Cooking The Books

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how to get yourself on firm footing so you can handle a career change. Hosted by Frances Cook.The world tipped upside down recently, which means many of us are considering changes.Not all of this is voluntary of course – many people have lost their jobs, and now are having to scramble for something else to pay the bills. But there are also those who’ve taken this time to reassess, to remember that life is short, and now want to change to something different. Whether you’re choosing career change, or you’ve had it thrust upon you, you still need a stable base to make these changes from. The best thing you can do to increase your chances of success is give yourself as much financial security as you can, to steady you through this time. On the latest Cooking the Books podcast I talked to financial planner Liz Koh. If you have a question about this podcast, or question you'd like answered in the next one, come and t

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's the woman who tackled $94,000 of debt in three years, and why she still side hustles now that she's debt-free. Hosted by Frances Cook.There are all sorts of good reasons to want more cash on the side, especially these days. You might have had your pay reduced, you’re working towards a big goal that needs more cash, you want to boost your savings account, or you just want more money to ease life’s stresses – in situations like these, a side hustle can be a great idea. The problem is when you try to look up what ones could work for you, you’ll often be swamped by ideas from overseas, that just aren’t available here. But that’s ok, I’ve found us an expert. She side hustled her way to paying off $94,000-dollars of debt. For the latest episode I was joined by Tracy Hemingway, also known as the Debt Free Diva. If you have a question about this podcast, or question you'd like answered in the next one, come and talk to

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's the rise in self-employed New Zealanders, and how to do it with more success. Hosted by Frances Cook.What do you do when you lose your job, through no fault of your own, but because the world has gone into meltdown? Well, for a certain slice of New Zealanders, the answer seems to be that you create your own job. It makes sense, because what do you really have to lose now? If you can’t find someone else to give you an opportunity, then maybe you can make your own instead? And you certainly can, particularly if you take the approach of repackaging the skills you used in your old job, and using them in a new way for the strange new normal we find ourselves in. On this week's Cooking the Books I talked to Hnry CEO James Fuller.If you have a question about this podcast, or question you'd like answered in the next one, come and talk to me about it. I'm on Facebook here https://www.facebook.com/FrancesCookJournalist/ I

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how to master your mortgage whether your finances are going well, or are under stress. Hosted by Frances Cook.If you have a question about this podcast, or question you'd like answered in the next one, come and talk to me about it. I'm on Facebook here https://www.facebook.com/FrancesCookJournalist/ Instagram here https://www.instagram.com/francescooknz/ and Twitter here https://twitter.com/FrancesCookSee omnystudio.com/listener for privacy information.

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how Covid-19 has shaped money management for a new generation. Hosted by Frances Cook.Here’s the thing. Many people were already struggling financially before all of … everything .. hit us. In the 12 months to February, research from Kiwi Wealth showed young people, Maori and Pasifika, and those who were renting, had low levels of wealth and money confidence. One of the big problems is the high cost of living, while another is increased levels of debt. Those are probably related, in a reinforcing negative cycle. So when Covid came along, what happened next? Well plenty are doing it tough, but there are also those who are increasing their financial activity. Particularly young people are seeing this as a time that they might be able to get ahead, with online share trading particularly popular, as some try to take advantage of the market dipping. In fact 84 per cent of New Zealanders have increased their savings o

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's where to put any extra money so it's working hardest for you. Hosted by Frances Cook.Covid-19 shocked many of us into paying more attention to our money, with recent research from Sorted showing that more of us are talking about it, and wanting to handle it better. Now, these are weird times, but for those of us who still have a job, there are actually financial opportunities at the moment. Interest rates are very low, which means you could make serious progress on your mortgage and knock years off it. Then again, the sharemarket is down, which means if you invest carefully there's the possibility of making far more money from it in the future. Clearly you guys have been paying attention because heaps of Cooking the Books' listeners have sent me pretty much identical questions; if you have some extra money right now, should you be putting it on the mortgage, or investing? It's a great question, and to be honest,

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how to build a budget that improves your life instead of restricting it. Hosted by Frances Cook.For this year's Money Week Sorted has pulled together research to see how we’re all doing after the impacts of Covid-19. As you might expect, it’s a bit of a mixed bag. Let’s start with the bad news. Increased numbers of us are facing financial difficulties, with 31 per cent of New Zealanders needing to dip into their savings to pay for the basics, and 24 per cent missing at least one bill payment. However, facing increased financial head winds seems to have created a desire to do better with our money. So here comes the good news.More New Zealanders now have a savings account big enough to pay for one month of expenses, and are trying to save more each month. Fewer of us are embarrassed about our money situation, and more of us are willing to talk about it, which is excellent. No matter what’s happening in your walle

