Many influential people around the world included the pope have called for countries to implement a Universal Basic Income (UBI). Essentially the UBI is an income that is paid to everyone with no tests or questions asked – even millionaires would receive this payment.

As it has been a hot topic around the world for some time, the New Zealand Finance minister Grant Robertson said that it could be a possibility for New Zealand. Universal Basic Income has been talked about for a while but as the need for benefits and food grows across the globe the topic has popped up again. Italy had a version of UBI before COVID-19 had even hit for the most vulnerable members of their society, Spain had a minimum vital income for their poorest citizens and many people are pushing for something similar to be pushed out in France and Germany. While Europe has had a big influence in getting the scheme pushed out will the rest of the world follow suit?

Finland had also trialed UBI on a smaller scale. The experiment randomly chose 2,000 unemployed individuals and supplied them with the payment. While many people were able to gain employment with the payments or even start a business – some saw no benefit from the scheme at all.

The Universal Basic Income was raised by Gareth Morgan during his election campaign and has been a strong advocate for the cause in New Zealand. He stated that it could help out a lot of people’s lives especially those that need support.

If the UBI was to roll out in New Zealand it would probably follow the same payments of the super benefit which is $22,000 a year. This would cost the country $90 billion each year which has been a touching point for those against it.

Entrepreneurship is on the rise in New Zealand, especially amongst millennials. The side hustle is becoming common amongst young Kiwi’s with many of them starting their own businesses alongside their full time jobs.

For many millennials, the side hustle is about more than just making some extra cash, it’s also about doing meaningful work. It has been found that in New Zealand more than a third of Kiwi’s have a side hustle. Young Kiwi’s enjoy the opportunity that they get from side hustles to pursue their passions without having to risk their financial stability on a full time business.

For some side hustlers, their side businesses can add up to a significant part of their annual salaries and are helping many people to become more financially stable, to save or buy homes in New Zealand where the cost of housing is on the rise.

The growth of side hustles can be attributed to the rise of easy to use and affordable digital technology and platforms which allow people to sell their products and services. There is a dark side to side hustles however, for many people the side hustle has risen from a need to make more income or to find more stable income due to the increasing casualisation of the workforce.

Many side hustlers have to fit their side incomes around full time work and feel the need to do it because their wages are not growing quickly enough or feel that they need a side hustle because they cannot find anything more than casual or part time employment. The rise of the gig economy for many is a sign of a bad change, making it more difficult for people to get permanent roles and earn the money they need to earn to survive.

When you are trying to save money every little bit can make a difference. The sooner you start the sooner you will hit your goals. Below are some smart ways in which you can save money in New Zealand.

Set goals

Many people fail at saving because they haven’t set a goal. If you aren’t trying to achieve something why are you doing it? Setting short and long term goals can help make a massive difference and get you motivated.

Short term goals such as a holiday, new car or TV are great ways to get you motivated. Your long term goals should be larger such as an emergency fund or a deposit for a house.

Automate your saving habits

An easy way to get your saving is to automate the whole process. Setting up an automatic payment makes it so easy that you don’t even have to think about it. Line up the auto payment with your pay cheque so that once you have money in your account, a small amount of it will be thrown into your savings fund.

To make things a bit clearer for yourself, consider changing the name of your savings account to your goal. For example if your saving up for that house deposit change it to: New House.

Pay bills on time

A somewhat obvious way to save money but should still be mentioned is paying your bills on time. A lot of companies will charge you extra late fees if you don’t pay on time. Additionally some may also give you a discount if you pay them earlier than the due date.

You will be amazed how much you can save by paying things on time or early. To get on top of your bills you can also set up automatic payments.