Articles in this topic
Better Budget: Food Waste Reduction
NZ households waste $1,364 worth of food annually. Simple changes to shopping, storage and meal planning can keep more money in your pocket.
Better Budget: Grocery Loyalty Programmes
Are supermarket loyalty cards actually worth it? We look at the real value of Woolworths Everyday Rewards and New World Clubcard for NZ shoppers.
Better Budget: Tap Washers
A dripping tap wastes water and money. Learn when you can fix it yourself for under $10 and when to call a plumber.
Better Budget: Gutter Cleaning
Blocked gutters cause more damage than most homeowners realise. Learn when to clean them yourself and when professional gutter cleaning makes financial sense.
Better Budget: Car Servicing
Regular car servicing prevents expensive repairs, but costs vary significantly between providers. Understanding what is actually necessary helps you maintain your vehicle without overspending.
Better Budget: Fuel Efficiency
Small changes to driving habits and vehicle maintenance can reduce fuel consumption by 10 to 20 percent. Combined with finding cheaper fuel, the savings add up across the year.
Better Budget: Subscription Audit
The average household has multiple subscriptions they have forgotten about or no longer use. A regular subscription audit can recover $50 to $150 per month in wasted spending.
Better Budget: Bank Account Fees
Many New Zealanders pay unnecessary bank fees without realising. Understanding which fees apply and choosing the right accounts can save $50 to $200 per year.
Better Budget: Council Rates
Council rates are a significant annual expense for homeowners. Understanding how rates are calculated, when to object, and payment options can help you manage this cost.
Better Budget: Insurance Excess
Increasing your insurance excess can reduce premiums by $100 to $250 per year. Understanding the break even calculation helps you decide if a higher excess makes sense.
Better Budget: Smoke Alarms
Smoke alarms save lives, but many NZ homes have outdated or incorrectly placed alarms. Understanding the current requirements helps ensure your family is protected.
Better Budget: Draught Proofing
Up to 25% of winter heat loss from NZ homes is caused by draughts. Simple DIY draught proofing costs under $50 and can noticeably improve comfort and reduce heating bills.
Better Budget: LED Lighting
LED bulbs use up to 85% less electricity than incandescent or halogen bulbs. Replacing the lights in your home is a low cost improvement with genuine ongoing savings.
Better Budget: Choosing the Right Electricity Plan
The average New Zealand household can save $350 per year by switching electricity plans. Understanding low user versus standard plans and time of use pricing can significantly reduce your power bills.
Better Budget: Hot Water Cylinders
Hot water typically accounts for 30% of household energy costs. Understanding temperature settings, insulation, and when to upgrade can save hundreds annually.
Budgeting with PocketSmith: A Complete Guide for NZ Home Buyers
PocketSmith is New Zealand's homegrown budgeting app that helps home buyers track expenses and prepare for mortgage applications. Learn how this Kiwi-made software can transform your financial planning.
Frequently asked questions
What is PocketSmith and why is it recommended for home buyers?
PocketSmith is a New Zealand-made personal finance application founded in Dunedin in 2008 that helps you track income, expenses, and savings goals. For home buyers, it provides the expense documentation that mortgage lenders require and helps you identify savings opportunities to reach your [deposit](/blog/how-much-deposit-do-you-need-to-buy-your-first-home) faster. The cash flow forecasting feature shows exactly when you will hit your deposit target based on current savings patterns.
How does PocketSmith connect to New Zealand banks?
PocketSmith uses secure bank feed technology to connect directly with all major NZ banks including ANZ, ASB, BNZ, Kiwibank, and Westpac. Transactions flow automatically into your account using the same security protocols that banks themselves employ. Your login credentials are encrypted and never stored on PocketSmith's servers directly, and the platform has maintained an exemplary security record since its founding.
Is PocketSmith free to use?
Yes, PocketSmith offers a free Basic plan that includes two account connections and six months of bank feed history, which provides solid functionality for casual budgeters. Premium plans at $9.95 per month expand to 10 accounts with 10 years of forecast projections, while the Super plan at $19.95 per month removes all limitations with unlimited accounts and 30-year forecasting. All paid plans include a free trial period.
How long should I use PocketSmith before applying for a mortgage?
We recommend tracking your finances for at least three months before applying for a mortgage. This provides sufficient data to understand your genuine spending patterns and demonstrates consistent financial behaviour to lenders. Banks want to see that your declared expenses match your actual spending, and having organised budgeting data can speed up the application process.
Is my financial data safe with PocketSmith?
Yes, PocketSmith holds ISO 27001 certification, the international standard for information security management. They generate revenue from subscriptions rather than selling user data, ensuring your financial information remains truly private. The company undergoes regular security audits and penetration testing, and they never store your bank login credentials directly on their servers.
Why does budgeting matter for mortgage applications?
Banks assess mortgage applications using "serviceability" - whether your income can cover mortgage repayments while leaving room for living expenses. Many applicants underestimate their spending, guessing their grocery bill at $200 when statements show $350. When banks discover discrepancies between declared and actual expenses, it raises red flags and can delay or derail applications. Accurate expense tracking eliminates these problems.
What key features does PocketSmith offer for first home buyers?
The platform offers cash flow forecasting that projects your future bank balances up to 30 years ahead, showing exactly when your savings will reach your deposit target. The calendar view displays upcoming bills and expected expenses visually to prevent surprises. Net worth tracking aggregates your bank accounts, KiwiSaver balance, investments, and property equity to show your complete financial position.
Are there free alternatives to PocketSmith?
Yes, Sorted.org.nz offers a free budgeting calculator developed by the Commission for Financial Capability. Your own bank may also offer basic budgeting tools within their mobile app. However, these options typically lack the forecasting and multi-bank aggregation features that make dedicated platforms like PocketSmith more powerful for serious home buyers. YNAB is another popular option but lacks direct New Zealand bank connections.