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As inflation and living costs continue to rise, focusing on practical budgeting techniques is essential to regain control of your finances. This guide offers practical tips to help you save money, reduce expenses, and stay financially resilient even during challenging times. Everyone is feeling the crunch of the cost-of-living crisis, and it seems far from over. Many of the essential expenses such as groceries & bills are starting to feel as though they are outpacing earnings. Recent data reveals there was a 4% surge in the Consumer Price Index (CPI) for the year ending in May 2024. Of this, housing and transport costs lead the charge. Although the government has taken some measures to offer some respite such as tax cuts and energy bill relief, it is important to be proactive and take steps to save & ease the financial pressure. Here are some tips: 1. Mastering Your Budget: Tips for Effective Financial Planning Your best tool in these challenging times is a well-structured budget. This can be a simple excel spreadsheet, a traditional paper planner or even a more advanced tool such as a budgeting app. The main goal is to be able to track your income & expenses, and from there, set limits for different categories such as groceries, dining out, transport and leisure to help you take control of your spending and feel on top of your finances. Extra Tip:  Check out the MoneySmart budget template for a helpful starting point. You can customise it to fit your spending habits. 2. Smart Shopping Strategies to Beat Rising Grocery Costs Groceries are a major but necessary expense, but you can still help keep your spending down in this category: Meal planning: Planning or ‘prepping’ your meals for the week is a great way to help keep spending down at the grocery store. If you have your meals planned out, you can make a specific shopping list of only the things you need for those meals. Going in with a list and a plan helps avoid impulse buying or overbuying as you only purchase what you need. Compare prices: Check the different supermarkets to look for the best prices. You can look at the catalogues for the week to see the specials, you may even end up making a plan to buy certain items at one supermarket and others somewhere else to help save money.   Weekly specials: You might even decide to plan your meals for the week around what you have found is discounted at the different supermarkets. Bulk buying: Items that are non-perishable, for example canned goods, toilet paper & toiletries, you can stock up on when they are on special for a good price. There are also cons to bulk buying. Be wary of overspending and buying more than you actually will need. Work out whether you’re getting a good deal and what‘ a reasonable amount to buy. Pack your lunch: When you’re planning your meals each week, also plan for your lunches to take to work. Bringing your own lunch to work helps you save money compared to buying takeout or eating at restaurants every day. Generic brands: Opting for the homebrand products over pricier name-brand products is a great way to save money. A lot of the time the products are pretty much the same. Seasonal produce: Choose fruits and vegetables that are in season for maximum savings. The pricing will likely be more reasonable than something that’s out of season and therefore the demand is higher than the supply. Rewards Programs: Check out the rewards programs or loyalty cards that shops offer. Earning points can save you money off your future shops and often there will be additional savings that are available to those joined up to the programs. 3. How to Cut Monthly Expenses and Save More It’s important to review your regular expenses and scrutinise where you could be making potential savings: Cancel subscriptions: If you have subscriptions or memberships that you’re paying for that you’re not using or aren’t relevant anymore, take the time to cancel them. If you’re keeping them, check to see if you get a discount for an annual subscription rather than a monthly one. Shop around: Explore all your options by researching prices for essential things such as energy or insurance to ensure you’re getting the best deal you can. This also applies to other spending. Shop around to ensure you are getting the best price. Negotiate bills: Although it may be daunting, don’t be afraid to reach out to your current providers to see if there are any better deals you could be getting. A regular review is worth doing if it can save you money! Use public transport, carpool or walk: Using public transport whenever possible, carpooling with your friends, family or even colleagues, riding a bike or even walking depending on the distance. All these options can help you save in costs such as petrol which you could split when carpooling and reduces wear and tear on your vehicle too. Energy efficiency: Looking into options to increase energy efficiency can help you save money. Reduce your energy consumption by unplugging electronics when they’re not in use, only using air conditioning when necessary or even opting for LED lights which are more energy efficient. Make sure your water taps are set to cold. Doing this means you’re not trying to heat water each time you turn a tap on and therefore reducing your gas or electricity energy bill. Free & low cost activities: Explore free or lower-cost activities in your local areas such as parks, museums, libraries or community events. Borrow instead of buy: Borrowing things such as books, movies, or games from libraries or family & friends instead of purchasing them. 4. Planning for Big Expenses: A Guide to Financial Preparation Don't let unexpected costs derail your budget: Create a