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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.

The end of financial year has come and tax time is upon us. Now is a great time to think about improving your finance and money management over the next 12 months. Keep reading for some helpful tips for the new financial year. See A Financial Planner Organising to see a financial planner at any age is a great idea to discuss matters like managing and contributing to your superannuation. There are certain tax benefits when contributing more to super, so consider booking in time to discuss your needs with a financial planner. A financial planner can also discuss investment opportunities, wealth management and estate planning. Track Your Spending Now is a great time to track your spending in preparation for the next financial year. For work related expenses, do you know where your money goes each day/week or month? If you incur a lot of work related expenses it is a good idea to track these as you go, rather than trying to think about all the money you’ve spent over the year that you want to include in your income tax deductions. The Australian Taxation Office has a tool called myDeductions which is ideal for employees or people who own their own business to track their expenses on the go. Tax deductions you may be eligible for varies between individuals. Keep up to date with the deductions you can claim by visiting the ATO website. Use your Tax Refund Wisely Depending on the size of the refund (and assuming you receive one) there could be investment options that would be wise for you to consider. This is where a financial planner can assist you with making decisions for short and long term wealth management. You may be tempted to spend your tax refund straight away, especially with retailers having EOFY sales. Instead, put the extra money to good use in a savings account, or use it as an extra repayment on a loan if possible. Use our lump sum repayment calculator to see how much interest you could save by making a one off large repayment. Get an organised system for keeping your tax records It will be less stressful if you have everything in order well ahead of tax time in preparation for the next end of financial year. Below is a list of documentation you will need to help you complete a tax return. Your Tax File Number (TFN) Payment summary Summary of any interest you’ve earned on your bank accounts (you’ll find this in our online banking) Information relating to investment income, shares, dividends and managed funds Private health insurance statement Details of child support payments Receipts from donations to a charity Receipts for work related expenses Research qualified tax agents If your want someone to look after your tax affairs, using an accountant or registered tax agent may work for you. The cost of managing your tax affairs is usually deductible the following financial year. Check out the Tax Practitioners Board online for a list of registered tax agents so you are well prepared for the end of financial year and can book ahead of time. Are you looking to get your finance and money management under control and need some extra help? Get in touch with the friendly team at Horizon today and let us assist 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.

In this blog we’ll look at proactive ways you can begin to implement a savings plan, which will be beneficial for you and your family’s long term financial management. In particular, we’ll discuss debt consolidation, choosing the right insurance cover, tips for living off one income and making smart choices for retirement. Consolidate your debt An important step in organising personal finance is to consolidate debt. If you have multiple credit cards and personal loans, consolidate these into one. You are likely to be better off paying one combined loan, with a single interest rate, rather than many loans with different interest rates. Debt consolidation makes managing your money easier, as you won’t be juggling multiple payments each month. It will give you a better understanding of what money is coming out of your accounts, allowing you to better prioritise your spending. Check out our blog on how to make debt consolidation work for you. Have the right insurance in place A good personal finance practice is having the right insurance in place, as well as the appropriate level of cover. You don’t want to risk being under insured. You can use the CGU insurance calculator to check that you are insuring your assets for the correct amount. Ensuring your home and contents and car insurance policies are up to date is another good practice to keep in the habit of. Your current insurer is likely to email you or send you a copy of your policy when it is due for renewal. Use this time to compare policies online for the best value. Protect the assets you have to avoid being out of pocket in case of an incident or accident. Fill out our online form to get a quote for insurance through us. Securing your information Having all of your important documents in one place is great for financial management and crucial to be able to access them in an emergency. Important documents include insurance policies, wills, birth certificates, passports, as well as investment and super documentation. Keeping a hard copy in a home safe or safety deposit box is a good idea, you can always keep digital copies on an external hard drive or in a cloud based program, such as Google Drive. Live on one income where possible A good savings plan will teach you to regularly put money away in case of emergency or when there are changes happening within your family. Good examples of this are when someone is off work due to illness or injury or if you are starting a family. Practice living on one income and put some or all of the rest of your earnings into a savings account. You can use our budget calculator to show what a budget might look like with only one income, which can help to identify which expenses you need to cut back on. Don’t forget about retirement It’s never too early to begin thinking about retirement. Future financial management planning includes considering your transition to retirement and any associated costs with downsizing, accessing or consolidating super and wealth management. Making an appointment with a trusted financial planner is a good idea at any age. Proactively setting up you and your family’s future doesn’t have to be hard. It’s all about having a plan in place with the relevant insurances and a good savings mindset in action. Need some extra help with putting a plan together to protect your assets and finances? Get in touch with the friendly team at Horizon Bank today and let us help you on your 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 Product Disclosure Statement and 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.

