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Some of the women at Sorted have put our heads together to come up with 10 things that have been important for us to learn on our respective money journeys. Some we wish we’d known sooner, and all are important to us today. Take them on board and pay them forward!
The gender pay gap is 8.2% (as at 30 June 2024), and even higher for wāhine Māori, Pacific women, women of other ethnicities and disabled women. Newsflash: it should be 0. What can you do? For a start, you have the right to check with your workplace about your pay, and when applying for a job or negotiating your salary, make sure you know your worth from the get-go by asking around to find out what others in the same role are earning.
Understanding the jargon makes it much easier to make informed financial decisions. It gives you more control and helps empower you with confidence.
Start by having money conversations with friends and whānau to find out what habits work for them. If there’s something you don’t understand, keep asking until it makes sense. There’s no shame in it – we all have to start somewhere!
KiwiSaver is a long-term investment for your retirement, so give your future self some love by getting it sorted. It doesn’t take long!
Get your KiwiSaver working for you and you’ll benefit from the magic of compounding interest. If ever you’re not in paid work, make it a priority if you can to keep contributing at least $20 a week, so you don’t miss out on the maximum government contribution of $260 a year.
Research shows that women have traditionally been less willing than men to have a go at investing, but it’s a key way to grow your money and not just for men in suits. With all the share platforms that are now around, it’s easier than ever for everyday people to get started and you don’t need much cash to do so.
First, get some good advice by reading reputable info and blogs and listening to related podcasts. If you decide to talk to a financial adviser, shop around to check their credentials and ask questions. You can also take a support person to your appointment with you, if you want to.
It’s crucial, in fact, whether you’re in a relationship or not. Keep at least one bank account in your own name and aim to save a small amount into it each week.
Before becoming a de facto partner, make sure you understand how the Property (Relationships) Act could affect your money and assets if you break up. It doesn’t matter if you’re married or not.
Protect yourself against STDs (sexually transmitted debts) by being careful about signing up for your partner’s loans, including hire purchase agreements, even if they plan to make the repayments. The debt will remain in your name, regardless of whether you stay together or hang onto the item in question.
Women sometimes feel that caring for the people in our lives is more important than money. It’s true, people are more important than money, but money’s important too.
Money helps us to look after ourselves and those we love. It gives us the freedom and mental space to pour our energy into the things that matter to us most. Time spent on financial self-care will be time well spent.
Sometimes you have to row the waka first before your whānau understands the journey you want to go on. You might have to make the first move, and then start a kōrero with your partner and whānau to set shared goals, so you can row the waka together.
People tend to overestimate what they can achieve in one year, yet underestimate what they can achieve in five. You might be surprised what you can do, simply by taking small steps one after the other! ‘Little and long’ is the key to saving and investing to grow your money, and ensuring you feel sorted no matter what gets thrown your way.
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Comments (1)
Comments
9 January 22
Lynne
This is all very good advice, but maybe this site needs to pay attention to the women who in their later years are left with finding themselves single, not knowing who to trust for advice and afraid to make bold choices on their own.
Take me for example. My husband came home 5 years ago when I was 58 & announced he had our marriage under review. He finally moved out 6 months later and we formally separated.
I had left the paid workforce to project manage a large redevelopment of our property and for years had handled our financial affairs, We owned our home and a small bach and had invested in an apartment being built off the plans. Separation meant we sold everything, I bought a modest house elsewhere I can still afford to run today and received $650,000 in cash. I was in KiwiSaver with an additional $30k. I returned to part-time work earning $30k and last year at age 63 was made redundant.
My KiwiSaver is worth $61k currently in a conservative scheme. I would like to move it and possibly take advantage of the one of the new providers rather than remain with my current bank choice.
I am sorted for a home, a car and my savings are earning 2.5%. I am using my everyday saving to live on having been unable to secure a new job currently.
I work hard to keep my home and grounds tidy, remain fit and look after my well being. I feel very isolated and unworthy but I reflect that I’m very lucky in many respects. I still feel financially vulnerable being on my own making decisions about my future financial planning.
My suggestion is you address the needs of women like me in your sorted advice. I realise your reach is towards those that are unclear about financial planning at a younger age and those with debt, but those of us whose trust has been shattered by divorce or death still need help.
One financial advisor before I was made redundant suggested I could put the bulk of my $600k into KiwiSaver. Had I done that I would have certainly had a better return but possibly nothing to live on by next year as financial hardship has to be proven in order to withdraw funds if required prior to 65. Once I turn 65 I will be fine with the pension as a back up but the waiting game is stressful as I watch my savings disappear.
Every time I do the calculator in Sorted I am not reassured.
Your thought would be appreciated.
Thank you for having some consideration for older single women.
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