Learn how to overcome the two flaws of budgeting with the Money Map and the Bank Plan.
The Money Map lays out each bit of income and expense that you may have in a clear, easy to follow format. This helps you find unexpected sources of expenses that you may have forgotten about as well as other bits that you can tweak to improve your cash flow.
The best way to make the most out of the Money Map is to make sure that you enter as much accurate information as possible. This will help our tools and Advisers in giving you helpful advice.
Get started with the Money Map by following the steps below:
The Money Map is one of the key tools you will be using in the VerdiPlus toolkit. It is important that you fill out your Money Map completely with accurate information so you can get the most out of our other tools.
Our advisers will also be using the Money Map to create recommendations through Scenarios. This allows you to see and compare the difference between your current Money Map and your adviser's recommendations.
There are three ways of looking at the Money Map:
2. Personal - Your personal incomes and expenses from your own household
3. Rental - Your rental incomes and expenses from rental properties
The Money Map has four main sections:
1. Income - Note that this includes both your income as well as the deductions that come with it (KiwiSaver, for example)
2. Financial Commitments and Expenses
4. Your Surplus or Deficit
How to add a partner's income to the Money Map:
1. Tick the "Include Partner's Details" box.
2. Press the "Add Income" button under your partner's name.