What Is The Best Money Tip You’ve Ever Been Given, And Other Money Questions

Have you seen the money related conversation starter cards circulating in the social media lately?

It is the Financial Service Council NZ teaming up with Hatch investment platform who brings us these downloadable cards that each have a money related question to answer.

I thought I’d do a post series of personally answering a few of these questions in each post and inviting you to share your own answer to the same question in the comments! You can download your own set here.

Do you have a budget to help you manage your money or do you just wing it?

For a long time I had a rough budget that overall covered my expenses, savings and investing goals.

I got so used to it that I kind of left it for a long time, used it even though our finances had changed and I should have updated it.

I now have updated my budget and I’m tracking my spending again to see if it actually works in my day to day life.

I think budget is the number one thing that will help you prioritise your money and reach goals, since it can clearly show you where your money is going.

And unlike often believed, budget doesn’t have to be restrictive or suck all joy out of your life.

You can, and should, budget for things that bring you joy.

For me, I have budgeted for cafe coffee for example.

Do you usually have money left over at the end of each pay?

Usually yes. But even if I don’t, it’s okay since I’ve made sure that I put money aside for bills, savings and investing when I get money.

So by the end of my pay period, everything important has already been covered.

Sometimes I have money leftover because I didn’t spend much at the supermarket, or I had a higher income and thus surplus.

If I do have leftover money at the end of a pay period, it will always go towards savings or investing before I get paid again.

This is so that I don’t spend extra thinking I have more money, I rather it go towards my goals so I can reach them quicker.

What is the best money tip you’ve ever been given?

Hands down, paying yourself first has been the best money tip I’ve ever been given.

Paying yourself first means that you place your savings and investment goals high on your priority list, just like expenses.

It means that instead of saving what’s is left after spending, you save first and then spend the rest.

Paying myself first has made a huge difference when it comes to my ability to save.

I would start small, like put $5/week towards a savings goal, and then possibly more if there was left at the end of the pay period. But if I didn’t have anything left, at least I put that $5 towards savings.

You can find my other money questions and answers here.

I’d love to hear your answers to these questions in the comments below!