You've heard it many times. Those who don't learn from history are doomed to repeat it. 
It wasn't that long ago I wrote in this blog for Simplicity KiwiSaver about the cost of knee-jerk reactions to investment market jolts.
It was back in March 2020, around the time the first big wave of Covid had a tsunami effect on the markets. As usual, when significant market movements make mainstream news, investors wakeup. In the case of KiwiSaver, it jolted many erstwhile apathetic investors to log in to their accounts for the first time and look at their balances. Naturally, when you see balances drop and returns move into negative territory, you feel seasick and search for solid ground.
A quick recap for those who don't remember: We saw an unprecedented rush of DIY investors switching fund types and doing it without any proper advice. Like buffalos fleeing a bushfire, fear drove them from one precarious situation to another. In that case, right over a cliff's edge.
The exodus at that time was from Growth funds, which were getting hammered the hardest, into Conservative funds, then perceived as a safe harbour.
As I explained in my blog, losses in KiwiSaver, or another investment-type product, are only paper losses until you make a tangible move, like withdrawing them. The losses are therefore realised when you take action. In this case, investors crystallised those losses by selling one fund type, and buying another. 
Given all that is happening in the world these days; geopolitical instability, the Wild West of investment trades and structures, cheap credit, quantitative easing, and now unprecedented inflation and interest rates, it is very difficult to know how best to sail these rough seas. When hedge fund behemoths like Ray Dalio start chiming that "cash is no longer trash" you know times are really tough. 
Not unlike climate change, we tend to be experiencing the opposite of what we expect, or at least what was forecast. And in many cases, the outcomes are more dramatic than expected too.
Those who switched in early 2020 from KiwiSaver Growth funds to Conservative funds, were reminded of the wicked temperaments of the markets when Growth funds shot back up only a few months later. The returns seem to defy gravity, until just recently. 
Those that ended up switching out, then back into Growth fund when returns appeared healthier, paid the price. Literally. They crystallised their losses, then paid more to buy back into the fund they had just abandoned.
Those who went into Conservative from Growth and stayed, are now seeing history repeat itself but this time the fund fortunes are reversed. Conservative funds are now trending down worse than Growth funds, which had years of unnaturally high returns to cushion the latest meltdown. 
The tech revolution has been fantastic for so many areas of our modern lives, but in the investment space tech's ability to serve investors responsibly has moved ahead of people's ability to use the technology wisely and knowledgeably. 
I hate to think of the aggregated account losses in all those $250 fractional share accounts where investors bought on impulse, trend or in some cases, even allowing their kids to select based on the colour of the fund that appeared in their app. I'm not making this s-t up. In one of the more popular finance forums, where a legion of newfound DIY investors share their 'expertise' with one another, I read that colour choice comment from a mother when (she) was responding to another person's questions on how to choose the right fund type for a kid's account.
Previously, if you wanted to choose or switch your investment portfolio up, you had to do that via a financial advisor or a broker, or someone else (presumably smarter and more-savvy than you).
I'm not saying the 'good-ole-days' of being forced to use a financial advisor or broker at a much higher expense, and being turned away at the door for less than $25,000 is superior to our current environment but it was some measure of protection that is absent now. And yes, there are plenty of examples (pre-fin tech revolution) of bad eggs fleecing too trusting mum-and-pop investors. Think BridgeCorp and the like. But that unfortunate time shouldn't be used as an excuse to ignore the hazard that easy DIY investment platforms have created.  
A little too late to the party, we have the regulator posting on Facebook or Linkedin with educational tips that barely anyone reads. It is like the horse has bolted, and they have set out the neighbourhood watch to round them up with dog whistles. 
KiwiSaver may be getting on in age (it was introduced in 2007 when I moved to NZ from Canada), but in relative terms, it is still spanking brand new. 
It has only been in the last few years, that many enrolled in the scheme have woken up to the fact that KiwiSaver is not one single entity that swallows money from their pay cheque each month, but a range of individual different players all vying for a slice of that juicy pie. 
Just how big is that pie?
According to the latest FMA report on KiwiSaver, the honey pot now holds close to $90 billion, the collective savings of close to 3 million New Zealanders. 
From the very beginning, when I first started reporting on KiwiSaver, it was speculated that at the point at which members' accounts reached the equivalent value of a small car, they would begin to take note. With average balances now hitting the $29k mark, that's precisely what we are seeing.
Investors have become more knowledgeable about the fact that they have agency i.e. they can switch to one of several dozen providers who among them, offer hundreds of different fund types. 
They now feel like they have some buying power and can demand more from their provider, which is great. They ask questions about performance and fees and how much they pay in tax. Also awesome.
But there is still a huge gap to close beyond those basics and more fundamental questions about risk tolerance, contribution rates, and how much they are on track to have in expectation of their time frames for needing their money i.e. buying a first home or hitting retirement at age 65. 
For a price, some providers build in 'advice' for their investors, but few are aware of that and even fewer take advantage of it. How do I know? Because I've sat at roundtable discussions where fund managers have been attacked for their higher fees (justified because of the advice component) and admitted that people don't know, don't care, or can't be bothered to get advice. 
Until people start to care more, history will continue to repeat itself, and some expensive mistakes will be made. When is that magical turning point? My guess is when balances hit the equivalent valuable of a more expensive car, the one that you baby, clean weekly and get annoyed by parking lot dints. So maybe somewhere in the order of a Tesla for example, at $70k ish.
Until then, there will be plenty more crash and burn and angry investors getting upset at fund managers and/or the FMA that they weren't better warned, prepared, or educated.
There is always someone to blame and more often than not it is a deflection for not taking more personal responsibility. 
​Don't let that be you.

