and panelists and that'll only come to
00:26
me
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and that means that i will still share
00:29
your feedback because i think it's
00:30
really cool um this whole sharing and
00:32
collaboration type aspect
00:35
um but i won't mention your name so at
00:37
least you feel as if you've contributed
00:39
but don't get called out for it so to
00:41
speak
00:42
so apart from that really um everyone's
00:45
on mute because you're stuck listening
00:47
to my
00:48
dulcet tones
00:50
um
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but if you don't want to chat you can
00:52
hit the raise hand button
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and my left eye is keeping an eye on
00:56
that particular space on my screen
00:59
once i see that i will unmute you and i
01:02
will definitely let you know so that you
01:04
don't accidentally say anything
01:07
and then i think you'll just probably
01:09
have to unmute yourself at the same time
01:11
and you can really talk as well so any
01:14
volunteers i had one volunteer this
01:16
morning i was well impressed
01:19
louisa did exceptionally well with the
01:21
karakia does anyone want to volunteer to
01:23
go take us through the karakia this
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morning
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if not that's fine you'll be stuck with
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me doing it
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no little hands going up all right
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give it one
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three two
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one
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ah it's all right there's a few more
01:39
webinars that you can give it a crack of
01:42
um later on this week
01:51
sorry two years
02:07
so thank you and you would have cottoned
02:08
on that there was
02:10
on the order just in the middle of that
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karakia and that is our one
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oh ma
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yes tongan language week there you go
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um
02:20
thanks mina that's awesome i didn't even
02:22
know that so that's shocking i should
02:24
publicize it a bit more i didn't even
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see it on the herald site everything's
02:28
caught up with um
02:30
this delta bad news and
02:32
what happened the west auckland so one
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that's awesome thanks for mentioning
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that mina so if anyone didn't know it is
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tongan language week so there you go
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um right okay so to
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order retirement commission as we are
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known
02:47
we are there to provide lots and lots of
02:51
financial information and tools and we
02:53
do it primarily through the sort of
02:55
website which you can see on your screen
02:56
at the moment
02:57
mouse is back
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for us young people out there i like to
03:01
say us young people
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the mouse was around for a little bit
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then disappeared and now he's made a
03:08
comeback he or she has made it come back
03:10
again
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and the sorted website is always going
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to be there for you
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to provide you with free independent
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unbiased information and tools
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to empower you to make your own
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financial decisions
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on your financial journey so today we'll
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use a couple of them
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and we'll actually look at a couple of
03:30
other tools that can help with our
03:31
spending plans and so forth
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so there you go
03:35
so what's coming up remember how i said
03:37
there's always four well today's the
03:38
five
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um
03:40
finding out what's important um so it's
03:43
not just talking about it's finding that
03:45
balance between
03:48
what we have to spend on i.e the needs
03:50
and there's three big ones there's
03:52
shelter
03:53
food keeping us healthy and then keeping
03:55
our financial
03:57
boats afloat so to speak so paying the
03:59
bills that we need to keep our credit
04:00
checks up to up to scratch
04:03
um then there's wants and really what
04:06
we're delving into briefly is justifying
04:08
that balance between the stuff you need
04:10
to spend your money on you have to and
04:12
also building into your budget or your
04:14
money plan um some form of recognition
04:17
that you know you do
04:19
live you do breathe and you do like to
04:21
have fun and that could be all sorts of
04:23
different hobbies whatever it is um so
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just making an allowance for that as
04:26
well looking at spending diaries
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um so
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yes we talk about a humble 3v1 notebook
04:35
but yes let's let's
04:37
let's acknowledge that technology is a
04:38
good thing so there's all sorts of um
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apps or bank provided apps
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to help you with budgeting or to know
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how you're spending your money as well
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look at money systems and money systems
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i mean it sounds very complicated but
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all of this is how have you set
04:58
your bank accounts up to help or manage
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your money flows that that's as simple
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as that so what bank accounts to be set
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up and what are you using
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to help manage those cash flows in an
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out of those bank accounts um your
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spending plan so
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you know you try and dress it up with
05:17
the budget basically
05:18
and showing you the budget for on the
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sorted website and only last but not
05:23
least staying on track how do we put it
05:25
all into place to keep it ticking along
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and you know out of today hopefully
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there's some things that
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if you've ever tried to start a budget
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and the wheels have fallen off or if you
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never had a budget before and you want
05:39
to start and hopefully after today
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there's some you know that sort of i do
05:43
it in two stages the first stage is
05:45
about figuring out where your money's
05:47
going
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and who you're paying and why
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and then that second stage you can
05:51
actually start building your budget from
05:54
because once you know where your money
05:56
flows are going it's easier to build a
05:58
budget so hopefully after today it
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becomes second nature to all of us
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so
