Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Financial Prescription for a Happy New Year

11 December 2006
Media release – for immediate release

Financial Prescription for a Happy New Year

People tempted to spend too much over Christmas are urged to think about the January hangover that may follow.

Traditionally retail spend lifts by about a billion dollars in December* - 27% more than other months, says Blair Vernon, Bank of New Zealand General Manager Personal Financial Services.

“We encourage all New Zealanders to take control of their finances and think carefully about their spending in the coming months.”

Raewyn Fox, chief executive officer of Family Budgeting Services says it’s important that families don’t suffer in the long-term as a result of short-lived good times at Christmas.

“The desire to provide expensive gifts and holiday treats can make January difficult and stressful for many families. Basic budgeting is fundamental to not overspending. Regardless of circumstance, we would suggest planning in advance how you’re going to spend. Set a budget and stick to it,” says Fox.

“If you need help working out a budget, speak to a budget advisor who can assist with planning budgets, not only when things go wrong. There are budget advisors in every major town. To contact your local budget service look in the Telecom White Pages under ‘Budget Advice Services’.”

It is important that people make their money go as far as possible, says Vernon.

“Two simple and effective things that people can do to better manage their money and lower their interest costs are:

- Switch to a low interest rate credit card – for those who think they are unlikely to pay their credit card off in full each month

- Consolidate high interest debt into a personal loan or low interest rate credit card – for those who have a number of HP or store card debts.

“It’s important to lower other interest costs when home loan interest rates are not expected to fall significantly anytime soon,” says Vernon.

“If any customer finds themselves getting into difficulty - at any time of the year - we invite them to come in and arrange for a free review of their banking arrangements. There are simple things that we can do to assist, like arranging for a one-month home loan holiday, or a top-up on a home loan. We can also make sure that the customer is on the most cost-effective account structure.”

*Retail spend in November 05 $3.7bn, December 05 $4.7bn source: Statistics New Zealand.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats NZ: Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour

Lower export prices for dairy, meat, and logs in the September 2020 quarter led to the biggest drop in terms of trade since June 2009, Stats NZ said today. Export prices fell in the September 2020 quarter, down 8.3 percent from its highest ever ... More>>


Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing


House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>