Check your Fund Profile here using the Gov'ts finance website Sorted.
Your Provider will also have fund profile tools and or advisors in some cases, so check that out too. 

I’m sure a few Millenials choked on their oat milk lattes this week when they read the latest news about how much they’ll need to have saved to enjoy a comfortable retirement.
According to researchers at NZ’s Massey University’s Fin-Ed Centre, if you want to have a retirement that comes with ‘choices,’ you’ll need around $755k in your KiwiSaver or an equivalent savings vehicle. 
Oh, and that figure also assumes you have paid your mortgage in full, or you’re living rent-free then retirement.
Given the average amount saved by New Zealanders currently is around $30k, many will be working well past retirement age to afford those flights to Bali or to visit their future grandkids in Australia.
Of course, where you’re at savings-wise depends on a range of factors, not the least of which is how long it is before you actually stop working for a living. 
The Financial Markets Authority, which serves up an annual report on KiwiSaver full of juicy stats, provides a nifty breakdown of how many investors are by gender (yes, so passe) and age.
You can see the bulk of them have a long way to go to reach the golden age of 65, and thereof
have plenty of time to pad that nest egg, that will hopefully buy them choices in their golden years.
​
Most people should be concerned about their current levels of savings, but the reality is most will not have read this latest research or even have a clue who their KiwiSaver provider is, let alone know their balance.
The truth is, numbers scare people. And true to the reptilian brain which we have yet to evolve from, they will run rather than face their fears and take action to deal with a savings shortfall that is potentially avoidable. 
The sad reality is that it doesn’t take much effort to figure out the above and set a course of action.
So for those who don’t know, or even know but want to help someone who doesn't,  here’s a simple plan:

• If you don’t know who your provider is, find out today. If you have an IR login, it will be stated on your records there. If you don’t have online access, for Pete's sake register. You can do all sorts of financially helpful things there, including recording bank payment information. Bonus: If you’re eligible, you’ll get the following cost of living payment from the Gov’t.  Thousands didn't because IR didn't know how to pay them. If you can’t figure this out, it’s time to go old school and pick up the phone. 0800 257 777
• Once you have your provider’s name, create your online access to your KiwiSaver account. You should be able to do this via their website or by calling their customer service line. Check your balance, your fund type and your PIR. The default rate for PIR is 28%, so you may be overpaying or underpaying, but there are now systems in place by the IRD to pick up the latter.
• Look at your last annual statement to find out how much you’re on track to have at your current savings rate. Most of these are filed within the member area of your account, but if you can’t find the most recent one, pick up the phone and ask your provider to send you a copy by email or snail mail.

