Good things to do with ex­tra in­come

Auckland City Harbour News - - News -

Put some of that ex­tra cash from the lat­est tax cuts into sav­ings or pay­ing off debt.

Re­tire­ment Com­mis­sioner Diana Crossan says any ex­tra take­home pay not needed for daily liv­ing costs can be used to im­prove fi­nan­cial se­cu­rity.

“There are two steps you can take that will help your fi­nan­cial po­si­tion now and in the fu­ture,” she says.

The first step is to pay off debts, es­pe­cially high in­ter­est debts like credit cards and hire pur­chase.

The sec­ond step is to add the ex­tra cash to ex­ist­ing sav­ings or to start a new sav­ings plan.

Putting money aside each week for Christ­mas presents and sum­mer hol­i­days can help to avoid debt in the new year, she says.

Those looking at re­tire­ment or sav­ing for a first home should se­ri­ously con­sider join­ing Ki­wiSaver. More in­for­ma­tion is in a new book­let Sorted – Your Guide To Get­ting There.

It can be or­dered from 0800-SORT MONEY or from www.sorted.org. nz. The web­site also has bud­get, debt, sav­ing and Ki­wiSaver cal­cu­la­tors and any­one need­ing bud­get­ing ad­vice can phone 0508-BUD­GET.

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