Posts Tagged ‘budgeting’


christina@heaps.co.nz

By Christina

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Now that tax cuts are in effect, you’ll potentially have a few extra dollars in your wallet each week.  It’s an excellent opportunity to create a goal in heaps! and save up!

We’ve done some number crunching, and the graph below will give you a rough idea of exactly how much more you can expect:

Annual Income (before tax) Fortnightly income (after tax) before 1 October 2010 Fortnightly income (after tax)   after 1 October 2010 Extra income per fortnight Extra saved for one year
$25,000 $805 $831 $26 $665
$30,000 $957 $990 $32 $840
$40,000 $1,261 $1,307 $46 $1,190
$50,000 $1,556 $1,615 $59 $1,530
$80,000 $2,310 $2,411 $101 $2,630
$100,000 $2,787 $2,926 $140 $3,630

This means that a person earning $50,000/yr will get an extra $29 per week.  Imagine how much this adds up to over the course of a month…or a year!  Oh the possibilities!  Even though GST will be going up at the same time, there is a very real potential to save more and reach your goals faster.

Kiwibank supports you

heaps! and Kiwibank are really keen to help you save your extra money so that you can spend it on something you really want.  In fact, Kiwibank is giving away $2,000 savings top up to one lucky winner who does just this:

To enter the competition, all you have to do is open a Kiwibank savings account between 1 October and 15 November 2010 and deposit at least $40 into it.  If you already have a Kiwibank savings account, you just need to make a deposit of at least $40 into your current Kiwibank savings account. It’s that simple!  (Read the official word here.)

Online Call and PIE Online Call accounts can be opened through your Kiwibank internet banking. If you don’t have internet banking, or want to open a Fast Forward or Back-up Saver account, call Kiwibank on 0800 11 33 55 or pop in to your local Kiwibank to talk to someone in person.



christina@heaps.co.nz

By Christina

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In the latest release deployed this morning, we’ve focused on improving the user interface – making  a few changes here and there that will make getting around heaps! a little easier.

Here’s what you’ll find:

Skip Set up wizard link

For new users (and for those who use the Restart set up wizard function), you can opt to skip the wizard by clicking the link at the bottom.  heaps! will remind you to set up your accounts at a later time if you haven’t already done so.

Subcategory Column

Instead of seeing just Home, Food, Fun, Travel, and Other in the ‘Category’ column on your Home and Spending pages, heaps! now displays the subcategory.  This makes your categorising a bit easier because you can decide at a glance if you need to do any re-categorising.

To the spending page…

As always, the blue pencil is there for you to click if you want to edit a category.  This is now separated from the subcategory name.  Clicking on the subcategory will now take you to the spending page so that you can see a breakdown of your expenditures from that subcategory.

“Only Change This Transactions” is the Default

Many of you wrote in wanting this, and here it is.  Instead of “Change all transactions like this” being the default for categorising, we’ve left the box unticked.  This way, if you accidentally forget to look at the box, all your hard work in sorting out which BP transactions were ‘Petrol’ and which were ‘Snacks’ won’t be lost.  Instead, just that one transaction will be affected and you can go back and tick the box if that’s what you had intended.


christina@heaps.co.nz

By Christina

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In reviewing our options for customisable categories we considered how a new system would change the overall usability of heaps!. Ultimately, we wanted something that would address your needs of a more flexible budgeting tool yet still provide effective and accurate reporting.  We’ve decided to develop a more extensive list of categories that will make categorisation and analysis of spending much easier.

How it works:

The new list of categories give you a lot more choice. You can categorise at a high level or in more detail. The list of cateogories will be organised into two tiers. The first tier allows you to categorise your transactions at a higher level, while the second tier allows you to categorise your transactions much more specifically. Among our increased list these we’ve included Gas in our Power & Gas category, Legal and Financial Services, and Home Improvements categories that have been requested by the heaps! community.

We’ll be incorporating a great synonym search tool that suggests categories as you type. For example, if you start entering ‘Children’, heaps! will recommend the existing category ‘Kids’. This will help maintain consistency for your budget.

