Why money goals are important and how to set them

Some starter goals to consider

Pay down debt

If we have high-interest debt, like kāri taurewa or hire purchase, the main goal should be to pay that debt off first and as soon as possible. This could involve restructuring the debt into lower-interest loans.

Our guide to getting out of debt can help.

Save an emergency fund

It's a good idea to put money aside for emergencies. Start by saving up $1000 as quickly as you can.

Ideally, over time we should aim to save up the equivalent of three months’ expenses – but every little bit helps when life throws curveballs our way, like big bills on the car, a job loss or unexpected illness.

It’s a good idea to have this fund in a savings account separate from our normal everyday bank account.

Start saving for retirement

The earlier we start saving for retirement the better. Even a small amount saved every week or month can add up to a lot over time.

Check out how huamoni whakaputu can supercharge your retirement savings over time with the savings calculator.

Increase your mortgage payments or KiwiSaver contributions

If we have a mortgage and can afford to increase our repayments, a goal may be to save on interest by paying off the loan faster.

If you don't have a mortgage, but do have a KiwiSaver, bumping up your regular contributions can help you save a deposit for a first home or for your whakatā.