Money hack: Top up your super when making everyday purchases
Buy a coffee, add to your superannuation.
We all know we should contribute to our super, but it can be really hard, boring, and we often never find the time to get around to it. A lot of Australians may not even know how to contribute to their super, even if they wanted to. What if there was an easy way to contribute to your nest egg? Well, you guessed it, there is.
By now, you've probably heard of micro-investing and top up features. Such as Acorns, the micro-investing app that takes your spare (digital) change and adds it to an investment portfolio on your behalf. Or ING's new Everyday Round Up tool that rounds up your daily transactions to the nearest $1 or $5 and adds the remainder into your high interest savings account. Well, you can also do the same for your superannuation, thanks to new fund GROW Super.
Here's how it works:
- Open your new GROW Super account and consolidate your funds so all your super is together in the one place.
- Link your bank account details in the GROW Super app.
- Select if you'd like your everyday transactions to be rounded up to the nearest $1 or $2.
- That's it! Now when you make everyday purchases, e.g.: your morning coffee, the difference will be rounded up and added to your superannuation at the end of the month, and your retired self will thank you for it.
As these round ups are added to your super in one lump sum each month, you have the opportunity to decide not to add it to your super, should you need the money in your transaction account.
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