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What is debt consolidation? Debt consolidation is combining all your existing debts together into one new debt, which can help you manage your repayments and give you a clearer picture of your personal finances. You typically do this by taking out a new personal loan to repay your other existing debts and then paying this new loan back over a set term. Debt consolidation may be a suitable option to help reduce the stress of multiple debts, repayments and interest rates. Paying off more than one debt at a time is not uncommon. Many households now have a mortgage, car loan and credit cards to juggle. However, if you're struggling to balance your debt repayments, debt consolidation may well be worth considering. To start, see if you can relate to the following scenario: A scenario that could lead to debt consolidation Here’s where you could benefit from debt consolidation: Let’s say you have a regular credit card, and you’ve also taken out a store card to buy a new fridge with 12 months interest-free. You decide to concentrate on paying off your credit card because you have a whole year before interest kicks in for the store card. Flash forward to the 12-month mark. Suddenly, your hot water system needs replacing and you’ve found out you need expensive dental work done. Unfortunately, your credit card is maxed out, and the store card for the fridge with its high interest has now been added to the repayments. One repayment’s due on the 15th of each month, another on the 30th. You’re finding it hard to meet your repayment obligations and are starting to wonder how you’ll manage. While these purchases can be justified and were affordable at the time, with unexpected emergencies things can get hard to handle. And when debt causes stress, it’s time to take back some control. How to consolidate debt Gather documents and information about all your debts In order to take control of your debt and get on top of your finances, it's essential to know how much debt you have. Log into your Online Banking or print out statements and review the following: How much do you owe on each debt? The interest rate you are paying on each debt What are the monthly fees on each debt? Any break costs Debt consolidation and refinancing Before consolidating your debts or refinancing existing loans, it's a good idea to compare the interest rate for the new loan (as well as the fees and other costs) against your current loans. Make sure you can afford the new loan repayments. Speaking to one of our lenders about your options is a great place to start. Things to consider: If the new loan will be more expensive than your current loans, it may not be worth it. Other costs, such as application fees and any other fees associated with securing your loan against your home or other assets. The term of the loan. While a lower interest rate will help loan repayments, a longer term could mean you pay more in interest and fees in the long run. Look for the comparison rate. This is the true cost of the loan, factoring in fees and other costs. Do consolidation loans hurt your credit score? Every application for a loan or credit is included in your credit report. A consolidation loan will not negatively impact your credit report if you make the repayments and avoid defaulting on those repayments. What is the best loan to consolidate debt? A personal loan is an ideal loan for debt consolidation. At Horizon Bank, our range of personal loans can be secured or unsecured depending on your individual circumstances. There are many options available; speak with one of our lenders to see what suits your financial needs. Taking out a personal loan can also help with your budgeting and money management. Whilst credit cards only require you to make minimum repayments, with a personal loan you’ll have to make set repayments that cover both the loan amount and interest, which you know will end at a certain date. The easiest way to do this is to set up a payment schedule. This will also encourage regular saving and discipline with your money. We can also help with making automatic repayments. Get the help you need If you're finding your debt difficult to manage, the earlier you take action the better. You can access financial counselling information from ASIC’s money smart website. Get in touch with the friendly local team at Horizon Bank today.  We're here to help you with your banking needs. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Not all banks were created equal. Which is why it’s important to know what banking services are offered so that you can decide on what is best for you based on your own personal finance needs. As a customer-owned bank, we have a range of banking services available for our members accompanied by personalised customer service to support those in our community. In this post, we highlight the key banking services we offer. Internet Banking Horizon Bank offers the latest online banking services for members. It is easy to register for Online Banking, not to mention free! Apply online or by phoning your local branch. You’ll be setup and can then log in with your member number and your own password. The best way to access online banking is from a desktop computer, however you can still log in using a tablet or iPad. We understand that our members need banking services that are flexible and accessible especially given the events of 2020. Manage your loans and accounts all in one place. If you need assistance, you can always contact us during business hours for help and support. Insurance