The Ultimate Guide to Family Budgeting in New Zealand: Saving on Utilities and More

Feb 22, 2024


Efficient family budgeting is imperative amidst many economic challenges today. Like any other families around the world, New Zealand families have to budget wisely to ensure the household remains financially stable and secure. 

With the recent acquisition of, glimp aims to provide valuable insights to make financial budgeting easier for Kiwis. Plus, we have a range of comparison tools that help you get the best deals and snag the biggest discounts.

In this comprehensive guide, we’ll delve into the basics of family budgeting and practical tips that are timely and relevant in the context of New Zealand.

The Basics of Family Budgeting

What is Family Budgeting?

Family budgeting is the system of tracking income, monitoring expenses, and setting financial goals as a household. Family budgeting basics also outline strategies to achieve both short-term and long-term financial objectives. 

Understanding the income and expenses of money within a household is fundamental to efficient family budgeting. It’s all about making intentional choices to ensure that every penny is spent on the things the household needs and occasionally wants.

Benefits of a Family Budget

Creating and strictly following the family budget provides plenty of benefits. Here are some key advantages:

1. Achieve Financial Goals: By setting clear financial objectives, Kiwi families can closely track their goals of homeownership, education, and retirement. A budget acts as an anchor that guides you toward these goals.

2. Cope with Economic Challenges: A well-planned budget acts as a safety net in cases of unexpected financial downturns. Having an ample emergency fund gives you peace of mind that you’re not going to be broke amid economic challenges.

3. Reduce Financial Stress: Knowing where every dollar provides you with a sense of control over your situation and financial goals in NZ. However, it’s also important to not be too stingy to foster a healthier relationship with money.

To help Kiwi families take advantage of these benefits, it’s crucial to know the best financial products and utilities. Use glimp to ensure that every dollar is spent on the items you only really need.

How to Create a Family Budget

Creating a family budget is a step-by-step process that all members of the household must follow. This involves every member to take control of their finances.

Step 1: Track Your Spending

The most important step in creating a comprehensive family budget is understanding where your money is spent. Budget tracking every month and categorising expenses can help you identify areas where you can cut back.

This process is one the hardest to do because it involves meticulous tracking of every expense, no matter how seemingly insignificant it can be. Fortunately, there are now plenty of mobile apps and online tools that can help make this process a lot easier.

Step 2: Set Financial Goals

Once you have a clear picture of your financial situation and capacity, the next step is to determine your short and long-term financial goals. These goals are your motivations, setting your financial direction over the next few years.

Short-term goals usually include building an emergency fund, paying off high-interest debts, or being debt-free. On the other hand, long-term goals include saving for your children's education, buying a car or a home, or planning for retirement.

Step 3: Adjust for Unexpected Costs

When life gives you lemons, make sure you have enough budget to cover you during unexpected circumstances. It’s important to take into account unexpected costs when setting your financial goals.

Having an emergency fund is a safety net that guarantees you have a buffer during unforeseen circumstances. This ensures you can afford to shoulder these unexpected costs without compromising your overall financial stability.

glimp’s comparison tools allow you to save money on your expenses, which can make a whole of a difference when creating a family budget.

Saving on Household Utilities: Broadband, Power, and Mobile

Family budgeting becomes even more efficient by making strategic spending choices on essential and non-essential services. Household utilities, including broadband, power, and mobile services, may be the most needed, but they’re the areas where you can save the most.

Broadband Savings Tips

Internet connectivity is an important utility for work, education, and entertainment, that’s why finding the best broadband plan that fits your budget is important. The truth is that many Kiwi families may be overpaying for broadband services that exceed their actual needs.

Compare Broadband Plans: Different households have different broadband needs; there‘s not a one-size-fits-all broadband plan. The cheapest plan doesn’t necessarily have the lower price, but the one that matches your household needs. Glimp’s broadband comparison page helps you adjust your budget by only getting the plan you need.

Visit Glimp's broadband comparison tool to see the best plans based on your needs.


Consider Your Usage: What is your household's internet usage patterns? If you find that high-speed plans with unlimited data are overkill for only casual web browsing, consider downgrading to a more cost-effective option.

Bundle Services: Some providers offer bundle options that include broadband, mobile, entertainment, and power packages. Bundling can lower overall costs compared to subscribing to each service individually.

Reducing Your Power Bill

Power bills are one of the most significant contributors to a household’s monthly expenses. The great news is that you can save big on utility bills using glimp's power comparison tool, without skimping on the comforts of your trusty appliances.

Understand Usage Patterns: Monitoring your power usage makes you more aware of simple habits like turning off lights when not in use or using energy-efficient appliances. While considered small gestures, they contribute greatly to lower your power bill.

Compare Power Providers: The New Zealand energy market is very competitive. You don’t have to stay with a high-cost plan if you can achieve power bill reduction from other providers offering different rates and plans. 

Invest in Energy Efficiency: Purchase or replace your appliances to more energy-efficient appliances. While they may cost higher upfront, their long-term savings can significantly drop your monthly expenses.

