Hah! I aim to save anything. And fail. Everytime.

LOL nothing.

but from next week it’ll be the amount i will pay in rent (for my next place, not where I’m living right now. does that make sense? So I can acclimatise to not having the money but actually have the money ya dig?) put in to a different account with a different bank so i can’t even transfer it back across when i want something.

i just realised this week that i’m 23 years old and living paycheck to paycheck for no reason whatsoever.

I save about 35% of my pay plus 4% through Kiwisaver. I worked out our total living costs plus a bit of spending money and save the rest into an automatic savings account. I would definitely recommend having the money taken out of your account on payday, that way it’s gone before you even have a chance to miss it.

Oh wow! Lots of variation!!

I’m not part of Kiwisaver… everytime I get a new job I opt out.. I just don’t trust the government for when i’m 65 lol, i”m 22 so it’s a long way away.. I can just see it all going corrupt the way the world is now, although I guess they couldn’t just take away all our money *rants*

Considering joining… for the grand (not gonna lie).

I guess I’ll aim for 50% and see how that treats me. I’m used to living on piss all (been a student for my whole life until now!) So i’m good at being a cheapskate!

I also live at home currently.

I kiiiiiinda see where you’re coming from re kiwisaver… But unless you’ve actually looked into it then I think that’s a pretty weak argument.

Your money is no safer in a bank than in kiwisaver if you think the government will go all corrupt & take all your cash.

Also your employer has to contribute 2% on top of what you save… so it’s basically free money you’re saying no to. And I honestly don’t believe that if you are single with no kids and no major expenses that you would miss your 2% per pay at all. So already you could be getting 2% of your pay stashed away PLUS that amount again given by your employer. It’s like doubling your savings for nothing!!

AND on top of that the government will match what you contribute each year, up to $1042.86. Or pretty much $20 per week. That’s a free thousand dollars every year, on top of the $1000 kick start, and on top of the 2% your employer will contribute!!!

And you can choose your own provider & choose your investment scheme & stuff, so you actually have a lot of control.

And I’ve done a few retirement plans for some clients before, and no joke for a married couple to live pretty comfortably, say living off $4000 a month combined and then needing care for 5 years each. They would need a million dollars for 10 years. (that takes into account a lot of factors, selling houses, buying units, covering costs of care, selling the unit etc etc) Now consider if you retire at 65 and don’t die till you’re 85. That’s 20 years. And you can bet you might want to travel, go on holidays, buy presents for your grandkids etc etc etc which would probably equal more than $1000 a week. Don’t forget rent / rates / all other expenses come out of that too.
If you want to live a pretty comfortable life when you retire, you’re never too young to think about how you’re best to get there!!!

I can see your point of view Sassa but if you’re a good saver and all that I don’t really see the point in kiwisaver if you already own your own house and have a mortgage to pay off.

We have a mortgage and I would definitely rather pay that off before contributing to retirement and wait until i’m 65 to use it! But yes it is good if you are saving to buy a house for the first time.

And a cynical way of thinking but some people don’t even make it to 65 and then it’s a nightmare for your estate to access the funds….

Who knows when the budget comes out next month National might make changes beyond our control in terms of kiwisaver.

Hmmm and I thought retirement plans would be something a financial advisor would do…..

Oh yea was just saying that those are the people I would go to for retirement planning that’s all.

What line of work are you in? It’s always helpful to know people who know alot about this kind of stuff and also to share ideas

Should be a money and planning form for us girls lol