Money matters day a big success

MONEY SUCCESS: The Farming Women Tairawhiti (FWT) Money Matters focus day last week went well and will be followed by a farm succession planning workshop in early September. Rabobank’s country manager Hayley Moynihan (pictured) was the keynote speaker. Pictures by Rebecca Grunwell and supplied

THE Money Matters focus day last week, staged by Farming Women Tairawhiti, was a resounding success with over 70 rural women attending and the speakers covering many areas of managing money.

It was held at the new Waikanae Surf Lifesaving Club rooms.

“There were also lots of fun activities to keep minds active and spot prizes were handed out during the day, thanks to the generosity of local sponsors,” said chairperson Sandra Matthews.

Personal budgeting was a good way for individuals and families to manage their income to ensure funds were available to pay the important bills when needed, the seminar was told.

“Being able to walk past a bargain in the shops and not buy it because you know there will not be enough money for the power bill, reduces stress on the family unit.”

What type of insurance and why they are important, was covered including ACC and personal insurance.

Terminology used in insurance was explained and will help those attending make informed decisions around the best type of insurance for them personally, but also for their farm business.

“There was good discussion around retirement and Fleur Gardiner from Craigs Investment Partners explained — it is never too early to plan,” Mrs Matthews said.

“There was a clear message from experts on how to think strategically and diversify investments for retirement.

Kiwisaver and retirementKiwisaver could form a bit part in ensuring you have enough money to retire on, she said.

“Also, making investment decisions based on knowledge of what you would like to do in retirement also helped to plan how to invest to make sure there is enough money to retire on.

“It was wonderful to have Hayley Moynihan, Rabobank country manager, speak at Money Matters,” Mrs Matthews said.

“Hayley, who grew up on a farm in the South Island, talked about the increasing role of women in agribusiness reminding those attending that farms are 50 percent female and 50 percent male, making it important for both partners to work together to build a stronger business.”

Questions from the audience covered sheep and beef global markets, the perception of consumers verses reality of the organic movement and the TPP.

“Hayley’s exceptional knowledge in these areas was a highlight of the day,” said Mrs Matthews.

For many farming families sucession planning is a hot topic.

Lyall Evans and Fleur Gardiner touched on how to build wealth by writing a plan and being disciplined and organised.

“Again, knowing about investment terminology and products helped when working on succession, as knowledge is power,” said Mr Evans from BDO.

“Building wealth is about people and hard work, it is also about being patient.”

With this in mind FWT and BDO will be running a Succession Planning workshop on September 5.

“We have been asked by many of our members to run this workshop and it will be open to members and their families but pre-registration is essential with FWT,” Mrs Matthews said.

“The FWT executive committee would like to thank all our speakers and sponsors as without local support we would not be able to run these events for rural women in our community.”