#ZMExplains Financial Wellbeing with ANZ

Publish Date
Monday, 2 May 2022, 7:55AM

We’ve teamed up with ANZ to answer some of your Financial Wellbeing questions – because it’s time to stop censoring ourselves when it comes to finances! ANZ is encouraging Kiwis to talk more openly about their finances, from what you’re spending to what you’re saving.

Answer our quiz question at the bottom of this article to go into the draw to win a $1,000 savings kickstart with ANZ.

 

I just started my first full-time job out of uni, how much should I be saving vs spending?

Congrats! This is a great time to think about how you split your money. The 50-30-20 budget can be a helpful guide – 50% of your money goes to your needs like rent, gas, groceries, 30% goes to wants like going out for dinner, takeaway coffees or a new outfit (it’s important to allow yourself to enjoy your money too, otherwise, you’re more likely to break your budget), and 20% goes to savings which you don’t touch. You can play around with the percentages to find what works for you, you might prefer 70-20-10 or 60-20-20, everyone will be different.

 

My partner and I are meant to be saving for a house but they spend so much every weekend, what do I do?

It sounds like you need to have a good chat about what you need to do to reach your savings goal. Over dinner together you could write a SMART goal, which stands for: Specific – figure out what you want and why, so for you, a mortgage, and talk about where you want to live and what kind of house, Measurable – put a number on it and write it down on the fridge door! You could get creative and make a thermometer that you fill in each week, to visualise how well you’re doing. Achievable – don’t go crazy or make it too hard, Realistic – based on your incomings and mandatory outgoings is it realistic? and Timely – set a date for your goal. And then check in on how you’re tracking regularly. You can make SMART goals for anything, whether it’s a mortgage or a holiday. If you want some extra motivation, you could set some checkpoints where you treat yourself or celebrate reaching a milestone. This gives you something to look forward to and makes saving that much more fun!

 

I live in a flat with my friends and I want to save more but I always end up going out and then we’re broke before payday.

Totally understand it’s hard to save when you feel pressured to spend, your flatties probably feel the same. There are cheap ways to hang out and have fun, instead of going out to a BYO on Saturday nights you could make dinner at home, set a theme, get dressed up and cook together. Or set a flat challenge! You could set a savings goal each week, and the first one to reach it gets a week off household chores! It’s fun to go out too, Google is your best friend to find free or cheap things where you live. Each week you could put someone in charge to organise a flat outing for as cheap as possible – make it a challenge and see who can do the best job for the least amount of money.

 

I am addicted to online shopping, every week I say I’m not going to buy anything and then the Gram gets me. I need help.

We’ve all been there. When you know you’ve got an unhelpful spending habit it’s important to figure out what triggers the urge. And for you it’s definitely that pesky Instagram app! Try only looking at Instagram at a certain time when you’re not near your wallet. Or you could create a cart, put whatever you like in it, once you’re finished close the tab – a lot of the fun of shopping is looking at different things and the rush of putting them in the cart. You can also save for things you really love and leave it for a week and see how you feel after that time. I do this and forget about 90% of the things that I was so sure I couldn’t live without. Rent don’t buy – there are so many places where you can rent outfits for special events, or just to go out in. Not only is this good for your wallet, you can wear something different each time you go out and it’s also better for the environment too!

 

I just find money overwhelming and stressful; I don’t even know how much I should save.

Money is a massive part of our lives, and it makes a lot of people uncomfortable. If you can make a solid budgeting plan for yourself, you’ll feel better about it. It’s all relative to what is going to work for you, financial wellbeing isn’t about how much you’ve got, it’s about making the most of what you have. A good budget should allow you to save for tomorrow while enjoying today. ANZ has a great budgeting tool that anyone can use.

 

This material is for information only. Please talk to ANZ if you need financial advice. See our financial advice provider disclosure at ANZ.co.nz/fapdisclosure