Coping With the Skyrocketing Cost of Living
April 14, 2025
Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard. Across the world, everyday essentials have surged in price across the OECD. What can you do to try to keep up with the increasing cost of living? Here are our 12 top tips:
Look for ways to earn more:
- Grow your business’s profitability (talk to us about improving your profits) or ask for a pay rise.
- Take in a boarder or flatmate.
- Sell your unwanted items online.
Cut back where you can:
- Prepare more meals at home and spend less at cafés and restaurants.
- Create a budget and keep your spending under control.
- Reduce the amount of meat you buy.
- Find ways to use your car less.
- Cancel your credit cards and your buy now pay later accounts.
- Review all your ongoing expenses like utilities, insurance and subscriptions – cancel, switch providers or get better deals.
Invest in your future:
- Think about investing in ways that are likely to outperform inflation – both shares and the property market have historically provided returns higher than inflation.
- Start a new business, launch a new product or service, or try a side hustle.
- Teach yourself about money and finances using free tools online and books from the library. Better money management helps you make the most of what you’ve got.
While inflation has slowed, it is still estimated to be in the 2 - 3% range this year on top of the recent increases. By increasing your income by 4%, and making up additional through savings, while also investing for the future, you can come out on top of inflation.
Worried about money? Talk to us. We have years of experience through many economic cycles, including previous periods of high inflation – and we’re always here to help.
We Did It! Hello, New Financial Year! Congratulations on making it through another EOFY (1 April 2024 – 31 March 2025)! Now is the perfect time to reset, refocus, and step into the 2025/26 financial year with confidence and clarity. A new financial year brings fresh opportunities to elevate your financial strategy. Whether you're looking to grow your business, streamline operations, or optimise tax efficiency, All Accounted For is here to support you every step of the way. Now is the ideal time to set your financial goals for the year ahead. Contact us today at 04 970 1182, and let’s work together to make this your most successful financial year yet!
The clock is ticking! The end of the financial year is just days away – March 31st, 2025. It’s time to wrap up those last-minute tasks before the deadline. Here’s a quick checklist to help you stay on track and ensure a smooth year-end close: • Review financial statements – Ensure accuracy of income, expenses, and invoices. • Reconcile bank accounts – Align all accounts and credit cards. • Chase overdue payments – Collect any outstanding dues. • Prepare tax documents – Gather receipts, income records, and deductions. • Check your budget – Update for year-end adjustments. • Inventory check – Take stock and update records. • Assess investments – Evaluate performance and adjust if needed. • Plan for next year’s goals – Set financial and business targets. • Store key documents – Safeguard important records for next year. Need help? Please get in touch if you have any questions or require any additional support pre EOFY: admin@aafl.nz or 04 970 1182.
Just a reminder that March 31, 2025, is stocktake day for businesses holding more than $10,000 in stock. If your business is closed over the weekend, this could be the opportune time to perform your stocktake. To assist you in ensuring a precise and efficient stocktake, we've curated some helpful tips for your consideration as you prepare for your inventory count. You can find detailed insights at the following link: https://public2.bomamarketing.com/email/Nx7Y If you have any questions or require further assistance in getting ready for your stocktake, please don't hesitate to reach out to us at 04 970 1182.
Managing bills just got easier! With Xero’s new Quick View functionality, you no longer need to click through individual bills or juggle multiple tabs! Now, you can view and approve bills directly from the Quick View screen. This streamlined approach is a more efficient way to stay on top of your school’s payables—ideal for schools with multiple bills to process each month. Save time, reduce hassle, and ensure timely approvals with this handy feature! To access this feature, simply click the icon on the far left under the "View" tab next to the bill you want to check, and voilà — the transaction details will pop up right there! To approve a bill, go to the "Awaiting Approval" tab, select the bill/s you want to approve by ticking the box on the left-hand side, then click the 'Approve' button.
View our March 2025 General Ledger: - 2025 Annual Accounts Questionnaires - Staff Changes and Guarantee for 2025 - Terminal Tax Reminder - Due 7 April 2025 - Minimum Wage to Rise From 1 April 2025 ($23.50 per hour) - Xero Tip of the Month: The Quick View Functionality Tool - Welcome to the Team: John & Hassan - Tax Question of the Month: Treatment of Tax Losses When PAYE and GST Liabilities Are Written Off - IRD Upcoming Tax Payment Dates https://public2.bomamarketing.com/email/eyxE
From Tuesday, 1 April 2025, the minimum wage will be increasing. The details of the increase are: • The adult minimum wage will go up from $23.15 to $23.50 per hour. • Starting-out and training minimum wage will go up from $18.52 to $18.80 per hour. • All rates are before tax and any lawful deductions, for example, PAYE tax, student loan repayment, child support. If this change affects you and your business, now is the time to talk this through with us. We can help your business forecast for the year ahead and create a realistic budget to account for this minimum wage rise and other factors you might need to consider in the upcoming year. Give us a call today. To find out more on the minimum wage 2025, visit: https://www.employment.govt.nz/.../minimum-wage-is...
The countdown is officially on—just four weeks remain in the 2024/25 financial year! Now is the time to ensure your business finances are in top-notch shape. With a little focus and planning, you can finish the year strong and set yourself up for success in the year ahead. Here are our top tips to help streamline your processes and get organised before the year-end! 1.Complete all invoices (do you have any work in progress?) 2. Follow up all outstanding balances 3. Write off bad debts if need be 4. Review all outstanding bills 5. Review your expenses (do you have a home office?) 6.Asset movements – have your purchased or disposed of any assets? 7. Check and confirm on your inventory Amid the year-end hustle, it’s essential to remember that taking breaks is just as important as ticking off your to-do list. Short breaks can refresh your mind, reduce stress, and help maintain focus, ensuring you finish strong without burning out. Prioritise your well-being and take the time you need to stay balanced during this busy month ahead.
Many hotels and motels incur unnecessary expenses that can be avoided. Operational costs, in particular, tend to rise when management isn’t closely monitoring them. If this sounds familiar, your accommodation business could be losing money that could be better spent elsewhere. After all, controlling expenses is a proven way to boost profitability. With this in mind, can you identify any unnecessary costs in your hotel or motel? All Accounted For can help. Our team will identify areas where you're spending more than necessary. From labor and operations to infrastructure, we’ll assess your costs to uncover potential savings. Over time, these savings can add up to significant amounts that could stay in your business’s accounts. Interested in learning more? Call us today at 04 970 1182.
A reminder that Xero will be retiring the classic invoicing version on Thursday, February 27, 2025. While many of you have already transitioned to the new invoicing system—following Xero's automatic switch on September 2, 2024—some may still be in the process of moving from the classic to the new version. After the extended deadline of February 27, 2025, access to Xero Classic Invoicing will no longer be available. If you haven’t fully switched to the new invoicing system yet, now is the time to do so. Familiarising yourself with the updated interface before the deadline will give you time to adjust and become comfortable with the new features. To access Xero's guide on how to navigate the new invoicing system, visit: https://learning.central.xero.com/student/activity/3482 ?
