When you increase your financial intelligence with a financial mentor, you increase your financial health and wellbeing, and the number of financial possibilities available to you.

 

 The partnership between the Grace Foundation and NSBS will open possibilities and doors that previously were closed.

 

 Clients of the Grace Foundation, including single parents, former prisoners, young people without parents or family, and homeless individuals, will all benefit from the vital services that NSBS offers.

 

For many of these vulnerable people, who have been shunned, marginalised and isolated from society, planning or budgeting for their financial future was never an option. Now it is.

 

 NSBS mentors will provide long-term financial literacy knowledge and confidence, and in the short-term, a total money management service (also called BFC-Plus) specifically designed to assist vulnerable people in their journey to financial independence.

 

 The TMM / BFC-Plus programme is a holistic, intensive support for vulnerable people and whānau who struggle to manage day-to-day money matters and need someone committed to making their financial decisions and paying their bills. The service helps to micromanage people’s finances to teach good financial habits and gradually transition accountability as skill and confidence grows.

 

 NSBS BFC-Plus mentors will work with individuals to provide employment motivation, bill payments, daily money management, and all-round financial knowledge and independence.

 

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:

 

1. 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.

 

2. Keep improving your financial literacy

The more you know, the more you’ll grow.

3. 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.

 

4. 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.

 

5. 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.

 

6. 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.

 

7. 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.

 

8. 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.

 

9. 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.

 

10. 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.