Cooking The Books

Cooking the Books with Frances Cook is back for 2022! New episodes now launch Mondays at 5am - brought to you by BusinessDesk and NZ Herald! See omnystudio.com/listener for privacy information.

Each week the NZ Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's how a few tweaks to your house could save you big bucks. Hosted by Frances Cook. Just about everyone wants to cut back on their boring bills, so they can have more money to spend on the fun things in life.  The biggest expenses for the average person are housing, transport and food, with housing easily taking out first place.  The best thing about this, is if you cut your bills there, you won't have to think about it again. You simply create a smarter, cheaper system once, then carry on with your new adapted life.  So the idea of setting up a house that pays its own bills has always appealed to me.  Why pay for power when I could harvest it myself from the sun? Why turn on the heater, when I could live in a house that's built to automatically circulate heat?  What's greener and better for the planet is often also better for our wallets, so it's a win-win.  But how do

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's the mistake being made with KiwiSavers, and how to fix it. Hosted by Frances Cook.  KiwiSaver is really important, not only for our long term futures in retirement, but also our short term futures of buying first homes.  Figures from the IRD show this year, in July alone, $125 million dollars was pulled out of KiwiSavers for first homes.  In fact, research from Canstar shows about half of 18- to 29-year-olds are putting money into KiwiSaver purely to get that first home.  So that's a pretty major factor.  However, that same research also showed something a little worrying.  Those same 18- to 29-year-olds are quite confused by the different fund types, and how to use them.  That's crucial, because the fund you use could mean you put in the exact same money, but get something totally different at the end.  For the latest Cooking the Books I talked to Jose George from Canstar

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's the career advice you shouldn't listen to, and what you should do instead. Hosted by Frances Cook.Your career is probably the most lucrative asset you have. Sure, you might have plans to invest in shares, or property, or to do all sorts of other fun things with your money. But the place most of us start is earning that money, so we can invest it elsewhere. It is of course extremely difficult to save and invest if you're not earning much at all. So one of the best investments you can make is in your career, to make yourself more valuable, earn more, and hopefully enjoy your day-to-day life more as well, while salting away some of your earnings for the future. The problem is there's so much bad advice floating around out there. So today, let's bust some bad career advice myths, and focus on what you should be doing instead. For the latest Cooking the Books I talked to Simon Rooney from Find Recruit

Each week the New Zealand Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's how a greener lifestyle can help your back pocket. Hosted by Frances Cook.We all know we should be doing more to save the planet.Landfills are piling up, climate change is getting started, and it seems like a new species becomes endangered or extinct every day.The problem is we're can be a selfish bunch sometimes, and it can be hard to persuade people to look after the planet purely out of the goodness of their hearts.Isn't it lucky, then, that things like reducing waste can also save you money?Cutting down on the mindless consumption means you can keep your money for the things you actually want to do, while also stopping factories churning out rubbish that will be in a landfill within weeks.Those who've already made the change in their own lives say it's easier than you'd think, and the personal benefits are enormous.I called up zero waste blogger Amanda Chapman from wastefreeland.nz,

Each week the NZ Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's a new win for the passive investing fans. Hosted by Frances Cook.If you invest in shares, the later parts of last year probably weren't fun for you. To put it mildly, the markets were spooked by a combination of factors including the stand-off between China and the US, political uncertainty in Europe, and general worries for the global economy. The end result was a sea of red in the stock markets, with values going down further than they have in several years. Now, if you're investing for the long term, this isn't actually something to be too upset about, but I've covered that in previous episodes. It's still unnerving to see your investments going down, and if you weren't expecting it, it can hit you in the pocket. This is where active managers often claim they can save your bacon. Those clever guys say they'll manage your investments, read the financial tea leaves, and save you from the worst w