We're pleased to offer our customers a range of insurances through CGU. Each insurance product provides a range of features with competitive premiums. The insurance products on offer include Home & Contents insurance, Motor Vehicle insurance, Farm insurance, Business and Commercial insurance, Caravan insurance, Boat insurance, Landlords insurance and Travel Insurance. We pride ourselves on offering our members a range of insurances all in one place. That is why you can also purchase a CTP Green Slip through QBE from us. We can provide quotes on insurance over the phone or in person at your local branch. Alternatively, get in touch with us online about an insurance quote. Loans At Horizon Bank, we have a range of loans including: Owner Occupied Loans Investment Loans New Car Loans Used Car Loans Personal Loans A low rate credit card Overdraft facilities We offer fixed home loans and variable home loans and investment loans. Any loan application can be completed online. Our lenders at each branch are happy to walk you through your application over the phone and will assist you at each stage of your application. Of course, you can always walk into a branch and speak with a lending specialist if you prefer a face to face consultation. We offer competitive rates and have a range of loans to suit anyone no matter what life stage you’re at. Being a local bank means all of our business operations stay local. You won’t be waiting weeks for loan approval, we can provide approval within a week allowing you to move quickly on that dream property you’re after. Check out these google reviews about our home loans. Savings Accounts If you’re wondering which type of bank account is best, we have an extensive range of Savings Accounts, including the Reward Saver, Cash Management, Horizon Direct, Christmas Club, Business savings and more! We have savings accounts for our young members, for members aged 55 and over, as well as term deposits that anyone can open to lock away larger sums of money. All savings accounts can be viewed through our Online Banking and the Horizon Bank app. This gives our members greater convenience to manage money on the go. As a customer-owned bank, our services are here to help you experience a higher level of personal banking. Get in touch with us today regarding any questions you may have about how we can help you. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.The advice on this web page is general advice only and does not take into account your individual objectives, financial situation or needs ('your personal circumstances'). Before using this advice to decide whether to purchase or hold this insurance policy, you should consider the appropriateness of it having regard to your personal circumstances. Horizon Bank ABN 66 087 650 173 acts under its own Australian Financial Services Licence (no. 240573) and under an agreement with the insurer, Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance (CGU). Backed by IAG. Insurance is issued by CGU. You can get a Product Disclosure Statement (PDS) for the products from any branch of Horizon Bank or CGU. You should consider the PDS in deciding whether to buy or hold the product.CTP Green Slip insurance (CTP) is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE). Horizon Bank (ABN 66 087 650, AFSL 240573) is authorised to distribute CTP as an agent of QBE and is remunerated by QBE. Please read your CTP policy for further information before purchasing CTP. Horizon Bank does not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the Product Disclosure Statement.

There have been many changes in the banking industry over the years. Technology has enabled real time access to services at your fingertips, anywhere and anytime. However, one thing it can’t replace is that personalised, in-person experience. As a customer-owned bank, we’ve been providing personalised banking solutions for our local NSW south coast communities since 1964. At Horizon Bank, it’s incredibly important that our members have a personalised banking experience on and offline; we provide this in the following ways… Providing personal banking solutions by investing in people We are committed to developing our staff, by providing ongoing learning and training to ensure our branch teams are up to date with the latest information on our financial products. Horizon Bank offers a range of savings accounts and transaction accounts and our staff are well versed to help you make an informed decision on which product would best suit your needs. To get started, view our range of everyday accounts.  A large part of consumer banking is the provision of loans. We have lending specialists available at all of our branches who can guide you through any loan application, whether it be for a home, investment property, credit card or vehicle. Their expertise will ensure your banking needs are looked after from application to funding. Face to face services Our team can assist members with their consumer banking needs in person as well as over the phone or video conference. We’re flexible in our approach to engaging with our members and recognise that people may be staying at home more due to COVID-19. Therefore any person who wishes to speak with a lender, but is unable to visit a branch can organise to have an online face to face meeting. As a customer owned bank with a strong community focus, our branches exist to serve our members. We have branches in locations across the Illawarra, Shoalhaven, Eurobodalla and Bega Valley including Thirroul, Wollongong, Albion Park, Nowra, Ulladulla, Moruya, Bermagui, Bega & Merimbula.   