Managing finances

Managing your finances

There will be times during your life when you're worried about your finances. This can happen when you're faced with extra demands, such as starting a new or long distance relationship, starting a family, buying a first house, posting or going away.

Fortunately, NZDF provides a range of resources to help members regain financial security, such as the Force Financial Hub, Force 4 Families discount scheme, NZDF Kiwi Saver, and more.

NZDF is committed to ensuring you and your whānau have reliable information and tools to help you navigate your financial security during your lifetime.

Financial worries – when are they an issue?

If you're worried about meeting all your financial commitments and paying the bills, if you don’t have enough money to last until your next payday, and if your family are unable to do the things that are important to them (such as sports, family gatherings, school activities), these concerns will likely flow into all areas of your life.

Financial worries can impact your relationships, your family wellbeing, your focus at work - and the high stress they create could impact your health.

What are the outcomes of financial worries?

If these worries are significant it may mean:

• You feel unsafe or destabilised all the time because of this lack of financial security
• You may have relationship issues at home or at work - arguments, anger, withdrawal
• You may not be able to participate in work social activities or trips away for sports
• Your money worries could turn into mental distress or you could develop anxiety, depression or other mental health issues that flow into other areas of your life
• You may start new unhealthy behaviours to try and cope with money worries (drinking, gambling, taking risks, acting out)
• You may take ‘bad loans’ (high interest, high penalty) from disreputable agencies to meet short term commitments, or max out your credit card
• You may request deployments that you or your family are not ready for, as a way to make ends meet
• Your children may not understand why they have to ‘go without’ and this causes problems in your parenting

Causes of financial concern

If you have financial worries, you may feel some embarrassment or shame/whakamā. But all of us can relate to having less money or income than we need, at one time or other through our lives. Sometimes this is caused by circumstances outside our control, such as loss of a job, a sick family member, a relationship breakdown, or other unexpected event. It may be because there is a cultural expectation for you to provide for your whānau, either in New Zealand or offshore.

At other times you may end up in a financial hole because of out-of-control spending or gambling. This may be because of pressures in other areas of your life – you may be taking part in these activities as a way to help you feel better. The message here is get help as soon as possible, before things become unmanageable for you and your family. There are many NZDF and external resources, which can provide non-judgemental support and advice.

What can you do to create long-term financial security?

NZDF is committed to enabling strong and financially-independent, thriving military communities, and has developed a number of financial support tools and services – including life insurance (MIBP scheme), first home buyers seminars, Force 4 Families discount scheme, independent financial advice and investment consultation, and proactive budget planning support.

Tap into all the resources that are available free of charge via the NZDF Force Financial Hub.

If you are stuck or in a financial hole talk to someone as soon as possible.