You're listening to the Weekend Collective podcast from News Talks.
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My soul man, and welcome back to the Weekend Collective. Apparently this is a Christmas song as well, my producer Tyra is telling me, but I'm not see you know how you can tell a Christmas song usually in the background the band of put some sleigh bells in. In fact, you can turn any song into a Christmas song just by having sleigh bells going ching ching, ching ching in the background. Um anyway, but thanks thanks my producer Tire
for providing the musical choices this afternoon. Right now, there's time for smart money. By the way, if you've missed any of the previous hours, and we had a very busy politics hour with an interview with Ashley Bloomfield and also Chris Hopkins and Thomas Coglan from The Herald just about the COVID report and subsequently the news the labor
parties AGM. You can go and check that out online, go to iHeartRadio or the news storks he'd be website and also Alex Flint there just with getting into exercise and personal trainers and terrible exercise equipment. So that was that was that, But this is now and it's smart money. My guest is she's a personal finance coach, author, writer, she's a friend of the show. Really, Amanda Morale, how are you going? Amanda? How are you?
I was going to say Top of the Morning, but it's not morning.
We are you going to say Top of the Money?
You sense of your very Christmas? I'm just looking at this festive studio here. It definitely is feeling a little bit like Christmas. You just need a tree and that'll cap.
And a little bit of tinsel, isn't it, which we've got now for those if you haven't seen our studio, we have a bunch of TV screens which all have different images from our New Zealand and to Christmas fire, Christmas a fire they have. They basically just added a string of tinsel to it and it's quite effective.
Tinsel, isn't it like an environmental hazard? Now?
Probably? Well, this is digital tinsel anyway safe on that front as well. They also shove Christmas hats on our profile photos all of a sudden about December. The first you turn around and you see a photo yourself and you think, I don't remember posing in a Santa hat. There we go. Hey, now we've got to talk about with Christmas approaching. And it ties into this a little bit.
Spending tracking apps And I actually had connected with a tracking app at some stage and then I just suddenly didn't anymore, and I've forgotten even what its name was. But they're not a bad way. But the thing is, you've got to keep updating your often. And I don't know, are they some good spinning apps?
I think they're only as good as you engage to use them, right, And I heard some shocking statistic about the number of apps that actually get used on people's phones, And so you can probably think of the ones that are on your phone and think of the top four that you use routinely. Yeah, I think of it myself. My banking app is right at the top of the list. So the one that is most practical for me on this occasion is when it is tied to my bank,
which gives me automatic feeds. So I like my spending app through it's.
Called cash nev oh, I've got that.
Yeah. So sometimes I think maybe why you suggesting it's disappeared is that there's an option when you're logging in to keep it. You don't have to like manually log on, so it'll be giving you notifications and staying live continuously, but you can kind of put a dormant and then you forget about it. So I would recommend if there's nothing too sensitive and people you know you don't have.
I've just other two hundred apps on my phone too.
Ever, since you mentioned it, I know, get rid of some of those apps because but yes, so, I mean there are many, many separate apps outside of the banking apps, but that's a good place to start if you're over apped, I would say is look at the ones that are associated with your bank, so you're more likely to engage with them.
And because the reason that that spending apps are, you could even though I'm a hypocrite for saying this, but they sort of should be essential because a lot of the times on smart Mate, when we've talked about the way we spend money in the old days. Of course, the old days. Goodness may have done know what that was.
But you know, back in the days of cash twenty years ago, and we still use cash from time to time, I guess, but you were often handing cash over all the time, or you were writing out a check which you were reconciling as you write it out, and I write a check out for ninety dollars. Today, you were much more aware emotionally. I think I would agree with that the mental trend was more substantial as opposed to bloop.
Tap tap tap. Yeah, and absolutely, because you'd be more conscious. So tonight, I'm going out to get out one hundred dollars. One hundred dollars is gone, time to go home, right, Whereas when you've got access, well I.
Just made an easy round number there.
