Benefits of Saving with Whai Rawa

The benefits of saving

There are lots of good reasons to save for the future. If you want to find out more about the power of compound interest and the benefits of saving regularly go to our financial education page or to Sorted

With Sorted you can also create and upate your own savings plan

The extra benefits of saving with Whai Rawa

Saving with Whai Rawa provides lots of extra benefits including matched savings, additional distributions from time to time and assistance with payment of administration costs and investment fees. Click here for more information.

Where can I look for savings?

Food

  • Set a budget for weekly food costs and keep to it.
    • Make food spending a priority, not something which comes out of ‘whatever is left’
  • Make lunches for work and school (the average bought lunch costs $7 per day, the average home made lunch is $2.50 per day).
  • Make ‘homemade’ takeaways.
  • Plan meals ahead, make shopping lists based on meal plans - keep to the list.
  • Do regular ‘big shops’ at supermarkets instead of making purchases at the corner shop.
  • Supermarket costs can vary considerably, so check the prices and go for the cheaper options.
  • Supermarkets tend to special basic items such as toilet paper, chicken breasts, soap powder, canned fruits etc in cycles of approx 6 weeks. Aim to have a buffer so you can take advantage of the specials and buy in bulk when they are on offer.
  • Feeding teenagers on a budget - biscuits will not fill them so encourage after school ‘snacks’ of Weetbix, scrambled eggs on toast, home made muffins and provide lots of rice / pasta with meals.

Phone

  • Review mobile phone plans and keep any calls short.
  • Limit landline to mobile phone calls.
  • Discuss responsible phone use with older children and set monthly limits on any mobile phones they have.
  • Consider a toll bar with PIN number.
  • Make toll calls at off-peak times.

Power & Heating

  • Pay on time to take advantage of 10% discount.
  • Look into electricity plans which take advantage of lower night rates.
  • Use timers on heaters.
  • Turn off unused lights.
  • Buy energy saving light bulbs for high use areas.
  • Take shorter showers.
  • Use cold water for washing machines.
  • Buy firewood in bulk before Christmas for the following winter.
  • Collect pine cones in the park before Christmas to use as fire starters the following winter.

Transport

  • Catch the bus or walk instead of taking the car.
  • Car pool with family / friends / neighbours to get to work, go to the supermarket, take children to activities.
  • Plan trips in the car to make the most of a single trip.
  • Put money aside to pay car registration on time, have current WOF’s and insurance. An unregistered or unwarranted car means no insurance in the case of an accident and can incur an instant fine of approx $400.

Banking, Insurance & Debts

  • Shop around and compare fees for different transactions on different bank accounts.
  • Limit the number of monthly transactions, by taking out cash when putting petrol in the car and use for incidentals instead of many small EFTPOS transactions.
  • Have a separate savings account and budget to save something each week, even if only $5.
  • Manage the balance of the account to avoid penalty fees for going into overdraft, payments being dishonoured etc.
  • Shop around insurance companies and get them to provide comparative prices based on different excess levels.
  • Aim to reduce high interest debts such as Credit Card and Store Card balances to a level where they can be paid in full each month. To achieve this as quickly as possible stop adding new purchases to the cards, pay more than the minimum payment each month and request the limit be REDUCED.

Clothing costs

  • Give older children responsibility for an annual clothing budget.
  • Swap / share children’s clothes with friends & family.
  • Manufacturer seconds.
  • Second hand shops.

Medical and Health costs

  • Keep well by making healthy eating a priority, exercising, drinking lots of water and having a positive attitude.
  • Keep up regular dental care by using free hospital dental care and free school dental care for children.

Appliances, Sports Gear, Household Furniture

  • Buy second hand, see Trade-me or Buy Sell & Exchange.
  • Negotiate a discount for ‘shop floor’ items which may be considered shop soiled.
  • On big price items save in advance to enable you to negotiate a ‘discount for cash’ or to take advantage of sales when they come around.

Entertainment and Recreation

  • Go to the movies on the cheaper price days, often a Tuesday.
  • Look out for Family price specials.
  • Use the beaches, parks and picnic areas around the city.
  • Explore the walking tracks around the city.
  • Attend free public fireworks displays instead of buying your own.
  • Visit the Museums.
  • Use the Libraries for magazines, books and the newspaper.
  • Review and be honest about spending on Sports Betting, Lotto, Sky TV etc.
  • Review and be honest about spending on Alcohol, Cigarettes, Eating out, Bars & Clubs etc.

How to Deposit Funds into Whai Rawa

Setting up a regular small payment is the easiest way for most people to save with Whai Rawa. There are a range of ways you can do this or just make a one-off payment into your, or a whānau member’s, Whai Rawa account.

1. Online banking for one-off or regular payments

  • If you already use online banking, this can be an easy way of making a one-off or regular payment. You can obtain the Whai Rawa account details by contacting us or from the Whai Rawa AP form in the secure section of the Whai Rawa website (you’ll need your Whai Rawa number and four digit pin to log in). Alternatively most major banks have the Whai Rawa Trust account details pre-populated into their system and you will be able to search for these details by name.
  • Remember to put the member’s six digit Whai Rawa number in the reference field when setting up an online payment
  • If you want to pay into more than one member’s Whai Rawa account, you’ll need to set up a separate payment for each member

2. Manual automatic payment

  • A good option for those who don’t use internet banking and who want to set up a regular payment
  • Contact us for a copy of the Whai Rawa Trust automatic payment form and, once completed, take to your local bank branch to set it up
  • Remember to put the member’s six digit Whai Rawa number in the reference field when setting up a payment
  • If you want to make an automatic payment to more than one Whai Rawa member’s account, you’ll need to set up an AP for each
  • Automatic payments can also be set up online

3. ANZ Deposit Card

  • This is the ideal option for people who prefer over the counter banking – can be used to deposit funds at any ANZ branch.
  • At no charge you can get cards for a number of whānau members
  • Available by calling or emailing the Contact Centre

4. Cheque

Paying by cheque can be a simple way of making one payment for a number of members. It will also be a good option if you don’t know the Whai Rawa number/s of the people you want to make a payment for. If you are making a payment for more than one member just write their full names (and 6 digit Whai Rawa numbers if you have them) on the back of the cheque along with the amount being given to each member.

Post your cheques to:

Aon New Zealand Limited
16th Floor
29 Customs Street West
P.O. Box 3167
Auckland

How do I deposit into Whai Rawa from Overseas?

Payments by personal cheque (in any currency) can be made at no charge as follows

  • Cheques under NZD5k equivalent can be credited direct to your account, fee free
  • Cheques from $5k to $10k can be credited direct to your account at the discretion of ANZ.
  • Cheques over $10k are generally held for 30 days until funds released to Ngāi Tahu, again no fee.

Alternatively overseas depositors can

  • Get a bank cheque prepared by their bank. Where the payment is large, depositors may wish to consider this as this option will avoid the 30 day delay and therefore bypass negative currency fluctuations.
  • Make payment through the bank by telegraphic transfer. For telegraphic transfers, ANZ will charge an inward payments fee of $12 for accepting the telegraphic transfer and funds will be available to AON immediately after they have been transferred to your account.

If you have any questions about how to save into Whai Rawa, please call the Whai Rawa Contact Centre on 0800 Whai Rawa (0800 942 472).

More information about Whai Rawa can be obtained in the Investment Statement.