A fresh start!
Your financial health check for 2025.
As the new year begins, many of us take time to reflect on the past and set goals for the future. This fresh start isn’t just about health or career aspirations; it’s also an opportunity to focus on your financial well-being. Do you believe that wise stewardship of your resources is an integral part of living faithfully? At Anglican Financial Care, we do! Starting the year with a financial health check can help you plan for the future, achieve your goals, and ensure that your resources are aligned with both your needs and the principles of good stewardship.
One essential part of your financial health is your KiwiSaver. The Christian KiwiSaver Scheme is designed to help you grow your retirement savings in a way that reflects your faith and values. Whether you are just starting your KiwiSaver journey or are already drawing on your savings, it’s vital to make sure your plan is working for you.
Reflecting on the past year
Before looking ahead, it’s important to take stock of where you’ve been. Here are some questions to help focus your reflection:
- Are you happy with how you managed your finances over the past year?
- Did you stick to your budget?
- Were you able to save or meet your financial goals?
- Were there any unexpected expenses, and are you comfortable with how you handled them?
When it comes to your KiwiSaver, ask yourself:
- Did I make regular contributions?
- Were there any changes in my life that might affect my savings needs?
- Is my KiwiSaver fund still aligned with my long-term goals?
Reflecting on these factors helps you understand what worked and what didn’t, so you can adjust your approach in the year ahead.
Planning for the year ahead
Once you’ve reflected on the past, it’s time to plan for the future. Set clear, achievable financial goals for the year. These might include paying off debt, building an emergency fund, or saving for a specific purpose such as a home, holiday, or electric bike. Maybe it’s time to start, or to increase, a monthly donation to a cause close to your heart. For many, a key goal will be maximising KiwiSaver contributions to ensure you’re making the most of the government contributions and preparing well for retirement.
The Christian KiwiSaver Scheme is more than just a financial tool; it’s a way to grow your savings in a manner consistent with your values. Take this opportunity to review your KiwiSaver settings:
Are you contributing enough to meet your retirement goals?
Are you in the right fund (Growth? Balanced? Income?) for your stage of life and risk appetite?
Check out the Our Funds page on our website to help you answer these questions, ensuring your KiwiSaver planning is aligned with your circumstances and aspirations.
The importance of budgeting
A solid budget is the foundation of financial health. As you plan your finances for the year, create or revisit your budget to ensure it reflects your priorities. To start the year strong:
- List your income and fixed expenses, such as rent, utilities, and essential bills.
- Allocate funds for savings, including your KiwiSaver contributions, and for giving back to causes or communities you care about.
- Plan for discretionary spending while ensuring it fits within your overall financial picture.
Remember, a budget is a tool, not a restriction. It allows you to focus your resources where they matter most, freeing you from financial uncertainty and aligning your spending with your goals and values.
Preparing for the unexpected
Life is full of surprises, and part of being a good steward is preparing for the unexpected. Building or maintaining an emergency fund is an essential step in financial planning. This fund can provide peace of mind and prevent you from needing to dip into your KiwiSaver savings for unexpected expenses. The best step to take is to decide on an amount to save each month and set up an automatic transfer from your normal account to your emergencies/savings account. Just do it!
In addition, review your insurance policies to make sure they meet your current needs. Whether it’s health, home, or life insurance, having the right coverage is another way to protect yourself and your loved ones in times of uncertainty. If you have an insurance broker or financial adviser, they can help you work out whether you have too much or too little insurance cover for your needs.
Making the most of KiwiSaver
Your KiwiSaver is one of the most powerful tools for long-term financial planning. For members of the Christian KiwiSaver Scheme, it also offers the added benefit of aligning your investments with Christian values. By regularly reviewing your KiwiSaver settings, you can ensure you’re making the most of this opportunity. Is it time to increase your contribution level, or are you able to make a one-off extra contribution? Your future self might thank you!
Anglican Financial Care’s Christian KiwiSaver Scheme team is here to help. Our team is dedicated to supporting you as you plan for a secure and meaningful financial future.
Moving forward with faith and confidence
As you step into the new year, take the time to reflect, plan, and seek guidance where needed. By doing so, you can approach the months ahead with confidence, knowing that you are taking thoughtful steps to secure your financial future.
Anglican Financial Care is here to help. Together, let’s make 2025 a year of purpose, growth, and wise financial choices.
Learn more about the Christian KiwiSaver Scheme and view our Product Disclosure Statement: https://christiankiwisaver.nz/documents/
