Adjusting to life on one income
If you find yourself needing to adjust to life on one income, it can be hard to know what to do or where to start. We’re here to help.
01
Get your information together
It’s hard to make an accurate plan if you don’t have all the information. Collect all your documents and log in details so you can list out everywhere your money comes from and goes to.
You will need:
- Bank statements
- Bills
- Property paperwork
- Tax records
- Insurance policies, wills and estate plans
- KiwiSaver or superannuation details
- Investment details
02
Create a budget
Going down to one income could mean that your costs are also changing. Draw up a budget based on your new circumstances. Be realistic with the targets you set; underestimating costs could make things difficult.
To help you best plan and analyse your budget breakdown, use our editable budget template. We also provide budgeting tools and tips to help you keep on top of your spending.
03
Identify savings
If the gap between your income and expenses is tight then it’s time to look at making some savings. A good place to start is figuring out what in your budget is a need or a want. Try cutting back on the wants to make ends meet, give yourself a buffer, or even start saving.
04
Set savings goals
When your circumstances change, it can also change how you see your future. Set some savings goals, for the short and long-term, to have something to focus on. Start small, it’s about getting in the habit of managing your costs and saving.
You can use our Goal Planner tool in the ASB Mobile Banking app to set goals for a variety of circumstances. And you can use the Rainy Day Savings Planner to find our how much to save for your emergency fund.
05
Get some help
Whatever your financial position, it can be a good idea to get advice from someone trusted.
Make an appointment with an ASB specialist to get a financial wellbeing review underway. You'll get a clear view of your financial position to talk about savings goals and plans for the future.
ASB Support Finder is a tool available to all New Zealanders. Answer a few quick questions to see the government benefits and services you may be eligible for.
If you’re an ASB customer, you can call our Financial Assistance team on 0800 27 27 35 (option 3), or email financialassistance@asb.co.nz. For further help please see our financial hardship assistance options.
