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How to Thrive During a Cost of Living Crisis

As inflation rises and wages struggle to keep pace, many find themselves facing the harsh reality of a cost-of-living crisis. However, even in these challenging times, it is possible to not only survive but thrive. Here are some practical strategies to help you navigate and flourish during a cost-of-living crisis.

1. Assess and Adjust Your Budget

The first step towards thriving in a cost-of-living crisis is to gain a clear understanding of your financial situation. Review your income, expenses, and savings. Categorize your spending to identify areas where you can cut back. Essentials such as housing, utilities, and food should be prioritized, while discretionary expenses like dining out, subscriptions, and entertainment can often be reduced or eliminated.

Creating a realistic budget and sticking to it is crucial. Use budgeting tools and apps to track your spending and ensure you remain within your limits. Regularly revisiting and adjusting your budget will help you stay on track and make necessary changes as your financial situation evolves.

2. Increase Your Income

While cutting costs is important, finding ways to boost your income can provide additional financial relief. Consider side hustles or freelance work that can be done in your spare time. Online platforms offer numerous opportunities for part-time gigs, from tutoring and writing to graphic design and virtual assistance.

Additionally, explore opportunities for advancement within your current job. This might involve asking for a raise, seeking a promotion, or acquiring new skills that make you more valuable to your employer. Investing in education and training can enhance your earning potential and open doors to higher-paying roles.

3. Embrace a Frugal Lifestyle

Adopting a frugal mindset can significantly reduce your expenses without compromising your quality of life. Start by being more mindful of your consumption habits. For instance, cook at home instead of eating out, use public transportation or carpool instead of driving, and shop for clothes and household items at thrift stores or during sales.

Saving on utilities is another area where small changes can lead to significant savings. Simple actions like turning off lights when not in use, unplugging devices, and using energy-efficient appliances can lower your electricity bills. Additionally, consider implementing water-saving techniques, such as shorter showers and fixing leaks promptly.

4. Grow Your Own Food

One way to reduce your grocery bill and ensure a steady supply of fresh produce is by growing your own food. Even if you have limited space, you can start a small garden on your balcony or windowsill. Herbs, tomatoes, and lettuce are easy to grow and can provide a continuous harvest. Community gardens are also a great option for those with limited space, offering plots for a small fee and a sense of community.

5. Utilize Community Resources

During a cost-of-living crisis, community resources can be invaluable. Many organizations offer assistance with food, clothing, and utilities. Local food banks, community centers, and religious organizations often provide free or low-cost resources to those in need. Don’t hesitate to seek help; these resources exist to support you.

Additionally, consider participating in community swap events where you can exchange items you no longer need for those you do. This can be a cost-effective way to acquire necessities without spending money.

6. Invest in Financial Literacy

Knowledge is power, especially when it comes to managing your finances. Take the time to educate yourself about personal finance, budgeting, and investing. Numerous free resources, including online courses, webinars, and podcasts, are available to help you build your financial literacy.

Understanding how to manage debt, save effectively, and invest wisely can improve your financial stability and resilience. Financial literacy empowers you to make informed decisions and develop strategies that align with your long-term goals.

7. Stay Positive and Adaptable

Lastly, maintaining a positive attitude and being adaptable is essential. A cost-of-living crisis can be stressful, but focusing on what you can control and being open to change can make a significant difference. Embrace creativity and resourcefulness in finding solutions to financial challenges. Surround yourself with a supportive network of friends and family who can offer encouragement and practical assistance.

In conclusion, while a cost-of-living crisis presents significant challenges, it also offers an opportunity to reassess and realign your financial habits. By budgeting wisely, increasing your income, embracing frugality, and leveraging community resources, you can navigate these difficult times and emerge stronger and more resilient.

www.robertastewart.com

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Circuit break your bad spending habits

Circuit break your bad spending habits

Written by R. A. Stewart

Bad spending habits can quickly add up and cost you a small fortune over a period of time. Buying coffees downtown may cost you a fiver but if you are doing it daily then that is $25 per week which you could have used for some other purpose. 

A bad spending habit can be very hard to break so why not use a circuit breaker. That is, decide that you are not going to do this bad habit for 24 hours. See how you go.