Having this expanded list has given us the opportunity to improve how you analyse your spending and allow you to budget more efficiently. You will be able to breakdown your Eating Out spending to see how much you spend on Coffee, Lunch, Takeaways, Snacks, or Restaurants. And we’ll be improving how this data is displayed as well.

When will this be released?

We’re targeting early October 2010.

What’s next?

We are considering a tagging feature for those who want to track and compare their transactions in a more comprehensive way (husband’s spending vs. wife’s spending, expenses for child 1 vs. child 2, petrol costs for using car 1 vs. car 2, etc).  Any thoughts you have on this idea would be greatly appreciated.


alicia@heaps.co.nz

By Alicia

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#1 Change your oil when it’s necessary. When it comes to changing your car’s oil, manufacturers typically suggest you do so every 8,045 km, 12,070 km or even further distances. Many car markers now include oil-life monitors that tell you when the oil is dirty — sometimes after as long as 24,135 km! There are usually two recommendations for oil-change intervals: one for what is considered ‘normal’ driving and one for hard use. If you seldom drive your car, you can afford to change your oil by a calender date rather than your odometer. Just be sure to change your oil twice a year at the minimum. Otherwise, with ‘hard use’, such as living in a cold climate, frequently taking short trips, towing a trailer or having a high-revving, high-performance engine, it’s better to change oil more frequently.

#2 Use the factory’s maintenance schedule instead of the dealer’s. Most of the tasks that we generally think of under the heading of “tune-up” are now handled electronically. Stick to the manufacturer’s schedule unless your car is not running well. If your engine doesn’t skip a beat or make other odd noises, don’t change the spark plugs or wires until the manufacturer says so.

#3 Replace your air filter and wiper blades yourself. Here is a chance to do a little DIY and save some money while you are at it. Instead of going to a garage or a dealer, you can buy an air filter or wiper blades on sale at a discount auto-parts store.  This will cost you less than if you were to go to a garage or dealer replace them. Replacement is a 5-minute job. Be sure to treat yourself to new wipers once a year.

#4 Don’t change your antifreeze every winter. Every two years is about right, but you also should keep your cooling system happy by running the air conditioner every few weeks in winter to keep it lubricated, checking for puddles underneath the car and replacing belts and hoses before they dry and crack.

#5 Don’t replace tyres when you should be replacing shocks. If your tyres are wearing unevenly, some people make the assumption that they need to replace their tyres. This may be true, but it is also possible that your car may be out of alignment and your shocks or struts are worn out. Be sure to check!

#6 Don’t let a brake squeal turn into a brake job. A brake squeal doesn’t necessarily mean you need new rotors or pads; mostly, it’s just annoying. Your first check — you can probably see your front brakes through the wheels on your car — is to look at the thickness of the pads. Pads thicker than a quarter-inch are probably fine. If your brakes emit a constant, high-pitched whine and the pads are thinner than a quarter-inch, replace them. If your car shimmies or you feel grinding through the pedal, then your brake rotors need to be turned or replaced.

#7 Keep your records. A logbook of every repair done to your car can help you decide if something is seriously out of whack. Didn’t I just buy new brake pads? With a log and an envelope stuffed with receipts, you’ll know who did the work and when, and whether or not there’s a warranty on the repair. A service logbook is a good thing to have at resale time too.

#8 Wait to buy an extended warranty. Most manufacturers allow you to wait until just before the regular warranty expires to decide. By then you should know whether your car is troublesome enough to require the extended warranty. Most of extended warranties aren’t worth the price.

#9 Change the petrol filter. To keep up with your maintenance, change the petrol filter every two years, or according to the manufacturer’s schedule. This will help prevent it becoming clogged with grit and leaving you at the mercy of the nearest garage.

#10 Keep your tyres properly inflated. It’s a good idea to check your tyres once a month, otherwise you risk wasting petrol and wearing them out more quickly.

#11 Wash your car at home. Ten bucks for long lines and gray water? Nothing shows your car you you care like doing it yourself.


alicia@heaps.co.nz

By Alicia

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It ain't over till it's overWhat inspires you? What makes you want to change your life?

