Finance, affectionately known as the ‘nance, can be a scary and overwhelming thing. But there are easy ways that can help get you on your way to healthy personal money habits.
Starting early, educating yourself and setting boundaries are important habits that will set you up for life.
Here are our top 5 tips to help you level up your financial game:
1. Stash a little away
Just got your weekly pocket money or your first paycheck? Be sure to put some of it (try for 50%) away into a savings account. Set yourself a savings goal – a t-shirt you’re eying up, a company you may like to invest in, or your first home when you grow up. It’s never too early to start saving!
Make every cent count with Savvy! Leftover cash on payday? Booster Savvy checks your balance every payday – if there’s money left over from your last pay cycle Savvy can Sweep it to your Stack of choice.
2. Get educated
There are plenty of great personal finance podcasts and YouTube channels to listen/watch that break down personal finance - saving, budgeting and setting goals into easily understood bite-sized chunks. It’ll help you learn what they don’t teach you in the classroom - lessons that can help set you up for life!
Recommended podcasts:
YouTube:
3. Chat to your family about the ‘nance
Chat with your family bout how they set their budget and spending limits. You’ll be surprised at how much everyone saves and spends their money differently! There’s no need to get into details and numbers, but you’ll pick up money habits that may work for you too.
4. Create a budget
You can show off your financial independence to your parents by pitching to them an allowance for doing chores (or finding a part-time job), and then wow them with how you would spend and save your money with a budget. That way, you can afford to buy the things you love, while also saving for the future.
5. Do your research
Before you hit ‘add to cart’ on a big purchase, or application be sure to do your research. Check online for any promo codes that might help shave a couple of dollars off your purchase – you’ll be surprised how much you can save over time. And always read the fine print!
Make smarter spending decisions as you never know what companies can slip into the fine print.
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The Booster Savvy Scheme (‘Savvy’) is not a bank account and Booster is not a bank. Savvy is a managed fund and Booster Investment Management Limited is the manager and issuer of Savvy. Savvy’s Product Disclosure Statement, and other important information about Savvy (including a comparison highlighting some of the differences between Savvy and a bank account) is available at www.booster.co.nz.