Use glimp’s power comparison tool to compare power providers that provide the most cost-effective power plans for your household.

Choosing the Best Mobile Plan

Mobile plans are another utility where each member of the household can save. There are plenty of available options, so make sure to choose a plan that matches your family's usage.

Evaluate Usage Needs: Analyse your family's mobile usage patterns. If you're consistently paying for features that you don’t really use, it’s time to switch to a more cost-effective plan through glimp.

Family Plans: Some providers offer family plans that include multiple lines under one account for people living in one roof. These plans are cheaper compared to individual plans.

Explore Prepaid Options: Prepaid mobile plans are ideal for budget-conscious families. Since they pay for the service upfront, there are no bill shocks at the end of the month.

Use glimp’s mobile comparison tool to compare mobile plans to find the best plan for your needs.

Choosing the Right Financial and Insurance Products

Financial products and insurance are key to safeguarding your family's financial future. Making informed decisions in these areas is essential for a comprehensive family budgeting strategy.

Car Insurance and Loans

Consider Comprehensive Coverage: While basic insurance may be enough for many, consider comprehensive coverage for utmost protection from theft or fire.

Don’t cut corners and find and find the best deal for you with Glimp’s car insurance comparison page.

Understand Your Budget: Before committing to a car loan, carefully assess your budget to determine how much you can comfortably afford in monthly payments. Avoid stretching your finances too thin.

Negotiate Loan Terms: Don't just agree to loan terms with the lender. Interest rates, repayment periods, and fees are often negotiable, especially if you have a good credit score.

Secure the best loan terms for your vehicle by comparing the top offers from NZ providers right here at glimp’s car loan comparison page.

Contents Insurance: Protecting Your Belongings

Assess Your Belongings: Before choosing a contents insurance policy, assess the monetary and personal value of your belongings. It may not be wise to protect them with insurance if they’re not really worth much.

Consider Specialized Coverage: If you own high-value items, such as jewelry, art, or electronics, consider adding specialized coverage. 

Check the best deals for content insurance in NZ! Get better deals with glimp.

The Importance of Pet Insurance

Understand Coverage Options: Pet insurance policies cover a range of veterinary expenses. Understand your options and get only the inclusions that suit your pet's needs.

Plan for Routine Care: Some pet insurance policies also cover routine care, such as vaccinations and dental cleanings. If included in your policy, ensure to maximize these benefits.

Make sure you’re covered by the unexpected costs of raising a pet. Grab pet insurance in NZ using glimp’s pet insurance comparison tool.

Engaging the Whole Family in Budgeting

Family budgeting is a shared responsibility involving all members of the household, regardless of their ages. Engaging the entire family in the budgeting process instills financial responsibility and strengthens family connections, too.

Teaching Children About Money

Financial literacy is a skill that should be nurtured from a young age. Involving children in age-appropriate discussions about money can set the foundation of responsible financial behavior as adults.

Relate financial concepts to real-life situations that children can understand. For example, you can introduce the concept of budgeting using their pocket money or allowance from chores and other merits.

Making Budgeting a Family Activity

Thinking of budgeting as a chore that all family members do can be a game-changer. It fosters a sense of collective responsibility, ensuring that everyone is on the same page in the family’s budgeting journey.

As parents, you have a crucial role to play as financial role models. Demonstrating responsible financial behavior, such as saving, budgeting, and making informed financial decisions, sets a precedent for the children to follow.

Family budgeting is more than just numbers; it also empowers each family member to take better control of their financial goals. 

Remember: informed decisions are the foundation of successful budgeting. Compare financial products and utilities to ensure you get the best deal and you make the most out of every dollar you spend. 

In our commitment to providing value to New Zealand families, we've proudly taken over website. We continue the mission to deliver insightful content and helpful tools designed to make financial planning and budgeting easier for everyone.

Start your family budgeting journey with glimp today!

Hanish Parmar , 2024-06-14

Awesome call taken by Joshua Solomone. He understood my requirements related to power and gas, did his investigations to find the best alternative service provider for me and found the best one available in the market. Not only that, Joshua also made sure that I got the best deal too.

Rebecca Wilson , 2024-06-06

Jordan has a very pleasant phone manner, even saying I sound younger than I am (blush) and noted my birthday was coming up soon - very personable, lovely and friendly demeanour. Also conscientious, intelligent and professional. Thank you Jordan for making it easy for me gracefully :)

Tariq Islam , 2024-07-04

I recently had the pleasure of interacting with a customer service representative from Glimp and the experience was exceptional. From the moment I reached out for assistance, I was met with professionalism, friendliness, and a genuine willingness to help. Thanks Glimp for making it simple to navigate through various options for broadband.

BearStrength NZ , 2024-06-21

Had a great experience with Glimp. Customer service from Jordan was amazing and she was very thorough when explaining everything and she found me a much cheaper rate for power and internet. The service is very appreciated 😁