Your annual KiwiSaver report shows you how much you’re on track to have by age 65 based on your current contribution rates and fund type. This is a conservative estimate, as the FMA introduced a standardised calculation method a few year ago using conservative long-term figures. They did this because some providers rather sneakily for the purposes of luring new customers used sky-high annual figures based on bull market double-digit returns, annualised over 40 years. In other words, they overstated what you’re actually likely to earn over the working life of KiwiSaver when factoring in market cycles and meltdowns, like what we've currently seen. For these long-term projections, they are based on returns of:

4.5% for a Growth Fund
3.5% for a Balanced Fund
2.5% for a Conservative Fund

You can also read some of the FMA's scenarios on their website based on differing income and contribution levels which will give you an idea of how a 3% contribution rate looks long-term to 4% or higher. They also discuss boring but important things like inflation (which, as we now know, matters) as well as the inclusion of superannuation contributions. Also, handy. Pray that's still on offer when you retire. 

Okay, so now that you know how much you might expect in retirement, you have a few options for addressing any potential shortfall. Please note: this is not personalised advice, only information for you to consider:

• Increasing your contribution rate IF that makes sense for you personally. The minimum is 3% for you and your employer, but YOU can also increase your share to 4, 6, 8 or even 10%. Whether that makes sense for you will depend on your personal circumstances. I.e. are you carrying high-interest credit card debt at 18% that you are ignoring but which you would be smart to pay off?!
• Changing your fund type to one that is likely to produce a higher rate of return over time IF you can sleep with volatility, aren’t looking to withdraw your funds for a first home deposit any time soon, and aren’t within firing range of retirement age.
• Consider options to increase your earning ability, i.e. second jobs, a change of career, working longer etc.
• Spending less. This is the obvious and seemingly most straightforward option, but most people lack the discipline to spend less because they’ve been trained to become faithful consumers of stuff they don’t need. These are challenging times, and life is expensive, so cutting spending may be more difficult these days, especially when inflation is 7% and everything costs more. I'm not saying it'll be easy but if we're honest with ourselves, a lot of spending is nonessential. And yes that includes nail colour and gym membership that don't get used.

Whatever path you choose is your choice, and comes down to priorities and goals. Whatever you do, don’t use lack of information as an excuse. Everything is out there ready for you to discover. And thanks to more rigorous regulatory enforcement in recent years, the financial services sector can no longer be blamed for making information hard to find or understand.  Time to stop looking for scapegoat's and take action. 

Many parts of my life make it a rich one. Most have little to do with money or my net worth. 
In no particular order, I'd say it is my health, friends, family, interests and environment.

