Stop over­spend­ing with money guide

The Northern Advocate - - 48 Hours / Books - On Physics It Seems Seven Brief Lessons Re­al­ity Is Not What What in­spired you to write The How do you get the best out of your mort­gage? Do you have some money sav­ing tips? Do you have an­other book in the pipe­line?

The Or­der of Time

By Carlo Rovelli, Pen­guin Ran­dom House, $35

.. .. .. .. .. ..

Time — how it works, time travel, rel­a­tive time — has al­ways fas­ci­nated us.

Can we live in two dif­fer­ent time scales? What if we went back and were able to change some­thing? Why does time seem to be rac­ing when we’re older and as a child it drags on for­ever?

Ital­ian Rovelli is a the­o­ret­i­cal physi­cist who writes about space and time. His books

and are best­sellers and trans­lated into 41 lan­guages.

He writes (or rather is trans­lated) in rel­a­tively straight­for­ward lan­guage but the ideas he poses may need some ru­mi­na­tion. For in­stance, he starts with the sup­po­si­tion that time passes faster in the moun­tains than at sea level. Yes re­ally!

He also talks about how we per­ceive time our­selves. How we are the sum of our ex­pe­ri­ences and me­mories.

Rovelli is some­thing of a suc­ces­sor to the late Stephen Hawk­ing, and a wor­thy one. He brings dif­fi­cult ideas to an un­der­stand­able level.

But it’s a lot to take in. You’ll need to take your time over this one.

— Linda Thomp­son

In­vestor, author, en­tre­pre­neur, pro­fes­sional speaker Lisa Dud­son is recog­nised as one of New Zea­land’s lead­ing busi­ness peo­ple and ed­u­ca­tors in the prop­erty and fi­nan­cial sec­tor. She be­gan in­vest­ing when she was just 16 years of age and owns a di­ver­si­fied port­fo­lio of in­vest­ments. Dud­son has just re­leased the book

an es­sen­tial re­source for all things money. It’s sim­ple and easy to fol­low and is full of prac­ti­cal ad­vice to help you cre­ate the fi­nan­cial free­dom to live the life you de­sire.

We asked her a few ques­tions:

NewZealandMoneyGuide?

I’ve al­ways been pas­sion­ate about help­ing ed­u­cate peo­ple to be smarter with their fi­nances so they have more op­tions in their lives. This book was a great way to do that.

Do you think New Zealan­ders in gen­eral over­spend and if so why?

Yes they do and the sta­tis­tics sup­port that. The cost of liv­ing is high and there is also a lot of temp­ta­tion to spend money through ad­ver­tis­ing, etc. We are also a bit ad­dicted to ‘stuff’ and of­ten buy a lot of things that we don’t need or don’t end up us­ing, like ex­ces­sive amounts of cloth­ing, din­ners outs, toys, etc.

What are some typ­i­cal money traps peo­ple fall into and how do you over­come them?

The num­ber one is spend­ing too much. Hav­ing a spend­ing plan or a bud­get helps so you don’t get side tracked and buy things you don’t re­ally need. Stay­ing away from the shops also helps as then you won’t get tempted. Be­ware of buy­ing some­thing be­cause it seems re­ally af­ford­able as it’s only $x per week, of­ten the case with new things. When you add all those pay­ments it can amount to a lot of money and cre­ates a reg­u­lar fi­nan­cial com­mit­ment that may not have been nec­es­sary.

What is the $21 chal­lenge fea­tured in your book and does it work?

Ab­so­lutely it does. The con­cept first came out around a dozen years ago and thou­sands of peo­ple have suc­cess­fully com­pleted it. You can use things you al­ready have in your cup­board, fridge or freezer. It’s a great thing to do a few times a year to save some ex­tra money. It might be also great for your waist line as well!

Do you have some top tips to help chil­dren save and un­der­stand the value of money?

Have con­ver­sa­tions about money with your chil­dren from a young age so they gain an un­der­stand­ing of money and its value. I also think us­ing pocket money is help­ful.

Is there a way in in­crease your in­come?

There is a chap­ter in the book about this. One idea is to in­crease your skills and ed­u­ca­tion so you are more valu­able to an em­ployer. Put any spare money you can into ex­tra mort­gage pay­ments, even if it’s only a $100 a month, over time it will save you a lot of money in in­ter­est costs. Hav­ing a goal of when you want to pay off your mort­gage off, that you re­view reg­u­larly, helps you stay fo­cused.

A great one is to pause be­fore you spend any of your hard earned money and ask your­self if what you are go­ing to buy is a good use of your money. It will help you be a lot more con­scious of your spend­ing.

Who do you think The­New ZealandMoneyGuide is tar­geted for and who will it help?

Any­one who wants to be im­prove their fi­nan­cial po­si­tion. I had a num­ber of peo­ple re­view the book, in­clud­ing some who are very fi­nan­cially savvy and even they learnt a few things. The book is easy to read and un­der­stand. It cov­ers a wide range of con­cepts; mind­set, money man­age­ment, in­vest­ing, Ki­wiSaver, plan­ning for re­tire­ment, get­ting the most out of your mort­gage, stay­ing on track.

Not yet. I’ve now writ­ten seven books so I’m sure there will be!

Tina Turner is theQueen of Rock ‘n’Roll, a mu­si­cal icon cel­e­brat­ing her 60th year in the in­dus­try. In her dra­matic au­to­bi­og­ra­phy, Ti­naTurner:My LoveS­tory, she tells the story of a truly re­mark­able life in the spot­light. From her early years pick­ing cot­ton in Nut­bush, Ten­nessee, to her rise to fame along­side Ike Turner, and fi­nally to her phe­nom­e­nal suc­cess in the 1980s and be­yond, Tina can­didly ex­am­ines her per­sonal his­tory, from her dark­est hours to her hap­pi­est mo­ments and ev­ery­thing in be­tween.We have five copies to give away. Send your name and con­tact de­tails to com­pe­ti­tions@nzme.co.nz by No­vem­ber 22.

The New Zea­land Money Guide All you need to know about be­com­ing fi­nan­cially se­cure by Lisa Dud­son, $29.99

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