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 and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's why giving to others can give you a boost too. Hosted by Frances Cook.This podcast focuses a lot on how to fix your finances, but once you've got yourself sorted, should you be helping others? Well, yes. For starters, nobody succeeds purely on their own. Even when you work hard, there's usually some sort of family support, or a workplace taking a chance on you, or a social scheme that helps you get ahead. So once you're doing well, it's a good idea to pay it back and help out others who are just starting. But if you want to be really cynical about it, it turns out you might be one of the biggest benefactors when you decide to give back. Apparently our brains quite enjoy when we decide to be charitable.For the latest Cooking the Books I talked to University of Auckland psychology lecturer Dr Sarah Cowie. We discussed what we get from giving to others, whether there's a difference in giving time or

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's how a rule of thumb can give guidance on your personal investing strategy. Hosted by Frances Cook.Time is everything when you're investing. Long-time podcast listeners will have heard it here before - the longer you have, the more that risky investments will be right for you, like shares or property. If you have less time, a lower risk investment like bonds or term deposits are usually the suggestion. Well if you're looking for more detail on this idea, there's a rule of thumb that some people like to use. It's the rule of 100, or, 100 minus age. It means that if you take 100, subtract your age, then what's left is the percentage of your investments that should be higher risk, because you have the time to build your wealth like that. So for me, at 31, the suggestion is 69 per cent of my investments going into higher risk options. But like any rule of thumb, there are exceptions, there's fine prin

Each week the New Zealand Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's how to get through the notoriously expensive Christmas season without blowing the budget. Hosted by Frances Cook.You don't need me to tell you it's an expensive time of year.I start to feel the dread of Christmas around October, reminding me I need to buy people presents, stock up on food, and prepare for the social calendar to be flooded.All of the Christmas festivities are fun, don't get me wrong, but they can definitely leave you with a fiscal hangover.So in the spirit of Christmas, I got the Cooking the Books community together to share their best tips with each other.I asked those who follow my pages on Facebook and Twitter how they got through Christmas without totally blowing the budget.We're a bunch of frugally minded people, and the last time we did a community episode I was impressed at the great advice people had to offer.Listen to the podcast for the full quotes of how people

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's keeping emotion in check to become a better investor. Hosted by Frances Cook. Emotions and money are like petrol and fire. Try not to mix them if you can, because it's likely you won't enjoy the result. So while I've loved seeing more people paying attention to their money in the last year, and particularly the fantastic surge in people who are interested in investing, I have found it worrying the emotions that are clearly also in the mix. Strategies abound for getting rich quickly, hyped stocks are spread through online forums, and for every overnight winner there are ten losers left in their wake, carrying the can. The reaction to this in some quarters has been for people to warn that the sharemarket is like a casino, and that if you dabble, you should prepare to get burned. Well that's just not true either. Shares are a proven wealth-building strategy, it's just that you do need a strategy as you get started.

Each week the NZ Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's whether it's worth draining your retirement savings to buy your first home. Hosted by Frances Cook.Scraping together a deposit for your first home can be a fraught exercise. House prices are through the roof, and in some areas, only getting worse.Take the latest data from the Ministry of Business Innovation and Employment.Last month it revealed that finding an affordable home was getting harder for first-home buyers.It's particularly bad for those who live in Auckland, Wellington, Christchurch, Hamilton, or Tauranga.So, the vast majority of the country's young people.The solution held up to this is often to use KiwiSaver. Your savings go out automatically and get boosted by a three percent employer contribution, as well as $521 a year from the Government.But the problem is that your KiwiSaver is meant to be for retirement.There are plenty of personal finance experts who argue you should leave it

Each week the NZ Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's why a clean conscience could actually make you the most money. Hosted by Frances Cook.Nobody wants to be a bad person, but sometimes, life doesn’t make it easy for you to be a good person. So it is with money, where many have assumed for years that making the most money means getting your hands a little dirty. But is that actually true? Ethical investing is an area that’s starting to boom, with investors demanding it, and companies actively pursuing it. It extends to your KiwiSaver as well. There are now several options for those who want a good retirement with a clear conscience, and they boast a pretty good return for your money. But it’s not all sunshine and rainbows. Ethics and morals are deeply personal things, and everyone draws the line somewhere else. I talked to Sam Stubbs, managing director of Simplicity, for the latest Cooking the Books podcast. We discussed rising customer demand for