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as always ask any questions as you like
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as i said my right eye is
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on the chat
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um right so a quick vid around spending
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priorities
06:17
here we go
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so this is our lead-in into figuring out
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you know what are some of the things
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that are important to us
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[Music]
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it's the first step to sorting out
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finances working out where we want to be
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money-wise and what our priorities are
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priorities are hopefully things that
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make us happy that we can't or don't
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want to live without
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rather than a dollar value consider the
06:45
activities people and things that make
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you happy
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how can you ensure your finances
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continue to allow you those priorities
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important for your
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[Music]
07:00
well-being i'm sure we put these videos
07:03
in here just to i give you a break from
07:04
my voice and b to give me a slight drink
07:07
break as well
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um but yeah so where's my curse there it
07:11
is
07:12
so here we go this is a
07:14
i guess one way we could do it um write
07:16
down three things that make you happy so
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yes look don't worry about writing it
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down if you haven't got a pen or paper
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there and suddenly oh my god dennis is
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gonna know i'm not doing this um because
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i'm making you but i can actually see
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everyone's webcams on your laptop
07:30
kidding okay um so
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here are three examples of this is one
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of those horrible dad jokes that i just
07:38
put in there tonight
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of things that make let's say me happy
07:43
that i want to be able to build into the
07:45
budget to get that balance between
07:47
having to pay things
07:49
and still enjoying life as well um so
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first and foremost there's three things
07:54
here playing sport with friends
07:56
picnics at the beach i'm such a nice new
07:59
age guy uh and cooking with my whanau so
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you know three key things that make me a
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bit more complete um and strive to get
08:08
that sort of balance between having to
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pay stuff and enjoying life
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um
08:14
oh i love it that was a good comment
08:15
nailing the humor
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um anyway
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so we wouldn't be people at retirement
08:22
commission if we didn't sort of factor
08:24
in how much do they cost
08:26
now bear in mind when we talk about
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three things that make you happy it's
08:30
what makes you happy so you know it
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could be a netflix subscription
08:36
it could be spotify because you love
08:38
your music dancing around
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well not the barracks because everyone
08:42
will be watching but um perhaps dancing
08:44
around the living room you know while
08:46
while you're doing housework whatever it
08:47
is um things that
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excite you and make you feel alive those
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sorts of things
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so we then ask okay well if we're going
08:57
to build those three things into our
08:59
spending plan or our budget what are
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they going to cost so you can see on
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screen now we've given 50 bucks for a
09:05
new soccer ball
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and one would hope that's a one-off
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because crikeys if you're going to do
09:10
that every week
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paying out 50 bucks for a soccer ball i
09:14
would suggest give up the sport
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completely and find something else that
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you're not spending 50 bucks a week on
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so it's a one-off cost for soccer ball
09:21
picnic's at the beach you might sort of
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do a shared lunch
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dinner type thing
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man i'm hanging out for summer i can
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tell you that uh because then the beach
09:31
would be a great idea but uh 20 dollars
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for snacks
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and then one that we actually saw i
09:35
mentioned it before that uh very very
09:38
popular during the um
09:41
first lockdown we ever had last year
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when the pandemic first hit
09:46
was cooking with the whanau because it
09:49
just meant you know it's still part of
09:51
your normal activity
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but it just pulled everyone into the
09:55
same kitchen
09:56
uh trying to achieve the same thought
09:58
and then obviously enjoying the episode
10:00
and another aspect that used to happen
10:02
was um people would bake loaves of bread
10:05
every sunday morning so a the house
10:07
smelled really good
10:08
she's so hungry
10:10
but b
10:11
everyone's got to enjoy some sourdough
10:13
type fruit whatever it might be so
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am i making sense you're just trying to
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build in some things that
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um
10:21
you know are typically wants but are
10:23
things that are important to you
10:26
that just makes you feel as if you know
10:28
this budget's not just about making sure
10:30
that i know exactly where all my money's
10:32
going it's also about building a little
10:34
bit of fun stuff as well does that make
10:36
sense
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you should have a little yes button for
10:41
a little yes
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thumbs up emoji button um so any
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questions on that i just wanted to sort
10:48
of throw that out there
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actually we might just ask the question
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as well
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um
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is anyone running a budget or you know
10:56
using a budget now
11:02
this is the um
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tumbleweeds ah there we go
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all right joyce welcome back you're uh
11:08
you were this morning so good to see you
11:10
again and same with fran and i think