But you know, I I and here's a good example, because I've got a soon to be twenty one year old, you know, on a weekend there you know boom like paycheck and paycheck out, and you know, I lecture this kid incessantly, which is maybe the problem because he doesn't listen. But that's the danger is that you can just you basically go to you're denied, and then you go home. But so there's no sort of built in you know,
you know, rail guards against overspending. It's just if you if you don't have that conscious control and you're not mindful. And some people are like that just comes down to their habits with money and they just you know, go go, go, go go.
I'll just realize something that if I go to the shops and I know I have to get certain items, there's probably times I don't even look at what the title is, and I might I might go paying us O I forgot to look what the title was? How much was that? And it's not because because I don't consider themsself wealthy by any stretch. But if my wife has said, can you go to get X, Y and Z down at the shops, and I go and get it, sometimes I don't even notice. So that's how transit treats become.
For mat it's an absolute danger, and I agree with your earlier point. It should be kind of an essential built in to all these days. But you know, in many cases it's not in bank's best interest for you to be aware of your spending, just because of course, you know, they wouldn't want you to be fast tracking your mortgage repayment or you know, not spending you know, to the maximum of your credit card. It's very much a built into their interest to sort of you know, put a veil over that business.
That's why they probably don't have the automatic notification. Hey, by the way, if you pay your bill off, your credit card bill off in the next few days, there's no interest because of course, if you pay your credit card off every month, you avoid the interest, which is a major that's in fact, I diary it. I have these alarms that go off, bing bing and the other thing. Actually funny enough, now that you mentioned kash Nev, I remember why I stopped using it was because my wife
and I we don't we share the same account. We have a card each, but when one of you is used the Kashnev account, it logs the other one off and I got just got sick of logging on and off all the time. Yeah, and so, yeah, and that was something I thought they could have rectified.
They have done.
Maybe they have. They used it.
Upgrades recently, so it might have changed. But yeah, they should be far more onto it than they are. So outside of the banking ecosphere they do. There are some good apps for individuals. But again, they're only as good as they are that you engage with them. So I personally don't see the point in getting those unless you're going to be paying closer attention and then logging in and getting notifications and reform behavior apps. It depends. Some
are free, some are not. Those paid versions. It's kind of like Spotify free, Spotify premium. Pocket Wise is another really good one, But the free version it's a bit. It's a bit uh requires some manual labor because you have to upmanually upload your statements, which can be a bit. You know, if you're not like good with spreadsheets and CSV files and this and that, you can get a little bit it just turned off of that, you know immediately if that's going to work for you or not.
If they've got automatic feeds, then that's and that's the paid version where you're not having to do uploads. There just there for you. But even even so, say you're paying fifteen dollars a month for this, but you're still not checking and engaging, then you know, what's the point You're going to have to consider there's maybe a different pathway for me to try to get, you know, a handle of my finances.
I was always I think I'm still kind of I go along with it because through my account we use there's a hook up with Zero that have obviously in Zero have access to my bank accounts, not to do anything, but just to see what's in there. And I did take me a while to mentally get my head around a separate piece of accounting software having the ability to see what money I had in my accounts. And so obviously that's a company everyone knows, and there there will
be other software that does that. But the issue of trust as well as and safety. The trust is probably the secondary issue the safe the reality of how safe it is to enable those spinnings to have access, because I would imagine there are some shark infested waters out there as well.
One hundred percent so because we haven't quite got to where they are in other countries with open banking, where you can hook up of your different banking devices for example, you know, centralize your insurances, your retirement savings, investments, Kibi, siber and have it all in when centralized place. We're not there yet in New Zealand. We're kind of lagging behind where a lot of other countries are. But there are some areas. There's a tech startup called Acohu that
is doing some pretty nifty integrations. But in a lot of instances you have to give permissions and they will assure you. It's easier to break into Fort Knox than to you know, for their systems to get scammed. But I agree with you, you have to be, you know, mentally assured that that everything's going to be okay. There was another tracking app that was supposed to track your ear and your environmental footprint. Uh and and that was another one where you had to you know, kind of overcome
that issue. Well what about this happening and stuff?
