Are we in a Recession – and so what?
Financial news from last month (March 2024) is that NZ is in a technical recession. Old news actually – last year’s data – the Jul-Sept and Oct-Dec 23 quarters both show a drop in economic activity.
It confirms what we already knew – things are tough out there.
And it has been engineered by the Reserve Bank as a way to manage inflation.
We as individuals might not be able to change inflation and the nation’s economic growth ourselves – but there are things we can do to manage our own financial resilience.
Here are 2 things you can start right now to navigation uncertain financial times….
- Start a backup fund.
Work towards $1000 in a savings account – as you can, build the amount up to 3-6 months of household living expenses.
Why do this – having a “just in case” fund will increase your financial resilience and reduce stress.
Tip – to not erode the funds, create the account at a bank which is not your usual bank – makes it harder for you to withdraw from. - Know your numbers
Create a spending plan and track your spending to it.
Live within your means – don’t borrow for living expenses
And – of course – check in with me as your mortgage adviser to make sure your loan structure is supporting your situation.
So – what are you waiting for – if this is you book an appointment now – click this link – . Connect with me
