My current position
Salary per year: $57000 NZD
Pension savings $800 NZD
Savings Account (2.65% interest p/a): $10273 NZD
Easy access savings (0.1% interest p/a): $6187 NZD
Managed Funds: $1700 NZD
NET WORTH: $23,960 NZD
As you can see from the information above, I am fortunate not to have any debt but I have also been slack with regards to my pension fund.
The reason for the lack of pension savings is down to 2 things:
- I was trying to save as much money for my move to New Zealand.
- I was oblivious to the importance of it! I thought I wouldn’t need to worry about pensions until I was older. This is the type of information we should be taught at school….. Maybe we were and I just wasn’t paying attention.
Anyways, my financial awakening took place about 2 months ago. I was very interested in the FIRE method of saving, generating passive income and aiming to retire early.
I haven’t fully embraced this method as I think it will be too restrictive on my current aspirations. I will likely be moving back to the UK in the next 2 years. Therefore, I want to enjoy my time in New Zealand by travelling the country, enjoying the landscapes and maybe a cheeky holiday in Fiji or Tonga.
I also have to save for a deposit, a wedding and the arrival of children all within the next 5-7 years.
Therefore, the complete conversion to a frugal spender is unlikely to happen…yet