So oh I couldn't see that. Imagine being lectured every time, yes, something something, Well, you contributed to the youthstomized by another zero points, zeros are one, whatever the unit would be.
I know, but some people like to measure those strength recently and you know maybe all people like us not so much.
Say old you are spring Chicken, Amanda Morale, what's going on?
Okay, I'll revise down.
Look, we want to hear from you. O eight one hundred eighty ten eighty Do you use a tracking app? And if not, how are you? How do you keep track of and I don't mean just keeping track in a budgetary sense, but how do you keep track of what you're spending day to day in a sense that really helps you understand how much money you are spending.
And if you've got a particular app that you love, that you that you trust and you want to share it with us, or we've got some questions about it, Not that we're technical experts, but Amanda might know a few things about a few apps. Give us a call. Because it's Christmas time and you know what's so easy to just go zips aapp. It's not even zips app. That's the manual thing, isn't it. That's the bit of paper.
I think there's a long since gone the an African nations somewhere, but even there I think they're more high tech.
Well the old days of visa when they would stick the thing and.
Shouldn't sho they're quite neat. They might have those somewhere.
Still wonder how many years since I did that? Think you have to be ten or fifteen? Easy, wouldn't it.
Yeah, Listen, I think when it comes to Christmas spending, just instead of your zip zap and tap tap, you know, just get take take take the cash out, you know, to go go old school, take the cash out that you want to spend on Christmas gifts, and that's it.
When the money's gone, the money's gone, because I'll move it into one of your accounts if you had a separate account, and just use all your Christmas shopping on that account, and when it's gone, it's gone, and it'll force you to stick within your budget unless you go start, you know, playing that shell game and moving things out of over your secret Seemings account.
Then you know, I've got a text to you saying that's actually really common for people in their twenties, that plenty of people do it, and heaps of influencers recommend it in terms of the I think in terms of the spending app that texture is referring to that they're actually quite common for younger people.
Is that your Yeah, so my one of my other kids. They students who particularly those who are flatting, have there's a good app called split wise and and so they you know that that helps them to manage division of all the household finances and stuff. That's very popular. Pocket Smith is another one. There's a few key we saver providers who've created budgeting apps as a sort of an
attractive tool to join their schemes. So yeah, absolutely there's lots of Metagain, even with the twenty year olds, there's going to be you know, some who actually are paying attention to it, and you know, those who are very golden and probably saving for a home deposit, et cetera. Others not so much because they have a different attitude. And I think it's more it's less about the apps, it's more about your your attitude and your habits. So that's the meat of.
The I must read that text actually, because that was the second text they'd sent. This is what they'd sent for and so they were talking about what's common. It says I have about eighteen different accounts under my one band account. The morning after payday, I have automatic payments into every account. This is hyper organized, so there's a groceries account, gas pets, et cetera. So every time I go to spend money, I have to manually take it
out of the right account. Obviously can still have a spend, but it gives a moment of pause for me to reconsider before mindlessly swiping. I have eighteen different accounts, How on earth would you transact?
Well, well, that's a lot of accounts. I would hope that that person is not spending too much on fees because they're you know, the fees aren't too bad on some accounts, but if you're overfeed, then you know, as there, you know, you have to consider it as a you know, cost.
I don't know how you do that, and I'm trying to work that out actually, and I have eighteen different accounts. Apparently it's under be and Z you can have up to fifty different free accounts. But when you go spending is this with it?
It seems a bit complicated, But you know, if it works for that person's who's to say, who's to knock it? So that's what that's my point is that everybody is a bit different and there's strategies, so you know, come up with a plan that you know that you can that it works for you, and you're accountable to that plan. Don't adopt somebody else's plan, like the eighteen account plan. Mats.