calendar: Plan for upcoming expenses such as insurance renewals, car registration or strata levies are due, that way you can be prepared and plan your finances accordingly. Save gradually: Set an amount to put into savings each month to help cover these bigger, or unexpected, costs when the arise. Putting aside small amounts more frequently will mean you don’t feel as much of a pinch, and the pool of money will grow. You can read our blog on why you need an emergency fund for more information on planning for unexpected costs. Automatic transfers: Following on from the previous point, you can set up automatic transfers from your main account to a designated savings account each month to ensure consistent progress towards your savings goals. High interest savings account: Do your research and make sure that the accounts you have are earning you the best interest on your savings. At Horizon Bank we have a range of popular savings accounts to suit whatever your financial goals or needs are, contact us today to discuss your options. Seeking Help for Debt and Financial Strain If you're struggling with debt or feeling overwhelmed by the cost of living, there are resources that you can reach out to for help: Talk to your bank or credit union: Discuss financial hardship assistance options or payment plans if you're facing difficulty with your loan repayments. Financial counselling: You can contact the National Debt Helpline (1800 007 007) for free financial advice and support. Mental health support: Reach out to Lifeline (13 11 14) or Beyond Blue (1300 224 636) if you need emotional support.   Remember, even the small changes can make a big difference. By implementing these tips and taking control of your finances, you can ease the burden of the cost-of-living crunch. Looking for tailored budgeting support? Contact Horizon Bank, your Illawarra & South Coast based customer-owned bank, to learn about budgeting tools, low-interest accounts, and financial hardship assistance options designed to help you navigate today’s economic challenges. 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.

With the world constantly on the move, it has become ever more important to have access to your money while you're on-the-go. The Horizon app provides banking at your fingertips and is available for both Apple and Android. It provides customers with real time access to accounts and branch information  – anytime, anywhere.   Horizon Bank App features Access to account information Transfer to & from accounts Pay bills Transfer funds via Osko® Activate cards Lock and unlock cards A few things to remember Don’t keep your Member Number and Password with your mobile device. Make sure you logout when you’re finished with mobile banking. Get in touch with Horizon Bank immediately, if you’ve lost your mobile device or feel that someone may know your login details. 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.

Three claims the ATO is watching for this year Last month we saw the beginning of the new financial year and the closing of the last, which means if you earned an income in the last 12 months, it’s time to go through your income and deductions so you can prepare and file a tax return. Many Australians are hoping for a tax refund to relieve cost-of-living pressures. Being aware of what the Australian Tax Office (ATO) is targeting at the moment, can help get your return processed quickly and seamlessly. The ATO has given advice to taxpayers not to rush through their tax returns, as any mistakes or omissions will likely hold up their refunds. “We see lots of mistakes in July where people have forgotten to include interest from banks, dividend income, payments from other government agencies and private health insurers,” ATO assistant commissioner Rob Thomson said. The ATO have also announced 3 key focus areas for this tax season, so here’s what you should be paying extra attention to before you file your tax return. 1. Work-related expenses Many workplaces have adopted flexible working arrangements since the COVID-19 pandemic, which allows some Australians to now have hybrid roles where they work from home part of the week, rather than being in the office full time. With working from home there are a variety of expenses that are valid, but you are required to have valid records to support these expenses. The ATO is watching for taxpayers who may overclaim for these expenses without the valid records. There are two methods that can be chosen from when filing a return, one being the ‘fixed rate’ method and the other being an ‘actual cost’ method.  The ‘fixed rate’ method means you can claim 67 cents an hour, but to do so must be able to substantiate your time working from home. An easy way to do this is by keeping a diary or a spreadsheet of your work from home time. “Copying and pasting your working-from-home claim from last year may be tempting, but this will likely mean we will be contacting you for a ‘please explain’. Your deductions will be disallowed if you’re not eligible or you don’t keep the right records.” Mr Thomson said. 2. Rental property claims There are a number of legitimate expenses you can claim if you own an investment property, however the ATO have said its common that owners get their income tax returns wrong. This can hold up the process and raise red flags. Because of this, rental property claims will be firmly in the ATO’s sights this year. “We encourage rental property owners to carefully review their records before lodging their return and take care to ensure they are claiming deductions correctly,” Mr Thomson said. Common mistakes when it comes to investment property claims include not keeping proper records and claiming an immediate deduction for renovations (which are classed as capital improvements). 