Island Roots: Pacific money talks and how to save for family obligations

Latayvia Tualasea-Tautai is encouraging Pasifika to save and be smart with money.

Cost of living continues to be top of mind for many New Zealanders, with many still unable to afford the bare necessities.

While much of the country has come to grips with this crisis, it is nothing for Pasifika and those from marginalised communities.

Before the cost of living issue, it was Covid-19. Before Covid, it was housing. All these issues are long-lasting and intersectional.

Financial expert Latayvia Tualasea-Tutai told the Island Roots, Auckland Ways podcast: “Money interacts and intersects in every aspect of our lives.”

She issued three top tips to dealing with money in the current climate.

Having a dedicated fa’alavelave account

The Samoan term fa’alavelave is used to describe monetary support given towards significant events such as weddings, funerals or other family or church obligations.

The word itself means a disruption, disturbance or accident.

Tualasea-Tutai shared a simple yet somewhat game-changing tip for Samoans or Pasifika who struggle when a fa’alavelave suddenly pops up - she has a dedicated fa’alavelave bank account.

@islandrootsaucklandways

Sis… e ke mana’omia se suka tatz? 🤣 honest bank acc reveal 😅 #fyp #nz #polynesian #money #finance #auckland #polytiktok #southauckland #manurewa #bank #saving #podcast #vibe #fypnz #trend #podcast

♬ original sound - Island Roots, Auckland Ways

“When the family group chat goes off, I know either someone’s married, someone’s dead - all the different life shocks,” she said.

“My aunty’s cousin’s brother’s sister’s dog’s mum-in-law is sick...I have a family account then I have my spending account, then my savings and then my investing account.”

She has a separate emergency fund that contains three months of wages and a self-care account that can be used for solo dates and little indulgences.

“I try to keep my self-care account at like $500 at all times,” she said. I feel like if it’s more then I will just go and book myself a trip to the Maldives.”

For those who didn’t grow up with a lot of money, there is the feeling of instant gratification when spending big as an adult, Tualasea-Tautai said.

She said it comes from a place of shock and social mobility.

“I got my stationery through [Work and Income NZ],” she said.

Financial expert Latayvia Tualasea-Tautai (middle) with Island Roots, Auckland Ways hosts Allyssa Verner-Pula and Mariner Fagaiava.

“My school fees were paid off on automatic payment that’s so real for so many.

“I can get the things that I’ve always kind of wanted, but then it’s reigning it back in sometimes.”

Making up-front purchases in favour of loans

There were several instances of clients who approached Tualasea-Tautai when she worked as a financial mentor, struggling to keep up with car repayments.

“I just can’t even count,” she said. “Why are these places letting you get finance on a Jeep? I think the onus is also on loan sharks and finance companies.”

“For the girlies who are looking for a car – highly recommend paying it upfront in cash.”