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's what your KiwiSaver is trying to tell you, and how to use it. Hosted by Frances Cook.It's been a trial by fire lately, as the market nosedived, giving many KiwiSavers or young investors their first taste of what a market downturn can look like. So you might expect these less experienced investors are quaking in their boots. Happily, for the most part, no. Research from the Financial Markets Authority shows 71% of New Zealanders are optimistic the pandemic will pass, and markets recover. In fact 23% are even planning to increase their investments in the next year. This comes as at a time when changes to you KiwiSaver are taking place, in the hopes of making it make more sense. These changes include a new way to predict how much you'll have by the time you hit 65 and can cash out. Sure, some providers have had that prediction before, but now everyone is singing from the same song sheet, being asked to use the same

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's top tips to reduce your food bill. Hosted by Frances Cook.Food is one of those core expenses that soaks up a lot of our money, but that we can feel powerless over. Now you do have to pay something for food, obviously, but there are ways to reduce both your cost, and your effort. You don’t want to be only eating beans and rice, and you certainly don’t want to be spending hours in the kitchen just to save 10 cents. But you can make progress without doing either of those things.Tom Hartmann, personal finance expert from Sorted, came on the latest Cooking the Books podcast. We discussed how much wriggle room you have to bring down the food budget, how to stock up without sabotaging yourself, and how to use technology to your advantage.If you have a question you'd like answered in a future podcast, come and talk to me about it. I'm on Facebook here https://www.facebook.com/FrancesCookJournalist/ Instagram here https

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's why the sharemarket is acting strangely, and how to adapt your investing to that. Hosted by Frances Cook.There’s a weird split at the moment for those of us watching the business news. On the one hand, businesses and economies around the world are getting absolutely hammered by the fallout of Covid-19. Even in New Zealand, which has far more freedom than most other countries, unemployment is expected to rise by the end of the year. Yet when you look at the sharemarket, it’s strangely positive. After a screaming downward spiral in March, it’s now bounced up to almost where it was before, even though we’re far from done with this pandemic. Now first of all, there are reasons for this, and secondly, those reasons might impact your KiwiSaver or investing decisions. I’m the last one to tell you not to invest in the sharemarket. In fact, I’m still investing myself, through all of this craziness. But there are ways and

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's whether a UBI could work in NZ, and what the alternatives are. Hosted by Frances Cook.A rather radical idea has been getting more mainstream attention lately – the idea of a Universal Basic Income, or UBI. There are lots of different variations of it, but in its simplest form it's the idea that everyone gets a set amount of money, no questions asked, whether they're working or not, and with no means testing. It's a response to some fairly big problems in our society. There's widening inequality, with some people becoming richer, but others becoming poorer and feeling stuck there. Work is also more precarious. The gig economy is of course notorious for resulting in unstable and low paid work.But even if you take the time to develop skills and build a career, the digital revolution is requiring us to change careers far more often than in the past. It's all quite unsettling, and can lead to people f

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's a smart side hustle that could be easier than you think. Hosted by Frances Cook.When you’re trying to manage your money, of course you first need to get a handle on what’s leaving your wallet every month. But just as important is figuring out if you have enough money coming in, and whether there are ways you can get more of it. There are all sorts of interesting side hustles that people have turned to, but one that doesn’t get much attention is furniture flipping. Basically, find something that’s unloved and therefore going cheap. Use some elbow grease to turn it into a piece that could become the pride of someone else’s home, and then sell it for a profit. It’s a great way to stop things going to landfill, make some money, and can also be a very satisfying hobby. And take it from one rather uncoordinated podcast host – you can get the necessary skills for this much quicker than you think. For th

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's the latest data and what could happen next for the housing market. Hosted by Frances Cook.Property is traditionally a favourite investment for many New Zealanders. Whether it’s their own home, or expanding to include a rental, it’s how many people plan to boost their wealth. That’s why so many were worried by the expected impacts of Covid-19. Property prices are often strongly linked to unemployment, and with unemployment expected to rise, many economists were predicting property prices could fall by between 10 to 15 per cent. So as we start to see how Covid pans out in reality, are those predictions coming true? The latest Real Estate Institute confidence report for June gives us the first indications.For the latest Cooking the Books podcast I talked to Bindi Norwell from REINZWe discussed what the latest property figures show us, what that means for buyers and sellers, and what could happen nex

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's why your KiwiSaver will probably go down again, and what to do about it. Hosted by Frances Cook.Many of us got quite the fright in March, when markets nosedived around the world. It hit pretty much everyone. Some of us invest in shares directly, while almost everyone else has a KiwiSaver with shares in it. So balances tumbled, while we all watched nervously. Of course, since then, many people have jubilantly pointed out that we’re nearly back to where we’re started. It does look healthier out there, but at the risk of raining on your parade, it may not last. That’s not necessarily a bad thing. You just need to know what could be coming next, and prepare for it. For the latest Cooking the Books podcast I talked to David Boyle from Mint Asset Management.We discussed what could impact the market in the next few months, what that means for you, and how people in different situations could handle it.

