COST OF LIVING CRISIS – TIPS TO HELP YOU GET THROUGH
The cost of living crisis is hitting Aotearoa New Zealand at the moment as we officially move into a recession. Whai Rawa want to acknowledge the financial, physical, and emotional impact this can have for you and your whānau. We have put together some tips that you might find helpful to protect your health and wellbeing from a te Ao Māori perspective.
Hauora
Taha Hinengaro – Mental & Emotional
Financial stress is very real, and it can be intense especially if you are responsible for a house and whānau. This added stress can have an impact on your mental health especially if you feel like you are alone in your worries and are actively trying to hide it from the world.
So wāhine mā, what can we do to help with our mental and emotional wellbeing during times of financial stress?
- Make sure you take time out to talk to friends and whānau instead of bottling it up. Sharing your concerns can help to lighten the load and make working towards a plan easier.
- Make a budget – having a clear and realistic budget for yourself or your household means you have a clear view of your expenses and can help to avoid being caught short when bills are due. There are plenty of free online tools and budgets you can use or download, including the online budget from Sorted NZ.
- Talk to your bank and suppliers I.e. power company, phone company etc. They are required to look after their customers during tough times, particularly if you run into hardship and end up with unmanageable debts. If you’re worried about being able to meet your commitment for an existing loan or to pay your bills, contact them as soon as you can. They have a range of options and payment plans designed to help their customers.
- Ask a financial mentor for advice – there are many organisations that offer financial mentoring or provide tools to support you. Financial mentors offer free, non-judgmental and confidential services to their clients.
- Look after your wellbeing – go easy on yourself. Make sure you include exercise and relaxation into your routine, and make time for inexpensive fun with friends or whānau. When times get tough, looking after your wellbeing is crucial.
Tana Tihana – Physical
The cost of living crisis also has tangible impacts on whānui. With prices rising, many whānau may be now forced to make some tough decisions as to where they choose to spend their pūtea which can mean going without some key items each week.
During these times we need to make sure we have enough money to spend on essentials like kai, heating, water, mortgage or rent payments and medical costs.
So, what can we do to make the most of our pūtea for these essentials?
- Buy kai that is on special or in season and check out your local vege shops and farmers markets.
- Get creative in the kitchen and use up those leftovers. Save offcuts of vegetables and freeze them to make soup or stock!
- Review your electricity provider – check out Consumer Powerswitch to compare different providers and make sure you are getting the best rates possible.
- Save power costs by using wheat bags or hot water bottles for bedtime, set timers on heatpumps, and turn things off when you’re not using them or not home.
- Use a dehumidifier – it’s much cheaper to heat a dry house than a damp one!
- Shop pre-loved – there are so many mīharo op-shops around and people selling online through Facebook Marketplace. This can save you pūtea for clothing or items you need plus it’s great for the environment.
- Check your phone and internet plan – make sure you have the right plan for what you use. If you aren’t using all of your data in a month there might be a cheaper plan that has less! Or if you keep running out and need to top up, it might work out cheaper in the long run to upgrade your plan.
- Open a separate account on your online banking called ‘Health’ – and if you are able to – transfer a small amount into it each pay. This way you will have some pūtea set aside for when those unexpected doctor or dentist visits pop up.
Whenua – Land, Place, Roots
Having a place to call home for you and your whānau is an important part of feeling financially secure – whether you are living with whānau, renting, or own your home.
We know interest rates have increased significantly and this may have added extra stress to your budget, so if you are struggling to make your mortgage payments on time, make sure you talk to your bank.
Communication is key in these situations and putting your head in the sand and ignoring the problem won’t help. Don’t be whakama to ask for help wāhine mā, most banks and providers should be able to negotiate a plan so make sure you reach out and ask.
It is also important that you and your whānau are warm especially with the temperature dropping as we head into Winter. If eligible, assistance with power, gas, water and heating bills up to $200 can be sourced from Work and Income. Visit www.workandincome.govt.nz/products/ for more information.
And remember to invest in yourself – whether that’s putting a little bit away each pay for your future, taking a moment for yourself to do something you love, or spending quality time with friends or whānau.
If you are experiencing financial hardship, you may be eligible for the below assistance to meet essential living costs:
Ngāi Tahu
Ngāi Tahu are committed to taking care of whānau and have options for those who are eligible. If you are suffering financial hardship you may be eligible to apply for the Pūtea Manaaki Hardship Grant.
You can find more information available here: Pūtea Manaaki – Hardship – Te Rūnanga o Ngāi Tahu (ngaitahu.iwi.nz)
If you want to talk about financial hardship assistance do not hesitate to call or email 0800 KAI TAHU (0800 524 8248) or 03 974 0326
Email: [email protected]
Significant Financial Hardship Withdrawals
You may be able to withdraw a portion of your KiwiSaver or Whai Rawa account early if you are experiencing financial hardship. Significant financial hardship includes situations where you are unable to meet minimum living expenses or are unable to meet mortgage repayments on the home you live in.
If you are struggling to make ends meet, contact your KiwiSaver provider or the Whai Rawa team to talk through your position and eligibility for a Serious Financial Hardship Application.
The information contained in this document is intended for general guidance and information only and is not personalised to you. It does not take into account your particular financial situation or goals.
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Whai Rawa Fund Limited is the issuer of the Whai Rawa Unit Trust. A copy of the Product Disclosure Statement is available at www.whairawa.com/pds. A financial advice disclosure statement is available for Whai Rawa Fund Limited at www.whairawa.com/financial-advice.