RW - foRWard Health & Wellbeing eMag - Feb26 - Flipbook - Page 48
Superannuation
Freelancers are responsible
for building their own
retirement savings.
Research from
the Association of
Superannuation Funds
of Australia (ASFA)
shows that self employed
workers retire with around
half the average super
balance of traditional
employees. The best
way to close this gap
is to make voluntary
contributions. Even small
regular payments add up.
TIP: Automate a
monthly contribution to
your super account so
that it becomes part of
your normal routine.
Insurance
Going without insurance
can be far more costly in
the long run.
Without sick leave or
employer support,
freelancers should consider
income protection
insurance, which can
replace up to 75 percent of
income if you are unable
to work due to illness
or injury. Depending on
your type of work, public
liability and professional
indemnity cover may also
be important.
Some superannuation
funds offer group
insurance options that
are more affordable
than individual policies.
Always check what cover
you already have before
purchasing new policies.
TIP: If you rely on
your ability to work to
earn an income, then
insuring that ability
should be a priority.
Don’t Delay
Building good 昀椀nancial
habits should start
immediately, regardless of
how much you earn.
Using budgeting tools
such as Up Bank or
MoneyBrilliant can help
you manage cash 昀氀ow
and monitor spending.
Once you have consistent
income, consider starting
small with investments.
Micro investing apps
such as Raiz or Sharesies
allow you to invest small
amounts regularly in
diversi昀椀ed portfolios. Over
time, these investments
can provide an extra
source of income and
improve your long term
昀椀nancial security.
According to a 2025
global report by Intuit
QuickBooks, freelancers
who automate savings
and tax contributions are
40 percent more likely to
reach their 昀椀nancial goals.
Building Long Term
Financial Health
Financial success in
the gig economy is less
about how much you
make and more about
how you manage it. Here
are a few fundamentals
to keep you on track:
• Separate business and
personal 昀椀nances
• Pay yourself a set
income each month
• Save a portion of
every payment for tax
and emergencies
• Contribute regularly
to super
• Maintain appropriate
insurance cover
• Track spending
and invest small
amounts regularly
These habits turn
uncertainty into stability
and 昀氀exibility into
freedom.
