It’s easy to pocket the savings from a falling oil price when you are filling up your car and then find something to spend those savings on. Unfortunately, many people will waste the opportunity and spend the savings at the Boxing Day sales.
It’s expected that Australian’s will spend around $2 Billion this year at the Boxing Day Sales. In anyone’s language, that’s a lot of money but not as much as the $14 Billion the Tax Office currently holds in Lost Super.
When you are handing over your hard earned savings at the Boxing Day sales, remember that for every $100 you spend, you could have contributed much more than that to your super via salary sacrifice if you are on a reasonable income.
Hot Tip: The sooner you get some sound advice and start making regular voluntary contributions to your commission free super account in a tax effective way, the sooner you will reap the significant long term rewards.