This must be for online transactions, because you couldn't have a bank card where you stick it in the machine and go which account do you want? Watch my a team.
Well, I think there's with my bank anyhow, receivings you're checking, you know, maybe your credit card and you know bonus.
I don't know.
Eighteen seems quite excessive. I've got about four and four is excessive, So.
Does seem quite a lot? Wait, text update us on that on that strategy, please, because it sounds complex. But also we want to hear from you. Do you have a way of tracking your spending that actually helps you realize how much you've blown on Christmas presents this year? I'm sure it's a shame I can't get one from my daughters because they keep on saying to me, oh, Daddy,
we're doing a secret center for my netball team. We're doing a secret center for my hockey team, doing a secret sound for my and it's like we're up to the budgets are just going nuts?
Well they aren't.
They're not.
But I tell yeah, you know, I'm not to encourage consumerism, but now is the time to be buying Christmas presents because days Friday. I thought it used to be one or two days, but it's been a long window. And I understand for most shops it's closed on Wednesday, but these sales. I've sent parts arguably better than what you're going to get at boxing day because retailers are very they've had a very tough year and they are a
keen to siller. So yeah, I would get organized and get yourself down there, because you save yourself a lot of money.
We might dig into that a little bit, but yeah, in terms of managing your spending, give us a call if you've got a particular way that helps you keep track of it in a meaningful way that you actually know how much you're blowing on whatever. Eight hundred eighty ten and eighty text nine to nine two. It's twenty three past five newstalks you'd be We're talking about spending apps and tracking the money you are s the age of simply hold your card over the machine and bingo.
It's all done magic. And my guest is financial personal finance coach and author Amanda Morale. Let's take some calls harmon, Hello, Hi, how.
Are you doing today?
Good?
Thanks? God? Good? So about there's eighteen apps that that the one guy texted us. I've got about six apps or six bank accounts from A and Z. Part of them are three one of their long long con savings and one is my everyday's account. And if you do your budgets correctly and you get automatic drafts soon you don't have to every day manage your account. And if you've got a one account that you're spending account, as soon as you put money into it, you just withdraw
the money and able to cash. It stops the spending so much. I've saved so much in the line four months just doing that.
So you've just been doing that for the last four months, and how traumdica differences it made.
It's made a massive difference. I was able to save about thousand, five hundred and just four months fifteen hundred bucks. Fifteen hundred Yeah, and that month.
That's because you apportioned your spending amount and then you put more into savings and then you stop spending when you money the money ran out.
So every time you know, go to fast food, oh it's just fifteen dollars year, it's just fifteen dollars thee or you know, I've just there, And as soon as you've got the money in your pocket, that suddenly you realize, oh, it's not just fifteen dollars, that's is fifteen dollars that I need for this or that, and it just it could have the spending habit quite a bit. The card is just too easy. So out of my out of my father account, only one account has got a card,
and that card is for my spending. So my bulls is automatic, A payments goes out, my mortgage is automatic, payment goes out, long term savings, no pavements goes out of there. Then I've got my insurance takes that out. And then the other one is for gifts and unplanned expenses. And again that one doesn't have a card, but that can just easily be moved into spending we needed.
Hey, what did you notice you stopped spending money on the most food?
Fast food? Fast food was the biggest Yes about that. Fast food was my biggest outcome. I would spend around about three hundred fortnights on fast food after I've done shopping.
Wow, okay, so you've probably last a little bit of weight too, know if saving that money, yeah, good on.
You, yep, absolutely, but yeah no, So having cash in hand is just it. It's a saver. It is a harness saver.
It's a good tip.
And I love the South African accent with the words fast food.
You know that actually sounds how here, thankst you, thank you.
I love a good South African accent. The fast food. Actually, that is one I would say the simplest way to start saving money for getting spending apps. But you know, obviously that's what we're talking about, is it's it's unfortunately for hospitality and all that, but if you just cook your own meals, you save a fortune. God, I hate to think when I was living in Australia in my musical theater days, the amount of money I blew on
bacon and eggs down at the local cafe. I hate when I I hate to think it sounds like I'm saying it as a throwaway line. I really hate to think how much I spent.