Is it the people around you? A historical figure? A story you saw in a book or film? There are so many inspiring stories about achieving goals, especially in films. You know the ones: the dancer who auditions for the role of a lifetime, the underdog sport team winning the final against all odds, the discriminated outsider who rises up to become a social hero *cue dramatic orchestral music*. These films are inspiring and teach us, you can do anything! If you just believe and follow your heart (oh, and work your ass off).

However, despite all this inspirational material, only 20% of the population set goals and of those people a whopping 70% fail to achieve the goals they have set for themselves. Why is that? There are a number of reasons why this happens, such as not committing to the goal, not wanting to change, not understanding the goal setting process or setting too many goals. Well no more! We are here to help you set goals you can achieve. Booyah!

Why set goals?

"You want something? Go get it. Period."Goals give you something to work toward, they give purpose and ultimately make life more interesting and challenging. People who set goals have higher self-esteem, confidence, and control in their lives. Goals come in all shapes and sizes, whether it is buying a house, winning a race, getting promoted, losing weight, or learning something new. No matter the size of the challenge, achieving goals is always rewarding. The feeling of success when achieving your goals is like no other. Not only does it better your current situation, but also boosts your moral, confidence, and self-esteem. What reasons do you have for setting goals of your own? What types of goals do you have, and which do you struggle most with?

When to set a goal?

Setting goals will help to achieve something that does not come easily. Learning a language, running a marathon, moving to Japan are huge investments, not only in money but in time, effort, commitment and planning. Setting milestones in order to achieve these goals will help to make the situation less stressful as it breaks up the massive goal into tiny little goals that seem easier to achieve step by step.

If you find yourself asking someone for advice on something, realize that you have the perfect opportunity to set a goal.  Goals are best for situations that require guidance. Consider setting goals with a partner as working together makes achieving goals much easier.  For example many people prefer to reach their fitness goals with a friend for motivational reasons.


Reach new heights!How to set a goal

When setting a goal you need to have a clear idea of what you want and why you want it. Your goal needs to have purpose, as this will make it a high priority in your life, and therefore more likely to be achieved. Try using the SMART model: Specific, Measurable, Attainable, Reasonable, and Timely goals. Take a look at the SMART model below and answer the following questions in terms of your goal:

Specific:

  • 1) What are you going to do? (What is it that you want to achieve? Visualize your goal, and your success!)
  • 2) Why is it important to you? (Define compelling reasons for achieving your goal. Why do you want to achieve it?)
  • 3) Define the benefits you expect to gain from achieving your goal. (How will you feel if you achieve your goal?)
  • 4) Consider the consequences of not achieving your goal. (What will happen if you don’t achieve it? How will you feel?)
  • 5) How are you going to do it? (What steps do you need to take in order to achieve your goal?)

Measurable:

If you can’t measure it, you can’t manage it. Choose a goal with measurable progress so you can see the change as it occurs. Set measurable tasks or milestones towards your goal, so that by achieving each step you will feel like you are moving forward. Also, be sure to plan for the obstacles you may come across. Obstacles are unavoidable, and when you plan for solutions to them you are more likely to overcome them.

Attainable:

  • Goals that are out of your reach won’t motivate you, your goal should stretch you slightly.
  • Don’t do it alone, ask for help! Share your goal with friends/family (they will keep you motivated).

Reasonable:

  • Set goals that you can attain with some effort. Set the bar high enough for satisfying achievement.

set a date to achieve your goalTimely:

  • Set deadlines to motivate you and make sure you are actively working towards your goal. Be sure that your deadlines are attainable and reasonable.

So go on goal setters, start completing your goals with confidence using these tips! If you have more tips for setting goals we would love to hear from you, so just comment below. Stay motivated and good luck!

“Your goal should be out of reach, but not out of Sight.” – Anita DeFrantz

Make setting goals easy in heaps!

By now you may have seen that heaps! has some sexy new goal templates. These are fantastic for setting financial goals as they are full of tasks and milestones to break up the process for you. Whether you are saving to buy a house or planning a trip to Bali, putting it as a goal in heaps! takes (most) of the work away for you. You can see your progress and heaps! will keep you on track so that you can achieve that goal faster. You can also customise templates by adding notes and tasks or by creating your own. Whatever the goal, set in heaps! and get there faster! Whoo!