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uh vicks you were here this morning too
11:15
so yeah awesome misha now i'm going to
11:17
be really offending people that i didn't
11:19
realize were also here this morning by
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not calling enough so thanks everyone
11:22
for coming back um
11:24
so this person said yes and a speeding
11:26
tracker which is awesome uh so to the
11:29
person that said yes and a spending
11:30
tracker what spending tracker do you use
11:32
uh because i'd be great to call that one
11:34
out when we get to that
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um lots of yeses
11:39
oh mark
11:40
i was going to say there's always
11:41
someone with excel
11:43
well done
11:44
um and everyone can see it as well he's
11:47
he's got it now for monthly yearly and
11:49
out for 10 years
11:53
and look to be honest it's each to the
11:55
right if you want to go out ten years
11:57
but i i look at it like the like the
11:59
government or a business
12:02
you want to do some planning for the
12:04
future
12:05
um cash flow planning so how best to do
12:08
it is to actually take a forward view
12:10
you know
12:12
let's assume the pay
12:14
is the same and it is a pay freeze for
12:17
public
12:18
sector for the next three years so we
12:20
know what our wages and salaries will be
12:23
so how does it look if
12:25
let's say our expenses go up one or two
12:27
percent a year how does that impact our
12:30
goals and dreams in three or four years
12:32
time so you can really start playing
12:33
around with speakers love it um you're
12:35
probably seeing a dark side of me
12:37
talking about that sort of stuff uh
12:39
constantly review budget fortnightly
12:41
awesome i'll get another one with excel
12:43
um hey that's cool homemade excel
12:46
spreadsheet brilliant there's a few
12:48
excel lovers here i love that
12:51
um i love that mean a sort of
12:54
i see what you did there you played on
12:56
sorted sort of
12:59
love it um
13:02
token military according to the wife
13:05
dokie i don't quite know what that means
13:06
but i will take that as a comment um oh
13:10
someone mentioned here they're using
13:11
pocket smith which is brilliant because
13:12
i actually will mention that one out
13:14
when we talk about spending diaries as
13:16
well
13:17
uh joyce you're so confident about excel
13:20
for the women uh always make start of
13:22
year goals which include finance as a
13:24
manager
13:25
yeah it's just i guess so easy to change
13:28
around and graph and do all sorts of
13:31
weird and wonderful things with it um
13:33
and plus you know more often it's easy
13:36
to get a free version like um google
13:39
sheets i think it's called so
13:40
effectively you can have the power of
13:42
excel and fing tips obviously
13:44
uh
13:46
files live well it's 97 i'm 62 need to
13:48
assume i have time saved
13:50
yeah that's very good point mark very
13:51
good point
13:53
uh no see what's left over after ap then
13:56
bank but i don't stand next pay not a
13:57
good plan
13:58
ah yeah oh that's cool um iggy i've all
14:02
seen name because obviously you've
14:03
shared it with everyone um so no thanks
14:06
for sharing that and it is i mean it's
14:08
just trying to find
14:10
a way
14:11
oh they got snapped out
14:14
is that how you doing
14:18
um
14:19
yes it's
14:20
it's just trying to find a method that
14:23
works for you
14:24
so it's not being told what you have to
14:26
use it's actually figuring out what
14:28
you're most comfortable with and what
14:30
doesn't make it a chore so if excel is
14:33
you love excel and you use it day-to-day
14:35
that's what you're going to do
14:37
use it
14:38
don't go using a third-party app if it's
14:40
going to be more problematic um
14:45
there are zero base budget for business
14:50
i'm guessing that relates back to
14:53
oh let me know a little bit more about
14:55
zero-based budget i don't quite know
14:57
what that means
14:58
and rosanna yes barefoot investor
15:01
easiest budgeting i've ever tried
15:02
exactly love the barefoot investor
15:05
and as mark's alluded to as well on
15:08
force financial hub there's lots and
15:09
lots of
15:11
articles and blogs
15:13
and helpful um hints around budgeting as
15:16
well so but scott paper is the author of
15:19
the visa if you haven't
15:21
read about it or heard about just a
15:22
quick google and you'll see what we're
15:24
talking about um
15:26
oh okay cool thanks nikki so zero base
15:29
budget
15:30
means you create a budget where you
15:32
balance it to zero at the end of each
15:34
pay round so every cent is taken care of
15:38
so look after the pennies
15:40
and the pounds will look after
15:41
themselves i think that's what the
15:43
saying is there you go
15:45
um
15:47
our government usually uses a zero-based
15:48
budget allocation of finances towards
15:50
certain spaces yes
15:53
though they also issue a lot of debt to
15:55
pay for things as well but that's a
15:56
whole other story anyway right so let's
15:58
have a quick look at spending diaries
16:00
and then we'll sort of delve into that
16:02
realm
16:08
[Music]
16:12
having a spending diary might seem a bit
16:14
strange but it's honestly one of the
16:16
best things that you can do for your
16:18
financial wealth have you ever thought
16:20
about where your money has
16:22
gone if you have an update on your
16:24
account and thought oh i thought i had a
16:26
bit more money than that it's really
16:28
easy to lose track on how much money we
16:31
spend every day so a spending diary
16:34
keeps us accountable for where our money
16:37
is going and it also helps us to think
16:39
about how we're feeling there's a reason
16:42
why we call it retail therapy
16:50
um
16:51
yes very very relaxing and soothing
16:54
outro music there um
16:57
very reminiscent of some 60s and 70s
16:59
films i think
17:01
um
17:02
yes oh yes nicki you're on the ball um
17:06
so nick has already answered yes so um
17:08
yeah does anyone oh yes oh i love that
17:11
friend a dot yes for the exclamation
17:13
mark so yeah just the question spin have
17:16
you ever kept
17:18
now we should rephrase this because
17:20
spending diary you know sort of invokes
17:22
the thought of
17:24
the old humble notebook or something
17:26
manual but it can be an app through your
17:28
bank as well
17:30
um oh god no oh jared kashmab was back
17:34
brilliant thanks for calling that one
17:35
out yes um
17:37
we've got a b and a yes
17:39
um
17:41
no because my allocated personal spend
17:43
in the budget is for whatever i like
17:45
what exactly
17:46
so that i think is your fun money isn't
17:49
it that's the one that you get to put
17:51
money into and you know it's yours and
17:52
you can do whatever you like love it
17:54
um
17:56
i don't know but here recently captured
17:58
how much money we were spending on food
17:59
before tonight it was shocking
18:01
yeah
18:02
tell me about it and especially i can't
18:04
say name because you've just sent it to
18:06
me but um for those of us that had to
18:08
queue up to go to the supermarket
18:11
we ever caught thinking oh my god i
18:14
don't want to come back again i want to
18:15
make sure i get everything so you almost
18:17
end up getting more than you would
18:18
normally get just to make sure
18:20
you've actually got everything
18:22
um i'm sure the prices haven't gone down
18:25
and they've actually gone up since this
18:26
whole lockdown business started
18:29
um
18:30
what else we got uh you need to be more
18:32
honest than we are on food diaries
18:35
uh yes yes food diaries uh unfortunately
18:38
i don't run that webinar i'm sure that's
18:40
a whole other webinar as well um
18:43
no but i've downloaded all my
18:44
transactions from the bank reviewed him
18:45
hey that's brilliant robert um
18:48
that's another way you can do it if
18:50
you're happy doing it that way then
18:51
definitely do it that way
18:53
unless you started using pocketsmith um
18:56
oh i just noticed your typo robert i
18:58
downloaded all my translations
19:01
that's a good one actually um but yeah
19:03
no i get what you mean um
19:06
tried it but i got too annoyed with
19:08
myself yeah you've got you've got to
19:10
find something that works
19:12
so speaking of which there's just an
19:15
example you've already had a couple of
19:16
people say they use pocket smith
19:19
is the other three wally modified
19:21
spending tracker
19:23
our apps just quickly take you off
19:26
the screen and show you it's a pocket
19:29
smith just so you know
19:34
yes
19:35
