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The past year has presented financial challenges for many people. Support your 2021 financial health with some simple saving measures.
As early access to your superannuation and other government economic support measures that have been put in place during the unprecedented financial environment of 2020 begin to wind down, get your savings working hard for you in 2021.
Some simple savings measures may help boost your personal financial health.
Here’s 10 ways to save money in 2021:
Just knowing where your money goes may be all you need to start spending less. Tracking where your money goes has become easier than ever. The Australian Securities and Investment Commission (ASIC), shows how to track your spending.
When it comes to saving, what works for one person financially may not necessarily work so well for another. Discovering your money personality and how it shapes your behaviour and relationship with money, may give you greater financial self-awareness and a greater chance of success at achieving your money goals.
Saving money isn’t all about sacrifice. Being smart about your regular bills may help you save money by eliminating hidden costs or getting out of dud deals. Check your regular rates and payments by:
Automating your finances means putting systems in place to automatically pay regular bills and save money, so you don't have to manually move money or think about it on a daily basis.
Put simply, it’s a “set and forget” way to achieve your money goals, according to ASIC’s MoneySmart website.3
Having a system in place to direct money where it needs to be can make sure you don’t leave yourself open to late payment penalties, fees and other service charges.
Automatically transferring part of your pay to a savings account may also allow you to save without even having to think about it.
Knowing where your money is going and what your money personality means for the way you may best approach savings means you can start to put a budget in place to manage your spending. Try our budget planner calculator to get you going.
Whether you’re saving to enjoy a holiday in 2021, undertake home renovations or just to get your finances in better shape, establishing a savings goal will help you get there. Work out how much money you need and how long it will take you to save based on your budget.
Avoid hefty interest charges by paying off credit card debt or personal loans. According to Reserve Bank of Australia statistics,4 personal credit has contracted sharply in 2020 as COVID-19 containment measures were put in place and households started spending less.
It still pays to be mindful about racking up credit card debt or using Buy Now Pay Later options that operate without a service fee for customers who pay on time, such as Afterpay.
You may already be aware that you may be saving money by working from home. Continuing to work from home following health crisis restrictions, even for only one or two days per week, may add to the money in your pocket through savings you may make on public transport tickets, or fuel, parking fees and wear and tear on your car. There’s also savings to be made on your work wardrobe and those added daily expenses like buying lunch or coffees at work.
Small changes may add up to big dollars over time, so it may be worth picking one spending habit to change. A simple one may be switching from a large to a small barista coffee to save $1.50 a day. This switch will save more than $500 a year on buying coffee while still supporting some of your favourite hospitality businesses during the health pandemic.
Superannuation is a great savings tool due to the magic of compound interest.
You may also be able to enjoy tax benefits by salary sacrificing or be eligible for a host of other government incentives that can greatly boost the amount you retire with.
Consolidating your super into one fund is an additional step that may help you pay fewer fees, save on paperwork, avoid excess insurance premiums, and keep better track of your nest egg.
Professional financial advice on your QSuper account at no additional cost. You can find out more about financial advice options atqsuper.qld.gov.au/advice or by calling us on 1300 360 750.
1. Australian Government, Department of Industry Science, Energy and Resources, Find the best energy deal, accessed 2 November 2020 at www.energy.gov.au
2. Australian Communications and Media Authority, Call charges from your mobile phone, accessed 2 November 2020 at www.acma.gov.au
3. Australian Securities and Investments Commission, MoneySmart, Saving: Reach your savings goals, accessed 2 November 2020 at www.moneysmart.gov.au/managing-your-money/saving
4. Reserve Bank of Australia, 17 September 2020, Insights from the New Economic and Financial Statistics Collection, at www.rba.gov.au
QSuper has scored more big wins for members at the prestigious annual SuperRatings and Lonsec awards, recognising excellence in the superannuation industry.
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Chief Executive Officer, Michael Pennisi, says members have remained our number one priority in a year unlike any other in more than 100 years of QSuper history.