Coffees

Have you ever thought about how much you are spending on coffees when you are downtown? Let’s think about it, $5 spent on a coffee + whatever you choose to eat with your coffee adds up to a small fortune. If you are spending $5 on a coffee and $4 on a couple of sandwiches then that is $45 per week. That is assuming you work Monday-Friday. Do the maths and your $45 per week adds up to over 2k per year. If you need to find an extra 2k per year to balance the budget or to go towards your other goals then this is a good starting point.

Eftpos card spending

Using the eftpos card is so convenient, so many of us do it without even thinking about how it is affecting our bank accounts. There is a cost to prolific eftpos use and that is high bank fees at the end of the money. Breaking out of the habit of using our cash instead of cards helps us to understand that it is real money we are spending. Putting a 24 hour halt to our eftpos card use will help us to break this costly habit. 

Buying lunches

This is another area where you can save a bit of money. If you are into the habit of buying your own lunch instead of making it then why not decide that you will not buy your lunch for today. If you can put a circuit breaker on this habit then it may help you to form the habit of making your own lunch.

Credit card spending

If you have a credit card spending habit then the question has to be asked, “Are you living beyond your means?”. I know lots of people who have never owned a credit card yet are on benefits or low paid jobs. Lifestyles can be adjusted according to your level of income but the problem is when you have accumulated debts then all of a sudden have lost your job. If you have made a habit of using your credit card then make a habit of not using it for a day at a time then after a week or two it will become a habit and your finances will be in a better shape. Adopt the motto, “If I don’t have the money I don’t buy it!”.

Gambling

This habit can destroy a family’s financial future. Placing a 24 hour break on all gambling activities will help you to break the habit. Unfortunately, some people are addicted to some forms of gambling. If this is you then, it is time to seek help. 

Internet spending

This is another drain on your finances. Surfing the internet looking for stuff to buy can drain your bank balance. This is money which could have been put toward some investment. 

Alcohol, smoking, and making unnecessary trips in your car are other drains on your finances.

It is not how much money you make which will enable you to get rich, it is how much you save and invest. It is the old saying, “Different outcomes are due to different choices,” therefore if you want a different outcome in your life from what you are experiencing then make different choices.

About this article

The information in this article is of the writer’s own opinion and may not be applicable to your own personal circumstances therefore discretion is advised. You may use this article as content for your blog or website. 

Read my other articles on www.robertastewart.com

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Prioritizing your spending

Prioritizing your spending

Written by R. A. Stewart

Life is all about making priorities and it is not all about money and how you prioritize your spending but about what you do with your time. We have different financial commitments and different levels of income but when it comes to time, we all have an allotted 24 hours in the day, no more and no less but our income and how we earn our income will have an effect on how much time we have to devote to the important things in our life.

Many people sacrifice their time for money by spending all of their time working leaving little time for anything else. They are out of balance.

If you have a specific goal in mind such as saving for a house deposit then the sacrifices may be worth it in the long term. Maybe because only you will know whether the long days were truly worth it. It all depends on what your priorities are.

What factors should you consider when setting priorities?

Here are several to consider:

Your commitments

Your debt levels

Your age

Your family circumstances

Your health

Your career

Your pets

It is important that you base your priorities on what is important to you and that you do not try to copy someone else’s figures. There is no one size that fits everyone; it is your own needs and wants which determine how you are going to prioritise your spending.

Everyone has different levels of commitments; these have to be managed as best as you can. Commitments can be financial such as a mortgage or other debt or something more personal such as a relationship. 

Your age is another factor; you are not going to take out a 30 year mortgage when you are 60. If you are in your twenties you will have different priorities. As a young investor you can take more risks with your investing strategy because you have more time to recover from a financial meltdown.

That does not mean being reckless with your investing but rather; taking calculated risks.

Your family circumstances are another factor to weigh up. If you have kids then you will have less disposable cash to play around with than if you are single. The flip side is that if you are in a relationship then you have the advantage of having two incomes which will make it easier to save for major life events such as having kids. It is a good idea to put aside money for this purpose.

Then there is your health to think about. If you are fit and healthy then that is great but as we all know, Father Time catches up on us sooner or later. If you have health issues which lessens your chances of reaching the retirement age then your priorities need to be different from those who are healthy.

