This Christmas shopping hack will boost your super for decades

FairVine Super member Prue Crofts has figured out how to keep the Christmas Grinch at bay. She uses an online loyalty platform called FairRewards that pays her super whenever she makes purchases from nearly 200 retailers.

Prue Crofts is like most mums at this time of year. With a laundry list of things to buy for Christmas, and seemingly endless planning and preparation before the big day, she’s equal parts excited and daunted by her to-do list.

And then, of course, there are the expenses.

Last year, research from Finder found Australians would spend an average of $1,350 each throughout Christmas, and early predictions from the Australian Retailers Association indicate spending will increase in 2019 by 2.7 per cent.

“I have mixed feelings as the year winds down. The kids are ecstatic about Santa’s impending visit, and it will be lovely to spend some quality time with family and loved ones over the holidays. Yet I’m also mindful of how expensive the next couple of months will be,” she said.

But Prue has a secret weapon this year. She recently joined FairVine Super, which has a built-in shopping portal called FairRewards that deposits up to 15 per cent of her purchases from participating retailers straight to her super fund.

FairRewards has nearly 200 retail partners spanning food, fashion, jewellery, beauty, technology, footwear, travel, homewares, pet products, health & fitness, and more.

Given she’s currently on maternity leave with her second child, Prue isn’t earning any super at the moment – a fact she’s mindful of, given women currently retire with 47 per cent less superannuation than men.

“FairRewards has been brilliant. I’ve bought all of the family’s Christmas presents through the online shopping portal, including some cool noise-cancelling headphones for my husband from Bing Lee, LEGO and Toy Store 4 characters for the kids from Target, and some gorgeous homewares for the in-laws from Bed Bath N Table.

“Meanwhile, every purchase has been earning me extra money for my super. The fact that I can grow my retirement savings simply through buying things that I was going to purchase anyway is amazing. My favourite online retailers like Stuck on You, Target, Cotton On Kids and Jo Malone are literally paying for my retirement,” said Prue.

FairRewards is unique in that it passes on 100 per cent of the retail rebate, ensuring members are able to maximise the benefit to their super. The rebates are also classed as concessional contributions, which means members can claim them as tax deductions – even though the contributions don’t come out of their own pocket.

Rachel Hamlen, head of customer experience at FairVine Super, said FairRewards was one of several innovations exclusive to the fund that enabled members to grow their retirement savings outside of compulsory employer contributions

“One of the first observations that members make is how easy FairRewards is to use. It’s not like other retail rebate systems where you have to fill out a form and email a proof of purchase, then wait several weeks for the retailer to process it. You simply access the retailer’s online store directly through your member portal, make your purchases as you normally would, and we automate the rest.

“These small but regular contributions can make a huge difference to your super balance. In fact, just $5 extra a day from the age of 30 can result in an additional $123K by the time you retire,” said Rachel.

Now that most of her Christmas shopping is out of the way, Prue’s already looking ahead to special occasions in 2020.

“Between Australia Day, Valentine’s Day, Back to School, Easter and Mother’s Day – in addition to the usual medley of birthdays, weddings, and other events – there are plenty more occasions for me to work the FairRewards platform and earn more money to my super. Bring it on!” said Prue.

Make Christmas work for you

FairVine Super

FairVine Super is a super fund designed for Australian women. Currently, superannuation is not delivering results for women, who typically retire with almost half the super of men. We’re looking to level the playing field and close the gender wealth gap.

At FairVine Super, we empower women to take control of their financial present and future. We provide practical solutions. We inspire, motivate and encourage women to make changes to their financial situation.

FairVine Super listens to what women want. If you’d like to know more, please get in touch. We'd love to hear from you!

Human Financial Pty Ltd  (ABN 14 615 610 305) is the promoter of FairVine and an AFSL Corporate Authorised Representative (No. 001271291) of Warrington Scott Pty Ltd (AFSL  478958). FairVine is issued by Aracon Superannuation Pty Ltd (ABN 13 133 547 396) as Trustee of the  Aracon Superannuation Fund (ABN 40 586 548 205) (AFSL 507184).

Any advice provided is general in nature and does not take into  consideration any personal objectives, financial situation or needs. We  advise you to seek a professional financial advisor to consider if FairVine  is appropriate for you.

You should consider the Product Disclosure Statement and  Financial Services Guide at https://www.fairvine.com.au/legal/ carefully  before deciding whether to apply for FairVine.

Latest stories

More from this category