good point joyce joyce if anyone wants
19:37
to read it brings up a very very valid
19:39
point especially when you're using apps
19:42
because in your terms and conditions
19:44
with your bank
19:46
you know expressly says
19:48
you will be indemnified against losses
19:50
provided you um keep your
19:54
log and password
19:56
confidential you don't share around
19:58
so effectively it indemnifies you
20:00
against losses
20:01
but what joyce brings up is a great
20:03
point because in the terms conditions it
20:04
does say you've got to do that but then
20:07
if you go to a third party app and give
20:09
them permission to access your bank
20:11
accounts
20:12
which usually involves them getting
20:14
access to your bank
20:16
and if they are hacked technically
20:18
you're breaching those lens conditions
20:20
you've just got to be very very careful
20:22
of that
20:23
so pocketsmith again is built by
20:26
kiwis it's a it's a global product
20:30
but it's built by kiwis
20:33
and you can see the crew there so to
20:35
speak um we only talk about it because
20:38
or we don't recommend it but we mention
20:40
it because it is a new zealand
20:41
um app that's been made so therefore any
20:46
when you use it um it's killing your
20:48
five so to speak so it just means you
20:50
haven't got all these weird and wacky
20:52
wonderful
20:53
i don't know american costs that we
20:55
would never have but seem to be built in
20:58
by default
20:59
um but you can see here like if you're
21:01
going to do an app um some apps you pay
21:04
off one-off thing
21:05
you know like modify
21:08
here you've got wally they look all
21:09
snazzy and colorful all those sorts of
21:12
things
21:14
but your pocket smith you can do the
21:15
free version but you have to manually
21:17
import
21:19
so that means you have to enter in your
21:21
transactions
21:22
um or you can do a premium version for
21:25
10 bucks a month and it has automatic
21:28
or even manual if you want to correct
21:30
things uh bank feeds
21:32
so um
21:34
uh
21:35
those are some of your options now
21:37
someone called out westpac has a product
21:39
called cash nav
21:42
so if you're looking at setting
21:43
something up that tracks your spending
21:45
because it's a very very vital plank
21:49
to making that next jump up to a budget
21:51
but you want to know how your money's
21:53
going in and out of your account
21:55
um you know
21:56
if has anyone sort of run a money
21:59
tracker
22:00
and
22:01
um
22:04
use it for maybe two three months four
22:06
months six months or there's someone
22:07
still using it have you got a sort of a
22:09
time frame on how long you use it for
22:11
they're quite interested to hear
22:13
i had a question as well oh joyce
22:15
hopefully that answered your question
22:16
about the t's and c's
22:20
so yeah so the other question do banks
22:22
have these so you don't have to use
22:23
their codes
22:24
exactly my point so these are apps that
22:27
you can use so on your phone
22:29
whatever it might be
22:30
but uh i understand all banks have some
22:34
version of
22:36
uh tracking your spending through your
22:38
bank account
22:39
so i reckon the first thing you should
22:41
do
22:43
is go to the force financial hub because
22:46
on there is a banking package
22:48
arrangement through amz to westpac that
22:50
you effectively get cheap discounted
22:52
free accounts through them
22:54
so westpac has cash now that understand
22:56
aims got a
22:58
a good cash tracking app as well and
23:00
that gets around that whole issue of
23:02
giving a third party access to your bank
23:05
accounts
23:07
so approach a bank if you don't want to
23:09
do that you can definitely use excel and
23:11
import everything and do it manually if
23:13
that's what you want to do
23:15
b you could use a notebook
23:17
because all what you want to do is just
23:21
get an understanding so
23:23
like um to mark's point about an excel
23:25
spreadsheet i
23:27
punch him we've just got our power bill
23:29
and
23:30
i've been running it for two years now
23:32
two and a half um but i can see
23:34
how we use power i know it sounds
23:36
incredibly boring to some of you but
23:38
it's actually quite interesting because
23:39
i can see that oh yeah great we're
23:40
coming into our
23:41
um into spring we use a lot less power
23:45
we had our aircon upgraded and i noticed
23:47
that even though we use it more we're
23:50
being uh and our power usage has gone up
23:53
our bills are less
23:55
i'm sorry that's completely wrong um our
23:58
power usage even though we're using it
23:59
more power the kilowatts has actually
24:02
dropped because it's much more efficient
24:04
so we've learned that by
24:06
installing a newer one we're actually
24:08
saving power over the long run as well
24:10
so you know just monitoring those sorts
24:12
of bills is a great way to get really in
24:15
control of it i'm not advocating to do
24:17
what i do and monitor your power and
24:19
your water ranks and those sorts of
24:20
things but um
24:23
um so does anyone use one through their
24:26
bank and if you do um call it out and
24:29
we'll just share it with everybody as
24:31
well
24:32
so cash nav with westpac was one of them
24:36
but do let me know if you use one
24:37
through another bank
24:39
as well
24:49
so we had someone just answer um how
24:51
long they use these for and they use it
24:53
every month
24:56
now i think excuse me
24:58
the key is
25:00
what are we using the spending tracker
25:02
for we're using it
25:04
um
25:07
oh okay cool uh so just a general
25:10
comment for you all um there was a great
25:12
article in north and south about wises
25:14
so why it is so expensive to live in new
25:16
zealand
25:17
what we pay for power fuel housing and
25:20
groceries are all unregulated
25:23
yeah it's just trying to find that
25:24
balance isn't it between
25:26
having it regulated controlled uh i
25:29
guess by
25:30
the state for a quasi state and you know
25:33
that sort of freedom of
25:36
well almost capital capitalism type
25:39
thing so just trying to strike that
25:40
balance he's definitely not working too
25:42
well at the moment because everyone's
25:46
wallets of debt and purses wallets and
25:49
purses are getting pinched
25:51
and it can be
25:52
when i say pinched the costs are
25:54
definitely going up um also like a
25:56
competition in the grocery field yeah
25:58
yeah yeah i mean you're only effectively
26:00
when they start buying chunks of land to
26:03
stop competitors coming in
26:05
yeah i think you've got a problem at
26:07
that point but um we'll wait and see um
26:10
so the key with spending tracker is yes
26:12
you can keep using it to just reinforce
26:15
how you're spending keep an eye on
26:17
things
26:18
um but it's it's that initial step so
26:21
it's a two-step plan
26:23
it's that initial step to help you
26:25
understand exactly where all your
26:27
dollars and cents are going so that you
26:29
can start building a budget and then
26:31
that budget informs the basis of okay
26:34
right
26:36
this is what we've allocated and at the
26:38
end of it hopefully we've got some money
26:39
left over
26:41
and what do we do with that money gets
26:42
left over can we put it towards buying a
26:45
home our trip um
26:47
paying off debt but quicker
26:50
retirement you just don't get caught out
26:52
by
26:53
not understanding or not knowing or not
26:55
being in control of your money flows um
26:58
and you know
26:59
you walk down to a shopping mall or
27:01
wherever it's so easy to spend your
27:03
money nowadays without actually seeing
27:04
money come in and out of your account
27:06
pay away this
27:08
um by now pay later that
27:10
that pain of the big transactions being
27:12
taken away
27:14
um so yeah so
27:17
all about taking action um so here you
27:20
go you go okay well what's going to be
27:22
i'm going to track my spending so no one
27:24
else told me any other bank apps out
27:26
there so
27:27
trust me when i say that the red the
27:29
blue the yellow the green
27:32
as well as tsb
27:34
um all offer um some form of tracking
27:38
app or spending app within the banking
27:42
arrangements
27:43
um
27:44
but if you can't get access to that or
27:46
it's problematic
27:48
then
27:49
you know at the very worst get your bank
27:51
statements for the last maybe 6 12
27:54
months i know i know it seems like a lot
27:56
but you just want to be
27:57
sure about the expenses that crop up
28:00
once a year
28:02
like the red joe where your warrants
28:04
those sorts of things
28:05
any questions so far had some good
28:07