Then your career or job is a priority. It has to be your top priority because it pays the bills. It is where you spend so much of your time so a carefully chosen career will help make your life more meaningful. Adding different strings to your bow will give you more options. Learning does not end once you leave school is a lifelong project.

Your pets can bring enjoyment to your life but they can also become a burden to your finances as a lot of people have found during the cost of living crisis. The SPCA were swamped with cats and dogs because people could not afford to keep them. When deciding whether to get a dog or a cat it is important to work out how much this is going to cost you. It is also important to consider the fact that keeping pets fits the discretionary spending category and that money spent on them will be better off going towards the mortgage if you have one or towards your retirement fund. 

As far as pets are concerned, many people let their hearts rule their heads; I mean honestly, why else would one spend a grand on a vet bill for a cat or even more than that on a dog when it would be cheaper just to have the animal put down?

 

This article is of the opinion of the writer and may not be applicable to your personal circumstances, therefore, discretion is advised. You may use this article as content for your ebook, website, or blog. Feel free to share this article.

 

www.robertastewart.com

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Investing for seniors

Investing for seniors

Written by R. A. Stewart

 

Your age is a crucial factor in establishing your savings and investing strategy. Your 20s, 30s, 40s, and 50s are your savings years. It is these years when you build up your assets. 

Your 60s and 70s can be considered your spending years. It is when you tick off items on your bucket list while you are able to.

That does not mean that you do not have to work, a lot of older people are taking this option, not because they cannot make ends meet on their pension, but because they enjoy what they are doing.

In New Zealand, retirees will have access to their kiwisaver account once they reach the age of 65. Money invested in kiwisaver will be in growth, balanced, or conservative funds. Most people during their working life opt for growth or balanced funds.

It is time to decide whether to stay with the status quo or invest in more conservative funds. 

Your age and your health are the two most important factors in deciding which fund to invest your money in. 

Older people do not have time on their side to overcome financial setbacks such share market falls and so forth, therefore if you are 60+ it is a good idea to lean toward more conservative investments but still retain some exposure to risk.

It is worth mentioning at this point that New Zealand financial advisor and writer Frances Cook has a formula for calculating how much exposure you should have based on your age, and it is this…

Subtract your age from 100.

If for example you are aged 60 then only 40% of your portfolio should be invested in the share market.

I do not necessarily agree with this formula and my exposure to the share market is more than her formula suggests I have.

However, that is a personal choice; one that I do not necessarily recommend to you because your circumstances will be different as they are for different people.

If you are connected to the internet and you have a lot of spare cash in your account then I suggest that you place most of your money into an account that is not connected to internet banking. This is to reduce your chances of becoming a victim of internet scammers. 

With internet banking being the norm, this could be difficult in the future though.

In any case I still believe that it will pay to arrange your finances so that if you fall victim to a scammer then not all of your money will be lost. 

Don’t leave all of your money in the one account for goodness sake as some victims of scammers have.

If you are traveling then make sure you don’t have access to your life savings because if you do then so will be a scammer if they manage to get hold of your login details. What I am trying to say is you should leave your entire life savings in an account which you use to do your daily spending. Keep it in a separate account from the account you do your day to day banking. The 

Scammers have all kinds of ways to trick people into handing over their login details.

Anyone can be a victim so don’t be proud by saying “I am not that stupid.”

As you get older you will have to invest more conservatively; that does not necessarily mean transferring from growth to conservative funds but investing some of your current savings into low risk accounts. The deciding factor is your timeline. How soon you need the money and funds which are going to be used within 12 months are best invested conservatively.

 

www.robertastewart.com

 

ABOUT THIS ARTICLE

This article is of the opinion of the writer and may not be applicable to your personal circumstances. Feel free to share this article. You may also use this article for your website/blog or as content for your ebook.

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The Benefits of Saving

The advantages of saving

Written by R. A. Stewart

Having savings will make life easier later on down the road. Just think about these benefits of saving money that people who are shopaholics cannot take advantage of.

