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MasterCard Worldwide Launches Comprehensive Financial Management Program in New Zealand

MasterCard Worldwide today announced the launch of Budget Basics, an online consumer education program designed to give access to easy-to-understand information to help manage finances.

The website www.budgetbasics.co.nz will provide New Zealanders with a range of valuable tools that will arm them with the knowledge to understand their financial situation, develop a personal plan to improve their position and ultimately take action.

“The program represents a commitment from MasterCard to improve Australians’ financial literacy and ultimately their personal financial wellbeing,” said Leigh Clapham, executive vice president, MasterCard Worldwide, Australasia.

“When managed effectively credit can be an empowering tool enabling New Zealanders to build a positive credit history, buy a house as well as track and manage everyday spending,” he added.
Budget Basics features a few simple tips for New Zealanders that will aid them in improving their financial position. These include:

• Assess Debt – The Budget Basics online calculator can assist Australians to assess their current finances and determine the total amount they owe.
• Goal Set – Setting small goals and timelines for achievement to ensure continual improvement of financial position.
• Pay More than the Minimum – This can be the critical first step in reaching goals. Try to pay more than the minimum on each monthly statement.
• Track Spending – Credit enables consumers to track purchases to see where money is being spent.
• Understand Interest and Late Fees – Ensuring payment of credit statements by the due month to avoid interest charges and other late fees.

The site also includes useful information about how to identify debt warning signs, how to understand current credit history as well as current financial resources to help improve overall financial position.

The site is not only limited to those that need assistance with their current financial position, but also aims to educate young Kiwis about positive financial habits.

“Ensuring New Zealand’s youth understand how to budget will significantly improve their financial position in later life,” said Mr Clapham.

To help promote the importance of financial literacy to the New Zealand public, Budget Basics will be promoted through information packs, containing posters and flyers which will be sent to a wide range of community organisations including universities, polytechnics, libraries, debt counselors and local government agencies across New Zealand.