WhaiRawa

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.

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.