The Herald’s Cooking the Books personal finance podcast has gone daily in lockdown, to help you get the tips you need to weather the financial storm. Hosted by Frances Cook, with a new money expert featured on each episode.
The rainy day has arrived. Now is the time when a savings account can help you ride out the turbulence and give you peace of mind.
The problem is that as New Zealanders we’re among the worst in the world for saving our money.
Figures from the Reserve Bank show that in 2019, New Zealanders as a group saved -0.3 per cent. As in, overall, we didn’t save anything. In fact, most of us have been living beyond our means and using debt to fund it.
Listen to the Cooking the Books podcast here
To put it another way, figures from finder.com show 58 per cent of us have less than $500 in savings.
So if this is you, then you’re absolutely not alone. Hindsight is 20/20, but there’s no point berating ourselves for what we should or shouldn’t have done in the past.