3. Additional income As mentioned earlier by Mr Thomson, pre-filled tax information isn’t always readily available and in by 1 July.Taxpayers can end up having to make amends to their returns once additional information comes through because of this. Additional information can include dividends, extra work income or health insurance information. “We know some prefer to tick their tax return off the to-do list early and not have to think about it for another 12 months, but the best way to ensure you get it right is to wait for just a few weeks to lodge,” Mr Thomson said. “You can check if your employer has marked your income statement as ‘tax ready’, as well as if your pre-fill is available in myTax before you lodge. That way, an amendment doesn’t need to be made later, which could result in unnecessary delays.”If you’d like to learn more about what you can and can’t claim, visit the ATO website.   Navigating tax season doesn't have to be a stressful ordeal. By understanding the Australian Tax Office's key focus areas, including work-related expenses, rental property claims, and additional income reporting, you can prepare your tax return with confidence and accuracy. Remember to keep meticulous records, double-check for any missing information, and consider waiting until all pre-filled data is available before lodging your return. Taking these steps will not only help you avoid common mistakes but also expedite the processing of your refund. Stay informed and proactive, and you'll find that tax season can indeed be pain-free. 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.

We know that navigating tax season can be daunting but throw in the increasing threat of tax scams and it’s even trickier. By remaining vigilant and informed, you can protect your personal information and financial security. Below are 10 simple tips you can follow which will help you recognise common scams and how to avoid them. These 10 practical tips to identify phishing emails & reporting suspicious activity will enable you to safeguard your identity & prevent any financial losses during this upcoming tax season. 1. Beware of phishing emails: Phishing emails are frequently being sent out by scammers, in this instance they will be pretending to be from myGov or other related government agencies. Often phishing emails ask for you to provide personal information & other sensitive details such as your myGov username and password. 2. Verify email sources: A quick and easy way to help determine if an email from myGov or government agencies is legitimate before responding, is to always double check the sender’s email address. Typically, any official emails from myGov will come from addresses ending in @my.gov.au 3. Avoid clicking on links: Think before you click! Be cautious of any links that are included in emails that are allegedly from myGov. Instead of clicking links, you’re best to manually type in the myGov website address to your browser to access your account. 4. Watch for urgency or threats: Often phishing emails will create a sense of urgency or be threatening to try coercing you into taking immediate action. Always be sceptical of emails that claim your myGov account could be suspended or you may face penalties if you don’t respond to the email promptly. The same goes with offers of refunds or overpayments. 5. Never share personal information: Remember that official representative of myGov or government agencies won’t ever ask you to provide them with personal information via email. This includes your password, tax file number or banking details. If you receive unsolicited emails, avoid sharing this information in response. 6. Report suspicious emails: It’s important that if you receive any suspicious emails claiming to be from myGov or other government agencies, you report them to the Australian Cyber Security Centre (ACSC) or even the myGov help desk. If the email you receive is regarding taxation, you can forward the email to the Australian Taxation Office (ATO). To do this you can: Phone the ATO on 1800 008 540. Forwarding the scam email to ReportScams@ato.gov.au Take screenshots of fake social media posts and email them to ReportScams@ato.gov.au 7. Use two-factor authentication: A good safeguard of your myGov account is to enable two-factor authentication if possible (2FA). By adding 2FA you add an extra layer of security by requiring a second form of verification in addition to your password when logging in, such as a code sent to your mobile phone. 8. Stay informed: Keeping up to date with the latest scam alerts and security advice from the ATO, myGov and any other relevant government agencies. Often these organisations will provide information around common scams and ways to protect yourself against them. 9. Educate others: Tell your friends, family and colleagues about myGov phishing scams so you can spread awareness. Encourage them to also be vigilant and to report any suspicious emails they receive. 10. Regularly monitor your accounts: Keep a close eye on your account activity on your myGov account and linked services such as the ATO, Centrelink, Medicare or Department Veterans Affairs. If you notice any suspicious or unauthorised activity, or changes to your account, report it immediately.  You can review further information about active scams and examples of myGov impersonation scams on their website. By making sure you’re aware of the risks associated with the myGov phishing emails, and making sure you are proactive in taking measures to protect your account, you’re able to safeguard your personal information and minimise the risk of falling victim to a scam. 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.

