Money Penny

Tackling Debt

Throughout the year debt can certainly mount up and become a real drain on your income - meaning your money is working for someone else, rather than you.

From credit cards to hire purchases and personal loans, it can all add up fast and hold us back from getting ahead. However if you do have debts, make sure they are repaid as quickly as you can - and always try to pay your credit card in full. It may seem easy to put the family groceries on the credit card, but if it takes you three months to pay o?, the interest that you pay on the card makes the groceries a lot more expensive!

That said, debt is not necessarily a bad thing. There may be occasions when unexpected costs arise such as if your car breaks down and you need to repair it immediately, or a family member becomes sick overseas and you need to get to them quickly, then you may have no choice but to borrow.

To help you tackle your debt, suggests:


  • First make a plan to get out of debt!
  • Listing all of your debts and the interest rate on each one. (Look up the interest rates in the loan agreements or credit card bill.)
  • Identify which debt charges the highest interest.
  • Make bigger repayments to pay o? this debt faster. When it’s paid o?, start paying more o? the debt with the next highest interest rate.


How can you find out what your debt is costing?

You can see how much your di?erent debts are costing you, and find the fastest way to be debt-free by using the Sorted debt repayment calculator -

So by reducing your debt quickly - you will improve your financial position considerably!

Stay safe out there!

Talk soon . . .

Money Penny

Understanding The Fine Print

There has been a considerable amount of advertising lately around getting vehicles on interest free or low interest rate terms, or buy now, pay later finance options.

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The Secret of Compounding Interest!

When it comes to compounding interest the earlier you start saving - the more you make. Even saving a small amount of money each week, along with the benefit of compounding interest can really turn your savings into something extraordinary. says “The best compounding happens when any interest we earn gets reinvested and earns even more interest. It’s interest earning interest, and our money is working for us instead of us working for it!” How does compounding interest work? Let’s say you save $10 a week at an interest rate of 2.5% pa (after tax) - the Sorted website shows that after five years you would have saved $2,600, and earned an additional $170 in interest. And by continuing to save for 15 years (and increasing your weekly savings amount to take inflation into account) you would have saved $10,400, and earned an additional $3,050 in interest! How can you calculate the amount you can achieve by regularly saving? It’s easy - Sorted has a calculator that does all the maths for you. You can find it at The great thing is that with the power of compounding interest even saving small amounts of money adds up over time. So don’t wait - start saving today! Stay safe out there. Talk soon...Money Penny

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Take Control of your debt

Throughout the Christmas and New Year period you can sometimes find yourself building up more debt than you expect. You may find that you have experienced a credit card blow out over the holiday period. Or, that the hire purchase you had on an initial interest free period is now going onto a high interest rate. With the festive season being traditionally more expensive, it makes sense to make a plan to get out of debt. suggests you: Make a list of all your debts and the interest rate on each one. (Look up the interest rates in your loan agreements or credit card bill.)Identify which debt charges the highest interest.Make bigger repayments to pay off this debt faster. When it’s paid off, start paying more off the debt with the next highest interest rate. If you do find you need to borrow, do a bit of planning first. These are some of the things that you should consider when you are borrowing money: How much do you really need?Are there any fees or charges?How much is the interest?Will the time you pay it back over be a long period, meaning you pay more interest but have a lower repayment – or a short period, meaning less interest paid but higher repayments? The New Year is a great time to take care of your money matters and put yourself in control - so take the time now to consider your options, and take action! Stay safe out there. Talk soon . . . Money Penny

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Cyber Crime

Cyber Crime has become a constant and evolving threat to our everyday lives!

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Scams and more scams

Scams! They are happening all the time and when we least expect them. Recently the Financial Markets Authority (FMA) released a real life story about a chartered accountant who we will call ‘John’. Despite being an experienced investor, John was scammed of US$39,750 through a share scam.

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Be SMART with your money

Learning to be a regular saver is a giant leap towards having enough money for the things we want.

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What is Police Moneywise?

Police Moneywise is a financial capability course that is a joint initiative between Police and Families Credit Union and the NZ Police, which will initially provide free financial capability courses for all police employees, with participation being voluntary and free.

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