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In the blink of an eye, 2020 is here and we hope everyone’s feeling refreshed for the year ahead.
With the recharged energy, there’s no better time to knuckle down on those new year resolutions. Whether you’re trying to get fitter, quit a bad habit or save a little more – here are a few ideas to help you and your employees put your best foot forward in 2020:
- Save the small amounts – by putting $3 a day into your super (around the cost of a daily coffee), your super balance could have an additional $78,370* by retirement.
- Ditch a bad habit or two – use the money you might spend on cigarettes and takeaways to improve your health and add a little extra to your savings or super.
- Track your spending with a budgeting tool – with so many budget tracking tools readily available, it can be so easy to stay on top of your expenses and make sure you’re spending wisely. For a start, check out MoneySmart’s budget planner.
- Enjoy the great outdoors – you don’t need to join an expensive gym to get fit. There are hundreds of parks and outdoor gyms around the country available at no cost.
- Take charge of your super – give your super a boost by considering salary sacrificing and encourage your employees to consider doing the same. If you have multiple super accounts, you could review your accounts and consider the best options. You may have insurance you want to keep or may be paying multiple fees that are eating into your balance. Visit cbussuper.com.au/boostsuper for a more ideas on making extra super contributions.
This article was brought to you by Cbus, the industry super fund for building, construction and allied industries.
*Source: Cbus Super Retirement Income Estimate calculator cbussuper.com.au/retirement-estimate. Calculation is an estimate based on certain assumptions including but not limited to the following: Person aged 37-years-old, a starting balance of $50,000, contributing $3 per day from take-home pay (total of $21 per week), over 30 years, with an income of $70,000 a year before tax, Superannuation Guarantee contributions at 9.5% and investment return rate at 7.3%. The default investment returns assumed in the calculation, is based on the expected long term average returns for the Cbus default investment options - Growth (Cbus MySuper) over the accumulation phase and Conservative Growth over the draw down phase. It is not a guaranteed rate of return. The result shown is not guaranteed to occur and should not be relied upon as a true representation of any actual superannuation contributions, retirement benefit or taxation. Figures are correct as at 8 January 2020.
This information is about Cbus. It doesn’t take into account your specific needs, so you should look at your own business needs, objectives and requirements before making any financial decisions. Read the relevant Cbus Product Disclosure Statement and related documents to decide whether Cbus is right for you. Call 1300 361 784 or visit www.cbussuper.com.au for a copy.
Cbus’ Trustee: United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 Cbus ABN 75 493 363 262