Strategies to Get Your Super Back on Track
Although the COVID-19 pandemic has significantly affected several Australians’ super balances, it is not the only factor contributing to the country’s declining super balances. Even if you did not withdraw super, factors such as stock market downturns, reduced working hours, and job losses have contributed negatively to your super savings in one way or another. This Bendigo financial planning article focuses on the strategies that have been put in place to get your Australians’ super balance back on track and what you can do if you find yourself struggling and unable to make contributions for some time.
Best Strategies to Recover Your Super Balances Here are some strategies to help get your super balances back on track to aid your Bendigo financial planning
1. Put aside extra money into super The amount you put aside in super may vary depending on your preference. You can contribute to your super account weekly or monthly with a set amount of money. Investing extra money into your super account would be worthwhile because this will help minimize the chances of withdrawing funds later. This strategy applies to people with more than one employer, who work part-time or have enough income to make a regular contribution towards their super fund every month. Watch your budget and spending habits as it will enable you to find extra cash within your budget to divert it to your super savings.
2. Cut out the luxuries After the COVID-19 pandemic, Australians lost a massive amount of super balances. However, it is possible to recover your super and get back on track if you cut down on costs. You may opt to achieve this strategy by switching off expensive services such as cable TV subscriptions, reducing your subscriptions to mobile phones and internet services, and trimming down other household expenses such as alcohol and video games. You can save easily when you commit money you save on such luxuries at the beginning of your pay period. This move allows you to spend what is left rather than first spending and saving the remaining amount.
3. You don’t need to make a lumpsum contribution to your super Suppose you have a family to provide for, employment opportunities that have been affected by the pandemic or are just struggling with finances. In that case, making regular contributions towards your super may not be easy. In such a case, you can still recover your secure savings by making daily or weekly payments instead of lumpsum payments. Your super fund can guide you on options for making personal contributions, such as direct debit and BPAY® for Bendigo financial planning.
4. Seek professional advice If you are struggling to make ends meet, professional advisers can help you by giving you strategies to get your super back on track. You may have lost most of your super savings during the pandemic, but with the help of professional financial advisers, you can still recover most or some of your super. With the help of Bendigo financial planning and professional financial advisers who can advise on the best ways to get you financially back on track, you can recover most or some of your super.
5. Government Policies to get your super back on track The government has also implemented policies to help struggling Australians get their super balances back on track. You may be eligible for a super co-contribution of up to $500 from the government if you are a low or middle-income earner who makes personal contributions to the super fund. Check
out the Australian Taxation Office if you qualify for super cocontribution.
The Bottom Line The COVID-19 pandemic has contributed further to the country’s declining super balances. However, with the right strategies and attitudes, you can still get your super back on track. If you struggle financially, it is best to embrace Bendigo financial planning and seek professional advice rather than abandoning your savings.
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