Money matters - what should you be thinking about?
Finishing your tertiary study and starting a full-time position gives you a great opportunity to look at your finances and start setting some goals for your future. It's great that you don't have to start from scratch. There are plenty of support options available online for you.
- Travelling is great but when do I start saving for property or family?
You may want to ask yourself the question: What do I want to do with my money now, in five years, and in 10 years? Even if buying a house is not a high priority now, it could be useful to make some adjustments to your expenses for when it is.
Some financial goals could be:
- owning a business
- buying a house
- saving for travel
- paying off your debt.
Sorted website - an independent money guide
KiwiSaver website - information on saving for retirement
Housing New Zealand website - find out about government assistance for first home buyers
Paying back your student loan
Once you complete your study or training, your student loan is transferred from StudyLink to the Inland Revenue Department (IRD).
When you start earning over the threshold amount ($17,784 a year), your student loan repayments will automatically be deducted from your pay by your employer. Student loans are interest free as long as you are working in New Zealand. At the moment, if you go overseas for longer than 183 consecutive days you will incur interest on your student loan. However, this period may change.
StudyLink website - information on paying back your student loan
IRD website - information on paying back your student loan
Sorted website - useful tools for managing debt
