We are all creatures of habit, some good and some bad. Our good habits propel us forward and our bad habits can hinder our ability to maximise potential be it for our health, happiness, or financial well-being.
Take exercise, for example. We all know it’s good for us. It does wonders for our mental health, our bodies and our overall sense of well-being. But… it can be hard to get started, and extra hard to get going again if you fall off the exercise wagon. The reality is, with a bit of discipline exercise becomes a habit. And once it becomes a habit, the easier it seems to get, and the bigger the health benefits.
Our habits are malleable throughout our life. In Asia, it’s long been considered good hygiene to wear a mask in public; as the world grapples with COVID-19, here in Australia wearing a mask for many is starting to become a routine part of everyday life. While it might not be particularly comfortable, and takes a little getting used to (quite frankly, I'm still trying to work out how to wear it without it fogging up my glasses), the pain of discipline here clearly outweighs the pain of regret. For our wellbeing and for those around us, this is a habit many of us are getting used to fast.
Spend less than you make, save for a rainy day, only borrow what you can repay. These are everyday habits which most of us recognise will boost our financial wellbeing. When it comes to superannuation however, most find it challenging or boring and have little interest in engaging with it. But the fact is, developing good habits when it comes to your super is really something your future self will thank you for.
I’m not just talking about consolidating your super accounts into one and making sure your insurance is appropriate. These are great and necessary first steps but thanks to the power of compound interest, getting into the habit of making frequent personal contributions, no matter how small, will make a big difference to the size of your super at retirement.
“...once it becomes a habit, the easier it seems to get, and the bigger the health benefits.”
And here’s the thing, not all super funds were created equally when it comes to enabling members to make self-contributions. FairVine Super is an all ethical super fund designed for women, with a mission to help women close the super gap with real solutions. Our suite of innovative tools allows our members to boost their super with ease.
My favourite savings tool is our FairRewards, it enables our members to shop online at over 500 brand partners and get up to 20% of the total purchase price deposited directly into their Super. It’s incredibly satisfying to know that every time I refill my contact lense subscription or buy a new pair of trainers through FairRewards, I am topping up my super account.
There is also our RoundUps tool, which allows our members to round up their bank transactions to the nearest dollar and direct them straight into their super.
Our newest tool is called FairGig, which helps our members with irregular income (like contractors, those with a side hustle or the self-employed), make contributions to their super every time they’re paid.
When it comes to developing good habits around your super, just like exercise, the sooner you get going, the easier it is and the better shape you will be in.
And if you have lost your job because of COVID-19, FairVine Super will refund half of your administration fees until 31 December 2020 for all new and existing members.
Written by Leyla Sacks for Work180