The Aotearoa/French connection

While attending a family reunion last year, Eru (34 years) discovered that apart from being Ngai Tahu, he also has ancestry which links him to the Bordeaux region of France. He hasn't had a chance to do his big OE yet, as he's been focusing on his career in the Police Force. He has decided to visit France next year to find out more about this side of his family, and also have a good look around other parts of Europe, taking 6 weeks in which to do so.

On a salary of $40,000pa, Eru works out that he can afford to save $200 every fortnight out of his pay packet. Using the Sorted regular savings calculator, he works out that in one years time he will have saved $5,262 (including interest) - not quite enough to cover all the things he hopes to do while he is over there, nor to survive the entire 6 weeks comfortably. However, if he continues to save for a further 3 months, he will have accumulated $6,598 - a more realistic amount to survive on. Now, he's off to his bank to find a high interest savings account. And Eru knows he is well on his way to achieving his saving goal and discovering the rest of his whakapapa (lineage) ...

Glossary: interest
Money paid in return for the use of money. If the bank is using your money (in a savings account) they pay you interest. If you are using the bank's money (via a loan), you pay the bank money.