Updated: Mar 13
I've been working on growing this blog this year. It's been slow but I'm aiming to increase my views and create a community of Maori aiming to improve their financial situations. Join me today for a financial update.
Financial updates are an important way to review your finances, see what needs improving and really good for goal setting.
As of today I have $3,351.00 in my Kiwi Saver account. This money is made up of voluntary contributions, employer contributions and employee contributions. My goal is to have $4,000 in this account by the end of 2022. I am hoping that now that I am 18 the government contributions will help me achieve this goal.
Currently, interest rates are shit. Due to Covid, for a 90 day term deposit I am only reaping 0.25% which is far less than inflation. But, because my money is not large enough to invest in something with a higher ROI, I will leave it in there for the time being. Currently I have $11,000 in my term deposits, and some returns from the term deposits are expected to be released within the next month.
I have only recently started investing in sharesies with small amounts of money here and there. I currently have $1,555.00 in my account with a return of -6.33%. I'm investing for the long term and so the return doesn't phase me. The market has never had a crash that it did not recover from.
My savings/ investments total $15,906.00 .This is a drastic increase from the start of this year, see my first financial update of this year. I hope to significantly increase this over the year so that I am closer to my goal of purchasing a house in my 20's.
Due to studying full time, my income is low and debt is increasing. My Student Loan is currently at $3500. I am aiming to not increase this significantly and aim to keep my living costs low and not fall in to a habit of lifestyle inflation.