Hello my lovely friends,
This post is about making small changes in your life each day that your future self will be forever grateful for. As you wake up each day I’m sure the first thing you think about isn’t saving for your future or about how a small amount of savings each day could lead you to a healthy financial future. First things first if you are in your 20’s or 30’s you need to start building some wealth outside of super. This can be done by setting up regular savings plan on pay day and by investing in property or the share market. I believe in the Warren Buffet way to buy and hold and invest for the long term. I also believe you should be able to call upon a portion of your assets when necessary and turn them into cash within a few days if thats what you need to do at the time. My preference is to invest in shares as they are more liquid.
The next thing you should do is review your super fund/s. Most people have 3 or sometimes even 10 different super funds. As people change jobs and they take up the super fund their new employer suggests they usually just sign up. I decided recently I really needed to consolidate my super accounts in to one fund. When I looked into it I realised I had 5 different super accounts which meant 5 sets of fees being paid each month. I just put it off consolidating the accounts for a long time as I thought it was going to take too much time and involve filling in heaps of paperwork. I was pleasantly surprised that most super providers now, including my own, have an online module to transfer your super across to your preferred fund.
All you need to do is to set up an online account with your main super fund and give them the name of the other super fund/s that hold your money, enter your account number and your super fund does the rest to transfer your money. My super was transferred in less than a week and rolled in to one fund. When deciding which fund you want to stay with you should have a quick look through the options of each fund, the fees and the insurances they offer. A great website to help you understand what you need to look for in choosing a super fund is: https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/choosing-a-super-fund
The money smart website is great for information on lots of everyday money advice. I would recommend everyone have a look around the website and check out their resources and videos. So if you have more than one super account now is the time to consolidate and stop paying extra fees. It might take you half and hour and save you thousands in the long run.