How to declutter your financial life – Diana Clement
Now’s the perfect time to check phone plans and utility bills. Are you still paying for services you don’t use, or have discounts for your plans expired? Chances are you can phone the supplier and ask for new discounts. Think long and hard about whether you have any long-forgotten financial obligations. Are you still named […]
How to prepare financially for aged care – Diana Clement
The first thing to know is that your relative must be assessed as needing long-term care. The needs assessment, carried out in hospital or by a community team, will confirm what level of care: rest home, long-stay hospital, dementia, or psycho-geriatric. Call Seniorline on 0800 725 463, for advice. A needs assessment determines what level […]
How to plan for retiring overseas – Diana Clement
You need a visa, health insurance, and your investments. And read my two articles about New Zealand Superannuation from last year: How you pay for healthcare in your new home is crucial, but NZ Super is just the beginning in planning a retirement overseas. There are other tricky questions that I will cover over the […]
How to use AI tools to simplify personal finance – Diana Clement
If you haven’t tried AI yet, visit one of those sites and type in a question [“prompt” in AI language] such as “What are some good questions to ask AI to improve my personal finances in New Zealand?” You’ll get a range of queries such as: What percentage of my income should I save? Should […]
Tax bills & IRD: How to legally reduce your tax burden before year’s end – Diana Clement
For most wage and salary earners, tax deductions will be correct and the Inland Revenue Department’s (IRD) annual automatic tax assessments will ensure that any refunds find their way into taxpayers’ bank accounts automatically. It’s worth checking that you’re on the right tax code. If you selected the wrong tax code when starting a job, […]
How to get through to people who need a financial wake-up call – Diana Clement
Sometimes, sadly, people need to ‘bottom out’ before the wake-up happens, and they can make radical changes to the way they live, said Tom Hartmann, Sorted’s personal finance lead. That doesn’t mean that caring contacts can’t try. Approach the conversation with empathy, not judgment. If you didn’t care, you wouldn’t be involved – and showing […]
How to stop living payday to payday – Diana Clement
When that happened, the couple sought advice through a mentor at Moneywise Manawatū. They were advised to use the No Asset Procedure, which is a type of insolvency, which enables people to clear existing debt. That gave them breathing room. Until discharged, however, the pair couldn’t borrow or get credit cards. “It’s like being blacklisted,” […]
How to avoid being scammed by artificial intelligence – Diana Clement
People will find themselves being blackmailed with fake videos. How would a partner, or employer know that the compromising video of you was real or AI-generated? Blackmailers already know to keep their financial demands realistic so the victim will just pay, to avoid the pain of refusing, said Sean Lyons, chief online safety officer at […]
How to manage your retirement savings in your golden years – Diana Clement
The 6% rule allows retirees to withdraw 6% of their total retirement savings annually. The money isn’t going to last as long, but research shows that people tend to spend less as they age, said Alison O’Connell, a member of the New Zealand Society of Actuaries who has a background in the pensions industry. The […]
Debt snowballs and debt avalanches – how to pay ongoing costs in the New Year – Diana Clement
Advisers and mentors such as Lange are often contacted by people in the New Year who don’t know how they are going to pay for essentials. Some people will have overspent, while others may have been through relationship breakups over the summer and have no idea where to start to dig their way out of […]