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alicia@heaps.co.nz

By Alicia

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Goals are awesome. They motivate you and keep your on track to getting what you want. In heaps! we’ve made goal setting even easier by creating goal templates for you to choose from. Of course you can still set your own goals, but these templates come with a list of tasks that are filled out already for you and will keep you on track to achieving your goal faster. You can choose from templates like buying a car, buying a house, getting out of debt, saving for a medical procedure, going on holiday and saving for retirement. Check out the screenshot below for a taste of what these templates look like:

When ever you want to add money towards your goal you no longer have to go to the goals page first. Just click “I spent it on a goal” when you’re categorising a transaction and it will do it quickly for you. Check out our new goals tracking page below, it is full of milestones along the way to help you break up your journey.

Even better, now you can celebrate by seeing a goal completed in heaps!. Your completed goals are also kept on record so you can see past goals that you have achieved. Go you!

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Bobby

By Bobby

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The team here at heaps! has been working hard to improve things for everyone and our latest upgrade is going to be implemented Tuesday night, so unfortunately you won’t be able to access heaps! from 10pm. You can look forward to the following new features once the site is back up and running at around 8am on Wednesday morning:

New look interface during categorisation You’ll see new style and effects when you go to categorise a transaction, and it will appear under the transaction so that after you save, you won’t have to scroll down and find your place again.

New abilities for marking transactions as regular When you categorise a transaction you will be able to mark an income transaction as being regular, and you when you mark any transaction as regular you will be able to enter a custom amount of how much you expect it to be each time.

Goal templates With our new templates you’ll be able to choose a goal such as “Buy a car” or “Get out of debt” with the name, description and tasks already filled out for you.

Add a new goal from categorisation If you click on “I spent it on a goal” when you’re categorising a transaction you’ll be able to add a new goal without going on to the goals page first.

Goals progress display Your goals graphs will constantly update to show how much you’ve saved and spent on your goal.

Easier editing of goals You’ll be able to edit your goals easier and faster, mark a goal as spend or investment, and see your goal picture instantly after uploading.

We’re also releasing fixes for some bugs that we’ve found throughout the site, so heaps! will be running smoother than ever. These include mending the goal calculator, fixing up the way that categorisation remembers bill payments and income, stopping the budget start date from wandering for those of you who budget fortnightly, making the graph and figures on the homepage consistent, resetting sub categories when you go back to “All Spending” on the spending page and fixing a couple of bugs in our welcome wizard.

So bear with us on Tuesday night while heaps! is down during our upgrade, then log in on Wednesday and check out the new improvements!

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alicia@heaps.co.nz

By Alicia

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buy lessLooking for ways to save money I stumbled across this helpful little video from Howcast. There were a few good tips on ways to save in there I’m sure you could benefit from.

1. Cutting back on paper products not only saves you money but is environmentally friendly. You can replace paper towels with tea towels and cloth rags and can use the back of envelopes for writing shopping lists.

2. Bottled water is not only becoming increasingly expensive it creates an insane amount of plastic waste. Fill up drinking bottles with tap water and squeeze in some lemon for extra flavour. If you don’t like tap water, use a filter.

3. Aim to buy less food. Make sure you eat food before it goes bad and start monitoring how much food you end up throwing out so you can make better choices.

4. If you use your cell phone regularly, consider getting rid of your home phone line.

5. Find free ways to get fit. Walking, running, stair climbing, jump roping and dancing are all free and great forms of cardio. Using tins of soup or old detergrent bottles filled with water make great hand weights. There are plenty of at-home workouts you can find online.

6. Do you really need that fast food fix? Recreating receipes at home can often be a cheaper and healthier option.

7. More and more TV shows are becoming available online and it is easy to hook up your computer to your TV. Do you really need to keep paying for that TV subscription? You can also wait and rent the entire season of your favourite shows on DVD.

8. Ask your doctor what kind of  supplements and vitamins you should be taking and stick to those. Only buy the ones you need.