  1. You are able to invest the money and grow your wealth. There are ample opportunities to invest your money and make it grow and if you are able to save your money, you can take advantage of these.
  2. When you save up for something instead of using your credit card then you save on interest repayments. People who buy stuff on credit are paying more than if they have paid in cash. During a person’s lifetime, this interest adds up to a fortune.
  3. Having savings behind you gives you more options. If you spend everything you make then when the time comes that you may lose your job, you are inhibited by your lack of resources. People with savings behind them are able to move to another city in order to find work.
  4. When an emergency arises such as dental repairs, car break down, family occasion such as a wedding or funeral, you are in a better position to deal with it if finance is not a problem.

Saving money requires self-discipline and responsibility for your own finances and with a bit of planning and organization you can make life easier for yourself to cope with the financial hits that will occur from time to time.

Having a plan for your money instead of just saving for the sake of it will give you motivation to keep saving. There are several things you could save for; here are some ideas.

* An emergency fund

*To build a share portfolio

*Save for a car

*Save for a wedding

*Save for a house deposit

*Save for an education fund for your kids

*Dentist and medical bills

Money which is used for saving is disposable income; it is money left over after paying your fixed costs. Think about what you spend your money on that is a want rather than a need. That is money which can be saved and used elsewhere. Money which is spent on wants is considered as consumer spending; it is money which is consumed. Disposable income or discretionary spending money as it is also referred to can be used to protect yourself against future financial shocks. It is the responsible thing to do to make choices which benefit you and your family. 

Irresponsible people just fritter away their disposable income without any thought to the future. What you spend your money on will make a difference to future financial outcomes. It all boils down to planning which will in turn help you to make better choices. No one ever reached the retirement age and regretted that they joined a retirement scheme. 

Always strive to save when you are in a position to do so because life does not always follow a straight path; there will be setbacks along the way as those people affected by natural disasters will tell you.

About this article

This article is of the opinion of the writer and may not be applicable to your personal circumstances, therefore discretion is advised. You may use this article as content for your ebook, website, or blog. 

www.robertastewart.com

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The savings habit should be developed from a young age.

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Saving money

Saving for whatever…

Written by R. A. Stewart

Establish your savings goal. Are you saving for your retirement, a new car, a deposit for a home or whatever. This will be the determining factor when choosing where to invest your money. It is important to note that you can have several different savings/financial goals at the same time with a different type of investment with each goal. 

For example, you may have a short term goal to pay off your TV set, a medium term goal to save for your car, and a long term goal to put away money for your retirement.

Your financial goals should be split up into three categorys; short term, medium term, and long term.

The category will determine where it is best to place your money.

  1. SHORT TERM

Oncall-6 months

This is money on standby and used for general household bills such as power, car running expenses rent, and so forth. 

Where to keep this money; Ordinary savings account or bonus bonds

  1. MEDIUM TERM

6 months-3 years

This is money being saved for a car, appliance, overseas trip.

Where to keep your money; Bonus Bonds is a good option but mutual funds is an option but invest conservatively. 

There are a number of managed funds which are cropping up and you do not have to have much to get started with them. A good one for the beginner is sharesies (in NZ). If you are from another country there will be companies similar to Sharesies you are able to invest with.

  1. LONG TERM

3 years+

Saving for a house deposit and building a nest egg for your retirement are examples of long term goals.

Where to keep your money; kiwisaver is an ideal investment to drive you to your savings destination because the incentives will help your savings grow.

Some tips.

Pay off debt first because if you are able to pay off a debt where your are paying say 10% interest on the debt then the interest saved from the paid off debt is just as if you had been paid the 10%; as the saying goes, “A dollar saved is a dollar made.”

Stuff happens in life where circumstances change therefore you need to be prepared to be flexible.

Take a long term view of your investments. It is time and not timing which is the key to investing. As you gain more experience with investing, your risk profile will improve.

Read all you can about finance and the share market. Knowledge will help you overcome your fears when investing.

PLEASE NOTE; The information in this article is the writer’s opinion based on his experience. If you require financial advice see your bank. You may use this information for your website, blog, or ebook.

www.robertastewart.com

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The Art of Averaging 

INTRODUCTION

Investors must realize that investing in the markets has its ups and downs (literally) that it is important to keep it all into the right perspective if investments do not go your way. There is a method of playing the markets in a way that you can take advantage of the market drops. 

