Frequently Asked Questions
We can assist you in matters directly related to ĠEMMA and generic queries regarding pensions.
Do I pay down debt first or get an emergency fund going?
Saving for an emergency fund or a safety net of $1,000 is a great place to start, and then you can tackle any high-interest debt you're carrying. If you focus only on tackling your debt and an emergency pops up, you can end up having to borrow more. With a safety net, however, you can handle those unexpected events like a car repair or trip to the vet, without sliding further into debt. The goal is to get out of debt for good, so here's more on starting your safety net.
How can I stick to my budget?
It helps to have a plan! To build a great budget that you can stick to, it helps to first know your numbers. By tracking your spending, you’ll start to see where your money is going, and you’ll be better placed to make decisions about where you really want your money to go. The key is to capture everything you spend for a month or two to get your full spending picture. There are several apps designed to track spending on the go. You can also download your past three months of transactions from your bank, which really helps to see the patterns. Here’s more on money tracking.
Are budgeting and planning the same?
The word ``budget`` can make us feel like our hands are tied, so it's better to think of it as a plan for spending. First up is to see whether you are spending more or less than you've got coming in. If you’ve got a surplus, you can funnel your extra money towards what you want, and achieve your goals. To help start your plan today, here's our budgeting tool.