• Health; After an almost perfect health record for most of my life, I ran into troubles in the last few years. Because I am healthy, relatively young, fit, and a 'yogi', it's come as a surprise to me and many others who regard my life as healthy. I eat well, I exercise a lot, I don't smoke, and I practice yoga and meditation. In short, I do most things "right". Like many folks, I probably drank more wine than I should have during Covid. Losing my mother, who was overseas, didn't help. You can't outrun or outdrink grief. I knew that, but the death of a loved one makes you want to numb yourself. Lockdown stress and inability to visit her because of quarantine and travel restrictions made it all worse. My health issues were unrelated, but for the first time in my life, I felt my body was letting me down, and life felt like a real struggle. Happily, I'm crawling out of most of those difficulties and processing the learnings. Learning number one: Don't ever take your health for granted. It is a well-worn cliche, but it can't be said enough: health is wealth. While you sleep tonight, thousands will die. 
• Friends; My life has been one of a great adventure. I left home at age 9 to attend a professional ballet school in a city that was a five-hour plane ride away from home. I pinged back to my hometown at 15, finished high school in a record 2.5 years, and then hit the road again to get my first degree in the nation's capital. I graduated during a recession when journalism jobs were few and far between, so I took a temporary position in Siberia after receiving a surprise call one day. "Do you have a current passport, and can you go in two weeks?" This was the era of Glasnost and Gorbi. Hell yeah, I was going. After four months of back and forth, I finally took a newspaper job in rural Alberta, a place I vowed never to live after growing up in Toronto. Despite only one coffee shop, Tim Hortons, it was a great learning environment as a 'cub reporter', and I made some enduring friends, including my first husband. I used it as a springboard for several other media jobs that took me all over Western Canada, then eventually Ireland when I decided to do a Master's. That's just half the story, but my point here is that I made many lifelong friends along the way that made my life truly rich. I could have traded this life for a more stable, predictable one that might have propelled my career 'success' earlier, but it would be half as interesting, I'm sure. 
• Family. I have lost two family members, and the pain endures. First, my brother in 2016 and then my mother in 2021. I suspect losing my brother expedited my mother's death as she was diagnosed with breast cancer a few years after his death. She survived that but died of brain cancer. I have one sibling left now, plus my Dad and my own two children. They are everything. When people talk about visiting their mother, I feel pain. I always remind them how lucky they are.
• Interests: I have always loved words and books from the time I learned to read. After quitting ballet school at 15, I wasn't sure what I would do for a living, but English was my strong suit, and I followed my nose. Journalism was a demanding job at times, especially back in the day of tight press deadlines, cranky sub-editors, hard-drinking and abusive managing editors, and night shifts, not to mention the human tragedies and failings that defined news cycles. Four straight years as a court reporter changed my view of people, and not for the better. I have since learned not to suspect everyone of being dark and sinister below the surface, even though my partner would dispute that. Outside of the written world, I inhabit professionally and personally, I am obsessed with Eastern philosophy, ancient wisdom and the practices of yoga and meditation. Squeeze in children, three pets and a partner, and there's not much room leftover. When the youngest leaves the nest, I'll find a new interest and focus on my second book. 
• Environment; Having grown up in Canada and am now a New Zealand citizen, I have been spoiled for natural beauty. Nature provides an unequalled medicine for the soul. On dark days, it is my refuge, as it should be for others. Every year seems to bring me new appreciation as well. I don't need to be skiing in the Rockies to be reminded just how damn lucky we are to live in paradise. I don't minimise the harshness of economics these days, especially in NZ, where it is increasingly tough for families to get by. But having paradise on our doorstep, for free, teaches gratitude, a prerequisite to wealth.

In my view, your actual net worth is what you have left after you've stripped away all your material assets. If you have much of the above, count yourself lucky and wealthy. It is time to invest if you have millions but not much of the above.
Find your Flow, and the Money will Follow.
Recommended reading: The Top Five Regrets of the Dying. ​

"All of our life, so far as it has definite form, is but a mass of habit - practical, emotional, and intellectual - systematically organised for our weal or woe, and bearing us irresistibly toward our destiny, whatever the latter may be." ~ Williams James

