Managing your money is a sensitive topic, especially for Kiwi seniors facing changes in their life and financial situation. Even with retirement savings and a pension, budgeting for this new phase of life can be a little overwhelming. By prioritising financial wellness, Kiwi seniors can alleviate the burden of financial stress so they can live a healthier life.
Here are 10 tips:
- Automate your finances
Set yourself up with automatic banking that works for you. Use your mobile phone, laptop or PC to check your accounts, pay bills and transfer money.
- Keep improving your financial literacy
The more you know, the more you’ll grow.
- Get help with your cost of living
Read up on what government support is on offer for seniors, or what your utility providers can assist with, for example, help with energy bills.
- Protect your money and don’t become the next scam victim
Be aware of phone, digital or doorstep scams, and ensure you’re not a victim of identity theft. Trust your instincts.
- Reexamine your generosity
Prioritise your own wellness before you offer financial support to friends or family. Have healthy boundaries in place to keep your savings secure.
- Get budgeting and debt advice
NSBS is only a phone call away to offer stress-free living or a hands-off money management solution where all your weekly bills are paid for you.
- Budget closely and track your outgoings and expenses
Monitor your budget so that when life throws you a curveball, you are set for the unexpected and have a plan.
- Carrying cash or keeping a large amount at home
This is a security risk, so learn to use a debit card to minimise any risk to your financial future.
- Rising food inflation means grocery bills are high
The price of food at the supermarket has never been higher. Set a grocery budget and make a food list before you hit the shops.
- Don’t be afraid
Growing old is hard enough, don’t let managing your money be another handicap to deal with. Plan, be prepared, learn, and trust yourself. You’ve got this.