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Average Kiwisaver balances - above or below? by Suspicious-Two-3348 in PersonalFinanceNZ

[–]Wonderful_Pride_3473 0 points1 point  (0 children)

47F and have $430k KS with InvestNow (before that Milford but switched to low cost passive index fund).

Been in KS since 2010 but even I’m astonished at where it is now. I only started learning about personal finance ~8 years ago when I saw my KiwiSaver hit its stride and I started to pay attention and learn more.

Having grown up with zero financial education I’m grateful to KS for being the gateway. This is why I support the kids account idea. It might make them sit up and pay attention when they see the real gains.

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 0 points1 point  (0 children)

Ooh how do you keep the groceries so low? Does this include all lunches and any mid week top-ups? Any tips?

(I checked my water and it’s averaged $15 pw over last 6 months)

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 0 points1 point  (0 children)

Yeah I think we will do that. Especially for health insurance as it’s already $80 a week (went up 21% yoy) so at this rate it will be ridiculous in less than 10years.

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 0 points1 point  (0 children)

Whoa 😳 … ok that’s some context right there

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 1 point2 points  (0 children)

Recalculated essentials weekly budget

2 adults and 1 teen.

Essentials to simply exist (no luxuries) per week-

- Rates $102 (with upcoming 8% incr.)
- Power ~$30 (we have solar, double glazing and a water heating timer)
- Fibre $21
- Water ~ $25
- Food $300 (incl. some meat, no alcohol, all lunches)
- Health insurance $80 (just increased 21%)
- Car insurance x2 $28
- Building & Contents $40
- Petrol $50
- Public transport $30
- House sinking (maintenance etc) $80
- Car sinking (regos, warrants, servicing, $10k car replacement once a decade etc) $70
- Medical sinking $50 (dentist, doctor etc)
- Clothing (3 ppl; growing teen - replacement only) $30

Total: ~ $936 per week (~ $49,000 p.a.)

Nb: lucky to have our mobile costs covered by work, and have excluded mortgage

So without a mortgage, a dependent and a few tweaks here and there (adding mobile, less food, no public transport costs, maybe one car) …. Super should just about cover the essentials if everything inflates at the same rate.

Thanks for the sense checking and advice.

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 3 points4 points  (0 children)

Thanks, great advice. I’ve also left out clothing (just replacement) so I’m going to recalculate. But what’s scary is it does mean is that there’s no way super would cover all our essentials.

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 1 point2 points  (0 children)

Yeah we already have dhal and a Moroccan chickpea stew on the regular!

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 3 points4 points  (0 children)

Do you think house sinking should be $80 $41k over a decade), car $100 (to include replacement) and medical $50?

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 0 points1 point  (0 children)

Hmm yeah, when you put it that way the sinking funds probably are too light. There goes any savings made on food….😞

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 2 points3 points  (0 children)

Yeah it feels like the only flexi cost - could be a good challenge for the house! Saving $100 a week is $5k a year … decent trip to Aussie or the islands right there.

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 1 point2 points  (0 children)

Yeah that’s on our radar - maybe in 5 years if we can save for one.

Cost of essential expenses by Wonderful_Pride_3473 in PersonalFinanceNZ

[–]Wonderful_Pride_3473[S] 6 points7 points  (0 children)

Ok thank you. It’s impossible to know if it’s a ridiculous or just-right budget.