The top five super tip for long term savings. - Fix Bdsthanhhoavn

The top five super tip for long term savings.

This week the Business Help Desk will highlight what a Nambawan Super Limited member from Alotau Dr Perista Mamadi thinks is the top five super tips for long term savings.

SUPER Member Dr Perista Mamadi

 

Dr Perista Mamadi is the Director of Curative Services for Milne Bay’s Provincial Health Authority, responsible for the Alotau Hospital. As a qualified surgeon, Dr Mamadi knows all too well the hard work, patience and commitment that’s required for success and to become recognised as one of the Country’s finest doctors.
In this first-person interview, Dr Mamadi – a proud Nambawan Super member – shares more about how he takes on a similar approach with his retirement savings. With 5 smart, simple tips from Dr Mamadi, you too can start relishing the thought of a comfortable retirement.

SUPER TIP #1: Are you constantly looking for opportunities to save?

There are opportunities you may be missing, and you have to see them in order to change your results. This affects my savings behavior and the decisions I make in terms of where I am saving more.
When you get paid an increase or bonus, for instance, that is money you could save if you don’t end up spending it. I use mobile banking to quickly transfer what I deem savings, into my savings accounts.
You have to change how you see things in order to change your results, especially if you’re unhappy where you are right now in your financial journey.

I see myself as a shareholder of Nambawan Super rather than a contributor. Nambawan Super is not like a bank, because when banks make money, I do not. At Nambawan Super, I make money through my contributions, which are growing each fortnight and earning interest each month. With Nambawan Super, I also receive a Crediting Rate Interest on my savings, which I like to think of as a dividend at the end of every financial year.

In Papua New Guinea, many are accustomed to making money and spending all of it. We have to look at our finances from an investment perspective rather than a liability perspective. Our lives will improve as more and more people become financially literate.

SUPER TIP #2: Choose ‘Choice Super’, even if you’re unemployed or in the Informal Sector

CHOICE Super Member Ms Rhonda Anakapu

You can still save for retirement, even if you’re unemployed or in the informal market sector.
I am one of the biggest promoters of Choice Super at Nambawan Super. I have encouraged many people in Milne Bay Province to take up the opportunity to save for their retirement.

My cousin and I set up bus service, providing residents in Alotau transportation across town routes. We ensured our bus drivers and bas kru(bus crew) could sign up successfully for Choice Super, with something put away each fortnight.

Even if our staff leave employment with us, they will still have something left for their retirement with Nambawan Super, when they are no longer working.

SUPER TIP#3: Are you really serious about Saving for Your Retirement?

If you are a Serious Saver with a good retirement in mind, apart from other savings you may have, Voluntary Contributions at Nambawan Super is the best option.
You will never know the real value of Voluntary Contributions until you actually try it. When you do, you will see the big difference it makes to your super balance.

Many people get surprised at how much money they are making through Voluntary Contributions.
What you earn not only reflects your added Voluntary Contributions, but also your total earnings of interest, added to your total savings.

I was fortunate enough to be prompted to sign up by my local Member Service Officer, but I could have started earlier. I now promote Nambawan Super Voluntary Contributions to my family members, friends, and colleagues.

SUPER TIP #4: Dream your Retirement Home into Reality

Buy, Build or Renovate your Dream Home.

When someone wants to get a Housing Advance, Nambawan Super wants to see that Members can easily repay it, back into their super so that Members also have something left for retirement.
Once your Housing Advance is approved, you will need to sign an irrevocable deduction form, which increases your superannuation contributions by up to 2 per cent or up to 9 per cent if you choose. This deduction is put towards repaying your superannuation, so your balance can be restored for retirement.
However, there’s an opportunity to ‘advance’ your Housing Advance, if you really think about it.
What if you could save in advance through Voluntary contributions, to reach twice the amount you need for your home…

SUPER TIP #5: It Starts with You!

Good financial habits have to start with us, and then we have to pass them on to our children.
I talk to my children a lot, about what I know about managing finances and have opened bank accounts for each one of them. They are learning faster as I let them decide on what to spend and what to save.
My 12-year-old is selling an NSL Investment – Laga Industries, Gala Ice Cream – through his Uncle’s canteen. Every time he makes money, he puts it into his MicroBank and BSP savings accounts.

My older children are agents at Jive Market selling EasiPay power units, and Telikom and Bmobile phone credits. With each kina they earn, they are learning what goes towards expenses, what becomes savings, and what goes back into their businesses to grow.

Ten years from now, I know they will value the financial knowledge they gain when they realise they have a lot of money and know-how to manage it.

 

 

 

 

 

 

 

 

 

 

 

Tags: #top #super #tip #long #term #savings

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