Improve your Financial Wellbeing

If you’re feeling the pinch at the moment you’re not alone. Use our information and tools to help you get on top of your finances.

Managing on one less income

These days, it’s very common for both partners in a relationship to work - so many households are used to having two incomes coming in. When one income is lost, for example through redundancy or when one partner takes time out to look after children, it can put quite a strain on household finances.

Here are some things that can help ease the burden if you find yourself having to manage with one less income.

  • If the loss of income is due to redundancy and there is a redundancy payout, put it into a high-interest on-call savings account as an emergency fund. It will help you cope if you have unexpected expenses.
  • Draw up a budget based on your reduced income (use our online Budget Planner to help you). Review your bank statements to see exactly what you’re spending your money on, and where you can cut back on non-essential spending.
  • If you are having a baby, there are a lot of things you’ll need, for example highchairs, buggies, and toys. Instead of buying everything new, consider buying them second hand or renting – www.treasures.co.nz has tips and advice on what to look for when hiring baby gear or buying second hand.
  • If you have large bills that you pay annually (for example insurance premiums), organise to pay them monthly instead. That will help you ‘smooth out’ your outgoings and avoid having to find large lump sums.
  • If you have a home loan, talk to the Bank about your repayment options. For example, you might be able to reduce your regular repayments for a while by increasing the term of your loan.
  • If you have other debt (for example, hire purchase or credit card debt), consider consolidating them all into a single personal loan as you may be able to save money on interest costs (it’s also easier to manage).
  • Alternatively, if you owe money on things like a car or home entertainment, consider selling them and paying off the debt.
  • Find out if you are eligible for any Government assistance - for example, Working for Families tax credits (contact Work & Income). If you’ve been made redundant, you may be eligible for the ReStart package (contact Work & Income) or redundancy tax credits (contact Inland Revenue).
  • If you are having trouble paying your bills, talk to the people concerned. Most people and businesses would rather you contact them proactively, as it’s often possible to work out a suitable arrangement, for example paying the debt in installments that you are able to manage.

If you’re going down to one income, having a plan, doing a budget and thinking about alternatives to the way you currently do things will help you manage.

Our lending criteria, terms, conditions and fees apply.

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This material is for information purposes only. You should seek professional advice relevant to your individual circumstances. While The National Bank (part of ANZ National Bank Limited) has taken care to ensure that this information is from reliable sources, it cannot warrant its accuracy, completeness or suitability for your intended use.

To the extent permitted by law, The National Bank does not accept any responsibility or liability arising from your use of this information.

Case studies:
How to take charge

Read how other people who are under financial pressure have taken charge of their financial future.

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Caleb & Hayley
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Budget Planner

Creating a budget is a great way to help you manage your finances. Enter your income and expenses into our Budget Planner, and we’ll do all the calculations and summarise your results.

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Top tip: Estimating your expenses

Check your account and credit card statements for all your income and expenses. The more information and detail you enter into the Budget Planner the more accurate the results will be.

This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult one of The National Bank's financial advisers, please contact us on 0800 18 18 18.

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What now?

You’ve made a good start to budgeting – take some time to review or discuss your results. You can either print your Budget Planner or save it as either a PDF or an excel document for future use.

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Save and Invest

Organising your savings and investments can be simple. All you have to do is decide what your goals are, and we can help you find the best way of achieving them.

More information

If you’d like to talk further about any of these options, call 0800 18 18 18, contact any branch, or e-mail us.

A copy of the Bank's Disclosure Statement under the Reserve Bank of New Zealand Act 1989 is available on this website or on request from any National Bank branch, free of charge.

You'll need Adobe Acrobat Reader to read the PDF version. If you don't have it, don't worry - it's free. Just follow this link to the Adobe site to download a copy.

The taxation treatment of Portfolio Investment Entities is covered in the Investment Statement (PDF 138KB).

* ANZ Investment Services (New Zealand) Limited is the issuer/manager of the National Bank Call Fund. The New Zealand Guardian Trust Company Limited is the Trustee of the Fund. The National Bank of New Zealand, part of ANZ National Bank Limited is the distributor of units in the Fund. Units in the Fund do not represent deposits or other liabilities of ANZ National Bank Limited. An investment in the Fund is subject to investment risk, including possible delays in repayment and loss of income and principal invested. No member of the ANZ National Bank Limited Group, the New Zealand Guardian Trust Company Limited or any other person guarantees (either partially or fully) ANZ Investment Services (New Zealand) Limited or the capital value or performance of the Fund or any other products issued by them.

^ A copy of The National Bank KiwiSaver Scheme Investment Statement is available as a PDF at the below link, or you can request one to be sent to you by calling 0800 156 020 Guardian Trust Superannuation Trustees Limited is the issuer of The National Bank KiwiSaver Scheme, ING (NZ) Limited is the Administration and Investment Manager and The National Bank of New Zealand, part of ANZ National Bank Limited, is the Distributor. Units in the Scheme do not represent deposits or other liabilities of ANZ National Bank Limited. Units are subject to investment risk, including possible delays in repayment and loss of income and principal invested. No member of ANZ National Bank Limited Group, ING Group, Guardian Trust Superannuation Trustees Limited, its parent and their respective directors or any other person guarantees or secures (either partially or fully) ING (NZ) Limited and its subsidiaries or the capital value or performance of the Scheme or any other products issued or managed by them.

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Saving and Investment Options

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My saving and investment options

Answer the following questions to see our savings or investment options that may help you reach your goals.

Based on the information you enter, the savings and investment selector will suggest possible savings or investment options available to you through The National Bank. You can consider these options and decide which, if any, suit your circumstances.

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Each answer will generate savings or investment options for you to consider.

See below for more information on some of our other savings accounts and investments

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So what next?

Follow the links to learn more about the savings or investment options that have been suggested above.

When considering these options, please see the Investment Statements for The National Bank Call Fund, National Bank Term Fund and Term Deposits.

If you decide that an option is suitable for you, you can follow the links to apply for the savings account or investment. If you'd like to talk to anyone about how the above options can help you achieve your goals, email us, call us on 0800 18 18 18 or ask a staff member at any branch.

This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult one of The National Bank's financial advisers, please contact us on 0800 18 18 18.

Interest rates, rates of return and fees are subject to change. Full details of all products (including applicable fees, terms and conditions) can be obtained from any National Bank branch. A copy of the Bank's disclosure statement under the Reserve Bank of New Zealand Act 1989 is available on this website or on request from any National Bank branch, free of charge.

All suggestions are based on the correct information being provided by you. This tool is not intended to provide tax advice and you should seek independent tax advice in relation to your own situation. For information on the applicable taxes on interest or PIE income refer to the Inland Revenue (IRD) website.

* ANZ Investment Services (New Zealand) Limited is the issuer/manager of The National Bank Call Fund and The National Bank Term Fund (Funds) and The New Zealand Guardian Trust Company Limited is the trustee. The National Bank of New Zealand, part of ANZ National Bank Limited is the distributor of units in the Funds. Units in a Fund do not represent deposits or other liabilities of ANZ National Bank Limited. An investment in a Fund is subject to investment risk, including possible delays in repayment and loss of income and principal invested. No member of the ANZ National Bank Limited Group, The New Zealand Guardian Trust Company Limited or any other person guarantees (either partially or fully) ANZ Investment Services (New Zealand) Limited or the capital value or performance of any products issued by those companies.