Small changes to make to tip more into super
November 26, 2018
We often have older members tell us in hindsight they wish that they’d started putting more into their super at a younger age. But we also know that when retirement is still some time away it can be hard to find the money (and motivation) to do just that. Here's our list of small changes you can make to tip more into your super.
Reduce the amount you spend on takeaway coffee
It’s simple maths. If you buy a $4.00 coffee five days a week, this totals $20 a week. However if you put that $20 into your super instead, it could benefit from years of compound interest and investment earnings – a much better deal.Find (and cancel) subscriptions you just don’t use
With online transactions it’s easy to forget what you signed up for, so go through your bank statement and look at all the direct debits coming out of your account. Resign from ongoing subscriptions that don’t bring you joy.Stop paying unnecessary bank fees
Bank fees can really add up and, in many cases, are just wasting money. Check what fees you’re paying and why (hint – if you’re always paying overdrawn fees it might be worth checking out our budgeting tool!) It’s also worth doing your research before going overseas to see who can offer you the best deal on international transactions.Set up super contributions as regular payments
While you’re feeling motivated to boost your super now, it’s easy to get side tracked. You can set up regular contributions to your super straight from your pay through Payroll or alternatively make regular BPAY contributions yourself. Consider setting them up just after your pay goes in so you won’t even miss the money.
Be realistic about your future
While we would all love to “set and forget” our super and retire with a huge pot of money, the reality is that you will need to do some planning and the earlier the better. Work out the sort of income you’d like in retirement and how much you should be contributing now to achieve that.
TRY OUR RETIREMENT INCOME PROJECTOR