Stay on track with New Year financial checklist

New year is approaching which can bring a lot of stress along. Not sure where to begin? Our financial checklist for the New Year could be your starting point to get your financial priorities back on track in 2021.

Review your home loan

Your mortgage is probably going to be your largest financial obligation. As a result, it’s critical that you don’t pay more than you have to. If you’ve had the same loan for two years or longer, you might be able to receive a lower rate from a different lender.

And, if 2022 is the year you want to start as a first-time home buyer, now is the time to seek professional guidance and begin the initial steps towards making your goal a reality.

Re-examine your budget

Take stock of your money in 2021 to find your budgetary focus. Spending a few minutes examining your costs may guarantee that you are only spending on necessities. A simple review of your transactions and credit card accounts can identify areas where you may be able to cut back on spending.


Consider the coming conclusion of the financial and tax year. Making a note of any insurance plans that may provide tax benefits is one example. Determine if a trust or other method might be beneficial.

In case you didn’t know, charitable contributions are tax deductible – that is, you may get 33.33 cents on the dollar back from Inland Revenue, New Zealand’s tax collecting agency. Despite this, most individuals never file a claim, which is simple to do online.

Take steps to build an emergency fund

You never know when such unexpected costs may occur. But when they do, they may pack a powerful punch. Having funds saved aside can be a valuable resource for dealing with unanticipated expenditures. If you don’t already have an emergency savings account, three simple steps might help you get started.


  • Examine Your Budget – If you’ve never made a budget, it’s absolutely a worthwhile endeavour. A budget provides you with a comprehensive perspective of your money and assists you in regaining control. Your budget should contain how much money is coming in and how much money is going out over a specific time period. This manner, you can identify where you may cut back and prepare for future costs.
  • Choose one thing, cut it, and save money! – Is 2022 the year to say goodbye to everyday takeout and underused gym memberships? Choose one monthly expenditure, consider how you can minimise it, calculate how much money you’re saving each month as a result of this easy adjustment, and save that money in your emergency savings.
  • Prioritize your saving habits – Don’t stop simply because you’ve reached your first savings goal! Increase your savings objectives gradually until you have a substantial buffer for unforeseen situations. It’s a fantastic way to relax and unwind without having to worry about money.

Dream big, what can be improved for 2021?

With a new financial health baseline in place and year-end financial responsibilities completed, it’s time to look ahead to 2022 with fresh eyes. Will this be the year you buy your first house, a second home, a new car, a kitchen remodel, or braces for your child?

Do you want to get out of debt? Increase your emergency savings to cover a half-worth year’s of expenses? Do you have an estate plan? Perhaps you’d like to assist your adult children in purchasing their first house, or you’d like to retire earlier than you had planned.

Your financial house, like any other, requires ongoing maintenance. With the approach of summer and thoughts turning to a happy and healthy 2022, what better time is there for a review of your financial wellness? Contact and we can help make you’re your 2022 plan in on track to meet all your goals.

Right things to with financing during Covid-19

The pandemic continues to disrupt our professional lives, our children’s lives, and our financial life. That being said, there is a lot we can do right now: here are some things you can do right away in terms of finance.

Avoid decisions based on fear

We will get through this together, so don’t worry. Emotional situations can lead to bad financial judgments, so seek the support you need while making financial decisions during an urgent situation. Take the time to gather information and guidance about what you want to accomplish.

Find out what financial help is available

The government is taking steps to help the economy, including paid leave and self-isolation, salary subsidies, and business cash flow and tax relief. More information may be found at the official COVID-19 government response website.

Make a crisis money plan

Making a financial plan is extremely crucial during an emergency. Financial difficulties may create significant problems for you and your family, so putting a plan in place can help offer you sense of peace.

  • Consider a scenario in which your income is reduced. To effectively manage your money, you must first determine your incomings and cash outflows.
  • Concentrate on your current “needs” and eliminate any superfluous “desires.”
  • Assign a task to each and every dollar. This implies that you select how your money will be spent and prioritise what is most essential.
  • Put any excess funds you have – even if it’s only $5 or $10 – into a safety nett.

Find out all your options before taking on more debt

If you don’t have emergency savings, consider setting away some money each time you are paid if you can. Based on how the crisis develops, you may find yourself needing to rely on your safety nett sooner than planned.

If you sense you need to borrow more funds to get by, it’s critical that you don’t go for the cheapest option. You may be considering a KiwiSaver withdrawal and applying for ‘significant financial difficulties,’ but you want to be sure it’s the last solution. It’s critical to understand that your KiwiSaver funds can typically be used to cover day-to-day costs but not to pay off debt. Tapping your KiwiSaver is a major decision that will impact your future in some manner, so you want to be sure it’s a good one.

A relatively brief payday loan online or a KiwiSaver emergency withdrawal might spring to mind immediately, but other choices are likely to be more effective: government assistance, short loan or mortgage deferment, or refixing your loan to a lower interest rate with more affordable payments. The aim is to go through with as little debt as possible.

Can’t make repayments? Talk to your lender as early as possible to make arrangements

The sooner you contact your bank or lender, the safer. You might be amazed at how eager they are to collaborate with you and your mortgage. The earlier you contact them, the more equipped they will be to assist you in dealing with finance related stress. And besides, they have to cope with this all the time.

Depending on the circumstances, your bank may: Temporarily halt loan payments. It’s critical to understand that even if your payments are suspended, the interest will continue to accumulate – a loan deferral increases the cost of the debt.

Here are some tips to consider

  • Move you to interest-only payments
  • Restructure business loans
  • Consolidate loans to make repayments more manageable
  • Provide short-term funding
  • Stay safe from COVID-19 scams

Crises tend to bring out the best in everyone, but if you look closely, you may also see the very worst. Frauds and scams involving Covid-19 are proliferating like deadly mushrooms, particularly online, so make careful to double-check every phone call, link, and email you get — it might be a forgery. To ensure that anything is legitimate, make a separate call to a public number when it comes to dealing with funds.

Talk to an expert financial advisor to ensure that any step you take to help your emergency situation does not have many risks involved with it. Contact us and we can help you manage your funds in these difficult times.