But a national – or global – economic downturn doesn't have to mean a financial disaster for every individual household. Here are five Covid-19 money mistakes to avoid if you want to make it to the end of the year in the best shape possible. WITHDRAWING FROM KIWISAVER IF YOU DON'T NEED TOGenerally it's hard to withdraw money from KiwiSaver on hardship grounds but more people are turning to their retirement savings accounts for help. “If investors take money from an investment, it will dent the one thing that lots of investors don’t understand – compound interest. “Compound interest is the addition of interest to the principal sum of a loan or deposit; in other words, interest on interest.

Source: Stuff June 19, 2020 17:00 UTC