Make your money work for you

Following on from my recent blog post on financial check-ups, once you've reviewed your financial situation here are some ways to save money, earn additional income and make your money work for you

More money
Consider ways to generate additional income or earn extra money so you can boost your income, pay any bills or start saving. Be creative - think outside the square and try different options.

Passive income
Earn money and clear your home of clutter by selling unused household items such as clothing, children's toys, furniture, appliances etc... online, at a stall or garage sale.
It doesn't need to be a massive task or require large amounts of time - break it down by grouping into categories or selling one item at a time.
Activities such as re-gifting and swishing (clothes and accessory swapping) are gaining popularity, with thousands of unwanted gifts sold or exchanged online on sites such as TradeMe and iSwish.

Save money
Consider some form of personal savings such as Kiwi Saver, an interest-bearing savings account, term deposit or similar. If your finances are tight, start small - remember, every little bit counts.
When making essential purchases, look for sale and discounted prices or shop around and negotiate. Many retailers will give some form of discount if you ask, especially for cash (which often includes credit card purchases). Be assertive, firm and confident in your negotiations.
Identify any opportunities to reduce your spending or minimise your expenses e.g. growing, baking or making something yourself rather than buying ready-made or pre-packaged goods.
Save money by re-gifting to friends and family throughout the year (be careful you don’t re-gift to the same person).
Alternatively, consider donating unwanted or excess items to charities and other community groups. Whilst you might not receive financial rewards, the value of helping others can be priceless.

Need help with your money? Do you have parenting question you'd like answered? Email Karyn results@rileylife.co.nz

Time for a financial check-up?

After the indulgent highs of Christmas and the holiday season, reality often returns with a resounding thump when the bills roll in February/March leaving many parents feeling anxious, stressed-out or depressed.

Overspending on your credit card or last-minute impulse buying may have left you and your finances depleted. Chances are you are not alone.

Now is the ideal time to review your finances and plan and set goals for the year ahead. Here are some tips to help:

Start small and simple
Don’t get overwhelmed, stressed or anxious about your current financial or emotional situation. Keep things simple – identify one area that you want to focus on first e.g. your financial goals, budget, income or expenditure.

Financial check-up
Identify any areas for improvement that may be draining or stretching you financially, e.g. credit card debt, expenditure, high-interest or multiple loans. Establish or review existing budgets and seek financial or professional assistance if necessary. Try using online resources such as sorted.org.nz to assist with debt and financial management.

Take action
If you find yourself in an undesirable financial position, one of the most important steps you can take is to do something about it. Even one small change can make a big difference and help you move towards improving your situation and alleviating stress and pressure. If you put off or avoid taking action, it will only make matters worse.
Make time to sit down, discuss and review your financial position and options with your partner or financial adviser. Set short- and long-term financial goals. Remember it's OK to seek financial advice and assistance.

Next week, I'll cover ways to save money, earn additional income and make your money work for you.

Do you have parenting question you'd like answered? Email Karyn results@rileylife.co.nz