Cooking The Books

Each week the NZ Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's how you can have fun without spending a cent. Hosted by Frances Cook.A basic rule of personal finance is to live within your means. Spend less than you earn. Have some self-restraint.Which is all well and good, but that's really hard.The finer things in life are fun, and I'm as susceptible as anyone else to just giving in, yelling out YOLO, and blowing my budget.So it's with a bit of self-interest that I put this episode together. There are many ways to have fun cheaply, or even for free. Sometimes we just need a reminder.I know what my favourite ones are, but I wanted to know yours, as well.Cooking the Books listeners are smart, and you guys always suggest something that I hadn't thought of.So the call went out on Facebook, Instagram, and Twitter, asking for your favourite ways to have fun on the cheap.The results? Eight clever ways to have fun without spending a cent. For some of them, you migh

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You need a will when you're still young - much younger than you expect. Yes I know, none of us like thinking about death, and frankly many of us feel broke and like we don't have much to leave to loved ones, but you still should consider a will. If you have sentimental jewellery that you'd like to leave to a particular someone, a few thousand dollars that might help out your partner, or even a car that you'd like to go to your car enthusiast friend, you need a will. Without one, your property can end up in different hands than you might expect.The court process can also drag on for a long time, and cause more pain to your grieving loved ones. Importantly, setting up a will doesn't have to cost heaps. For the latest podcast I talked to barrister and solicitor Dee Holmes, from Community Law Waikato. 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://w

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how smartphones are changing the way we handle our cash. Hosted by Frances Cook. We've all heard about how Covid-19 forced us to do years worth of digital adoption in just a few short weeks, and now, we've got some numbers on it. The Financial Services Council carries out regular research on what's happening with our money, and their just released report on the rise of digital investors is fascinating. Forty per cent of us are either already using, or planning to use, micro-investing DIY platforms like Sharesies, Hatch, or Stake. It's not just the young 'uns either, as there's a noticeable increase in DIY digital investing in all the age groups up until about 60, where it starts to taper off. There are downsides to this though, with plenty of people worrying if this new surge in online platforms leaves them exposed to privacy problems or cyber attacks. And frankly, when we've seen hackers go after the NZX and Wa

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's an honest assessment of what's next for property. Hosted by Frances Cook. We've just had one of my favourite times of year – Budget Day, where the government not only tells you where they're spending their billions of dollars, but also what they're assuming will happen in our country over the next few years. This year, Treasury made an interesting prediction that house prices will flatten off in the next 12 months, finally giving buyers some breathing room. Take this with a grain of salt, because Treasury also thought house prices might fall over the last year, because of the impacts of Covid-19. Instead the national average for houses is now $913,000 and depending on whose figure you use, we've seen a price increase of 21-26% over the year. However, there are reasons to think that prices could actually cool down this time around. The Government's brought in changes including tougher lending requirements for lan

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how to write a budget that doesn't make you miserable. Hosted by Frances Cook. Budget. Did you just get a shiver down your spine? Immediately clutch your takeaway coffee cup a little closer to your chest? Have a vision of yourself sitting on the couch on a Friday night, watching your friends on social media having fun without you? To say budgeting has an image problem is an understatement. It's actually the key to feeling happy with our money, and often the key to getting those things in life that really will make us happy. Far from cutting out what we enjoy, I'm a strong believer that a good budget is about figuring out what you need, what you want, and then stopping all the other little things that could get in the way of that. But I admit that can be easier said than done. We're also sometimes our own worst enemies on this. When it comes time to sit down and thrash it out, it can be tempting to write the "per

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's the balance between money and happiness. Hosted by Frances Cook. I'm a firm believer that managing your money is actually about anything but money. Piling up cash just for the sake of it isn't just boring, it's pointless. Study after study has shown a big pile of cash on its own won't make you happy. But deciding what you want out of life, and using money as a tool to get you there? Now that's something I could talk about all day. The latest research from ANZ shows the sorts of changes that most of us would like to make when thinking along these lines. Especially after the impacts of Covid-19, family is the most important thing for most of us: 68 per cent of those surveyed said wealth was being able to pay for things that would help their family thrive. Unfortunately while trying to do that, 77 per cent of us feel like we could do better with our money. The biggest priority for most people is learning how to inv

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's the changes that could make our housing more affordable. Hosted by Frances Cook. Something needs to change in our housing market, that much is clear. But what? Prices have been spiraling up for a while now, and the last year has only seen things get more intense. Increasing numbers of people feel locked out of buying their own home, a core part of financial stability in New Zealand for generations now. So what needs to change? Is it our government policy, bank policy, our wider culture, all of the above? For the latest podcast I talked to Sam Stubbs from Simplicity. 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 to decide whether to flex your DIY muscles. Hosted by Frances Cook. As first home buyers struggle to get a foot on the housing ladder, a suggestion you'll often hear is to buy a do-up. Buying a rundown place for less money means you can use your own time and sweat to bring it up to standard, or at least, so the theory goes. The problem is that many changes you'll need to make will still require money, and some of it is either too difficult to do yourself, or you're legally not allowed to because it's dangerous. The wrong do-up could actually cost you more than a place that you buy that's already up to scratch. That doesn't mean it's impossible though; certainly not. It just means we need a little knowledge up our sleeves to help us work out which are the right do-ups. For the latest podcast I talked to Jen Jones from Nine Yards Consulting. If you have a question about this podcast, or question you'd like ans