Beginnings are not grand. They are mostly humble, and the subsequent steps, to keep forward momentum consistently applied,  become habit forming.
One of the biggest differences between those who do, and those who don't progress their goals or achieve change, is getting so tied up in fear of failure or anticipating unknown outcomes that trip you up before even crossing the starting line. 
One of my favourite books recently, Atomic Habits, by James Clear makes the same point over 300 odd pages. I was gifted this book last Christmas by my niece, and it was an unexpectedly riveting read from start to finish.
Clear starts with his own journey of transformation, sharing his improbable recovery from a debilitating brain injury. It is a story of mind over matter, as well as a series of staircase triumphs. 
Using compelling case studies, like how the British cycling team pulled itself out of the performance gutter to world-leading, Clear makes the point that big change is not one-time-radical but a series of small but cumulative tweaks over time.  Honestly, this book was a page-turner for me.
Like most people these days, I admit to suffering from a bit of attention deficit, given the competing pull of social media snacking. Atomic Habits kept me glued.
Charles Duhigg's "The Power of Habit, Why we do what we do in life and business" was similarly mesmerisingly. Duhigg doesn't focus as much on the micro but on the macro behind what drives human behaviours and the overlapping insights and connections that lead to great outcomes. The quote above comes from his book.
One of the many stand-outs was Chapter 4 on Keystone Habits or the Ballad of Paul O'Neill. 
This chapter describes how O'Neill, a former US bureaucrat, transformed Alcoa, The Aluminium  Company of America, from one of the most lethal workplaces in the U.S. to a shining example of workplace health and safety. In doing so, he transformed their balance sheet beyond expectation. It's a cool story and a reminder of what can be achieved when social good is a priority.
The Starbucks chapter was a similar feel-good story that revealed some humanity underlying corporate America. 
If these books don't leave you feeling inspired, I'm not sure what will.
They are both must-have additions to your personal finance library or reading list. 
Psychology is central to personal finance. Habits are too.
If you understand your mind, as well as your habits, you'll find that sweet spot in personal finance where it becomes less like work and more like a challenge.
Everything in your life reveals a story. 
Your weight, your scars, your job, your relationship, where you live and how you live.
If you were conscious of those choices and decisions, chances are they will be a net positive. 
If you're looking to improve your finances, you need to understand how you came to be where you are and then map a different journey if you want one.
Most millionaires are not made overnight. They are the product of cumulative choices made over time.
Ask, and you shall receive.
Seek, and you will find.
Firstly though, define what are you looking for?
Map out a timeline and a series of steps you need to do to achieve that goal or destination.
Note the impediments, challenges and resistance you may encounter.
Expect a setback. Expect several. That should be implicitly understood as part of the process.
Find a buddy or mentor to hold you somewhat or fully accountable.
Reward yourself with little victories along the way.
And to quote a now famous fishy, "Just keep swimming."
Oh, and if you need one more little reason to feel hopeful, dig up the incredible back story of Ellen DeGeneres's voice acting job for the role of Dorrie and where that subsequently led her, if you don't already know. Incredible story.
If you can't find it, watch her Netflix interview with David Letterman on his show "My Next Guest Needs no introduction."

Buy now, pay later is a great idea until it's not.
With the rising cost of living resulting in skipped payments and late fees, the reality of all too easy borrowing facilities is coming home to roost. 
Since After Pay and the like came to New Zealand around five years ago, the Buy Now, Pay Later approach to buying has become very popular. Especially with younger folks and students who may not be so cashed-up. It's easy to understand why? (Listen to my most recent podcast on Smart Money with NewstalkZB here). 
It ropes in a whole new slew of buyers that will add to their bottom line for retailers. 
It gives shoppers easy access to debt that they may not otherwise get because, unlike credit cards, there are no credit checks done to get it.
It also serves up an easy consumeristic high. They call it retail therapy for a reason.
Typically, you pay 25% of the cost upfront, with the remainder being split over six-eight weeks, which is interest-free.
Too easy, right? Yes, until you forget or can't make one of the regular payments, you are fined. 
With After Pay, the fine is $10 for anything under $40. And for over $40, the maximum fee is 25% of the original cost, up to a maximum of $68, whichever is less. (Read this excellent review of AfterPay here on MoneyHub.)
With a maximum purchase limit of $2,000, it may seem harmless enough, and yet even at that threshold, people are now running into repayment problems. (Read more in this Stuff article by Rob Stock here).
With petrol rising above $3 a litre and cheese costing $20 a block, it's no wonder. Suddenly, the cost of living in New Zealand has soared. Inflation, nearing 8%, is running hotter than in 50 years!
Those cheap shopping sprees are now riskier than ever from a repayment perspective.
The harsh truth is that it has become too easy to borrow money. 
As tempting as it is to blame the lenders for making it too easy, there should be some personal accountability too.
So many people are in the poo financially because they don't keep close enough track of their spending, and they fail to understand the critical T&Cs of borrowing money and the actual long-term cost. 
But the root problem I maintain is that most folks don't know how to control their impulse, which leads to buying stuff in the first place that they couldn't actually afford.
Don't get me wrong. I get that it is convenient if you need a new pair of shoes for an important job interview and don't have the cash up front to buy them. First impressions are everything, so you wouldn't want to show up looking less than your best. I get that. But the sad reality is that most purchases people make are totally frivolous and unnecessary. If you can afford them, great, I guess. Still, if you can't, it will cost way more than the purchase price because you were late with the payments or failed to pay off your credit card balance in full each month. This is where one bad habit builds after another and starts to make your life financially difficult.
So...