The Art of Averaging 

Averaging is a term one may come across in the markets now and again; what this refers to is the average price paid for a particular share if you had bought shares in that particular company.

To calculate the average price paid for a particular share you add up the total amount you have paid for the shares and divide that by the number of shares you have bought in that company. 

The answer is the average amount that you have paid per share.

Try this mathematical question:

There are five numbers 10, 20, 30, 40, 50

What is the average number?

The calculation: 

Add up the five numbers:  10 + 20 + 30 + 40 + 50 = 150

Divide the total of the five numbers (150) by 5

150 divided by 5 = 30 (answer)

You can do this easily with a calculator.

There are so many share trading platforms available these days that investing directly into the sharemarket has never been easier for the ordinary man and women.

So how does averaging work?

If you purchase stock at regular intervals you will pay different prices for each stock because share prices go up and down. Imagine if you bought something at the supermarket last week at the full price then bought the same item this week on special. The average price you paid for the item will be somewhere between the higher price and the lower price.

The sharemarket works like that. By purchasing a particular stock at regular intervals you will manage to pick up some shares in it when the price is lower. This is the advantage of saving regularly. 

In fact I think there is a case for purchasing more shares when the price is low. The average price paid per share is determined by calculations as explained earlier. 

The averaging strategy can also be used in cryptocurrency investing. 

Bitcoin is more volatile than the sharemarket so an astute investor who has an eye for a bargain can invest when the price has dropped.

There are so many share trading platforms available that playing the markets is accessible to everyone. I have joined two of them in New Zealand. Most countries have share trading platforms available. Signing up for them is easy; you require some form of identification. Just follow the directions and you are all set up.

TO SUMMARISE

Playing the markets requires a positive mindset and a cool head. If you have these you can profit from falling markets. Averaging is a method that takes advantage of falling markets. 

ABOUT THIS ARTICLE

Robert Stewart has a blog with other articles of a finance nature. Visit www.robertastewart.com Feel free to post this article on to your site, use it as part of your ebook, share it, print it, even sell it.

 

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Financial language

Financial language

Written by R. A. Stewart

It is important to familiarize yourself with financial jargon and their meanings. Do your research on the internet for further information on what these terms mean. This increases your financial literacy.

ASSET RICH-CASH POOR

This refers to people whose wealth are tied up with their property but have little cash in the bank.

BAD DEBT

Usually described as consumer debt or dumb debt, bad debt is when one purchases consumer goods on credit. It is bad debt because the item which has been purchased loses it’s value over time.

CAPITAL GAINS.

This is the increase in value of your asset. It is important to keep in mind that if there is a chancre for a capital gain there is also a chance for a capital loss.

CASH ASSET

A cash asset is money in the bank, stocks and shares, and any investment invested with a financial institution.

EQUITY

When someone refers to the equity in their property, they mean how much equity is left after deducting the money owing on the property from it’s value.

DEPRECIATION

Depreciation is the reduced value of any item purchased. A vehicle is a perfect example of something which reduces it’s value over time.

FINANCIAL PLAN

A plan for your money. To address money issues.

GOOD DEBT

Borrowing money for something which increases in value is considered to be “good debt,” however, it is needs to be stressed that if something can increase in value then it is just as likely to decrease in value; shares and cryptocurrency are typical examples.

INFLATION

The is based on the average increase of prices of consumer goods. If your investments are earning less than the inflation rate then you are losing money. 

LIABILITY

This is anything which you have bought on credit and pay interest on. It is said to be a liability. A vehicle is a typical example of a liability. A house could be a liability if it is costing you money but it could be said to be an asset especially if it’s value is increasing per annum.

NON-CASH ASSET

A property is an example of a non-cash asset. 

RISK PROFILE

This is your temperament to risk and is one factor in determining where to invest your money.

www.robertastewart.com

 

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How to prioritize your spending

INTRODUCTION

It is important to prioritize your spending in order to get the best outcome for your finances. This will often mean delaying those items that you want in preference for something which is really needed. For example, car repair expenses should have priority over that new smartphone you saw advertised on TV. There is a system you can use to decide on how to prioritize your discretionary spending and this is explained.

