Switch things up for a better deal
Once you know what you’re spending your money on you can start to make decisions about what you want to, or can afford to, change. Small, daily changes, like cutting down on your coffees and bought lunches or getting rid of subscription services will obviously help, but you might find that looking at bigger ticket items will lead to bigger financial gains. So to that end, make sure you’re not paying more than you need to for your household bills, bank accounts or insurance.
Get your recent bills, see how much you’ve been spending and, if you’re not locked into a fixed-term contract, start looking around for better deals. Sites like powerswitch.org.nz will help you compare power prices, while moneyhub.co.nz has comparison tools for things like motoring and broadband deals. If you find a better deal, ring your current provider and see if they’ll match or better it. If they won’t, be prepared to walk.
Check your accounts, cards and insurance
When it comes to your banking, make sure you’ve got the right accounts and credit cards for your needs. For example, using a savings account for your everyday transactions will lead to unnecessary fees. Savings accounts are designed to encourage you to save, so they’ll charge fees when you make withdrawals. Everyday accounts, on the other hand, are meant for your day-to-day spending. You can compare accounts and fees, to work out which ones might be best suited to your circumstances.
It's also worth taking a look at things like your credit card. Think about how you use it. Are you trying to earn rewards like Air New Zealand Airpoints™, or are low fees or low interest rates more important? Compare credit card rates and fees and make sure you've got the right one for your circumstances.
Take the time to review your insurance as well. Make sure you've got the right cover, that you're not paying for more than you need to, but that you also have cover for the things you need.