Often trust have been seen to be province of the uber wealthy. But are they? And often people don't think about this issue until it is too late

So when should we think about these issues - our family. inheritances and what's gonna happen to our money when we aren't around to look after it?

Managing Director for New Zealand Family Trust Services Limited Janet Xuccoa joins Tim Beveridge to give her advice on trust accounts, and how they should be used.

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Last week the Reserve Bank dropped the OCR 25 basis points to 2.25%, but their tone was a bit more hawkish than usual. 

Some analysts are thinking it's a signal that rates have gone as low as the RBNZ is willing to drop them - and the new Governor may be wanting to turn a new leaf in 2026. 

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We got another OCR cut this week - now down to 2.25% - the lowest it's been since June of 2022. 

That was the last one for the year, so a lot of us mortgage holders are trying to figure out whether things are slowing down, and if it's time to fix for a longer term this time around. 

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Queues at budgeting services are getting longer, and financial advisors are finding households with increasing incomes are seeking help. 

Kiwis with a household income of over $200,000 a year and likely with a mortgage are struggling to make ends meet. 

It feels like it was only a few years ago that being on a six figure salary meant you were fairly well off, but it seems it's barely enough to get out of living paycheck to paycheck these days. 

So what actually is a liveable wage these days? Do we truly need to be making half a million a year just to pay our bills and still have a bit left over for savings and fun? 

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Most of us have spent the past few days daydreaming about what we would spend $55 million on. 

Pay off the mortgage, book a holiday, send some off to charity, throw the rest in a term deposit.

Three lucky punters each one a share of the jackpot last night - $18.3 million each. 

Not many of us will have the chance to come across tens of millions in our lives, but most of us will at some point get a large some from inheritance or a bonus or the likes. 

So what's the smart thing to do when you get a big windfall, before the excitement takes over? 

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The Reserve Bank shocked a lot of us last month when it cut the OCR by 50 basis points down to 2.5%.

Analysts have said that the RBNZ was reading the room and giving kiwis a much needed breather after years of high rates. 

Early signs are showing it's starting to have an effect - with the GDP estimate for the September quarter pointing to 0.6% growth and many banks forecasting an optimistic remainder of the year. 

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Dame Noeline Taurua was stood down as the coach of the Silver Ferns in September due to 'significant issues' in the team. After many public statements and interviews, she was reinstated at the end of last month. 

Netball NZ, her employer, remained just vague enough that the public could allow their imaginations to run wild about what had happened. 

Andrew Bayly, MP for Port Waikato, resigned as a Minister after an 'animated discussion' during which he placed his hand on a staffers arm. He said he was led to believe a complaint had been laid, and his resignation was in response to that - but he very recently discovered that no formal complaint was made. 

Luxon has since said about Bayly, that he would have sacked him if he hadn't resigned first. 

But what is the right way to go about an employment dispute like these?

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Trusts are hardly mentioned outside of when wealth tax is in the news, or when someone mentions their accountant told them to get one.

One side of the political aisle seems to have a good list of reasons as to why someone would need a trust, while the other side seems to be convinced that essentially the only reason anyone would have one would be to hide assets. 

So what is the real purpose of a trust? 

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An interesting report came out this week about budgets: the average household spending has only gone up two dollars a week since 2023.

50-percent of respondents said they're actively seeking out discounts and promotions - and 30-percent downgrade brands.

It's one thing to be spending less on non-essentials, eating less, or wearing cheaper clothes, but sometimes that can chip away at our mental health and confidence. So how can we still feel good and financial okay, with what we've got?

On the topic of household budgets: when do you merge finances with your partner or spouse? How do you do it? What should you be careful of?

Financial specialist, and author of top Personal Finance book - Money Matters - Amanda Morall joins Tim Beveridge for Smart Money...

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A new governor has been appointed for the Reserve Bank of New Zealand - all the way from Sweden. 

Dr Anna Breman has already received criticism from economists who find themselves concerned that someone with such little knowledge of the New Zealand economy will hold such a high stakes position. 

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