Each week the New Zealand Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's why a pay rise isn't enough to solve money problems. Hosted by Frances Cook.

If you're hoping a pay rise will fix all your money problems, I have bad news for you. It won't.

Sorry to start on such a harsh note, but it's true. People on modest incomes can often find ways to look after themselves, including putting money away for retirement.

Meanwhile, people earning ridiculous amounts can still go broke, quite easily.

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How else do you think even wildly successful singers and actors often become publicly and embarrassingly bankrupt?

Now I'm the first to back you up if you want to go for a raise. But people often use that as an excuse to do nothing else, throwing their hands up and claiming there's nothing more they can do.

There's a major difference between income and wealth, and you can start becoming wealthier right now. You just need to change some of the ways you handle your money.

Luckily these aren't rich people secrets, or if they are, they won't be for long.

I called Tim Fairbrother, authorised financial adviser for Rival Wealth, for the latest episode of the Cooking the Books podcast.

We talked about how to make a difference even when you're on a lower income, the problem of lifestyle creep, and the balance between enjoying your money and planning for the future.

For the interview, listen to the podcast.

If you have a question about this podcast, or an idea for the next one, come and talk to me about it. I'm on Facebook here Instagram here and Twitter here.

Don't forget to subscribe on the Apple podcasts app or I Heart radio, to make sure you never miss an episode.