Do you ever feel like when you are listening to news about the economy, you have to try decipher what is being said as if it's a complex code. We get it! In this guide, Economist Nicki Hutley helps to unravel the tangled web of economic jargon so that you can decode financial news, and even any decisions you may face when it comes to work, spending or investing. Buckle up for the crash course in economic know-how! Byline: Nicki Hutley Being able to understand economic concepts is a powerful tool that you can use in making decisions when it comes to your work, your purchasing choices, and borrowing and investing money. You might hear politicians often using economic jargon, so it can also help to better understand what they are talking about. In saying this, often economists don’t make it easy to understand, so this is why we’ve put together a quick guide of commonly used terms that we feel could be useful to you.   Monetary Policy - The RBA (the Reserve Bank of Australia) will use monetary policy to try and steer the economy in the right direction when the economy is either running too hot, meaning high inflation, or too cold, meaning high unemployment. There are 3 ways they do this, but the most common which you are likely to know all about, is setting interest rates (also referred to as the cash rate, which we will explain further in the next point). Higher rates make borrowing more expensive, so people and businesses tend to spend less, which can help stop the economy from overheating. Conversely, when the economy needs a boost, like when people aren’t spending much and businesses aren’t growing, the RBA might lower interest rates. Lower rates encourage people and businesses to borrow and spend more, which can kickstart economic activity. Cash Rate – The cash rate is the interest rate that banks pay to borrow funds from other banks. It is set by the RBA board at each of their meetings. Although this sounds pretty boring, it tends to get a lot of attention in the media, and this is because the cash rate is what influences all the other interest rates, such as mortgage and deposit rates. When the cash rate goes up or down, this will typically flow through to the rate you’re charged for your mortgage, your personal loans and credit cards. Inflation – Inflation is probably a term you’re familiar with; it measures the rate at which prices change over time. The Consumer Price Index, or CPI, is the main measure of inflation. The CPI is made up of the changes in the price of hundreds of different average household goods. This includes things such as bread, fruit, meat, beer, toothbrushes, hairdresser services, school fees, BBQs, electricity, cars & petrol to name a few.Some prices will go up while others will come down in any one period. The RBA has a target for ‘underlying’ inflation, which takes out items that tend to jump around a lot—such as petrol and some foods—of 2% to 3%. When inflation is higher than this target and rising, the RBA is likely to increase the cash rate. Gross Domestic Product – The measure of the size of our economy is called Gross Domestic Product, or GDP. GDP is reported every 3 months and tells us how individuals, businesses and governments have spent and invested their money. This report covers everything from toothbrushes to roads.GDP tells us which parts of our economy are doing well, and what parts aren’t doing so well. Economists are mostly interested in seeing how GDP changes between one period to the next and whether we are in a period of growth or not. If the GDP falls for 2 quarters in a row, that is defined as a recession.Something else economists sometimes talk about is “trend growth”. This indicates how fast the economy can grow without setting off inflation. Stagflation – Stagflation is a term that was created in the 1970’s to describe a period when economic growth is low, or shrinking, yet inflation is high. Stagflation doesn’t happen very often fortunately. An example of stagflation is in 1983 when inflation hit 11%, but the economy was in a recession. Productivity – Productivity is one of the most important economic indicators. It measures how much is produced for each hour worked. We’re sure you’ve heard the saying “work smarter not harder”, well when we work “smarter” productivity goes up. This is important as productivity is one of the key ingredients for improving our standard of living. When we see a rise in productivity, we see businesses doing better and this means profits and/or wages are higher as a result. Sounds ideal right? So, how do we get