Here's the amount of extra cash per week Kiwi families need to save to make ends meet in 2024

Here's the amount of extra cash per week Kiwi families need to save to make ends meet in 2024

Surely someone redo the math.

With Aotearoa still in the middle of a cost-of-living crisis, an expert has shared how much more money Kiwis will need to save to get by in 2024. 

Senior economist Mark Smith from ASB says we’re past the worst of it, but advises Kiwis should save an extra $70 a week in 2024 to make ends meet.

"We still have a bit more of a mountain to climb, unfortunately,” he told Stuff.

In 2023, the extra cash required per week for the average family rang in at a huge $115. While we're set to see a decrease to that amount, $70 remains "pretty substantial" for most Kiwis.

Smith said inflation is slowing down a little, but warns this doesn't mean financial woes will disappear overnight.

“This largely reflects cooling goods inflation, but stickier services inflation should also cool as inflationary pressures in the labour market subside,' he said. 

"Movements in food prices, transport and miscellaneous goods prices are expected to slow.”

“There are people out there struggling," Smith added. "The longer people have to try to keep their heads above water, the harder it's going to be.

“One year of a big cost increase, you can maybe get through that, but now we’re at four [years] that’s really hard for a lot of households.”

If you’re looking for ways to find that extra $70, you may have a bit of extra money you're owed that you didn't even know about. 

You can search for your unclaimed money through the IRD website to see if there’s any cash under your name that could be heading your way.

It regularly gets updated, but surprisingly, loads of people don’t know about it, which is exactly why we’re letting ya know!

Here's hoping things get back to where they were.