We also have an agency operating out of the Cobargo Co-operative where our regional Bega Valley members can make transactions. Our staff from Bermagui often visit the Co-operative on a monthly basis to provide the Cobargo community with information about Horizon Bank products and services. Benefits of being local Our branch team members are locals helping locals! They value and understand the needs of their community. The difference with a customer owned bank is that when you call or enter the branch, our staff know who you are and will likely greet you by name. Horizon Bank was forged from humble beginnings in 1964. What has always stayed the same is our commitment to ensuring we continuously provide the best possible member experience. When you call a Horizon branch, you’ll be talking directly to staff who are working there. Horizon Bank does not have any interstate or overseas call centres. You’ll always be talking directly with a branch staff member for your personal banking needs. Approachability & genuine care We don’t just talk the talk, we walk the walk! We genuinely care about our members and their needs and provide them with high-quality services. There are no pushy sales tactics at Horizon Bank. Members are only ever offered products and services that will enhance their personal banking and are in their best interests. We strive to be a trusted partner and welcome feedback from our members. This helps to make relevant decisions to continuously improve our products and services. Our bi-yearly member survey ensures we’re providing an open channel of member communication, to identify areas for improvement. Our approachability means our members can speak to us with confidence and know that we are here to support them. You’ll always be greeted with a friendly smile by a staff member of Horizon Bank. Our staff continuously go above and beyond for our members. Horizon Bank is committed to supporting local communities and businesses. If you would like to learn more about our personal banking services, get in touch with our friendly team today. We are here to help you with your banking needs. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Whilst many of us now own smartphones and computers, Online Banking can be an area that our members need support with when getting started. It provides the convenience to use banking services over the internet in a secure and safe way. There are many Online Banking benefits you can access as a member of Horizon Bank. In this blog post, we share the top ones. How do I set up Online Banking? Here's how you can enjoy easy setup and access Setting up Online Banking is free for Horizon Bank members. You can easily access Online Banking from any desktop, mobile or tablet device. When you open an account with us, our staff will offer you Online Banking access. At this point, you can register for Online Banking, or you can register at a time that suits you by filling out our online form. To access our Online Banking, select our green online banking button from the right hand side on our website homepage. When accessing Online Banking from a mobile or tablet device, you’ll be given two options: Mobile Banking and Desktop Banking. Mobile Banking – is a cut down version of Online Banking, designed to be compatible with your mobile device. You won’t be able to access the full suite of services offered within Online Banking. Desktop Banking – is the full version of Online Banking. However, you may find it hard to navigate your way around depending on the size of your device. Which option do I choose? If you have forgotten your Online Banking password, no problem! If you have a Horizon Bank Visa card, you’ll be able to reset your password by clicking ‘forgot password’ and completing the required fields. Otherwise, contact your local branch during business hours for assistance. 1. I’m using a desktop computer 2. I’m using an iPad or other tablet device 3. I’m using my phone Visit horizonbank.com.au and choose the green Online Banking button. You will be directed to Online Banking once you log in. Download the Horizon Bank app. OR Visit horizonbank.com.au and click on the green Online Banking button. Choose Mobile Banking for tasks like transferring money, using BPAY, managing payees and setting up or editing future payments. OR Choose Desktop Banking for the full suite of online banking services available. Note: your view may be affected depending on the size and age of your device. Contact your local branch if you require assistance.   Download the Horizon Bank app. Note: you will need to use a desktop computer or tablet device to access the full suite of online banking services available. Contact your local branch if you require assistance.   