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Making the most out of Budget 2010

Making the most out of Budget 2010

Retirement Commissioner Diana Crossan is urging people to work out what the Budget means for them before making any decisions.

“The Budget is wide ranging and will affect all of us, regardless of our current circumstances. The tax cuts mean income earners will have more in their pockets but the 15 per cent increase in GST will also increase the cost of living.

“There’s also the prospect of rental increases because of changes to property investment rules and if you are using child care you might eventually be paying more each week,” said Diana Crossan.

“You need to carefully consider the overall impact on your finances so that you can make considered decisions about your spending and savings.

“Whatever your situation, now is a good time to review your budget so you know how the Budget will affect you and your family. If you have more money each week, think carefully about how to get the best from it. Think about paying off high interest debt, or more towards your mortgage.

“If you are in a position to save, even a small amount can make a significant difference to overall wealth in the long term. An added incentive for people with KiwiSaver funds, or other portfolio investment entities (PIES) is the reduction in tax rates which means long term savers will be able to save more for their retirement.”

Diana Crossan says if you’re concerned about the impact of the GST increase, look carefully at your spending now and work out where savings might be made. And if you don’t have a budget, now is a good time to do one.

“If property investment is now a less attractive investment for you, work out what other options suit you. On Sorted.org.nz you can work out your investment and risk profile which will help you make an informed decision about where to put your savings.

“If you are renting, or about to, be realistic about what it will cost, and build it into your budget accordingly.”

The Retirement Commission will update its calculators on Sorted.org.nz by 1 October 2010 when the changes come into effect.

ENDS

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