comments coming through
28:12
there's a watch a quick vid which is at
28:15
the peak of animation i have to say
28:17
um around
28:19
why it's important to figure out those
28:21
spending links
28:23
all right my question's called it's a
28:24
plane
28:28
managing your money should be as easy as
28:30
running a bath you turn on the taps and
28:32
make sure more money goes in and goes
28:34
out if you forget the plug and spend
28:36
more than you earn the bath never fills
28:39
but even if you put the plug in do you
28:40
still find that the bath never fills
28:42
very high for very long do you find
28:44
yourself wondering where your money is
28:46
actually going turns out that bath has
28:48
some cracks and leaks your everyday
28:50
expenses keep training it it's
28:52
practically impossible to remember what
28:54
we spend money on every day it's even
28:56
harder to keep a running tally of what
28:58
we spent on one kind of thing over the
29:00
last week or month like takeaways petrol
29:03
groceries or clothes and little by
29:05
little our spending here and there on
29:07
things we don't even think about makes
29:09
that bath leak without us noticing what
29:12
we all need is a way to see where our
29:14
money's flowing that's what a money
29:16
tracker is all about tracking your spend
29:18
can give you a clear picture of what's
29:20
really happening with your cash
29:22
now there are different ways to do this
29:24
you can carry a small notebook and write
29:26
down how much you spend every time you
29:27
buy something
29:28
you can use an app to record everything
29:30
you spend on your phone or tablet
29:33
you can keep receipts and then write
29:34
down your expenses at the end of each
29:36
day you can also use fpos for everything
29:38
you buy and then go through your
29:40
statements the key is to find a way that
29:42
works for you and stick to it you'll be
29:44
glad you did the more accurate your
29:46
money tracking is the sharper the
29:47
picture you'll see of where your money's
29:49
flowing it pays not to miss a thing as
29:51
you record each expense group them by
29:53
what they're for like groceries bills
29:55
petrol gifts or clothes whatever you
29:58
typically spend money on if you're using
30:00
a notebook or spreadsheet make a column
30:02
for each it makes it easy to add up
30:05
when you do get ready for some surprises
30:08
you may even be shocked how much you
30:10
spend on everyday things really wherever
30:13
the surprise licks are that's where your
30:15
opportunities are too and as you plug
30:17
those leaks you'll watch your bath fill
30:21
head to sordid.org dot nz to find out
30:23
more on how to manage your money
30:29
like like i said peak of animation um
30:31
jared asked a great question and i did
30:33
not put jared up to this so but the 20
30:37
is in the mail buddy um what do you use
30:39
for tracking personally and what budget
30:41
style do you operate on if it has a
30:42
particular name um yeah not really it's
30:45
probably i should name it and then try
30:47
and sell it
30:49
no it's
30:51
if i think about what i wanted to do in
30:53
my younger days ie and 48 now and
30:55
probably in my mid 20s 30s i used
30:58
something called ms money i thought it
31:00
was cool it was a program it did
31:02
everything but the problem was it was so
31:04
bloody complicated i just
31:06
you know the first couple of days i used
31:08
it was great
31:09
first week yeah okay first month it's
31:12
like oh god really i cannot be bothered
31:14
so you know that put me off it so what
31:17
we've done now is
31:19
i went through
31:21
um well years worth of bank statements
31:24
because basically we have one account
31:25
where salaries go away and bills come
31:28
out
31:28
i
31:30
added up just like i guess the video
31:32
there where you have um so i had like
31:34
the time what mercury power phone
31:36
internet
31:38
water rates whatever it was i added them
31:40
up and then just put amounts into excel
31:42
every time i came across monthly amount
31:45
and what it gave me was
31:46
a an average across all months for each
31:50
category
31:51
and then what i needed to work out was
31:54
how much money i need to put aside for
31:55
those bills and
31:58
excuse me i'm making a long long wind of
32:00
this but
32:02
what we decided to do my wife and i is
32:04
that every fortnight that we have paid
32:06
we pay all our bills
32:08
at that time so we know
32:10
a rough amount to pay every fortnight
32:12
to keep the bills paid up
32:16
and it works for us because we know
32:18
every fortnight we've paid all the money
32:19
out that we need to and what is left in
32:21
the bank account is then figuring out
32:23
okay
32:24
what are we spending on groceries and
32:26
we've allotted a certain amount per week
32:29
for three of us because my daughter's
32:30
now moved out of home so thank god i
32:32
don't have to pay for her groceries um
32:35
so grocery money um petrol bit of
32:38
spending in there
32:39
um and a little bit just in case
32:42
something crops up and then the rest of
32:44
it goes into
32:45
a well like an emergency fund i guess or
32:49
we have a mortgage still so it goes into
32:51
what
32:52
floating loan that we've got access to
32:54
so it just helps save a bit of interest
32:57
but that works for us
32:58
um and the downside of paying all those
33:00
bills every fortnight is the company
33:03
gets your money before the bill's due so
33:06
you know if you're going to save a bit
33:07
of money on it or make your money work a
33:08
bit harder it's probably not the best
33:10
system
33:11
but we've weighed it up we're
33:13
comfortable with it my background has
33:15
been you know
33:17
seeing where my dad's bills weren't paid
33:20
on time and you know struggling so i
33:22
never want to have that feeling so i
33:25
always try and make my bills paid on
33:26
time so hopefully um jared that sort of
33:29
answers your question
33:31
um
33:33
mark's put on a good one there as well
33:35
all my bills are paid by ap our time
33:36
timeline so half go out one pay and the
33:39
other half go out the next pay eg rates
33:41
on the first and insurance is in the
33:42
second yeah
33:44
oh cool great job
33:47
um
33:48
and you can see this on the screen as
33:49
well make it automatic great rule of
33:51
thumb so
33:52
we're going to watch the video in a
33:53
second and i bet you can't pick the dude
33:56
or the dude or the lady in there
33:59
that
34:00
doesn't do it automatically
34:02
and probably acknowledges the price that
34:04
they paid
34:05
but you make it automatic the more you
34:07
can take away from up here every
34:09
fortnight
34:10
the better it is because life gets in
34:12
the way it's a habit of doing it
34:15
um
34:17
yes great point joyce yeah
34:20
um saying you haven't been a solomon
34:22
means you don't waste time as it all
34:24
happens while you sleep exactly and for
34:27
whatever reason if you get caught out
34:30
somewhere somehow
34:31
you know that your money will come in
34:33
and automatic payments will go out and
34:35
things will get paid you're not going to
34:37
be surprised
34:38
um so when you can try and make an
34:41
automatic payment
34:42
try and make it an automatic
34:44
payment so you can do an automatic
34:46
payment you can do a direct debit
34:48
um i think some banks can allow
34:51
automatic
34:53
transfers in between accounts without
34:55
once the moment payments
34:57
try and use the tools that a bank
35:00
provides to get that sort of happening
35:02
efficiently
35:03
and
35:04
automatically
35:05
um
35:06
so which brings us brilliantly to
35:09
keeping up with the chat now time is
35:11
good as well to money systems so um i
35:15
don't want to know amounts but does
35:16
anyone want to share how they've set up
35:18
their bank account
35:20
and i can understand please feel free to
35:21
start typing now it's probably going to
35:23
take a little bit of time
35:26
but what we're trying to get to is
35:28
to effectively say okay you've got money
35:31
coming in
35:33
what are what are the things we normally
35:36
oh okay so someone's just said what the
35:37
bare foot business is can you just
35:39
elaborate on that because i can remember
35:42
a couple of the accounts but i can't
35:44
remember all of them that would be great
35:46
um and i'll share it with everybody um
35:48
so what you're trying to figure out is
35:50
okay you've got income coming in what
35:51
are the things that if we've used the
35:54
spending tracker that we normally have
35:55
to pay our stuff on so we've got regular
35:58
bills so those are your power phone