• Before buying, ask yourself whether you really need that shiny new thing that's caught your eye.
• Consider waiting at least 24 hours to see whether you still have a hankering for that thing the next day.
• Look at your bank balance and determine whether that extra payment is realistic, even if it is deferred.
• Stop to reflect on whether what that helpful for more than a fleeting moment or occasion.
• Ask yourself what the opportunity cost is? i.e. if you don't buy this thing, where else may that money be better spent? i.e. maybe you still have a lot of outstanding credit card debt carrying high interest that you should be retiring instead of acquiring more debt.

Over time, when you put these practices into play, you begin to shift your mindset and behaviour around money.  
Mind over money. Simple.

Life is not easy these days, but I'm not sure there was ever a time in history when it was smooth sailing for us humans. 
I hear so many troubling stories lately about our youth, too many of whom struggle with a sense of disconnection, both to others and themselves.
When my son's friends go off the radar, they're in monk mode. I wish it were so. 
Rather than meditating in nature or reflecting quietly about the cause of their demons, you'll find them locked in their rooms, being swallowed up by an algorithm. Monk mode only in social seclusion.
In true monk mode, one would look deep within, not at a screen with dancing monkeys, but at the random, illusory and discordant thoughts that express themselves just like them.
Outside of the cave, the wisdom of sages has a role to play in personal finance.  
There has been plenty said about money, the good, the bad, and the ugly. In the New Testament, Jesus is quoted as saying, "it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God".
Not encouraging words for those who might consider themselves religious and rich. I'm no Biblical scholar, but I'd take it as a warning that with wealth comes complexity, and those riches could come at the expense of your spiritual evolution, assuming that's important to you.
It's a bit gloomy for my liking, so I haven't posted it on my fridge. Another musing on wealth from Yogananda contains a similar warning.
"Having lots of money, while not having inner peace, is like dying of thirst while bathing in an ocean."
Now that's a statement I would post on my fridge, if there were room. My partner instead has every square inch of it covered with magnets from his extensive globe-trotting. He's a reasonably wealthy guy, so he has clocked many miles in his day thanks to his wealth, but I'll tell you, when I met him, he was not a happy camper.
Sad, unfulfilled and a bit lost in his wealth. Interestingly, yoga helped him find his way, or at least it helped him to find some inner peace that allowed him to be more comfortable with his wealth.
In recent years, yogic wisdom has enjoyed a revival. It is being mined by everyone from Ivy League scholars and medical researchers, to personal development gurus, and multinationals like Lululemon and Google.
They have encouraged customers and employees to find their zen on the yoga mat or in purpose built meditation rooms and rock gardens.
Eastern philosophy and insights have been dredged up and repackaged for mass consumption. Don't let the commerciality of it make you cynical. Despite the cutesy names and expensive accoutrement, the underlying knowledge is solid. 
To truly excel in the outer world, you need first to go within. It doesn't need to be on a mountain top but if that's the only place you won't be disturbed, it may be worth the journey. 
The knowledge, lessons and experiences I have acquired through the disciplines of Buddhism and yoga now form part of my underlying view and framework for personal finances. It is the unlikely marriage of these two worlds where I find my personal inspiration and where I believe you'll find the buried treasure you are seeking.
It's time to go monk mode.