productivity to grow? Increasing investments into machinery and technology that help us do our jobs more efficiently, we can make improvements to the way businesses operate and we can invest in upskilling people. Productivity can also be improved by governments, by making it easier for businesses to do business through investing in infrastructure such as roads and telecommunications. Fiscal Policy – Think of Fiscal policy as the government’s wallet and spending habits. Just like how you manage your own money to buy things or save for the future, the government uses fiscal policy to control spending, taxes, and borrowing to keep the economy in good shape. Fiscal policy is balancing what people want or need from the government (such as schools, hospitals, roads, defence and childcare to name a few) with the requirement of paying for these things through taxes – taking into account the overall effect of those decisions on the economy. A very important day for the fiscal policy calendar is the second Tuesday in May. This is when the federal government hands down its budget. When the government spends more than it receives, the budget will be in deficit leading to an increase in debt. Labour Force – The Labour Force is the number of people who are working (employed) or aren’t working but looking for work (unemployed). You’re counted as employed by The Australian Bureau of Statistics even if you work just one hour per week, and you don’t count as unemployed unless you are looking for work. If you aren’t applying for jobs or working for any reason, then you’re not counted as a part of the labour force. Underemployment – Unemployment, as previously mentioned, is the number of people actively looking for work. This is reported monthly basis as a percent of the labour force. There is a concept called underemployment which refers to the people who work part-time but seeking more hours. When you add together the unemployment and underemployment, you get the underutilisation rate. Policy makers will look closely at this rate to see if there is likely to be wage pressure, which could lead to inflation. Exchange Rate – If you’re an avid traveller, you’ll know this term very well and probably keep a close eye on it. The Exchange Rate refers to how much you would get if you were changing your Australian dollars into another country’s currency, or vice versa. If you’re lucky enough to have a trip overseas planned soon, you’ll be following the exchange rate for your destination, so you can map out costs while you are there. Another time you may encounter exchange rates is when you’re buying something from overseas (imported goods) which could a piece of clothing, a car or petrol. When the Australian dollar falls, we pay more for imports. Cryptocurrencies – Cryptocurrencies can only be accessed via computers or other electronic devices and don’t have a physical form like banknotes or coins. The most commonly known cryptocurrency is Bitcoin. They are often referred to as “cryptos”. It’s important to know that it is not the same as ‘real’ money, and is not regulated in Australia. Cryptocurrencies aren’t a very useful form of money as most sellers won’t accept cryptocurrencies as payment. Cryptocurrencies are often very volatile, compared to the Australian dollar that generally doesn’t move by much day to day.   Together, we’ve delved into the intricacies of some key economic concepts and terms that are frequently used when discussing the state of the economy and its impact on our lives. Deciphering the complexities of economics isn’t just about unravelling jargon; it's about equipping you with the knowledge to navigate the economic currents shaping our lives. I hope this explainer helps you to more confidently steer through these economic waters and traverse the complexities of our financial world. At Horizon Bank, we believe in empowering our customers with the knowledge and resources they need to make sound financial decisions. Understanding economic terms and concepts is crucial, but having a trusted financial partner can make all the difference. Whether you're planning your next investment, considering a loan, or simply seeking some guidance on navigating the current economic climate, Horizon Bank is here to support you. Visit our website at Horizon Bank or come into one of our local branches to learn how our personalised financial services can help you apply your newfound economic insights in practical, profitable ways. Let's decode the world of finance together. 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.

