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Set up my finances

Thinking about goals and how to reach them

What goals do you have for your money?

If you have a regular income and are enjoying a relatively comfortable life, maybe it’s time to start thinking about what else you could be doing with your money.

A good way to start the ball rolling is come up with some goals and objectives you’d like to achieve. Once you’ve decided what they are, you can then focus on how you’re going to save to reach them.

There are different types of goals you could set:

  • Short-term goals - are things you want to achieve over the next few months, up to the next couple of years. These might include buying a new TV or car, going on a holiday, or renovating.
  • Long-term goals - these are goals you want to realise within five to ten years, and might include buying a home or investment property, or a comfortable retirement.

Every amount you can manage to save will help make your goals easier to achieve. Using KiwiSaver is an easy way to save towards two major life goals that most people have: buying your first home and a comfortable retirement.
A great way of reaching your savings goals more quickly is to manage your spending habits.

Change your spending habits to reach goals more quickly

If you want to do more with your money, making small changes to your spending habits can have a big impact over time.

  • Keep track of where your money goes - try recording what you’re spending for a period of time. You may be surprised how much you spend on expenses like eating out or petrol.
  • Look for room for improvement - with a view of your spending habits, you can consider options for reducing expenses. This might include cooking at home more often, or using your car less.
  • Thinking long-term - it’s challenging to make drastic cut backs, so ease yourself into any changes. The idea is to make sustainable changes so you can keep them up long term.

By being more aware of where your money goes, putting together a plan, and cutting back on unnecessary spending you’ll be able to save more, without impacting the lifestyle you want.

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The content provided is intended to be used as information only and does not constitute financial advice. Before acting on any of the results provided, we recommend that you seek advice which takes your individual circumstances into account.