36:01
mobile internet
36:03
uh rates
36:05
water rates if you own a house um
36:08
rent so you know you've got regular
36:10
bills so what about setting up a
36:12
separate account called bills
36:14
so that you know that when you get paid
36:16
every fortnight
36:18
a
36:19
dollar for money goes into the bills
36:21
account and you know that those bills
36:22
paid for
36:24
another idea oh here's a great
36:26
suggestion daily spending
36:28
uh mortgage insurance bills
36:31
savings all on automatic payments so
36:33
there you go so there's a daily spending
36:35
account
36:36
mortgage account mortgage payment
36:38
insurance payment bills
36:40
and savings and so that way
36:43
oh cool thanks rosanna this is the um
36:46
barefoot investor one
36:48
um so hang on bear with me i'm reading
36:50
these as they come in
36:52
so a splurge account smile account fire
36:54
extinguisher and mojo
36:56
so very important to have a
36:59
like an emergency type savings account
37:01
as well
37:02
um
37:04
this person has 10 plus accounts
37:07
in my bank named like groceries vehicle
37:09
power internet spending
37:12
i keep zero dollars in the account
37:13
attached to my fbos card and transfer it
37:15
from the respective account we needed
37:17
brilliant
37:18
little little um little ways
37:21
just to stop spending that money freely
37:24
um and it can be as easy as opening an
37:26
account at another bank that's for
37:28
savings so that you know once you've
37:29
paid it there it's a little bit harder
37:31
to go in and take that money out
37:34
um
37:35
marks shared bills to be paid
37:36
discretionary spending emergency fund
37:39
savings and investments yeah it doesn't
37:41
need to be complicated you can just have
37:43
those three little pots
37:45
do it that way
37:46
um
37:48
oh this is a further definition of this
37:51
is why it took a while to come back to
37:52
me because the typing in this
37:54
improvement the brackets are all perfect
37:56
um different accounts base account where
37:58
bills are taken out of 60
38:00
uh treats 10
38:02
travel 10
38:04
uh emergency fund 10 and mojo 10
38:07
so if you looked at your salary of 100
38:09
bucks
38:10
60 bucks will go to treats
38:12
um
38:14
no sorry bill that's completely wrong
38:16
bill's 60 percent uh treats 10 to 10 or
38:20
10 travel 10
38:22
uh emergency fund
38:25
10 and mojo 10
38:27
so it's a way of breaking up your salary
38:30
as it comes in and just
38:31
siphoning them off
38:33
one thing i will mention about the
38:35
percentage of 16 10 10 10 10
38:38
is do use a spending tracker to make
38:42
sure that you are putting away the right
38:44
percentages because a you don't want to
38:47
short change bill and b you also don't
38:50
want to overpay a bill and have money
38:51
just sort of sitting there not not doing
38:53
what it should be doing
38:56
so being the car insurance's medical
38:59
rainy day
39:01
oh joyce great typing
39:04
partner i is newly blended family plus
39:06
my son awesome we have our individual
39:07
accounts in a joint home account
39:09
we both do hours differently in our
39:11
individual accounts but we do everything
39:13
for home aps individual miners aps and
39:16
this is three debit but both achieve the
39:18
same thing working in the background
39:19
exactly yeah and you also keep your
39:22
independence because you've got your own
39:23
bank accounts
39:24
to buy each other presents
39:26
from um
39:28
fran everyday fun account series savings
39:31
and personal business account right
39:34
spending saving holiday fund awesome
39:38
uh jared my man
39:40
um
39:42
what we've got here oh separate accounts
39:44
for separate outputs uh all money goes
39:47
into one account then it's allocated to
39:49
areas of life
39:50
uh general
39:52
breathing exposes vehicle and so on i'm
39:55
guessing general expenses maybe
39:59
um but i get what you mean yeah um
40:03
and mojo is in another bank it's about
40:05
growing investment very good point oh
40:07
right yes no
40:08
good sorry i'm just reciting that thank
40:09
you
40:10
um google images on bfi and the
40:12
breakdown
40:14
choose well i think from pocket smith
40:16
actually
40:17
and the breakdown shows well
40:18
oh okay
40:20
thanks joyce
40:21
everyone can watch that and yes jeremy i
40:23
thought it might have been a typo so
40:24
that's all good um so you can see that
40:27
you know there was one person that had
40:29
10 plus accounts my record has been 23
40:32
accounts i had one lady and and the
40:34
concept was it sounds like a lot but the
40:36
way she managed her money was to say
40:39
look if i had a um
40:42
uh
40:42
what's with if i had a birthday coming
40:44
up she would open an account and she
40:46
mentioned with bmz because they can just
40:48
open a council over the place for free
40:50
um exactly as long as our free accounts
40:54
now you also get free accounts through
40:55
your banking package with nzdf with amz
40:58
and getspac
41:00
so if you haven't made use of that go to
41:02
the hub financial force financial hub
41:04
page and have a look at it and talk to
41:06
your bank about getting that package put
41:08
in place because it can save
41:10
20 bucks a month 30 bucks a month you
41:12
know what you pay
41:14
um so her way of doing it was phil's
41:16
birthday coming up she would open a bank
41:18
account for her birthday put five bucks
41:20
in a payday whatever it is
41:22
just a week before the birthday was due
41:25
before her invite um she would pull all
41:27
the money out close the countdown use
41:29
that money for the present and that was
41:31
it that was how she managed her flows
41:34
and she was completely happy with it and
41:36
she made it work for her which was the
41:38
coolest thing so just remember
41:41
i think i was talking about bills
41:43
there are other bills as well in the
41:45
background
41:46
that aren't as regular
41:48
as um
41:50
you know a phone bill every month so
41:52
keep those in mind and i will call out
41:54
especially to
41:57
warranty fitnesses
41:58
and associated repairs because warrants
42:00
now every 12 months
42:02
and that does leave a longer time things
42:05
to start looking like going wrong
42:08
so if not mechanically minded try and
42:10
build in you know maybe some money or a
42:13
new set of tyres not every year but at
42:16
least
42:16
that sort of amount
42:18
can be quite useful um and you can see
42:20
on here
42:22
if it's uh if your warrant and your
42:24
regio costs you i don't know 300 bucks a
42:26
year
42:27
divide that by paydays and then you know
42:31
that will give you
42:32
i don't know 40 bucks say 50 bucks
42:34
whatever it is
42:36
a payday then put that into your
42:39
long term bills account or even your
42:41
bills account but know that that money
42:43
is there
42:44
for your annual expenses hopefully that
42:46
makes sense
42:48
joyce
42:49
i buy too many running shoes ah well you
42:51
must you must wear them out running
42:53
obviously
42:55
that's why when you start through
42:57
recruits um you have these big thick
42:59
sole boots because it's all the march
43:01
all the soul gets warm thinner from all
43:03
the marching around
43:05
um
43:06
so here we go quick vid on some of the
43:08
commission staff on what their money
43:10
systems are let's get into it
43:12
see if you can pick out
43:14
the one that i was talking about
43:23
[Music]
43:25
um well i try to make a plan before
43:28
every payday i write a list of what i
43:30
want to pay i just use my app for my
43:32
bank but then that's broken down into
43:35
automatic payments that we do through
43:36
the banking so i have a car account a
43:38
house account i use a number of outlook
43:41
folders for different types of
43:43
expenditure i like to track what i'm
43:46
spending on my
43:48
like internet banking on an app
43:50
unfortunately i probably use my mind to
43:52
budget and try to write like a digital
43:54
uh
43:55
the digital diary of what i'm supposed
43:57
to be doing with my money which usually
43:59
fails me very fails me quite a lot the
44:01
way the spreadsheet works well for us is
44:03
that we're able to see where our money's
44:05
coming in and where it's going it gives
44:07
me time to account for everything that
44:09
needs to be paid because everything's in
44:11
its pot at the beginning of the pay
44:13
cycle so if it's not in my actual
44:15
account i won't spend it instead of all
44:17
coming in
44:18
out of one account i can
44:21
track it a bit more because it just goes
44:23
[Music]
44:28
um
44:29
yeah so you probably saw in that video i
44:31