Banking services all in one place Once you register for Online Banking, you can enjoy many benefits. We’ve listed just some of them here: View balances on all of your accounts View your periodical payments Register for eStatements View the interest you've earned for the financial year Activate your Visa card from the Services & Help menu Transfer funds to and from accounts Transfer funds to accounts at other financial institutions Pay bills with BPAY Set up and alter future dated bill paying Download transactions Redraw on your loan (where applicable) Open a new Term Deposit or savings account. Below are the savings accounts available to open through Online Banking. For other accounts please contact us. S1 Redisavings – A general working account S2, S4, S5 – Special Purpose Savings accounts S6 Cash Management – An at call savings account with competitive interest rates for large balances S10 HorizonDirect – An online savings account Register for SMS Queries and SMS Alerts Register for SMS One Time Password for added security Make International transfers Please note, to increase your external transfer limit, please call your local branch for assistance. Access to real time payments We’re pleased to provide members with the option of transferring funds via Osko® to participating financial institutions. When you choose Osko when you’re transferring funds, the money is sent and received instantly. This service is available 24/7, 365 days a year. If you would prefer a standard bank transfer, this option is always available and is set as the default transfer option. For added convenience, you can transfer money to someone using their PayID. This can be in the form of an email address, mobile number, organisation ID or ABN. You can also create and manage your own PayID within our Online Banking. This can then be provided to anyone needing to transfer money to you, provided they use a participating financial institution. We don’t transfer you to an overseas branch or call centre As a customer-owned and local bank, all of our operations are based on the NSW South Coast. When you have questions about our Online Banking facilities or if you encounter any issues simply contact your local branch during business hours for help and support. You’ll always speak with a staff member at your local branch to help you find the right solution. Alternatively, read our Online Banking frequently asked questions. Horizon Bank is here to support our members and communities. If you’re looking for a safe and efficient way to access your personal banking online, get in touch with us today. As a local bank, we provide the support and information you need. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

As the New Year kicks in, it’s a good time to assess where you are and where you want to go with your finances. You are able to plan for, and make a list of financial goals at any time of the year - however having an outlook for the year ahead can be a great place to start, especially after the challenges many of us faced due to the effects of COVID in 2020. Read on to find out about our top tips for setting financial goals for 2021. Setting a Budget You Can Stick To  Take a look at your previous year’s spending and costs and see where you might be able to make some adjustments. The key is to set realistic goals on where you can save money; that are also achievable so you don’t get stuck in a “too hard” mentality. Once you create a budget, it needs to be easily accessible so that it’s not forgotten and can be regularly checked and updated.  Paying Off Debts If you have debts like credit cards or loans ensure you are getting a competitive rate on these. Paying off just that bit extra creates a buffer you can fall on, if you experience a tougher month in future. The faster you can reduce debt, the greater chance you have of using that money elsewhere to improve your financial standing. A great budgeting tool to use is our budget planner calculator. Look at where you can cut back on your expenses and redirect that money into paying off a debt. Have A Savings Plan When looking at your budget, allow for a regular amount to hit your savings account each pay day. You can ask Horizon to setup a payroll split so you don’t have to think about manually transferring money to your savings. Making adjustments such as buying fewer coffees or meals out all adds up at the end of the month. Start small on cutting back and work your way up to adding more to your savings as you go. Arm yourself with knowledge A lack of proper financial education or financial literacy may result in poor financial decisions which can negatively affect your financial position in the future. ASIC’s Money Smart website is a great resource for information on financial products. If superannuation and estate planning is on your to-do list for 2021, you can always speak with a financial planner about strategies that are right for you. Investments Well researched investments could set you and your family up for a prosperous financial future. Investing in property is a popular trend in Australia with about 1.8 million households owning an investment property or holiday home^. If property is not for you, there are a range of financial products available providing different levels of risk and return. Speaking to a financial planner and/or accountant about what is feasible for you is a great first step. Get in touch with the friendly team at Horizon Bank today and let us help you on your financial goals journey. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. ^Source: Survey of Income and Housing 2017/18, Australian Bureau of StatisticsThe content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

