Maximising your saving potential

Maximising your saving potential

After setting up our saving framework, we can boost our saving potential through smart income management and spending decisions, and making the most of every penny we earn.

Optimising income streams

Smart work beats hard work when creating multiple income streams. If we have the opportunity to vary our income sources, our financial foundation become more stable faster.

Developing passive income streams is an excellent strategy that generates extra cash flow alongside our main career.

Rental properties, digital products, and investment dividends can serve as passive income sources, becoming income streams that keep working for us even during tough economic times.

Reducing unnecessary expenses

Smart spending matters just as much as earning. Money & You shared the spending habit changes many Kiwis are already making explaining,

A healthier relationship with money requires us to take an honest look for practical ways to cut down expenses:

• Review and cancel unused apps, subscriptions and memberships
• Switch to energy-efficient appliances and LED lighting
• Talk to us about a free review of your insurance, mortgage, and KiwiSaver services
• Plan meals to reduce food waste
• Use loyalty programmes and cashback opportunities

Leveraging KiwiSaver employer benefits

Workplace benefits can boost our saving potential by a lot, yet many people overlook them.

79% of Kiwis are using KiwiSaver as their main form of investment savings, but the percentage we’re contributing may need lifting for a “dignified” retirement (Money & You).

Key employer benefits to consider:

1. Retirement contributions: Get the most from employer matching in schemes like KiwiSaver
2. Workplace Group Schemes: Don't have one? Check out #QuantumCare and tag your employer!
3. Health insurance: Take advantage of private health coverage for quicker medical services
4. Professional development: Use training programmes and education benefits to increase earning potential

These benefits serve as valuable financial tools that help us reach our personal financial planning goals faster.