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's a shares investing strategy to give you the best of both worlds. Hosted by Frances Cook.Here’s a conflicting issue. History and research shows that the best way for most of us to invest in shares is to invest widely in index funds. It’s not only the easiest, it has the track record to show it’s the best way for the average person to make the most money. However, there are some who just can’t help themselves. Sometimes people are sure they’re on to a winner, or they just find it more interesting to pick and choose what they’re attracted to. At the end of the day, the best way to invest is the way that works for you, which includes needing to keep you interested, and actually investing. So, what do you do if you’re one of those people who likes to pick and choose? For the latest Cooking the Books podcast I talked to Dean Anderson from Kernel.We discussed the core satellite method, how it works, and

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's reducing one of your core expenses by starting a garden. Hosted by Frances Cook.When it comes to cutting down your budget, the biggest bang for your buck comes from three core areas: housing, transport, and food. This is where stats show we spend the most of our money, and so it’s where we have the biggest potential for savings. So starting a garden is a great way to become more self-reliant, and reduce your food budget. But it’s not easy, with many of us living in urban areas now, or just having the proverbial black thumbs. Don’t sweat it – everyone has to start somewhere.For the latest Cooking the Books podcast I talked to Elien Lewis from Homegrown Happiness. We discussed how she got started gardening on a small urban section, the easiest and cheapest gardening methods, and what to do if you're a renter. If you have a question you'd like answered in a future podcast, come and talk to me about

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's the increase in contract workers after Covid-19, and what you need to know before trying it. Hosted by Frances Cook.When we talk about investing, you’ll have heard me say many times that you don’t put all your eggs in one basket. The idea is that you diversify, so that if there’s a problem with one investment, it doesn’t tank everything. Well there are those who argue that you should do the same with your career. You career is of course huge for your finances, and there’s an argument that relying on one job leaves you too vulnerable to being made redundant or not expanding your skills fast enough to keep up with the modern world. But there’s a counter argument as well, that you don’t want to spend every waking moment working different jobs, and you also need some stability and certainty, which can be hard to come by when freelancing. So is there a sweet spot? For the latest Cooking the Books podc

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's the inside secrets to looking glam on a budget. Hosted by Frances Cook.What's the point of a podcast, if not abusing it to simply find out things you want to know yourself? There's no point, that's what. So today I'm hijacking the platform to give us the inside word on how the pros find the best second hand gems.Many of you will already know I’ve set myself a challenge for all of 2020, to only buy clothes second hand, nothing new. It was only supposed to be a bit of fun, but soon people were sending me questions and wanting to know more about whether I was managing to make it work. I admit, I’ve been partial to a bit of op shopping before, but it’s a whole new level when you commit to only doing that. You soon find out fun tricks like what types of repairs you’re actually capable of, how to snag a bargain at designer recycle stores, and that where your secondhand shop is located is one of the mos

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's everything you need to know about your rights as a renter, and what financial help you can get. Hosted by Frances Cook.Keeping a roof over your head is one of the most important things in life, particularly as we head into rough economic waters. A lot of the public discussion so far has focused on mortgage help. That’s really important, but we can’t forget renters. A Renters United survey shows two out of every three renting households have had their income drop by more than a third. More than half of all renting households are now worse off, even after the government measures to help. Half said their renting experience during lockdown hurt their mental wellbeing, citing increased anxiety, stress, and depression. When you’re renting it’s a less stable situation, and there is a power imbalance that we need to be realistic about. There is also less targeted help available specifically for renters.

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's everything you need to know about mortgages and property ownership in a rapidly changing situation. Hosted by Frances Cook.Owning your own home is a big part of many New Zealanders becoming financially secure - but it can be a scary prospect, especially in times like these. Just released research from ASB shows a lot of us are feeling nervous, with confidence in the housing market at almost the lowest levels in eight years. The numbers of people expecting house prices to rise has crashed since last time, from 54 per cent to just 14, and a slim majority of New Zealanders think it’s a bad time to buy a house. There are other complicating factors as well. Record low interest rates mean mortgages are now outrageously cheap – all the major banks are now offering deals under three per cent.Some first home buyers are also expressing hope that if house prices fall, they might be able to get into the mark