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.


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 Statistics
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 Product Disclosure Statement and 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.