Money has a way of intertwining with our most cherished relationships, and it can be a delicate topic to broach. During the early days of a romance, the last thing you might want to discuss over a coffee date is debts, credit scores or mortgage repayments. However, as your lives become increasingly entwined, addressing your financial matters with openness and honesty is essential. Your partner's financial situation can significantly impact your own, and being proactive is key. Financial discussions can come to the forefront at various stages in a relationship – when you decide to move in together, purchase property jointly, add a pet to your family, welcome children, prepare for retirement, or even when facing the possibility of separation. Therefore, it's crucial to address and resolve financial issues effectively. To ensure your discussions are both respectful and positive, here are eight essential tips from Horizon HQ for approaching financial conversations with your partner: Open Communication: Initiate honest and open conversations about finances with your partner. Share your goals, aspirations, and concerns. Stay Calm: Keep emotions in check during financial discussions. Avoid blame and finger-pointing to foster a more constructive dialogue. Collaborate on Goals: Work together to establish both short-term and long-term financial objectives that align with your shared vision for the future. Face Challenges Head-On: Address financial challenges promptly instead of procrastinating. Openly discuss how to adjust your budget during tough times. Schedule Money Talks: Dedicate regular, uninterrupted time for discussing finances. Consistency ensures focused and productive conversations. Transparency Is Key: Be open and honest about your financial situation. Hidden spending and debts can erode trust over time. Celebrate Achievements: Acknowledge and celebrate your financial milestones and achievements together! It will keep you going and motivated to keep hitting those goals. Appreciate Uniqueness: Understand that every financial situation is unique and we all come from different directions when it comes to talking finances. Avoid unhealthy comparisons with other couples or your partner's finances. 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.

As the end of the financial year approaches, it's time to get your documentation in order and prepare for a fresh start. To help you navigate through this important period, we've put together an end of financial year checklist. By following these steps, you can ensure that you make the most of tax benefits, stay organised, and set yourself up for financial success in the coming year.   Review your income and expenses Take a close look at your income sources and expenses from the past year. This could include your wage, any government benefits, interest, rental income etc. Ensure that all your financial records, including payslips, invoices, and bank statements, are in order. This step will help you identify any potential discrepancies and make the necessary adjustments before tax time.   Utilise any government benefits If you are entitled to a NSW Government-issued voucher such as Active Kids, Premier’s Back to School, Creative Kids or First Lap, ensure these have been activated before the end of financial year deadline.   Maximise your deductions As an Australian taxpayer, you may be eligible for various deductions that can reduce your taxable income. Review your expenses and ensure that you have supporting documentation for each deduction you plan to claim. Some common deductions include work-related expenses, self-education costs, and charitable donations. Seek advice from a qualified tax professional to make sure you're claiming all the deductions you're entitled to.   Superannuation contributions Consider making additional contributions to your superannuation account before the end of the financial year. These contributions may be tax-deductible and can help boost your retirement savings while providing potential tax benefits.   Capital gains and losses If you've sold any assets during the financial year, review your capital gains and losses. Capital gains tax may apply, but you may also be able to offset these gains with any capital losses you've incurred. Consult with a tax professional to understand the implications and optimize your tax position.   Small business considerations If you run a small business, the end of the financial year is a critical time to assess your business's financial health. Review your cash flow, inventory, and outstanding invoices. Consider writing off any bad debts or obsolete stock to improve your financial position. Ensure that your employees' superannuation contributions are up to date and that you meet your obligations as an employer.   Lodge your tax return on time Australian taxpayers have until October 31st to lodge their tax returns for the previous financial year. Aim to lodge your return as early as possible to avoid any last-minute rush or penalties. If you're using a tax agent, they may be able to assist you with lodging your return and provide valuable advice.   Seek professional advice If you're unsure about any aspect of your financial situation, seek guidance from a qualified accountant or financial advisor. They can help you navigate complex tax laws, maximize your deductions, and provide tailored advice based on your specific circumstances.   The end of the financial year is a good time to reflect on your financial progress, make necessary adjustments, and plan for the future. By following this checklist, you can streamline your financial affairs, minimise tax liabilities, and set yourself up for a successful year ahead. Remember, seeking professional advice is always beneficial to ensure you make the most of the opportunities available to you. If our team can be of any help to you, please contact us.  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. * Disclaimer: This blog post provides general information only and should not be considered as financial or tax advice.

