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Smart Money Moves Worksheet

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Smart Money Moves Worksheet

Read the fictional scenario and use the figures provided. Show calculations where asked. All amounts are in New Zealand dollars (NZ$). Tax and KiwiSaver rules can change; this worksheet uses the stated assumptions rather than current legal advice.

Scenario: Maia’s first pay packet

Maia is 17 and works 8 hours each week at $23.50 per hour. For this exercise, assume her PAYE deduction is 10.5% of gross pay, with no other deductions. She wants to buy a $360 laptop in 12 weeks. She has no savings set aside for the laptop yet. Her regular weekly spending is $45 for transport and lunches, $18 for her phone, and $25 for social activities. She plans to save whatever remains after these costs.

1.Calculate Maia’s gross weekly pay before deductions. Show the multiplication.

2.Using the scenario’s 10.5% assumption, how much PAYE is deducted each week, and what is Maia’s weekly take-home pay? Round to the nearest cent.

3.How much does Maia spend each week on the three regular costs listed? How much can she save weekly if she sticks to this plan?

4.Will Maia reach her $360 laptop goal in 12 weeks at this savings rate? Calculate the amount saved and explain whether she meets the target.

5.Maia’s hours are cut to 5 hours per week for the next month. Her hourly rate and weekly costs stay the same. Calculate her new take-home pay using the same 10.5% assumption, then her weekly savings. Can she still save anything?

Make a money plan

Use Maia’s original weekly figures unless a question says otherwise.

6.Maia considers buying a $6 snack each week. If she buys it, how much will she save each week, and how many whole weeks will she need to save at that rate to afford the $360 laptop? Assume she starts with no savings set aside for the laptop.

7.Maia’s bank offers a savings account paying 3% interest per year, calculated simply on her starting balance. If she deposits $500 and leaves it there for one year, how much interest would she earn before any tax or fees?

8.Maia sees a second-hand phone listed online for $180, but the seller asks her to pay by bank transfer before she collects it. Name two checks or safer actions Maia should take before paying.

9.True or false: A budget is useful only when income and expenses are exactly the same every week. Explain your choice in one sentence.

10.Give one practical strategy Maia could use to keep her laptop goal on track if her income or costs change. Explain why it would help.