It’s December, the month of celebrations - and spending! This can be a tricky time for many families doing Christmas on a budget, especially when trying to manage the normal day to day bills and expenses. In this blog we’ll look at how you can you still enjoy Christmas without the big spend. Here are our tips to make it enjoyable without going overboard. Sell the things you no longer need Make some room and clear out space in time for the festive season by holding a garage sale or listing your unwanted items online. This is a great way to kick off your savings plan, as you may be surprised at what you could earn for your pre-loved household items. Charities, churches and other organisations may also take old Christmas decorations off your hands for their own displays. Re-purposing is a great way to get rid of unwanted items and reduces your household waste. Think of others during this time by donating things you no longer need if they’re unable to be sold. Look for Sales & Deals Do your homework and shop around for your gifts before finding and buying the first thing you see. Online shopping can be a clever way to do this, with the many comparison sites that are now available providing consumers with the best deals. Shopping during sales periods are also a great way to save on your Christmas spending. Start a Christmas budget planner and estimate how much you want to allocate to gifts, food and decorations. Don’t buy on emotion Taking a rational approach to your Christmas shopping means you may have to sacrifice pricey brands you know and trust for a cheaper alternative if you are sticking to a budget. This is why a great savings tip is to make a list of who you’re buying for and what they are receiving from you, with an allocated limit. Don’t plan a shopping trip - online or offline, without this list  - you could end up overspending and buying things unnecessarily. Christmas Day Meals It’s easy to go overboard with food preparation for Christmas Day. Take advantage of future food items on sale in the lead up to Christmas. Try to plan your grocery shop as close to Christmas Day as possible to avoid fresh produce going to waste. If you are sharing this time with family and friends, ask others to contribute by bringing a plate of their special dish for everyone to enjoy. Have lots of containers handy to store leftovers so they can be enjoyed on Boxing Day instead of making or buying more food. Set up a Christmas Account Planning for Christmas expenses ahead of time is a great way to manage your Christmas budget. This makes it easy to put aside savings throughout the year and then use this money for the festive season. We can assist you with setting up a new Christmas Club account at Horizon Bank.  Get in touch with the friendly team at Horizon Bank today and let us help you on your Christmas savings journey. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.   The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

5 tips to prepare for bushfire season With bushfires on the rise, follow these simple tips to help you plan ahead to protect your family and home from devastation. With the weather getting hotter and drier, the fire danger period in many parts of Australia can become susceptible to bushfires that can be difficult to manage. While it’s important to plan for these catastrophic events all year round, we’ve summarised the top 5 tips to prepare for this bushfire season from the experts at the NSW RFS. Most importantly, in the event of a bushfire, don’t risk your life. Leaving the night before or on the morning of a high-risk fire day should be your highest priority.  Prepare months before Well before fire season, visit your state fire authority’s website (details below) or call them to get all the information you need to be bushfire ready. Familiarise yourself with the website and any of their social media channels. Several states also have a mobile phone app that you can download. Also know where to find your emergency broadcaster, such as the local ABC radio channel. Stay informed Once fire season begins, make a habit of checking your local fire danger ratings. Know what your local weather district is so you can access the most relevant and up-to-date forecasts, alerts and warnings. Armed with the latest information, you’ll be better placed to make a good, early decision. Remember: you don’t need to wait for a warning. Bushfires can start quickly and may threaten property and lives within moments.      Know your strategy Before bushfire season starts, make a decision about which fire danger rating will be your trigger to leave. Will you leave the night before or in the morning? Have a number of routes planned so that you have options in case there's already a fire in the area. Make sure the entire family has discussed plans for leaving, including what to take, what to do with pets or livestock and what will happen if you can’t leave. Have an emergency kit ready to go that includes important documents, medications, protective clothing, a woollen blanket, a battery-powered radio and torch, along with spare batteries. Protect your home Making sure your house is ready for a fire can increase the likelihood that it will survive. First, make sure you have current and adequate Home and Contents Insurance. Remove leaves and branches from your gutters and clear flammable items from around the house. Take special care to remove potential fuel sources such as woodpiles, outdoor furniture, paint, combustible chemicals, boxes and doormats. If you have LPG gas bottles, turn the valves to point away from the house. Prepare the backyard Prune any overhanging branches within 10 metres of the house and keep the lawn mown to less than 10 centimetres. Replace flammable mulch in the garden with rocks or pebbles. Cut back any shrubs near or under windows and tidy the garden of any dry grass, leaves, twigs and loose bark. For more help and information, check with your local fire service. The content in this article has been prepared by Insurance Australia Limited for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank. Insurance issued by Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. Any advice is general only. Consider the relevant PDS available from cgu.com.au to see if a product is right for you.