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christina@heaps.co.nz

By Christina

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Was achieving your goal in heaps! but not being able to ‘complete’ it, a bit of an anti-climax?  Well, get your party hat on because now you can!  When you’ve reached your goal, heaps! will display a message on your home page to let you know it’s time to celebrate.

heaps! will also display your completed goals at the bottom of your goals page so you can feel a warm sense of pride every time you check it. Then if you find that you haven’t saved as much as you thought you had or that your goal actually costs more than originally planned, you can reactivate a completed goal by clicking on reactivate and decreasing the amount saved or increasing your goal target. You can also allocate or deduct money from an active goal anytime you like.

We’ve also done some background maintenance so that your heaps! runs more smoothly.  We know that you’re all quite eager to see some of the bigger, more exciting changes, and rest assured, they’re on their way.

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janelle

By janelle

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FREE!

FREE! Who isn’t drawn to the bold and often colourful word? Contrary to the statement, “Nothing in life is free,” some things actually are! Why not take advantage of the opportunity? Well, in some cases the quote is true. How do you know when “FREE” actually means it’s free? Here are some pointers, and a bit of advice on how to distinguish between when free is better and when it’s not.

Good News!

The good news is; some things in life ARE free! You can find these deals everywhere, and in every part of life. Take for example, free samples; YES! I would love to try a new flavor of a popular brand of crackers, bring on the free ice cream samples! You can get free items everywhere (not just in the local market). Let’s talk about where you can get free clothes, books, kitchen appliances, and ADVICE. Your very own family is generally the best way to get stuff for free. (Of course, you shouldn’t go looking through your brother or sisters closet for a new sweater). However, when the opportunity arises to swap the blender you never use for a slightly used set of knives; don’t pass it up! Swap books, hand-me-downs, movies, games, etc. You’ll save yourself and your family heaps when you share. Does every family really need their own copies of every single Disney movie released?

When you’re shopping, you can come across great free items as well. If you went to the store (and you needed two new pairs of shoes), don’t pass up a buy one get one free deal. Or if you and a friend are both looking for shoes, split the cost of the purchased pair and save! The same idea can apply at the market, or in your favorite clothing shop.

My favorite free things are “FREE FUN!” If I ever come across the opportunity to do something fun or exciting for free, I rarely pass it up (I’d have to be crazy!!!). I was lucky enough to help with some photography for a friend, It was great fun and didn’t cost me anything. I also love “punch cards” (after buying 9 coffee’s I think I deserve the 10th for free!). I also love free advice, (in moderation, of course) it really helps to have the support of your friends and family.

Bad News!

The bad news is, there are often “free” deals that are manipulating. You see these everywhere! Here’s what to watch out for; “Buy 5 get 1 free”, “Eat the entire 6.8 kilo burger, get it free”, “FREE for 90 days”, or “FREE MONEY.”

When you see a “Buy 5 get 1 free” sign, consider this: Do you need 6 of these items? Did you need 5?? Getting you to buy more than you intended or needed originally just for one free item is a marketing scheme. The item is usually marked up enough that the manufacturer doesn’t lose a penny by giving you the free item. (Actually, they are making more money by getting you to buy more). Especially consider what you originally intended to buy when it’s food. Buying 5 loafs of bread to get one free, when you only needed one or two originally, is a bad idea. It’s likely that the additional loafs will grow mold before you get to them.

We all love a challenge, but when you see a sign that says “Eat the ENTIRE 6.8 kilo burger, get it FREE” sign, I encourage you to pass on the opportunity. Unless you are confident you can finish the burger, and that you will be satisfied when you do, you will end up paying an unheard of price for the meal (and suffer from a massive belly ache).

“Free for 90 days” usually translates to: It’s free now, but your locked in for 12 months and for the 9 months it’s not free…  Well, it certainly won’t be cheap! You’ll see deals like this on credit cards (“0% interest for 90 days”), loans, subscriptions, etc. Before you buy into one of these schemes, get all the information and READ the small print! “Free Money” would likely fall under this category. If you receive an email from someone wanting to put some money in your account, all they need is your account information, I hope you can immediately realise that this is a scam!

Take advantage of the free things in life, but be aware that many times people use the word “FREE” to manipulate and scam others into spending more when they need not! What are you favorite free things? Do find it difficult to realise when the word “free” is being used to manipulate?

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