use my mind
44:33
that always cracks me up when i see that
44:35
one but as he acknowledges that it fails
44:37
them quite a bit so yeah like i say try
44:39
and keep the way our brains are very
44:40
we're very very intelligent people but
44:42
our brains
44:43
can be um blamed for all sorts of weird
44:47
and wacky things that have happened in
44:48
the past so try and keep it away from up
44:51
here put it on paper and when you're
44:54
putting it on paper or
44:55
in your app whatever it is make sure
44:57
it's something that you want to use and
44:59
don't mind going back to you that's key
45:02
someone else here said orbit account
45:05
and visa and use the visa paying for
45:06
everything so the orbit if you didn't
45:08
know is like a revolving credit so that
45:10
stores all your money in the loan so to
45:12
speak
45:14
excuse me and as we're going to talk
45:15
about i think tomorrow about debt and
45:17
then investments later on um it's all
45:20
about compound interest but when you've
45:23
got debt it works the opposite way it
45:24
works for the favor of the bank so
45:26
they're quickly to bring the balance
45:28
down the reason why i use a credit card
45:30
is you can spend on that credit card for
45:32
you know up to a month sometimes a month
45:34
and a half depending on your your bill
45:36
date
45:37
and then pay it off and fall that's the
45:39
key pay it off in full each month so
45:41
what happens is your balance drops maybe
45:43
once or twice
45:45
and if there's two of you it drops one
45:48
two three
45:49
four times potentially before the
45:52
payment comes back out so all that money
45:54
that's sitting in there saves you
45:56
interest
45:57
so just in case you didn't know about
45:58
that that's a quick explanation on that
46:01
um
46:02
oh did you see on that video as well
46:04
that that person talking so passionately
46:06
about excel you can see where it all
46:08
comes in you've got to love it
46:11
and the chat uses
46:13
outlook folders i've never
46:15
yeah i've never ever come across that
46:17
using outlook to manage the money flows
46:21
anyway so um
46:23
a bit of a take note commit you to a bit
46:25
of action
46:27
your expenses
46:29
set up a free online account for each
46:31
or perhaps just one account for all your
46:33
yearly expenses just so you don't end up
46:35
with all sorts of different accounts
46:37
divide by your paychecks and then really
46:40
really important point number four
46:42
sit up on that pain for it that's the
46:44
key make it automatic
46:46
um so yeah
46:48
uh any questions so far we're
46:52
good for time so that's good we're just
46:54
going to watch quickly on spending plans
46:55
and then we'll
46:57
have a look at a
46:59
budget and those sorts of things
47:02
feel free to ask me a question
47:09
[Music]
47:14
three months of keeping a spending diary
47:16
and i now have a much better
47:18
understanding of where my money is going
47:22
so once you know where your money is
47:23
headed take a moment to consider if this
47:26
is actually where you want your money to
47:28
go
47:29
and if not it's time to build a spending
47:32
plan
47:34
there is a straightforward paper
47:36
download below or check out the tools on
47:39
sorted there are lots of options out
47:41
there but the most important thing is
47:43
you find something that works for you
47:50
[Music]
47:52
actually i've always wondered if um
47:54
people on
47:55
your side of the screen actually look
47:57
for this form to download i don't know
47:58
why they mentioned it because
48:01
for as long as i know there aren't any
48:03
forms to download um so yes there is no
48:05
form to download just in case you're
48:07
missing a download button
48:08
but however i will take you to the
48:11
salford website um and happily
48:15
we're going to look at one of the tools
48:16
we have a couple of questions come
48:18
through
48:19
um oh mark great comment for your
48:21
long-term budget also worthwhile
48:23
including big spending items like car
48:25
replacement and whole
48:27
house alterations decorating etc yeah
48:30
that is it's a great point because it's
48:32
always been a case of oh we'll just
48:35
stick along something goes wrong if
48:36
you've got a house oh can we borrow it
48:38
from the house
48:40
but if you put aside you know a little
48:42
and long
48:44
50 bucks a month whatever it might be
48:47
every little bit helps so great point
48:49
mark thank you um jared asked do you
48:52
recommend any podcasts or youtube
48:53
channels no it comes to the top of the
48:55
budget
48:56
um
48:57
mark
48:58
oh there you go so mark mentioned i
49:01
would say i'm going to be a little bit
49:03
biased maybe but look at force financial
49:05
hub first and foremost
49:07
because mark's spend a lot of time a lot
49:10
of effort a lot of pain
49:12
to um get the website to the point where
49:15
it's actually very very useful so have a
49:18
look through there first
49:19
um yeah there's lots and lots of people
49:22
advocating all sorts of different budget
49:24
things
49:25
um have a look through the force
49:26
financial hub then i reckon have a look
49:29
at scott pipes the barefoot investor
49:32
if anyone else has a great
49:34
recommendation please send it through
49:36
and make it to everyone and then
49:38
keep up with it
49:41
afford
49:42
anything is a really good podcast i'll
49:44
be at american she has some great guests
49:46
books by mary holm martin hawes lisa
49:48
dudson there you go there's some authors
49:50
there in new zealand specifically
49:52
um
49:54
joyce thank you i won't read that
49:56
because we're just running out of time
49:57
so um but read through that
49:59
uh
50:00
mina's shared one as well
50:02
um and mark's also shared one as well so
50:05
there's some great recommendations there
50:07
um so what we're going to look at
50:09
quickly is
50:10
the budgeting tool
50:13
so
50:14
under here now
50:15
if you haven't signed up please do
50:17
because when you start working through
50:19
this budgeting tool
50:20
and the last thing you want to do after
50:22
all that those
50:24
pain and tears of putting it all
50:25
together you want to be able to save it
50:27
and go back to it you don't want to have
50:28
to recreate it again um so this is the
50:31
first that that comes up budgeting tool
50:33
i'm just gonna you can see i've entered
50:35
this before
50:36
we're gonna save four thousand dollars a
50:38
month
50:39
then for us uh visual type people you
50:42
can leave it with pictures uh you can
50:44
change it to pictures i should say
50:47
and then also for us excel lovers and
50:50
you can leave it as a list view so we do
50:52
try and cater for everybody um so let's
50:55
just say we rent
50:59
pets kids for under
51:02
public transport and a car i want to do
51:04
some emergency savings house and holiday
51:08
uh that's my credit card hp
51:11
so all you then do this just building a
51:13
very brief
51:15
um
51:16
framework all right you can always
51:18
change it
51:20
and this is the cool thing with this
51:21
this particular tool on the website lots
51:23
and lots of things are changeable to
51:25
suit
51:26
you
51:27
your whanau's budget nobody else's it's
51:30
all for you so you can see here i can
51:32
change this
51:34
to
51:36
guinness star man budget
51:40
um you can add in your partner's income
51:42
if you want
51:44
and look at that dennis the man
51:47
pretty awesome um now
51:50
the
51:51
very brief template we did at the
51:53
beginning
51:54
is showing here
51:55
and then you can have a plus sign
51:58
then that'll bring up sub categories and
52:00
i'll just do this quickly pet
52:02
food say
52:04
50 bucks a month
52:06
uh fuel now
52:08
if you're paying for fuel every week
52:10
just punch in fuel per week
52:13
100 bucks and what you'll see is the
52:16
system doesn't care how often you pay it
52:18
it'll automatically work it out for you
52:21
you're not having to try and
52:22
calculate this that or the other it does
52:24
it all for you
52:26
um living expenses let's just give you a
52:29
bit of a flavor of this so
52:31
300 a month
52:33
uh internet
52:35
90 bucks a month
52:39
so some regular expenses
52:41
go who has sky but let's call skying 60
52:44
bucks a month um subscription fees and
52:48
do count all your spotify's neons
52:51
netflix's
52:52
primes whatever
52:54
100 bucks
52:57
uh and we'll put some kids in here on a
53:00
daycare thousand dollars
53:05
per month all right so you can always
53:07
add a master category just by add
53:09
category and then you can also add
53:12
a um sorry a master category here they