If you become unemployed and have loans to repay, you may feel overwhelmed and struggle to know where to begin. While most of us may not have a comprehensive financial management plan, in this article we’ll share our tips for helping you plan during difficult financial times that have been caused by the COVID-19 pandemic. Review Spending Don’t let yourself fall into a financial crisis. Now is the time to be proactive and take actions to safeguard your future. For example if you’re looking at how to save money, it is a great time to re-think about how you and your family spend. With restrictions in place, you can be re-directing the money you were spending on meals out and other entertainment expenses and place that into a savings account. Any direct debits that are non-essential should also be reviewed. For example, multiple subscriptions to online video streaming is probably something you don’t need right now. The best way to save money is to take a good look in your pantry and cupboards then make a list of essentials you need. When visiting the supermarket, don’t panic buy, gather what you need in a calm manner to avoid over spending. Plan and prioritise for the future It is important to think of how a global situation may affect you in the short and long term. In the short term, as your bills come in, prioritise them to see what is most urgent and pay those first. Let your provider know up front if you are struggling or believe you will have difficulty paying for utilities in the coming months. Communication is key - banks, companies and organisations are aware of the current pandemic so it’s important to communicate with them and arrange payment plans or agreements to ensure your services continue during this already stressful time. Many organisations will already have measures in place you can possibly take advantage of during this time. We don’t know what will happen in weeks or months down the track, so be proactive with your savings plan which should include important insurances and safeguards such as superannuation, life insurance and income protection. Talk with your partner about what day to day life will look like if one of you were to become unemployed. Talk to your bank Many banks and financial institutions will be experiencing large volumes of calls coming through from customers experiencing financial hardship. If you need help, try and remain patient and be assured your case will be looked at. A key savings tip is to ask as many questions as you need, to understand how home loan repayment deferrals will work. Ask about how you can stay on top of your credit commitments without compromising your financial position. Access assistance and stay up to date The Government has released different assistance updates including the Coronavirus Supplement. Financial assistance is just one of a range of measures the Government is implementing to address the global health crisis. Be sure to stay on top of these changes and understand how they may help you during this time. Reading information from reliable sources from which you can base your decisions and actions off is very important. Examples include official government sites and other reputable sources. Check these first before reading content on social media. The following sites are the best available sources of information for health and government updates: Australian Government Department of Health Coronavirus Official Australian Government Information  Australian Government Department of Home Affairs Advice for travelers  Look after your mental health When you are feeling overwhelmed and stressed, it’s important to recognise this and have strategies in place to overcome these feelings. Staying connected with family, friends and work colleagues is important during this time. If you can’t access your regular doctor, reach out to online reputable resources for help and assistance. If you’re working from home, keep up regular physical activity and maintain a healthy diet. Get up and walk around every so often just as you would at work. Horizon Bank is here if you need help. Visit our web page for any updates and our response to the Coronavirus outbreak. Get in touch with us if you are experiencing financial hardship, or if you need saving tips. We are here to support our members & communities as best we can. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Developing positive habits with money from an early age provides you with the tools you need as you grow older and make more substantial purchases - like buying your first home. So, it’s a good idea to begin this journey from a young age. Learning how to save money is a skill, so in this post we look at some of the things you can do to manage your finances in your 20’s and beyond. Know Your Net Income The first step in managing your finances is to identify the amount of money you have coming in from work, government payments or other allowances. You will need to subtract your deductions to understand your net income. Without fully understanding how much you earn versus how much you spend, you can end up over estimating what you can and can’t afford. It can help to create a budget based on how frequently you are paid. I.e. weekly, fortnightly or monthly. Watch Your Spending A great money saving tip is understanding the difference between wants and needs. A good rule of thumb is to avoid impulse buying, take time to do your research and make sure your purchase is a need not a want. Once the income starts rolling in from full time or regular work, it can be easy to assume you can afford larger, more expensive purchases. There are many apps available that help you to budget and track your spending and