Feeling like your paycheck doesn’t quite last like it used to? You’re not alone wāhine mā!
An increased cost of living, is being felt by whānau throughout Aotearoa, affecting the ability to spend on both everyday essentials and the fun occasional more extravagant purchase.
It became a key discussion point, in our recent wāhine webinar during Sorted Money Month, and the best course of action. When costs increase, is it more effective to increase the amount of money made, or decrease the amount of money spent?
Content promoting “side hustles” or “passive income” streams has gained a lot of traction online. This can increase the amount of pūtea coming in, as can receiving a pay rise or a part time job. We had an in-depth kōrero around the positives and negatives of this option. Does a side hustle make the desired bump in the bank account? What are the other options if this won’t work for you?
It’s important to recognise, that for many whānau, increasing income is simply not an option. It may come at the cost of spending mealtimes with your family, or not being a part of those special moments, like the last rugby game of the season, or a dance recital. Everyone has different whānau and career situations, comparing one situation to your own is an unfair when there are other options that may serve you better!
Rachel Leutele, known as “The Savvy Saver” online shared her experience, when making more pūtea isn’t possible, there are a number of ways to reduce spending. The following top tips were shared by both Rachel Leutele, and Financial Mentor Cat Rikihana;
- Setting (and sticking to) a budget
- Reaching out to a financial mentor for support
- Sharing resources between whānau and friends (e.g. baking, sports or even computer equipment)
- Considering different ways of doing regular or everyday activities (e.g. Growing your own veggies, baking for school lunches or second-hand shopping)
Do you have additional savings tips, or thoughts on creating more vs spending less pūtea? We would love to have you involved in our Wahine Facebook group! Just click HERE to join now.
To watch the full webinar, you can also click here: Sorted Money Month: Wāhine Webinar – Wāhine (whairawa.com)
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