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Tidying up your finances like Marie Kondo

Superannuation  |  6/03/2019  |   5 min read

Decluttering expert Marie Kondo is riding a wave of popularity with her Netflix series based on KonMari, a method of tiding up your home.

It’s no surprise Kondo’s ideas are a hit. Psychologists have long-known that mess can cause stress, so why should we stop at our homes? Inspired by Kondo, and our friends at ME Bank, we look at four ways to declutter your superannuation and regain control of your money for a better financial future.

Get the easy stuff out of the way / Consolidate your super

Kondo recommends kick-starting the declutter process by clearing out items that hold the least emotional attachment.

When it comes to your super, if you’ve had more than one job, it’s likely that you have more than one super account. This can make it difficult to get a clear picture of where you stand financially, and means you’re paying a bunch of additional fees for each account.  

Start the decluttering process by consolidating your accounts. If you’re an Equip member, simply log into your Equip account and select ‘Find My Super’ from the drop done menu.

Understand what you have/ check Equip’s retirement Calculator

Kondo asks her clients to gather all their clothing in a pile for a clear view of everything they own.

You can do the same with your super. Checking Equip’s retirement calculator shows you the big picture, including your projected retirement savings and income.

It’s also a great opportunity to understand what adjustments you can make to increase your overall retirement balance. Try it here or by logging into your Equip account.

Don’t spread the clutter/ Choose a super fund and stick with it

Kondo has found that people often store things in different rooms, spreading the clutter rather than addressing the problem.

Managing multiple super accounts is like scattering your money in different rooms, where you begin to lose sight of what you have and the fees you’re paying.

The good news is you can keep your Equip account throughout your working life (and into retirement). One account makes things easier to manage, and saves you money on fees. So if you’re looking at a career change remember you can take Equip with you. It’s as simple as telling your new employer you’d like to stay with us for your super contributions.

Have a system to stay on top of the mess / Check and update your super

When the cameras stop rolling on Kondo’s clients, we’re left wondering whether they’ll keep their homes clutter free.

Maintaining good financial habits is similar. Getting the basics right is important, but you can continue to improve and refine your superannuation as your life changes. Making additional contributions (by salary sacrificing), updating your investment options, and speaking to a financial planner can help keep you on track, and improve your long term retirement prospects.

If you’re an Equip member, you can manage all the above via the app, which is a convenient way to keep your superannuation in your pocket. You can download it here.

By taking a few simple tips from Marie Kondo and applying them to your super, you can declutter your financial life, and focus in on the things that count.

Check your future super balance with Equip's retirement calculator. Click here. 

Based on an article originally published and supplied by ME Bank.

Equipsuper Pty Ltd (“Equip”) (ABN 64 006 964 049, AFSL 246383) is the Trustee of the Equipsuper Superannuation Fund (“the Fund”) (ABN 33 813 823 017, MySuper Authorisation 33813823017672). This document provides general information only. It does not take into account your personal objectives, financial situation or needs, so should not be taken as personal advice. Before making a decision to invest in the Fund, you should read the appropriate Equip Product Disclosure Statement (PDS). Past performance is not an indication of future performance. Equip is licensed to provide intrafund personal and general superannuation advice under its AFSL. Member Advisors are employees of Equip. For more information about the remuneration of Equip and its employees, please refer to the Equipsuper Financial Services Guide (FSG).

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