Talk Money: February 29

Tony Field (Paul Henry)
Tony Field (Paul Henry)

When it comes to saving, the sooner you start the better. But it is never too late to start putting some money aside. Every little bit helps.

Learning to save is one of the most important pieces of advice offered by billionaire investor Warren Buffett.

Here are some tips for growing your wealth. All of these are commonly practised by the rich. But anyone can follow their example.

START EARLY

The sooner you start saving the better. Thanks to compound interest even a small amount can grow into a large sum by the time you retire.

AUTOMATE YOUR SAVINGS

Set up an automatic savings plan. One of the benefits of KiwiSaver is that you can make automatic monthly payments. But you can also make automatic contributions to your savings account or into other investment funds.

MAXIMISE YOUR CONTRIBUTIONS

If you are in KiwiSaver and are a salaried employee any contributions you make will be matched by your employer up to 3 percent of the value of your salary. Most KiwiSaver members aged 18 or older are eligible for a tax credit of up to $521.43, if they make annual contributions of up to $1,042.86.

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