Each week the NZ Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's the things you need to know before monetising a hobby. Hosted by Frances Cook.When you're trying to get better with money, there's on simple truth that can't be ignored: it's always easier to do well if you have more cash coming in the door. Asking for a raise is one option, but another that appeals to many people is starting their own business. After all, the stakes may be high, but so are the rewards. It is something the average person can do. After all, New Zealand is famous for its business scene being dominated by small to medium businesses. The trick is that, if it's just you, you only have yourself to rely on. You need to become a jack of all trades, and learn fast, if you want to be successful. I talked to Xero's Managing Director for New Zealand and Pacific, Craig Hudson, for the latest Cooking the Books podcast. We discussed what to know before you start, the common problems, and how to

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 the best ways to start investing in New Zealand. Hosted by Frances Cook.There’s been lots of chat about whether you should be investing these days, with my inbox flooded with people wanting to give it a try. To recap, the answer is a cautious yes, as long as you do it in the right way – we’ve covered that in recent podcasts. But what about the nuts and bolts of where you actually invest? You want something that’s low fee, easy to use, and lets you make the type of investments that suit your plan. So on the latest Cooking the Books podcast I talked to Herald careers and money writer Diana Clement about the main options for New Zealanders. We discussed the different investing platforms, how safe they are, and investing in individual companies versus funds. If you have a question about this podcast, or a question you'd like answered in the next one, come and talk to me about it. I'm on Facebook here

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's the good and bad of buying a house with a friend. Hosted by Frances Cook.Money can be particularly difficult when you're flying solo. You don't have the luxury of pooling resources with someone else, buying the same thing for a fraction of the price. Or don't you? Particularly in the house buying world, some people are now teaming up with friends. It's a smart way to get around steep prices - particularly when most houses have more than one bedroom anyway, and you were probably already thinking about a flatmate in order to keep the bills down. There's just one issue; buying a house is a major commitment, even for those in a romantic relationship. For a friendship you want to make sure you do this right, as there's no standard divorce law to help you out if things go sour. That means there are a couple of legal considerations you need to be aware of first. For the latest Cooking the Books podcast

Each week the NZ Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's the things you need to know before maxing out your KiwiSaver. Hosted by Frances Cook.KiwiSaver is a wonderful scheme. You get free money from the Government and your employer, it automates your retirement savings, and it has plenty of options to let you do what's best for you and your money. It's safe to say, I heartily approve of KiwiSaver. But just because it's a good scheme, doesn't mean you're safe from messing it up. Many people will max out their KiwiSaver, happy in the knowledge that they're doing the best thing for their future. The issue is that putting three per cent of your income into KiwiSaver has a very different result from putting eight per cent into it. You get totally different benefits, and you arguably do better with three percent going in. Once that money is in, it's locked in, until you retire. So you want to be sure you're making the right choice, before padlocking your mon

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 and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's how to figure out what insurance is worth getting, and what's not. Hosted by Frances Cook.Insurance is one of those areas that gets murky even for the experts. There are lots of different things you can insure, from your stuff, to your house, even pets or your health. There's also insurance for your income, and one rather worrying statistic shows about 55,000 NZ households lose their main source of income each year, whether that's because of accident, illness, or unemployment. Most of us need that income to get by, yet only about 15 per cent of us have income protection insurance.But what's hard about insurance more generally is knowing when it's worth it. Insurance can cost a lot, and while it gives you peace of mind, you also want to be sure you get the benefits that make it worthwhile. There is a school of thought that says you should "self-insure" – otherwise known as making sure you have eno