You know, just do you still eat bacon and eggs or yes.
But it's a genuine treat rather than something I developed and not listen to a habit. But learning to cook your own meals.
Yeah, one hundred percent, no, and they're better for you and you know, but a lot of it comes down to just gain self awareness and organization. And obviously for Hermann, you know, the switch flecked at some stage that he auto payments, just allocate myself a certain amount.
That's it.
Money runs out, and so it's discipline as well underlying all those. Again, it's easy to think, oh, i'll download this app, I'll be a fifteen Maybe you don't have the fifteen bucks a month to use that, but then you ignore it. You know, it's showing you the things that you intuitively know that you've overspent in certain areas. So you have to be able to control your behavior. And if you can't control your baby, you do what he's suggesting, which is like pay yourself in cash. Cash
is out. That's it.
Well, you always fiscally aware because you know, obviously you're financial author and things like that. But sometimes I think also that people who specialists in a particular area, they might be there because they've learned the hard way. Was there a time for you?
No, I can't say that I ever made any big mistakes, but you know, no, no, but I I but you know, I went through a divorce that was probably caused because one party was horrible with money, and you know, tried to fix the situation. And you know, I think I've said this many times on the show, but financial you know, strain and issues are more toxic in a relationship than
cheating and cause more damage. So you never underestimate how how money is stressful, incredibly stressful, especially because you know, you got you know, people with gambling habits or you know they are overspending. Then you go to mortgage particular, people will be feeling a heat now more than ever. And the Kiwi saber Hardship you know, story shows that so under strain. And unfortunately some people understrain you know, like they can overeat or they overspend for emotional reasons too.
So it's fairly important to understand the psychology of money because then you can control or help to reform your patterns too. And so that place feeds into the story you know really strong.
Well finally enough that you should mention financial habits. But that is something else I wanted to that we wanted to talk about, because it's one of the things that's always struck me that we can talk about. You know this, it's like a previous guest Alex Flint talking about exercise and how we talk about changing our exercise habits and our well being. And I'm not sure whether that's an easier thing to do with your own physical health, but with your financial health, and we can talk about I
need to do this and have this spending app. But I wonder how hard it is for people to change financial habits of a lifetime, which accentuates probably the importance of setting your kids up with good financial habits, being aware of what a dollar is worth. But when it comes to genuinely changing financial habits, I have the sense that that's actually pretty tricky.
For me.
I probably changed my spending financial habits when I got a mortgage. Actually that is well, it's like you know you've got suddenly you've got the hammer and anvilin app. Really you're really pummeling yourself into because you've got some serious financial commitments. But up until that time, I sort of felt that it was easier to breeze by and in the more transient spending habits.
I think that's not uncommon because it's an age and stage thing where if you can drift going paycheck to paycheck and your lifestyle is quite comfortable, that's when. But then you pump the brakes when you're again looking for a mortgage, you have a child, or you've got a.
Kids and a mortgage boomf.
So that that really just causes you to pause and do things differently, because otherwise there'll be lots of arguments and strain that you don't need.
So I'm not sure we can really advocate that if you have some prolific spending habits that just have a baby or buy a house, But probably if you haven't got a house and you are wasteful with your money, maybe there is a sort of I'm being fickle a little bit.
I think the human mind needs to be you know, it's just the human condition rather to to you know, do things you enjoy right so or you know, got an a version to the things you hate doing right.
So that's just it.
So you kind of have to track the mind to some degree, and you know, setting up some systems in place to protect yourself, but equally having incentives in place where there's you're rewarded for the habits that you're changing, because changing habits is tough. And so again, if you have little goals for yourself, well when I do this and I achieve this level of season and reward myself with this, and same thing goes for health. I always find that health and finance are very similar pathways.
