It’s that time again. New Year = New resolutions.
There’s nothing quite like the beginning of a new year to commit to making a positive change for yourself. Except that most peeps really suck at sticking to their resolutions. Us included. So, why is that?
More often than not, it’s because the resolutions we set are either:
/ too vague… “I wanna get fit”
/ too unrealistic… “I will run a marathon in a few months!”
/ too damn hard to keep… “I will never, EVER eat a cheeseburger again for as long as I live”
For most women, getting their health back on track is their #1 New Year’s resolution. The second most popular is personal finances.
Ouch. No wonder January can be painful when we start with two of the trickiest and most challenging areas to get in shape! But no argument here – getting fit is a smart move. So, how can we make it easier?
That got us thinking… could we ease up on the pressure by making one smart health switch that will also deliver financial benefits? And you bloody betcha, you can. Here are our top tips for getting healthy and financially fit at the same time.
New Year’s Resolution #1: Eat healthier
Investing in your health is a great New Year’s resolution and eating better is just plain good for you in general. So, let’s think about how we can get you feeling comfortable in that summer dress faster AND make some sweet ass moolah at the same time.
Let’s say you’ve got a penchant for parmies. An easy, sustainable way to start eating healthier is to simply ditch the weekly pub meal (average price $25) and save that dosh. It’s easier on your hips and heart. And adds up to an extra $1,300 in your piggy bank at the end of the year. Noice.
OR you could take that $25 a week and deposit it into your super fund. It’s not as enticing as funding a beach getaway in January next year – we get it. But if you hang in there and look at this example, we may just change your mind…
Let’s say you’re 35 years old, earning $75k a year with $50k in your super.
That extra $25 a week into super equates to about $60,000 when you retire at age 67. I don’t know about you, but that sounds way better than a thousand bucks. With an extra $60,000 you and your girls could be dining out in Paris for New Year!
New Year’s Resolution #2: Get fit AF
Wanna hit the gym and start working out more? Go you! But do you really need 20 different pairs of Lululemon leggings and tank tops to get started on that fitness regime?
Granted, looking super cute makes it easier to work up a sweat. But the average price of a pair of Lululemon leggings and matching tank top is an eye watering two hundred bucks. So, what if instead of buying a new luxury fitness outfit every month (we’re giving you the benefit of the doubt assuming you buy just one), you rerouted that money into your super instead?
That’s roughly $111,000 by the time you retire. Pop away those extra dollars and you could be rocking the latest aqua aerobics gear in the Bahamas! Gotta love that.
And if you don’t think you can avoid the latest Lulu or P.E Nation drop, why not occasionally invest into a lower cost option (think spendy / savey)… Check out these Everlast leggings from Kmart we’re vibing on – super cute huh?
New Year’s Resolution #3: Quit the Thursday night cocktails
Ooh we love a Thursday night cocktail – we love how it makes the weekend feel so much closer! But it’s a slippery slope. And this one is on our shortlist of New Year’s resolutions that we’re seriously considering.
While it’s nice to indulge every now and then, cutting down on alcohol consumption can do wonders for your health and your bank account. With the average cocktail around the $20 mark, Friday night drinks can add up quickly, giving both you and your bank balance a hangover the following day.
So, let’s say you average 3 cocktails for after work drinkies. That’s a cool sixty bucks. And if you saved instead of sipping, you’d have $3,120 by the end of the year. Could you use that for a girls’ trip to Byron? Yeah, ya could.
OR what if you invested that $60 week into your super? That’s about $144,000 more in your super fund by the time you retire! That’s a whole lotta extra margaritas by the pool wherever in the world you damn well please. And you’ll totally deserve it.
New Year’s Resolution #4: Save the planet
Ok, this is easier than it sounds. And while it should be a way of life, rather than a resolution once a year, life is busy and we can all do with a reminder along with some simple tips and tricks. So here you go.
It’s the little things that add up to a lot – reusable bags, glass water bottles (even at home to save on washing multiple cups – we’ll take that!), reduced meat intake (have you tried the amazing plant based Impossible burgers from Grill’d – yummmm).
You may already be on top of these, but it’s great to keep challenging yourself to see what more you can do. Aim to make one new change each month.
Want to go one step further? All that money you’ve saved on parmies, Lulu-lycra, and cocktails that you’re now going to be investing (you’re nodding your head now right?)… why not invest the cash in companies that act all grown up and responsible?
You can even do that in your super by selecting a fund that meets certain ‘ESG’ (environmental, social and governance) standards.
You’ll be saving the future twice – yours and ours – go you! Need advice on what’s a good, low cost Ethical and Sustainable super fund? We can help – just follow the link at the end of this article.
New Year’s Resolution #5: Save $100k in just 10 minutes.
Everywhere we turn there are adverts enticing us to spend more – be more – feel better. And then we spin around to see we’re being told to save more – cut up our credit cards – do a Marie Kondo on our finances and give our lifestyle a FIRE makeover so we can retire early.
What’s a girl to do? We know that saving is sensible. Hell, we even dip our toe in from time to time. We’re TOTALLY going to save on the New Year sales (wink wink 😉) Actually, no! That’s not what we mean at all.
You can do some simple saving which is completely pain free and delivers feel-goods for a lifetime.
If you’ve read this far you’ll now realise that when you throw a bit of extra moula into your super, over time it adds up to a lot. Yeah, we LOVE the power of compound interest. That’s one way to double up on simple saving.
Make sure you’re not paying too much for your super.
Not all super funds are created equal, and funds with lower fees put more money back in your pocket. By switching to a lower fee fund, the average Australian woman could save around $157,000* over their working life by cutting pointless super fees. And even when you consider the impact of inflation, it’s still around $101,000 more when you retire.
That’s a lot of champagne. Or tango lessons. Or trips to Barcelona.
It’s whatever you want it to be because the change you make today means you can do whatever you want tomorrow.
Wanna see how easy it is to save?
This is a New Year’s Resolution you CAN keep because it will take no more than 10 minutes of your time. And the bonus? This is something you can do poolside, in pajamas, or wherever you please – no workout gear needed, and no blood sweat or tears.
If you want to play around with the numbers and see how much you could gain by making one simple lifestyle switch, get your FREE Super Savings Report and see how much you can save on fees.
No matter how you decide to spend your hard-earned cash next year, make 2022 the year you get on top of your super. Ok? No really, do it. Seriously.
P.S. If you’re wondering how we worked out the numbers, we use this fab calculator from Moneysmart that you can also have a play with!
P.P.S. For a ‘comfy’ lifestyle in retirement ASFA suggests that you’re gonna need a stash of about $545,000. How are you tracking? And is ‘comfy’ enough… or would you prefer to be a gangsta granny? Only you can decide. If you need help working out how you are tracking, we’ve got you. Get in touch.