​When people ask me about money, I always preface the conversation with two points:
Firstly, I can not give you personalised financial advice under NZ laws and regulations. That's the boring bit. While I have over 15 years of experience as a personal finance writer and commentator, I am not an authorised financial adviser. I never wanted to be. Too many other interests you see.
The second bit is more thought-provoking naturally, and it comes in the form of a question. 
I'll ask: "What is your story then?" 
By that, I don't mean how much you owe, where did you go wrong or please tell me your life story.
The question cuts to the heart of all things money, and it has to do with the story that people tell themselves about money. 
Here are some examples, some of which may resonate:
"I've never been good with money."
"I'm uncomfortable with money."
"Money is the root of evil."
"I just can't seem to get ahead with money."
Or my all-time favourite:"
Anyway, money doesn't make you happy."
No, it sure won't do that, but the things you can do with money sure will help. i.e. 
​Buying a home so you don't have to pay rent for the rest of your life.
Having enough money to go on a holiday when you want. 
Not having to work at a job you hate for the rest of your life. Being able to buy the odd nicety for yourself or someone you like or love. So yep, money in and of itself won't buy your happiness. Still, money will afford you some nice pleasures that make life more enjoyable and comfortable.
So the starting point in this conversation is really: "What is your money story?"
You can then table your conscious and later your unconscious tendencies and habits about money, which will undoubtedly reveal a lot about your current position.
You can gain some insight and understanding and start to build a new story and actionable plan with money.
Let's get one thing straight here. While you may be born with blue eyes, you aren't born "bad at" or "naturally good with" money.
This is definitely taught, learned, socialised or conditioned, and it all starts with the story.
So, if your money story is nasty, dull, boring or a nightmare, you will need to rewrite the programme.
I'm not promising that's going to be easy, especially if you've been selling/telling yourself a bad story for a long time, and entrenching a tonne of bad habits on the back of that.
But as long as you keep telling yourself a negative story about money and your relationship with it, things aren't likely to change.
So: "What is Your Story?"
Why not make it a fabulous one.