As teenagers embark on their journey toward adulthood, it's crucial to equip them with essential life skills, and one of the most important skills is managing their finances responsibly. Perhaps they are about to start their first job or are looking to save up for something special. Opening a bank account for teenagers can be an excellent way to introduce them to the world of personal finance, teaching them valuable lessons about money management, budgeting, and saving. In this blog post, we'll provide you with a step-by-step guide on setting up a bank account for your teenager, empowering them with financial independence.   Step 1: Research and Choose the Right Bank We suggest looking for accounts that offer zero transaction or setup fees, attractive interest rates, online banking options and branch support for when you want to have a chat to a real person! Here at Horizon, we offer an account that is specifically for teenagers, the Teen Saver account. For kids wanting to focus on savings, take a look at our Youth Reward Saver account.   Step 2: Gather Required Documentation Before contacting the bank, it’s important to ensure you have all the necessary documents. This typically includes identification documents that verifies your full name, date of birth and home address. For example, this could include a passport/birth certificate, Medicare card and a letter addressed to the teenager at their home address from school etc. For more information on identification documents required, reach out to us for clarification.   Step 3: Visit or contact the Bank If you can, pop into the branch with your teenager or, if they’re comfortable, send them in independently. They will need to be there! Encourage them to take an active role in the process by asking questions and engaging in the conversation. This will help them develop a sense of ownership and responsibility towards their finances. The Horizon Bank team can help set up online banking, a debit card and answer any questions you might have. We have branches in Wollongong, Ulladulla, Albion Park, Thirroul, Bega, Merimbula, Moruya, Bermagui, Nowra and Berry.   Step 4: Educate them on Financial Literacy Make sure your teenager understands the basics of money management. Teach them about budgeting, saving, and the importance of responsible spending. Encourage discussions around long-term goals, such as saving for a car or something they have their eye on, to provide a sense of purpose and discipline.   Setting up a bank account for teenagers is an invaluable step towards fostering financial independence and responsible money management. By empowering our teenagers with their own accounts, we equip them with the necessary tools to make informed financial decisions and set them on a path towards a secure future. If you have any questions or want to learn more, reach out to Horizon Banks's friendly local team.

It's important to be mindful of your banking choices and ensure that they align with your personal values. Banks can provide both great convenience and peace of mind, but it's important to do your research before signing up. Whatever route you choose, be sure to take the time to understand what makes the bank tick - so you can feel good about where your money is going. Here are a few tips on how to make sure you're banking with integrity. Figure out what's important to you When it comes to your money, it's important to align your values with your banking. Find a bank that shares your commitment to things like social responsibility, environmental sustainability and ethical business practices. There are a number of ways to figure out what's important to you. Start by thinking about the causes and issues that you care about most. Then, research banks and credit unions that have policies and programs in place that support your values. Consider the day-to-day convenience of things like online and mobile banking, ATMs, and customer service when making your decision. By taking the time to align your values with your banking, you can ensure that your money is working for you – and for the world. What to look for in a bank Personal banking is more than just a place to keep your money – it’s a personal relationship that should align with your values. The same goes for business banking. When you’re looking for a bank, here are some things to consider to make sure your values are aligned: Does the bank have a personal relationship with its customers?This is important for both personal and business banking. You want to be able to trust your bank and feel like you’re more than just a number. Does the bank support local community, businesses and causes?If you value supporting your community and local businesses, you’ll want to make sure your bank does too. What are the bank’s environmental policies?If you care about reducing your carbon footprint, you may want to choose a bank that offsets its carbon emissions or invests in renewable energy. What are the bank’s social responsibility policies?If you want to make sure your money is going towards making the world a better place, look for a bank that donates to charitable causes or has a focus on social responsibility. Find a bank that aligns with your values When it comes to banking, there is no one-size-fits-all solution. The best bank for you will depend on your unique financial needs and goals. By doing your research and taking the time to find a bank that aligns with your values, you can ensure that your money is being used in a way that supports your beliefs. Here are a few tips to help you find a banking institution that matches your world view: Do your research - Start by identifying which banking values are most important to you. Ask around - Talk to your friends, family, and colleagues to see if they have any recommendations. Read reviews - Once you've narrowed down your options, read online reviews to get a sense of what other customers think about the banks you're considering. The benefits of banking with a values-aligned institution There are many benefits to banking with a values-aligned institution. When you bank with an institution that shares your values, you can be confident that your money is being used in ways that align with your beliefs. This gives you a greater sense of control over your finances and helps you to support causes that are important to you. This can make banking feel more personal and supportive, rather than just transactional. If you are looking for a bank that shares your personal values, Horizon Bank may be the perfect fit. Check out Horizon's values and see if they resonate with you. We offer a variety of products and services to meet your needs, as well as a commitment to community involvement. Contact our local team today to learn more about how we can help you achieve your financial goals. 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.