Actually, would it be a legitimate thing on a financial habits say, and I think probably the thing I had as a younger man of you know, just going to cafes more often than I should have if I had said, okay, tell you what, I'm not going to do that, but on Friday night, I'm going out for dinner with friends, and I'm not going to worry about the bills so much because I've saved a fortune by not doing it three or four days a week, is it. I mean
that's sort of a sacrifice and reward type of thing. Well, well, hopefully you don't go out and blow it at all.
Exactly exactly, because you can also deceive yourself that you say, hey, I saved five bucks a week, you know, a day by not buying my coffee, and then you go out on the weekend and you spend one hundred or whatever it is is you know.
That that's we've worked out. That's your magic.
It's just an easy, easy round number.
But you know what I'm saying, So you have to it has to have some sort of common sense behind it and just awareness. So if I don't want to knock the apps, because if it gives you a sense of awareness, then it helps you to pump the brakes. Great. Equally, if cash and the envelope is a strategy that you know keeps you on the path and you know, alerts you to the fact that, hey, look, I've lost ten pounds and save three hundred dollars a week by not going to KFC or McDonalds. So what have you great?
I mean, I'm looking forward to the day when my kid is out on his own he has to pay rent, and then that restrains all this ridiculous money at the bars, et cetera. He's going to have a bit of a wake up moment. But you know that's going to be a teachable moment for him if he can't make his rent payment, you know, so that for him that that's the learn of you know, having a mortgage, is paying your rent right other thise your move back in with your nagging mother.
You're throwing up other topics here because I was about to ask whether it's a good idea for parents to charge their kids rent to prepare them for that reason.
Yes, I do think it is. I mean I am a bit of a softy wells of course were the students, you know, But equally, I think that teaches them that, you know, not getting everything for free, right, particularly when when they reach a certain age.
So it's yeah, that will save that to another day. That that is a good one though. And also we have talked about it a bit because there was a lovely anecdotal story that somebody shared with us of their parents charging them rent while they were at home for a while and or bored, and then when they left home, the parents returned it all with interest to help them by their first half, and I thought, I thought that was awesome story as well. Let's take some calls Janet, Hello, Hi,
how are you good? Thanks? How are you doing? Yeah?
Good? I guess i'd share a system. I've been new things for quite a while now. The first thing is don't have a credit card because you lose track of what you're spending. There's nothing more depressing than to a worked hard all month and get your pay and it all goes on the credit card.
Yeah yeah, I agree.
So you want to get your money and go, oh good, what am I going to spend it on? So I have one account that money goes, it's transferred into for
spending including bills, and I have a budget. So I guess tomate how much my bills are going to be each month, so power, water, que, irregular ones, and things like insurance, I pro rider over the year, so I'd divide it by twelve, so you're contributing each month towards that, And so you get a total, a subtotal of what you think you're going to spend for the money on just the basics and food and whatever, and then what your left with is your slash money for the one
off and the fun and all the rest of it. And I also have a little calculation on my spreadsheet where I can enter the number of days left in the month. So if you've got three hundred dollars left, and at the start of the month, you've got ten dollars a day to spend. If it's the last day of the month, you've got three hundred dollars left, you've
got three hundred dollars left for the day. So you can kind of reward yourself later in the month if you've been good earlier in the month, or you can take what's left and assign it to an expense for the next month and get yourself ahead.
Sure you are organized, What what made you? Did you do this? Because you saw the error of your ways and you were reforming yourself or have you always been quite for skilly sort of alert and responis.
Oh, look, I left a job and I had to budget, and I've been doing this for ten past years. And then you can, once you've done it for a year, you can just copy your history down so you've got more of an idea of what you're doing.
Yeah, sounds like a great system. And your earliest point too, I hundred said. That's one thing that I can say my kids haven't done, and I hope that doesn't change. Is not getting a credit card because that prevents you from spending money you don't have. And then once you're once people get on that treadmill because it's also easy to do. They're forever trying to dig themselves out of the hole and complaining I can never get ahead financially
because they're paying money on money owed. So I think that's a very smart, smart decision.
