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An achieveable New Year’s resolution

Get fit, lose weight, quit sugar, become the next Kayla Itsines. There are plenty of resolutions you could attempt this New Year, but Miss Money Box is going to give you one that you can actually achieve and will save you thousands of dollars in the long term.

Consolidate your superannuation

Many Australians have multiple superannuation accounts, opened at the start of every new job. Having your financial future spread across multiple accounts is not a good idea for two reasons:

  • You are charged fees on each account you have. By consolidating, you will likely save hundreds of dollars per year and thousands over your lifetime.
  • It’s difficult to manage what your super is invested in and to monitor the performance of your superannuation.
The Spice Girls managed to consolidate their two superannuation accounts into one.

Hmmmm, if only there was something you could do to remedy this? You’d save tonnes in fees and help boost your superannuation balance by thousands of dollars.

Well, there is and it will mean you get to celebrate many more New Year’s Eves with many glasses of non-budget wine.

Save thousands of dollars in 10 minutes

Step 1: Open up a myGov account – you’ll need your tax file number for this.

Step 2: Link your myGov account to the Australian Taxation Office – you’ll need information about one of your current super accounts and your bank account details for this.

Step 3: Your myGov account will then show all the super accounts that you have, even ones you’ve likely forgotten about. You can then drag and drop all your accounts into the one you wish to keep.

A really fun way to follow this step-by-step process is CHOICE’s new avocado-themed Facebook messenger chatbot named Cado. I really loved it. It’s fun and easy to use and will help you consolidate your super by chatting with an avocado!

Take the 10 minutes you need to do this. You’ll thank me in 30 years, I promise.

If you really want to push the boat out, you can also spend some time revising what your superannuation is invested in, considering salary sacrifice and looking for any lost super. Find out how to maximise your superannuation here.

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