I'm a big one for exercise. Running, walking, cycling, yoga, gym, whatever, just moving is good for your body and mind.
Researchers at Yale and Oxford Universities found that regular exercise instils greater well-being than more money in your bank account. Read more about that in Business Insider here. 
I'm the last to advise against a gym membership, but I would say this. 
If you aren't going, you're not getting the benefit, and therefore, it is a waste of money. Gym memberships usually cost $25 a week. That's about the cost of a single drop-in session if permitted. So if you're only going 1-3 x a month, you're not getting your money's worth, even if you feel good post-work for those brief times. If you're a sporadic gym bunny, it is far better to pay as you go. Gyms would far prefer you didn't and don't often have this option but some of them do. So find the right fit. Yoga classes tend to offer concessions cards and the more you buy, the cheaper each class becomes. It's a good incentive to keep going, so long as they don't expire!
But back to the gym...If you don't know what you're paying, you aren't paying close enough attention to your finances. 
This week, I was chatting with a friend about money, and she was lamenting the cost of her daughter's gym membership, which she covers. I have zero issues with the bank of mum and dad, and I do the same for one of my sprogs. It's good for their mental well-being, they are super fit kids, and they've encouraged many of their friends to take up fitness because of their impressive beach bods.  It's a good investment in your kids' future and mental well-being.
On top of that goodness, research has also found that if you have the discipline to exercise regularly, it acts like a keystone habit that encourages good outcomes, including better grades, better jobs, and savings. This is detailed by Charles DuHigg in The Power of Habit: Why We Do What We Do in Life and Business. It's a fabulous read. I highly recommend it if you're trying to reset in 2022.
What surprised me about the gym convo,  was my friend said it cost $50 a week! I told her she must surely be confused and that the payments were more likely fortnightly. I double-checked my fees at the same gym to confirm that. She was adamant that $50 was withdrawn weekly for one membership, so I encouraged her to phone the gym ASAP or find a cheaper gym. Sure enough, she reported the next day that they were over-billing her. They fixed it up and said a refund was on its way. 
I'm glad we had that chat, as she might have otherwise been paying way more than she needed to for a long time, when that money could have been repurposed to things like debt repayment. 
During our talk, it also came out that she was paying for two separate insurance schemes that effectively covered the same thing. It appeared that she had been over-sold on the same type of insurance. That is not the usual problem most Kiwis have, one of the most under-insured OECD countries.
As inflation bites hard and interest rates rise, making your money work harder for you is crucial. Complacency in personal finance, and procrastination, are twin enemies you need to defeat to get ahead.
An easy thing to do, to ward off these financial faux-pas is to print off three months' worth of bank statements, categorise all your spending and scrutinise what is coming out regularly. So many services work on a subscription basis these days. That's handy in some ways and helpful too for those businesses, but they might have outlived their usefulness in your life. 
You may have noticed insurance, utility bills, and other automated payments having increased recently without realising it because you didn't read the email warnings. In looking closer, you might have found charges for other extraneous services or stuff you didn't buy, an increasingly common problem with cyber-crimes. I once saw a series of small repeating payments on my Uber account. They were barely detectable because they were so tiny, but they added up. I had to cancel my card and reset the account. 
The point is, if you don't pay attention, you have no idea what you are paying. Now more than ever, you can't afford to have your head in the sand.
Keeping your finances fighting fit requires time, attention and discipline, not unlike the gym. But unlike deadlifts and bench presses, you don't need to be that strong. You mainly need to care enough to look.
I imagine PTs would argue you don't need to be that strong to lift weights, given it's an incremental build up.  Fair enough.
Like most things, consistency is the key here and strength will be the natural outcome whether it's muscle you are flexing or your financial habit.


Disclaimer 
The content of this article is purely informational and should not be construed as personalised financial advice. Seek a registered financial advisor if you require personalised advice. 

If you live in New Zealand, and haven't already set up a MY IR account via Inland Revenue, do so immediately. 
As well as being able to keep track of your income, taxes paid, and KiwiSaver (yes you can track all that via your KiwiSaver provider as well), you can also now easily claim your deductions for charitable donations.
If you don't give to charity, there are plenty of good reasons to do so. If you can't afford it, set a new goal for yourself in 2002 to be in a position to do so. If you didn't already know, you can claim back 33.333% of any charitable donation you make, and that includes those "voluntary" payments you make to school if you have kiddies.
It used to be that to get this money back, you would have to download, print, complete and post a IR526 form to get that money back. In the last few years, the IRD has gone through a massive upgrade to its systems. It is now super easy to file your claims online. It literally takes a few minutes. With all these efficiencies, you can expect to get your money back (straight into your nominated account) within days. 
Here's how you'll do it in 7 easy steps:
1) Gather all your charitable tax donations and receipts in one place for easy reference.
2) Register an account with IR or login in.
3) Click on the section that says:  Donation Tax Credit
4) Click Enter tax donation receipts 
5) Click Add a receipt (see image below for the screen you'll be greeted by).
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6) Fill out the details of your donation from your tax receipt. If you didn't get one, ask the organisation to provide one. You will 100%  need this information.

7) Upload the receipt where it says receipt attachments and complete the other fields remaining and then submit! Voila. It really is that easy. 

If you don't want the money returned to you,  (yes there are such people) you can donate it back to the charity. That's a nice choice but most people will want the money back. 
This week alone I have filed more than $1,000 in donations and expect to receive back more than $300. Some have already landed in my account which is nice.  
Yes it's a luxury to be able to give and I have been practising regular giving for more than a decade. For everything you give, you also receive, and this goes far beyond money. 
Now what are you waiting for?!
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