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how to turn the job hunt in your favour. Hosted by Frances Cook.We've all seen the news about how the economy is bouncing back faster than expected, and businesses are feeling cautiously optimistic about the future post-Covid 19.Which is wonderful, not least because it means an opportunity for the rest of us to get a piece of the pie.Many workers were asked to take a pay cut for part of last year, and after taking one for the team, can't be blamed for looking to get a piece of the good times too.The rebound means there are new opportunities around for interesting jobs, and that often comes with the bonus of being paid more.The job market can be a bit of a miserable and unsettling experience though, and there's definitely an art to doing it well.For the latest podcast I talked to Simon Rooney from Find Recruitment.If you have a question about this podcast, or question you'd like answered in the next one, come and

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how to make a career break financially possible. Hosted by Frances Cook. Taking a career break sounds like a luxurious treat for the millionaires amongst us, but actually, it's more common than you realise. It also doesn't have to be financially ruinous. There are lots of reasons to take a break, and research from Hays recruitment in 2019 gives us an insight into that. They found that 64 per cent of women and 49 per cent of men take at least one career break in their lifetime. For women the biggest reason for a career break is having a child, coming in at 41 per cent, followed distantly by travelling, at 14 per cent.It's quite different for the men, with travel being the biggest reason at 25 per cent, followed by studying or retraining at 21 per cent. Whatever the reason, a career break can be something you turn to your advantage, or it can hurt you. Sometimes you need a breather in order to work out the next be

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how high house prices are changing the way we manage our money. Hosted by Frances Cook. You'd have to be living under a rock to miss all the chat about housing, what with the soaring prices and the Government bringing in new rules to try to bring it under control. While it's good that action is being taken, it's always a long-term game. We'll have to wait to see how many of the housing changes make impact in reality, and there's usually a lag effect where even successful measures take a while to work. Now while I do think that owning your own home is important for your financial security, I strongly believe that it's not the only thing. In fact, even if you were to buy your own house and then stop there, I'd argue that you're not looking after your financial future properly.I also don't buy into the idea that property is the best way to invest.So if you're feeling frustrated by all of this, you do still have opt

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's what financial help is available to first home buyers. Hosted by Frances Cook So the government has had a jiggle around of what's available to help first home buyers, but is it enough? We all know it's tough out there, and house prices just seem to keep racing away.More people can now access free cash to boost their house deposit. There are also some schemes that already existed, that you can combine these with to try to get you over the line. But how do you know if it's enough for your personal situation?For the latest podcast I talked to Lesley Harris, from the First Home Buyers Club. 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 priv

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's what to know before you ask an expert for help with your finances. Hosted by Frances Cook. It's something we'll often say on this show – we talk about the general rules of how money works, but after that you have to apply it to you own individual situation. If things are complicated enough, you might want to look for a financial advisor to help you. But if the letters coming into my inbox are anything to go by, people are quite worried about how they pick the right person to advise them. Fair enough too. Bringing in a professional to help with something so important has a weird power dynamic – you have to trust that they're handling your money in the way that's truly in your best interests. The Financial Markets Authority has now overhauled the rules in this area, aiming to give you more protection in this exact situation. So what's changed, and how do you now find the right person to help you make good money mo

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how the world of cryptocurrency could change as it becomes more mainstream. Hosted by Frances Cook. Regular listeners to this podcast will know I'm conflicted about cryptocurrencies. Right now, it doesn't fit my criteria for what makes a good investment. It's just too speculative. But that doesn't mean I think there's no future for digital currencies such as Bitcoin or blockchain such as Ethereum. In fact, far from it. I'm sure it will be there in the future; I'm just not sure in what form. One issue is that governments, banks, and other major institutions are still wary of it, so there's a possibility of these digital assets being whacked with the regulation stick in ways that we don't see coming. Another issue is right at the opposite end of the scale, with individuals. Stories abound of people losing hard drives, or forgetting their password, and not being able to access millions of dollars in cryptocurrencie

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how to get ready so the bank's more likely to say yes to a mortgage. Hosted by Frances Cook. We all know that house prices are soaring, making it harder than ever to scrape a deposit together. The trick is, when you're talking to a bank, getting approved for a mortgage isn't a black and white process. The bank does have a little bit of discretion. Just not much. They're charged with making sure they don't give you so much debt that it crushes you – which means, if you can show that you're financially a safe pair of hands, they might let you through with a smaller deposit than others. It's all about speaking the bank's love language. So what can you do to stand out from the herd?In the latest podcast I talked to Rupert Gough from Mortgage Lab. 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/Fran

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Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's what to know if you're a DIY investor diving into the sharemarket. Hosted by Frances Cook. Even in the relatively small time that this podcast has existed, the investing landscape has changed enormously. It's only in the last couple of years that we've seen easy options popping up for people to start investing in shares, on their own terms, with whatever money they have to hand. Before that it was common that you needed several thousand dollars at a time just to be in the game. Now the industry is opening up, making wealth creation a possibility for a far wider range of people. I want to be clear before we get into this – I myself am a DIY investor, and I think this is a wonderful thing to create opportunities for people, and level the playing field. But in opening things up, we do also open up more opportunities for things to go wrong. When you dive in by yourself, there's the possibility of making serious mist

Each week the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's where to spend and where to skimp if you're having a baby. Hosted by Frances Cook. If you're planning to have a baby it's a really exciting time, but it can also be a minefield of change that you're navigating for the very first time. Many of those changes will be powered by money, and it can be a bit confusing trying to work out how much you'll need. What do you need to buy, and what's just advertising that's preying on your fears about a new situation? What can you get secondhand, and what do you really need to get new? It's not all bad; there are some things you can get for free, including many of the maternity healthcare services in New Zealand which are free of charge. So what's the good, bad, and the ugly, and how can we make it more manageable so that you can focus more on that cute baby? In the latest podcast I talked to Jhena Hawley from Plunket.If you have a question about this podcast, or question you

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.