Budgeting Guide NZ

What is Budgeting ?

Budgeting is basically rationing your money, making sure that you actually pay off all your debts before you can go for expenses. Until and unless you possess a financial plan, it is important that budgeting is done for the betterment of your family.

Budgeting Plan

It is nearly impossible for you to put aside a fraction of money for your expenses, until and unless you know the plan for it. Without budgeting, you would lose track of the amount of expenses that you have, and at the end of the day, your financial situation would be extremely bad.

So, it is always important for you to undertake budgeting your money. This will help you to assist in planning where your money is to be spent, and you will also be able to control the unnecessary spending.

Budgeting Tips for Kiwis

Weekly Budget

  • You should make a budget each and every time you receive a salary. This is very important, and it will help you to go by keeping a track on your monthly expenses. For most people, a weekly budget can also be a very good thing. So, you need to have a certain standard, a certain interval that can actually help you to understand the ideal time for you to decide on the kind of expenses that you need to deal with. The ideal time for you to deal with expenses is after your debt has been cleared. It is always the rule to make sure that you do not spend any of your money from the salary until and unless you work out a plan for the expenditure of your salary.

Need & Wants

  • Always create a list of all the essential items that you need to pay from your salary. This can include utilities, the mortgage or the rent, a visit to the doctor, gas money, groceries, as well as health insurance. Such payments are to be kept aside and paid at the appropriate time frame. This way, you shall not be lagging behind in your plans for getting very good budgeting underway.

Must Haves

  • Also, it is important that you undertake budgeting, which in other words, is estimation on the amount of money you need to pay for each and every item. You also need to make note of that amount from the salary, and deduct them as you go. For example, if your salary is about $ 2000, then you need to set aside money for the house and which is due during the first of any month. After that, the next payment may be for the gas bills, as well as for a visit to the doctor. So you need to schedule the payment and keep aside the money to be paid at that particular date. After all the expenses have been kept aside, you can actually indulge in some savings, and after that expenses for all your other indulgences in life can take place.

Total Expenses

Essential Expenses

  • Try and make a total of the essential expenses that you need to make towards your monthly salary. The family budgeting should be considered now. The expenses like visiting places, taking care of expenses for relatives visiting your house, and also all the common utilities and stationery for your children need to be considered. If you see that the total of the essential expenses along with some estimated expenses for your family budget is exceeding the amount of money that you get as a salary, then some expenses are to be curtailed.

Emergency Money

  • Always keep some emergency money handy from the months in which expenses are a bit low. This can actually help you to counter for the months when the expenses are extremely high, but your salary is fixed. It is always important that at least 10% of your regular expenses be used up for this emergency money. After all, if the money is not used, you can actually end up making savings out of it. However, chances are that the money will be used up at one point of time. So, it is always better to be prepared for any eventuality.
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Save for Rainy Day

  • Partake in savings of your money at regular intervals. Always make sure that about 10% of the money that is left over after the necessary monthly expenses can actually make its way into some kind of mutual fund, or some other sources of tax saving features in the country. There are mutual funds that can help you to get a lot of money for a small amount of money invested in it. Study the offer documentation carefully before investing under such schemes.


  • Always try and invest some amount of money in some upcoming company. This is not entirely related to the stock market, but rather in some of the crowd funding events that happen over the Internet. This way, you will actually be able to get the product or a valuable part or revenue during the sale of that product. Leaving everything in the bank account is only going to help you get a small amount of interest. Instead, putting the money under such schemes can actually be extremely beneficial to you.

Personal budgeting

Personal budgeting is also something that needs to be done. You have to make sure that each and every finance from the salary is to be checked for any problem. If you feel that there are problems in relation to the budgeting, then it is important for you to ask for budgeting help. There are firms that can point you in the right direction; all you need to do is give them an idea about your necessary expenses and the amount of money you make on a monthly basis.  If you are serious about your family life, then budgeting is always a very important factor that you need to consider. Without it, creating a family life will prove to be non-existent and not at all conducive in the long-term events.

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