Informed Investor - Spring 2022 - Money Mindset - BUY

Page 100

YO U R I NVE STI N G

Six Simple Ways to Save We’d all like to be richer but spending can erode our personal wealth. Here are Laine Moger’s tips for saving money.

1.

Save your credit card for emergencies Freezing your credit card in a block of ice (literally) is how 2% of surveyed Kiwis are managing to keep their spending under control. This method might be at the more extreme end of the scale, but the sentiment of reducing credit card debt is widely felt. According to Finder’s stats, more than half of the 2 million people surveyed are taking steps to curb their credit card use. However, there are much less drastic options available. Outside of being stricter with a budget, consider lowering your limit or switching to a low-interest account to make monthly payments more manageable.

2.

Stop some streaming subscriptions It’s a bad habit some of us have got into – NZ$12.99 Disney+ for the kids, NZ$11.99 Netflix for Big Bang Theory, and NZ$15.99 for NEON for Game of Thrones. While relatively cheap by themselves, added together they can add hundreds to your yearly expenses. (Netflix is NZ$143.88 a year). So, if you’re not actively using your subscription on a regular basis, it may be a good idea to downsize your streaming service catalogue. Opt for keeping only one service you use the most or cancel the lot and take more advantage of free services like TVNZ on Demand and ThreeNow. Alternatively, you could team up with the people you live with. Make a deal that one of you pays for Netflix while the other pays for NEON.

3.

WFH to save on petrol Covid got a lot of us realising we can cope with working from home when we have to. Petrol bills were noticeably absent from out bank accounts while we were housebound during level 4. Stats NZ reckons the average Kiwi used to spend just under NZ$50 a week on petrol in 2019, way back when petrol was NZ$2.13 a litre. Three years later, the price per litre is at least NZ$2.90. By reducing your commuting time, you could be making quite a hefty contribution to your savings account.

S P R I N G 2 0 2 2 | I N F O R M E D I NVESTO R 9 8


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Articles inside

A Much Brighter Second Half

4min
pages 118-119

Can Europe Keep the Lights On?

4min
pages 120-124

Snapshot: Innovations

2min
pages 116-117

The DAO: the Greatest Crypto Tale Ever Told

4min
pages 112-115

Going Up, Going Down

4min
pages 110-111

Can You Cut Someone Out of Your Will?

3min
pages 104-105

Book Reviews

2min
pages 106-107

Six Simple Ways to Save

3min
pages 100-101

Looking Beyond the Numbers – How to Buy a Profitable Business

4min
pages 92-95

Commercial Property is Alive and Kicking

3min
pages 96-97

Industrial Sector a Winner for Silverfin Capital Investors

2min
page 91

My uncle inspired me to start property investment

3min
page 90

Making an Income From Forex – It’s Not For the Faint-Hearted

4min
pages 88-89

Thinking of Cancelling Your Insurance? Get Advice First.

2min
page 83

From Tiny Acorns, Mighty Oak Trees Grow

3min
pages 84-85

Can Your Sustainable Investing Really Make a Difference?

3min
pages 86-87

The Art of Picking an Investment

4min
pages 80-81

Subscribe to Informed Investor

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page 82

No More 9 to 5: A Closer Look at the Flexi Work Revolution

5min
pages 76-79

Don’t Panic

4min
pages 70-72

Were Tech Stocks Overvalued?

2min
pages 62-65

How do you Handle a Crash in the Game of Life?

3min
pages 74-75

The Money Mindset of Debt in Retirement

3min
pages 66-69

Property-Backed Investments Provide Tangible Returns in Volatile Times

2min
page 73

Your Guide to KiwiSaver

8min
pages 58-61

Mortgage Mindset: IO vs P&I

4min
pages 54-57

Battling the Bear: What Should You do in a Downtrend Market?

5min
pages 50-53

Where Are You on the Wealth Ladder?

3min
pages 36-37

Don’t Let Poor Estate Planning Tear Your Family Apart

3min
pages 34-35

When You Set Goals, You Set Yourself Apart

4min
pages 22-25

I Quit! How to Switch From Salary to Freelance

5min
pages 38-41

I bought my first investment property at twenty-one

2min
pages 48-49

How We Can All Help Grow Women’s Financial Wellbeing

3min
pages 46-47

Let’s Make Money Fun

4min
pages 26-29

From FOMO to FOOP The Psychology of the Property Market

4min
pages 30-33
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