Are you tired of getting your bank statements in the mail? Switching to online statements can save you time and money. You’ll no longer have to worry about losing or misplacing your bank statement, and you’ll also help the environment by reducing paper waste. Plus, online statements are more secure than paper statements. You won’t have to worry about your personal information going missing from your mailbox. Sign up for online statements today and start enjoying the benefits! Are you still receiving your bank or credit card statements in the mail? If you are, you're missing out on a lot of benefits by not switching to online statements. In this post, look at the benefits of making the switch. Switching to eStatements is easy. Simply log in to Online Banking from a desktop computer, go to Accounts Options > eStatements option > select online statement then click ok. 5 Reasons To Switch To Online Statements  1. Get your statements faster – you’ll get an email notifying you as soon as they’re available For many people, paper statements are a thing of the past. Thanks to online banking, you can now view your statements anytime, anywhere. In fact, online statements are becoming the norm for many banks and financial institutions. E statements are more environmentally friendly than paper statements, and they're often more convenient for customers. With online statements, you don't have to worry about losing or misplacing your statement. And if you need to access your statement quickly, you can find it right in your E statement list in Online Banking. So if you're tired of waiting for the mailman to deliver your statement, switch to online statements today. 2. Secure statement delivery When you are registered for e statements, you will receive an email notifying you that your statement is ready to view in Online Banking. Your statement is not delivered by email. Your statement is securely delivered and waiting for you in Online Banking which is more secure than having paper statements sitting in your mail box. 3. Easy access - access your statements from anywhere, anytime from Online Banking on your computer In today's fast-paced world, it can be difficult to keep track of your finances Thankfully, we offer electronic statements, which allows you to access your bank statements from anywhere, at any time. This can be incredibly convenient if you're constantly on the go. All you need is an internet connection and you can check your bank balance, view recent transactions, and more. Plus, electronic statements are typically much easier to organise than paper statements as they are displayed in date order. This becomes useful around tax time if you need to check your statements to check the calculation for how much interest you’ve earnt. If you're looking for a way to streamline your finances, switching to electronic statements is a great option 4. Stay organised and keep track of your finances by downloading all your past statements Many people choose to go electronic with their statements these days. This means that you will be able to access your past statements with only a few clicks. It is very important to keep track of all your finances and spending, especially if you are running a business or organising an event. Electronic statements can help you do just that. Not only will you be able to see your spending for the month in one place, but you will also be able to see any discrepancies right away. 5. Help the environment by reducing paper waste One of the simplest ways you can help the environment is to reduce paper waste by switching to online statements. Online statements can be viewed and downloaded as PDFs from within Online Banking, so make the switch today and help the environment by reducing paper waste. If you're still receiving your bank or credit card statements in the mail, it's time to switch to online statements. Online statements offer a lot of benefits over paper statements, including security, convenience, and organisation. Contact us today for assistance making the switch, or alternatively follow the easy steps at the beginning of this article. Switch to E statements and start enjoying the many benefits. Frequently Asked Questions 1. Why are e statements better? E statements are fast, secure and the environmentally friendly option. 2. Can you get bank statements online? Yes you can! You must first be registered for Online Banking. You can apply to register online or get in touch with us for assistance. 3. How do I change from a paper statement to an online one? Switching to eStatements is easy. Simply log in to Online Banking from a desktop computer, go to Accounts Options > eStatements option > select online statement then click ok. 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.