receipts. You can also use our personal budget calculator as an estimate of what surplus of money you could be left with after regular expenses are deducted from your income. Build a Credit Report You may have heard of the term ‘credit score’, or credit report’. Managing finances includes paying bills and making loan repayments on time. These actions are noted on your credit report, which is what lenders will look at as part of a loan application. Learn more about building credit reports. A great way to stay organised to pay bills and loans on time is to set a reminder in a calendar so you don’t forget when things are due. To show a lender that you can effectively manage your money, you could consider getting a low rate credit card to begin building your credit report. Taking out a phone plan or utility account in your name will also start a credit report. Have a Savings Plan It’s important to allocate parts of your income into savings accounts to save for major purchases like a new car, holiday, furniture or even a house deposit. Allocating a goal for your savings will encourage you to save. It is tempting to spend money that hasn’t already been allocated for a goal or other major purchase. Making a budget will help you create a savings plan, as you will know how much money you have left over after your expenses. Put a portion of this into a savings account, which can be opened online. Horizon Bank does not charge account keeping fees, which means more money in your pocket. Review Your Personal Finances on a Regular Basis Circumstances change so it’s important to review your personal budget and goals on a regular basis. If you receive a pay rise, it is a good idea to consider putting more money away into your savings to help reach your goal faster. However if you see a reduction in income, you may need to revisit your budget and look at cutting back on expenses where possible. Managing finances effectively requires foresight, so talk to your bank and other creditors about repayment options if you find yourself struggling to make payments on loans and accounts. At Horizon bank, we can help you manage your finances in your 20’s. Get in touch with us today to learn more about our products and services and how to make the most out of your money. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. ​The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

If you are looking at purchasing a new or used car, it will pay off to do your research on what your car payments will be and when is the best time to buy. There are four key times in the year to seriously consider buying a car from a dealership. That is during the end of the financial year, at the beginning of the calendar year and at the end in December. These times will be better to buy due to a variety of reasons. We’ll explore these further in our latest post. End of Financial Year New car sales season typically hits in June with heavy advertising on TV and radio. This is driven by car brands and dealers keen to hit their targets and boost financial year sales figures. You might find that there will be a push to take out auto finance. Get all the information then compare their offer with a car loan from your bank first. The end of financial year is an opportune time to buy a car at a great price or negotiate for bonus additions such as an extended warranty, extra window tinting, alloy wheels or roof racks. This time of year also often works well for buyers wanting to buy a vehicle for business use, as they can then claim the tax advantage soon after making the purchase. At The End Of The Year Cars can spend up to three months out at sea before arriving in Australia. This can lead to an excess of cars towards the end of the year, with supply being difficult to manage; making December a good time to buy a new car. The end of the calendar year means that car dealers are trying to clear out current model-year stock. Dealerships become keen to sell cars built that year, because they become the previous year’s model, which becomes harder to sell and they want to make room for new car stock. Beginning Of A New Year Before the New Year begins take the time to look at your finances and use a car loan calculator to estimate your repayments on a car loan. This will help you decide if the repayments will fit in with your budget for the New Year. A car with the previous year’s build plate is traditionally much harder to shift the longer it remains at the dealership into the New Year. If you find out the build date of the vehicle you’re interested in you could apply a bit more pressure to have the price lowered. It is worth finding out to be sure you are not buying a ‘brand new’ car that has been in the showroom for a year, if nothing else. Unfortunately, buyers can’t realistically expect a current-year build in the initial weeks of the year. As a result, the plate clearance deals can get even better early in the year. This is why it can pay off to ride out the End of Year sales and buy your new car during the early-year plate clearance sales. When Car Loan Rates Drop Keeping an eye on interest rates is a great way to save yourself money in the long term. When you apply for a loan With Horizon Bank, you can take advantage of a low variable rate car loan or a five year fixed rate car loan. We also offer flexible loan features such as no penalty for early repayments and free redraw with no minimum amount required. At Horizon bank, we can help you with your car finance for new or used cars. Get in touch with us today to learn more about our products and services. Need more convincing? Check out our 5 star reviews on Google. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.