Thanks for you, cool, Janet. I confess that I I just we stick everything through the credit card because I love the points.
For the points. Yeah, it works for something as.
Long as you can play it off, though, and if you missed that date, you're ah.
Yeah, yeah, yeah, Well you just set it up on as an auto payment, right, so it gets sucked out of your p.
I have an alarm on my phone that goes off. Is pay credit card? Do it manually? I don't know. There's something that's just a control freaky thing.
I'm not sure you can set it up for another payment though.
I'll have to have a look at that one. We'll talk about that one in the break, but we'll be back in just a moment. When to take your calls on how are you tracking your spending? And is there a particular app that you swear by because you can share that with us too on eight hundred eighty ten eighty. But also if you have changed your financial habits, what was it that motivated it? Because I think it's one
of those things. It's like getting fit and healthy. You can talk about it till the cows come home, but when are you going to make the meaningful change? And I'm sure when it comes to financial health, that's just as big a challenge to give us a call eight hundred eighty ten and eighty eighteen minutes two six News Talks.
It'd be My producer Tyra is so happy right now because she loves Christmas and if you missed the show on the first of November, she started playing Christmas music and I was like, what the hell are you doing. She's like, it's November, I can play Christmas music, not on news talks. He'd be it's gonna be like two months of Christmas.
Were more happy people in the world.
She's so happy right now. That is definitely one for your playlist though. But anyway, this is smart Money, and my guest is Amanda Morale talking about budgeting and how you do it.
Calvin Giday, Good Athene, Tim and good Athenoon to your guest, Amanda, Amanda, there must be tens of thousands, could even be hundreds of thousands of people like me who a lot of the things you previously mentioned. I would know anything about apps and all this sort of carry on. But I do confess to having some automatic payments, you know, electricity, newspaper account, phone account that's done automatically through the bank
as such. But I'm one of these people who I love cash and when I go to the supermarket I always come out normally with more money than what I went in with. As such, You when I go to the supermarket, I come out with more cash than what I.
Went in with.
Why how does that work? Pocketing?
Well, it's because you keep away from apps and all those different things which you two have been mentioning different. It's a different lifestyle altogether out here.
And for a lot of people, maybe you're going to the supermarket and busking.
Well inadvertently rating the till as such. But anyway, so I in my lifetime, I've never ever had a credit card. I wouldn't know what one was.
Know.
I use f POS which is f post card, which is code really for cash.
Yeah, well you don't see it happen either. That can go bling as well, can't because but as.
I say, but I do have the legal tender in my hand hand more off than not when I go and buy petrol and things like that and go to the movies and a few other bits and pieces. But so I was going to say that the app, the app situation for me, it's a much easier lifestyle.
Now.
I fully realize a lot of people don't like cash. Oh no, no, no, don't like cash.
Me.
I love cash. The more cache I have, the happier I am cash.
Yeah, we hear you altogether, now, Yeah, Hey, thanks Calvin. He's completely made me forget what I was going to ask you.
Oh.
Yes, So we have obliquely took talked about apps when it comes to spending apps. But do you have particular ones where and you're not giving specific financial advice and things that would be worth people checking out if their interested in and tracking their spending.
