MoneyTV is your access to information, guidance and ideas on managing your finances such that you get to where to want to be financially. It is updated frequently with short video clips of experts, offering insights into such things as budgeting, mortgages, savings on everyday living and trusts.
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Getting ahead in tough times
Its easy to feel like you can’t possibly get ahead right now. But there are a few simple things you can do save money and have surplus to pay off debt.
Recent Articles
The answer to Life is 42!
According to ‘A Hitchhiker’s Guide to the Galaxy’, the answer to life, the universe and everything is 42. This is possibly because it’s the age many men stop and think about their lives, since 42 is the average age for the first coronary crisis men face!
Once you have suffered a coronary problem, be it a case of palpitations, high blood pressure or a mild heart attack, any increased cover or new life insurance will be subject to loaded premiums or even exclusions for heart related conditions.
With advances in medical science, the majority of heart-attack sufferers now survive the experience, which usually requires them to take a few months (or even years) off work. The financial downside of this can of course be covered by adequate policies such as Income Protection and Trauma cover.
So if you are over 42, the odds of a coronary problem due to our sedentary lifestyles and modern eating patterns are rising substantially every year. Add to this the cost of supporting your lifestyle or that of your surviving family.
It definitely pays to have an insurance review at least bi-annually. You can also reduce the cost of life insurance by looking for policies that allow what is called ‘level-premium’. This is a constant amount paid each year rather than it increasing with age. You pay a little more to start with but after a while you will be paying considerably less.
By: Paul Watkins
Working for Families - Tax Credits
We all love tax credits, especially at the moment when is getting hard to make it all work each month. If you have children under the age of 18, Working for Families Tax Credits can put more money in your pocket to help you with the costs of raising your family. Depending on your personal situation, you may be able to access one or more of the following types of tax credits:
Family Tax Credit - an ongoing payment for each of your dependent children under the age of 18.
In-Work Tax Credit – pays you up to $60 a week for your first three children and an extra $15 a week for each other child.
Minimum Family Tax Credit – if your family earns up to $22,645 a year before tax you may be able to a payment that tops up your family’s income to at east $355 a week after tax.
Parental Tax Credit – this payment helps you with the costs of a new baby for the first eight weeks after your baby is born.
To find out more, visit www.workingforfamilies.govt.nz where there are calculators to work out your eligibility. Or alternatively, contact Work and Income on 0800 774 004 or Inland Revenue on 0800 227 773 to find out if you qualify.
Decreasing Interest Rates
MoneyTV’s Lisa Dudson speaks about the decrease in interest rates and what it means to home owners. She shares some valuable insight on fixed mortgage loans.