How to prioritize your spending

We all spend money. That is the purpose of getting a job or being in business. All of the expenses involved in living need to be paid for somehow. Once the necessities are taken care of, what is left over is called discretionary spending money. It is up to us to make a choice with whatever discretionary spending money we have. We can save it or we can spend it, it is up to our individual choices.

Some folk fritter away their spending money because they have no plan to make the most of what they have. 

Two people can have the same level of income and the same outgoings but one has a financial plan and the other does not. I can tell you that the difference in financial positions between the two in the long term will be massive.

The truth is that both have a plan, one a plan for a favourable financial outcome and the other a plan for financial failure; the core difference between the person with a financial plan and the one who does not is priorities. They each have different priorities on how to use their money.

How do you establish priorities?

Here is a simple system.

Make a list of your top five goals on what you are saving for.

This could be to save for a smartphone, savings, new car, holiday, pay off debt, buy a new tv, or whatever.

Once you have written out your five items for your list, place a number besides them, one to five in no particular order of preference.

Now put them in groups of two. 

One and two, one and three, one and four, one and five, two and three, two and four, two and five, three and four, three and five, and four and five.

You will have ten groups of two.

Next place a circle around your preferred option in each group of two.

Here is an example.

Sam lists his top five goals (not in order)

  1. Paying off Debt
  2. Buying a cellphone
  3. Buying a motor vehicle
  4. Saving
  5. Going for an overseas holiday

The first group is Paying off debt V Buying a cellphone which if I was Sam I would circle paying off debt.

The next group is Paying off debt V Buying a motor vehicle. Once again I would circle the paying off debt option if I was Sam.

The third group is paying off debt V Saving and once again I would circle paying off debt because by paying off debt you do not have to pay interest on the money which has been borrowed.

Go through all of the other combinations and the option which has been circled the most is your priority.

This all clarifies your thinking.

ABOUT THIS ARTICLE

Feel free to share this article or even use it as content for your ebook or website. Other articles can be found on www.robertastewart.com

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Which shares should I buy in 2022?

Which are the best stocks to take a punt on in 2022?

Here are my tips:

Written by R. A. Stewart

2022 is nearly here and those of you who like to have a dabble on the sharemarket through using those micro investment apps such as Robinhood in the US or Sharesies in New Zealand giving some thought to which shares are most likely to outperform the market. 

It is hard for the ordinary man in the street to pick a stock that is likely to do well for the simple fact is that the same information you are using to base your predictions on is available to everyone else. Still there is no harm in trying. There is a certain amount of satisfaction in making your own selections as there is from selecting your own horses to back in the Melbourne Cup without relying on the newspaper tipsters.

Without further ado, here are my tips:

Fonterra

Despite being blamed for climate change, this is my number one company for 2022 because there is always a demand for dairy products, and with Christopher Luxon being appointed as National Party leader, it has become more likely that National could steal the next general election due in 2023. This current government, led by Jacinda Ardern, has anti-farming policies which is really just biting the hand which feeds us since farming brings in so much export earnings.

Spark

Spark is my second tip. This is more than just a phone company. They also have contracts to televise certain sporting events. 

Genesis

Genesis is an energy company. We all use power so I see no reason why this will not remain a steady stock. Trustpower and Meridian Energy are other power companies worth investing in.

Fletcher Building

A great New Zealand company. New Zealand is in a building boom due to the need for more houses. Problem for Fletcher though is that the demand for timber is outstripping supply.

Ryman Healthcare

The retirement industry is big business and so those companies which provide services to the elderly should flourish in the next decade and Ryan is one of these.

Companies to avoid:

With so much uncertainty in the tourism industry, any company involved in tourism and hospitality is best avoided as are most retail companies as the internet is affecting sales, though one exception could be Wrightsons which is a farming retailer.

Media and TV stations also have challenging times ahead as viewers get their information online.

Sharesies

Sharesies makes it possible for anyone to get into buying and selling shares. It is an online share market platform where you have the option of purchasing shares in individual companies or in various funds (managed/mutual funds). You can even start with $5. This is a no brainer because it gives investors young and not so young the chance to improve their financial literacy. There is certainly no substitute for experience when it comes to learning and this is applicable to everything else, not just investing.

Join sharesies here: https://sharesies.nz/r/377DFM

Note: This article is of the opinion of the writer and does not represent financial advice.