Yeah, so I think it depends on your situation. So what I would recommend there's about eight that are quite well reviewed on money hub dot coded and said if you look up got a moneyhub dot cod in and said, look up their reviews on spending apps. Because well, again, if you're looking for ones for your kids, for example, to try to train them up on money, there's a one called Square one split wise for students and flatmates
for multi accounts and customizations spend ye. Again, there's ones that the banks have, so there's numerous ones, but it really depends what you're looking for for your situation. So again that's a good place to start is just looking up that central Spinster Ali money hub review center for for whatever it is you're looking money. So it's just called money hub dot codin and is it and they
review everything under the sky, including spending habits. But what they'll do is they'll go in and tell you why each one is different from the other and how it's superior. Again, because everybody's situation is different. As the last gentleman caller said, but had no idea, and my situation is different. Again, you might have somebody, a younger person who really wants to heavily micromanage and funnel their accounts. They're you know, banking out, might be you know, the the be's knees
in that regard. So it really depends what it is you're looking for. One thing will I remember on the budgeting side of things, is it's a free app and it works holistically with a bunch of other things. Is sort of dot org dead and dead I. I can't say enough good things. And that's a free government. And you can tie in like your whole situation too, including where you're on track with your kiwisaver and how much
you're going to you know, potentially have for retirement. So it's not just your day to day spending, but it's more of a holistic picture. So for those individuals who you know can't afford a good financial advisor, you can DIY a lot of this stuff yourself, and that sort of is a great place to start. You could plug in all these inputs, change them. That's what I'm trying to train my kids on doing so they can see big picture of what's going on.
Yeah, I think the journey I've got to go on with my kids is that they they quite conscious of the money that they've gotten, how they want to spend it, but it cost to other things they've gotten. No, I think they think Mum and Dad are the bottomless the bottomless pit, and that's that's probably I'm not sure how to imbue them with a sense of with the understanding of that Mum and Dad are not bottomless money pets either, but maybe saying.
Just no money.
It really depends how old they are and where they're at for understanding that. It's you know, then I think this, it's never too early to start. Well, obviously not where they are in now peace, I don't think. But you know, the sooner you get them started, the better. But then you'll find your teenagers will come to a stage where they want to start getting their hair colored or something like that. Oh no, you know, then, yeah, prepare for you know.
What I'm going to teach myself how to I'm going to look I do the ballet buns. It can't be that much difficult.
Different to the cost of those things is a watering, So hopefully they're far away from that, or you make them save for those kind of things.
Well, luckily we have one with striking read here, which she quite likes, and she's that's she just celebrates it every day. You're spared fingers crossed on that one. Yeah. Absolutely, we're going to take a moment back and a ticket's eight minutes to six news talks. He'd be yes, welcome back to the weekend collective. Gosh, smart money. That time has flown, Amanda, marn I know what time is, excel reading.
Time flies when you're having fun. As they say, I've got a good question for you here, though a quick one. I'm not sure if we can get a quick answer to this, Amanda. I've never had a credit card, but my parents think I should get one so I can build a credit score. So there's a couple of things. Is there anything I can do the internet set It might apply to the US, but not here in New Zealand.
Don't know, there's not enough information in that, but getting a credit score or fixing your credit score, how do you build that?
Yeah, well, so a if you want to find out what your credit score is currently, but it sounds like this fellow or gal doesn't think they have one, but you can find them up. There's a couple of different credit reading agencies. But that's a quick Google search.
How do you get a credit score? I think was question?
But yeah, and so once you start, you know, the typical consumer behavior, everything starts getting tracked. And that's everything from you know, paying your rent on time, paying your or your bills on time. Anything where you've been required to pay things on time will all start to get tracked, and then that builds in towards your credit score. Where you start to get a bad credit score is missed payments,
et cetera. So it tracks all your financial behaviors. So you know, it won't just be it depends what stage of life this individual is at, because if they've got no other if they're not paying rent or any bills or anything like that, then yes, if they're buying things, they may want to start building.
The trap is it's like you don't want a credit cab, but you still need to build a credit score.
Yeah, but at the time in which, again you're paying your mobile phone bill or your any sort of any bills, And as soon as you start missing those, your credit scores goes down. If you want to try to build it up. If you failed, then you got to just pay on time.
Guess what times up? Thanks for listen. Check out the podcast news it Be website iHeartRadio. Thanks my producer Tira and Sunday at six is Neck For more from the weekend collective. Listen live to news Talks it'd Be weekends from three pm, or follow the podcast on iHeartRadio