Preparing your lunches at home instead of buying them every day can save you more than a staggering AUD $100,000, it has been revealed.
Instead of spending $20 a day on buying lunch and a coffee, a simple financial hack with the savings made from packing lunch can result in the cash bonanza, research by financial advice website Successful Ways has found.
Packing your lunches for just $5 a day, and allocating the remaining $15 to your superannuation fund, can wind up saving you $104,064 in the long run.
Instead of spending $20 a day on buying food and a coffee, preparing lunch at home followed by a simple financial hack can result in a six-figure cash bonanza, latest research has found
Packing your lunches for just $5 a day, and allocating the remaining $15 to your superannuation fund, can wind up saving you $104,064
Calculations were based on spending $20 on food and drink five days a week, for 48 weeks of the year.
A pre-tax total of $7,328 is therefore needed annually – based on tax rates for incomes less than $87,000 – to fund the $4,800 required for daily lunch.
In comparison, a pre-tax total of only $1,832 is needed to fund $5-a-day packed lunches for the 48 weeks of a working year.
The $5,496 deficit can then be salary sacrificed from your pre-tax income into a superannuation fund.
A net contribution of $4,672 can therefore be added to your retirement fund each year, following a 15 per cent contribution tax, the research shows.
Super accounts with an annual return of six per cent can therefore save you the magic six-figure sum in 15 years.
A pre-tax total of $7,328 is needed annually – based on tax rates for incomes less than $87,000 – to fund the $4,800 required to buy lunch daily
In comparison, a pre-tax total of only $1,832 is needed to fund $5-a-day packed lunches for the 48 weeks of a working year
‘Packing a healthy lunch is a simple way to save plenty of money’: Dietitian Lyndi Cohen (pictured) stressed the benefits of packing lunches
| Year | Annual salary sacrifice | 15% contribution tax | Net contribution | Starting super balance | 6% p.a. return | Final super balance |
|---|---|---|---|---|---|---|
| 1 | $5,496 | $824 | $4,672 | $0 | $0 | $4,672 |
| 2 | $5,496 | $824 | $4,672 | $4,672 | $280 | $4,952 |
| 3 | $5,496 | $824 | $4,672 | $9,623 | $577 | $10,201 |
| 4 | $5,496 | $824 | $4,672 | $14,873 | $892 | $15,765 |
| 5 | $5,496 | $824 | $4,672 | $20,436 | $1,226 | $21,663 |
| 6 | $5,496 | $824 | $4,672 | $26,334 | $1,580 | $27,914 |
| 7 | $5,496 | $824 | $4,672 | $32,586 | $1,955 | $34,541 |
| 8 | $5,496 | $824 | $4,672 | $39,213 | $2,353 | $41,565 |
| 9 | $5,496 | $824 | $4,672 | $46,237 | $2,774 | $49,011 |
| 10 | $5,496 | $824 | $4,672 | $53,683 | $3,221 | $56,904 |
| 11 | $5,496 | $824 | $4,672 | $61,575 | $3,695 | $65,270 |
| 12 | $5,496 | $824 | $4,672 | $69,942 | $4,196 | $74,138 |
| 13 | $5,496 | $824 | $4,672 | $78,810 | $4,729 | $83,538 |
| 14 | $5,496 | $824 | $4,672 | $88,210 | $5,293 | $93,502 |
| 15 | $5,496 | $824 | $4,672 | $98,174 | $5,890 | $104,064 |
Dietitian Lyndi Cohen stressed the benefits of packing lunches or meal prep, telling FEMAIL:
‘Packing a healthy lunch is a simple way to save plenty of money, eat healthier and manage your weight – it doesn’t take long to prep a healthy meal.
‘I always make twice as much at dinner so I always have leftover for a healthy lunch the next day.
‘This simple habit keeps me healthier and helps me save plenty of money.’
Lyndi also suggested keeping healthy and convenient food options at work, such as pre-cooked sachets of brown and black rice or quinoa, tins of tuna, nuts and seeds.
She added: ‘By simply pairing with a washed bag of lettuce leaves, you have a very healthy and balanced lunch ready in minutes.’