We all make New Year’s Resolutions with the best of intentions. It is important to remember that the resolution is a destination and, as with all journeys, starts with some simple steps. Getting into shape doesn’t mean that you have to go out and run a marathon on 2 January. It might mean going for a walk or short jog.
The same is true for taking on your financial goals. Now that the rush of the holidays has passed (and before school holidays end) you might be able to find a bit of time to take care of a bit of finance housekeeping.
Here are some things you can do that should take less than 20 minutes but get you set up for a significantly stronger financial future. Best of all, they don’t involve working up a sweat!
Consolidate your super accounts
If you’ve had more than one job in your life, you likely have more than one superannuation account. That means you’re paying duplicate fees and have insurance that you might not actually want or need.
Bringing all of your super into one fund can make managing it a lot easier. Plus, you might find some accounts that you’d forgotten about! You can get that money invested and growing, either in LifetimeOne or by selecting your own investments.
You don’t have to know where that super is being held, either. Our Supermatch system automatically searches for accounts held in your name and can take care of the consolidation process as well.
Getting started takes just a few minutes. Start consolidating your account now!
Time required*: 6 minutes
Nominate your beneficiaries
Nominating a beneficiary for your super essentially tells us what to do with your super and insurance benefits if you pass away.
We hope this isn’t an issue for a long, long time. Taking care of it now, however, takes only a few minutes and can ensure that your future needs are looked after.
There are two different types of nominations, a binding nomination, which lasts for three years and leaves your fund with no choice as to who receives your death benefit.
A non-binding nomination has no expiration however is not, as the name would indicate, binding. The trustee may still decide who receives death benefits, particularly if the person you nominate isn’t a financial dependant.
Getting either of these done should take just a few minutes and can be started by logging in to your account.
Time required*: 5 minutes
Start contributing a little extra
Making extra contributions like salary sacrifice to your super is a great way to grow your balance while providing potential tax savings. Win/win, right?
The best part is that getting set up can take just a few minutes and it could provide benefits for years to come!
There are a couple of different ways to get extra money into your superannuation. You can make a lump sum contribution (by downloading and filling in this form), which is an excellent option if you’re looking for a way to use money from an insurance payment, tax rebate or inheritance. If you haven’t met your pre-tax contribution cap of $25,000, you can also claim some of the taxes paid.
For many people, making regular, small pre-tax contributions from their salary is an easier way to get in additional contributions. Talk to your employer about making extra contributions or provide them with a copy of this form to get started.
Time required*: 9 minutes
Let us give you a hand
Each of these small steps should take just a few minutes, leaving plenty of time to start training for that marathon!
Of course, not every solution is right for every situation. We can review your situation and help you make the right decisions around consolidating, insurance, and contributing to your super with a quick chat over-the-phone.
To find out more about what we can do, call us on 1300 658 776 or visiting catholicsuper.com.au/advice.
*Time required is a guide only.