53:15
can also add a sub category so you can
53:18
like i say personalize it to your own
53:21
cash flow expenses it doesn't have to be
53:24
what it says on screen
53:26
so you can see straight away that my
53:27
four thousand dollars has come down to
53:29
just under three so i'm still in the
53:31
black
53:32
um and of that money a thousand and
53:35
thirty three and my little donut graph
53:36
here
53:37
uh 47 going to everyday expenses 38 to
53:41
living 15 to regular
53:44
and oh hang on did i enter kids
53:47
no i didn't
53:49
there we go
53:51
uh kids at 49 so the kids have got to go
53:56
kidding love the kids great little
53:58
people um so you can see what i mean so
54:00
you can quickly then
54:03
oops
54:04
fast forward on that um
54:06
you can quickly and easily see are you
54:08
in the black now if you do
54:10
go through this and you reach a negative
54:13
this handy little graph on the right
54:15
here also gives you an idea of some of
54:17
the expense categories you need to start
54:18
looking at first so i'd recommend
54:21
looking at the biggest one first
54:23
can you whip is there any wiggle room in
54:25
that no then go to the next one so it's
54:27
just like a business you're able to have
54:29
a sort of a helicopter view
54:31
over the whole battlefield so to speak
54:33
and figure out where your weak points
54:35
are and see if you can improve it so in
54:37
your aim to be first and foremost if you
54:40
are negative to get this to zero so that
54:43
you know that money coming in you're not
54:45
going backwards you're paying things as
54:47
they fall
54:49
and
54:50
then secondly to try and then focus on
54:53
those wants and see if you can start
54:56
getting a little bit of savings in there
54:57
as well
54:58
um but yeah that's the tool just quickly
55:01
show you that um so if you've ever it's
55:03
completely free and it will never be
55:06
charged for so if you do want to make
55:07
use of it please do
55:09
um
55:10
you can see on bath orange
55:12
so really important if we are having
55:14
stress over budgets and so forth do
55:17
reach out
55:18
the nzdf is well supported in that
55:21
respect as well so um
55:23
there are um
55:26
services available to help you with
55:28
budgeting
55:30
but then also on screen here you can see
55:31
the citizens advice bureau and a
55:33
charitable organization called money
55:35
tools and personally i think if you're
55:37
wanting proper budgeting advice it is
55:40
best to engage somebody that
55:42
can give good budgeting advice
55:44
um not just a sort of a oh yeah you pay
55:47
this and pay that you need to sort of
55:49
knuckle down someone that can be a
55:52
devil's advocate almost to look in and
55:54
go okay well
55:56
i've worked for all the things this is
55:57
why you do need to pay this is what you
55:59
don't have to pay let's work through
56:01
that and get some some professional
56:03
advice on it um
56:05
someone just made a comment i keep a
56:06
record of all these expenses we get
56:08
about for a year dropbox warren fitness
56:10
adobe then i put money aside for them
56:12
those bills will forget about until we
56:15
get them exactly right
56:17
and subscriptions are particularly nasty
56:19
they come up below the replacement
56:21
um so
56:23
yeah
56:24
if you've never done one before
56:26
except that you know they're going to be
56:28
changes along the way because you
56:31
want to work with something that's going
56:32
to work for you
56:34
you and your
56:36
little click around you that's the key
56:40
oh yes so the other comment was a
56:42
barefoot investor would tell you never
56:44
to go to a bank for budget advice they
56:46
gained by being by you being deaf
56:49
yeah probably
56:50
slightly cynical but i think to my point
56:54
i used to work in a bank
56:55
we don't get employed for our budgeting
56:57
skills we get employed because we're you
56:59
know we have good people skills
57:02
so unless a bank has a specifically
57:05
designated budget advisor that you can
57:07
see i wouldn't engage because you're
57:09
basically using somebody that may or may
57:11
not have budgeting advice experience and
57:14
i think you know citizen advice money
57:16
talks or the services through instagram
57:19
you're going to be dealing with somebody
57:20
that has seen it before and can help you
57:22
through it
57:23
um so as a bit of a recap
57:26
building in what's important to us so
57:28
having a little bit of fun stuff in
57:30
there so we're not all just worried
57:31
about expenses going out we've also got
57:33
some stuff that takes care of us as
57:35
people
57:36
um knowing our numbers so that that sort
57:39
of two-step thing using a tracker or an
57:42
app or excel or a notebook whatever it
57:44
is capture your spending know your
57:46
spending understand you're spending a
57:48
big control of it and then build it into
57:50
a budget so that you have a sort of a
57:52
more strategic or helicopter view of the
57:55
of the field so to speak
57:58
make anything
57:59
possible
58:00
uh any payment as automatic as possible
58:03
that is a key try and keep it away from
58:05
the gray matter that's the thing there
58:08
and really stick with it acknowledge
58:09
that you know there will be changes
58:11
along the way but try and stick with it
58:13
try and find a system that works for you
58:15
and that includes setting up your bank
58:16
accounts to how you want them set up
58:19
because at the end of the day
58:21
no one else is going to be looking at it
58:23
or dealing with it only you and you need
58:24
to be the one that's most comfortable
58:26
with it
58:28
um cool all right so i'm going to ask a
58:30
question because this is our second
58:32
webinar anything after today that you're
58:34
thinking
58:36
brill
58:37
dennis told me this this is awesome i'm
58:39
gonna do that
58:42
what are you gonna do
58:44
and we're right on three which is
58:45
awesome so while we're figuring out that
58:48
i will just pop up the link for note
58:52
this
58:53
for feedback
58:56
now any questions um
58:59
as well
59:01
nobody's sent anything through yet
59:07
um
59:11
still nobody's thinking through there
59:12
must be a real delay
59:14
oh there we go thank you laura oh
59:17
laura oh
59:19
um definitely gonna have a look at where
59:20
my money is going and if it has any
59:22
leaks oh cool awesome all right uh i'm
59:25
just going to pop
59:27
the survey link through so if you do
59:29
have to nip off
59:32
feel free to go but complete the survey
59:34
link it's a survey monkey link which
59:35
just popped up on there
59:38
and i'm going to unmute mark as well so
59:40
he's got a few words to say there you go
59:43
mark you're all good
59:45
and there's some questions keep the
59:46
questions coming through i'll stick
59:47
around for a while and i'll answer them
59:50
and over to you mark
59:54
oh you're just on mute
59:57
hang on there you go okay um thank you
60:00
very much for that dennis a really good
60:02
webinar and um hopefully everyone
60:04
enjoyed it
60:05
uh just to plug we are running another
60:07
four or two tomorrow and two on thursday
60:10
so please come along to those and i
60:12
encourage others to join as well
60:15
um just in terms of some questions that
60:17
have come up during the session today
60:20
this afternoon
60:21
um i have actually put together a bit of
60:23
a resources guide uh box magazine
60:26
articles podcasts and webinars and
60:27
things like that
60:29
so if anyone would like me to send that
60:31
to you please email benefits at
60:34
ncdf.mill.nz and i will send that to you
60:37
um
60:38
and it's an
60:39
it's not an exhaustive list there's just
60:41
so much stuff out there free of charge a
60:44
lot of it but what i've done is i put
60:46
this list together that primarily
60:47
focuses on things that have been
60:48
developed for a kiwi audience and people
60:51
like scott pipe the barefoot invest in
60:53
the beer for the best for families and
60:55
things like that so if you want it just
60:56
contact me
60:57
the second question that came up was
60:59
around do we have a financial advice
61:01
service or who can you talk to um nzdf
61:04
does actually have a preferred financial
61:06
advice service we went out for tenders
61:07
several years ago
61:09
we've selected a company called
61:10
milestone direct limited
61:12
all the contact details are on the force
61:14
financial hub but if you can't find them
61:17
just send me an email and i'll send you
61:19
their details
61:20
they are operating uh even despite all
61:23
the lot down bits and piece