Register for Online Banking After you've opened an account with us, you can now register for Online Banking. In addition to our network of branches, phone banking service and mobile app, you also have online access to your accounts wherever you are. Once you've registered and receive a password, you can access information such as: Balances on your accounts View all your transactions View your periodical payments See the interest you've earned for the financial year. You can also: 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 Register for SMS Queries and SMS Alerts Register for SMS One Time Password for added security Make International transfers (note you must be registered for SMS One Time Password to access this facility) 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.

Moving in with a partner? Read our top tips for living in financial harmony. So you’ve decided to take the leap and move in with your partner? Congratulations on this big life step! After looking for a place to live, the next thing on your agenda should be to discuss sharing finances with your partner. Set expectations It’s time to be realistic about what type of spenders you are. If you’re savvy with your money and a great saver, whilst your partner is a little more carefree with their spending, you may need to discuss what you expect from each other financially. For example, if you’re not ok with late rent because your partner overspent on their last shopping spree, it’s best to bring that up early on. How to budget and save Let’s face it, everything costs money! Bills, food and insurances are just some of the expenses you’ll need to save for. Use our budget calculator to get an idea of how much you need to put away to cover your outgoings. Create a simple spreadsheet with all of your expenses and any income to see what you’re left with at the end of the month. Open a joint account The key is to decide what this account is for. Is it for paying bills? Is it for dining out and entertainment? You both need to decide how much you’re willing and able to contribute to your combined funds. Be clear on the purpose of combining your money so you can keep each other in check. Horizon has a range of savings and access accounts so you can get the most out of your money. Check out our best everyday accounts for young couples. Credit or savings? How will you make everyday purchases? Are you an avid credit card user or do you save for everything you buy? Whatever your method, let your partner know so this can be factored into your budget. Thinking a credit card is the way to go? Check out our low rate, no annual fee Visa credit card. Make it fun Don’t forget to treat yourself every once in a while. Dinner and a movie or buying those concert tickets will feel even more rewarding when you’ve been saving together. Living with a partner is a new and exciting experience. Whatever your financial outlook, open and honest finance conversations are key for financial (and relationship) harmony.  Thinking of moving in with a partner? Check out our range of savings accounts to get you started on your 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.

There are a few credit card tips and tricks for those of us using a credit card for the first time. We’ll talk through some of the do’s and don’ts to make sure you’re using your credit card wisely. DO: Keep track of your spending Whether this is in an app, receipt diary or simple excel spreadsheet, find a method that works for you so you’re aware of your outgoings. This is also a great exercise for budgeting purposes. Pay off your credit card on time A good financial institution will do more than just approve your credit card application. They’ll explain to you the statement cycle and how the interest free period works on purchases. When you receive your statement, take note of when your repayment is due and pay early to avoid extra interest or overdue fees. Ask your financial institution to set up a direct debit or a payroll split so you don’t have to make a manual payment every month. Maximise your credit card repayments Paying more than your minimum monthly repayment is always a good idea to bring down your outstanding balance (often referred to closing balance on your statement) and pay less interest over time. Use our budget calculator to see how much you can afford to allocate on repayments. Set the right credit limit Again, a good lender will correctly assess your ability to repay your credit card repayments and will assist you in choosing a suitable credit limit that won’t tempt you to overspend. A good rule of thumb to avoid getting into more debt is to spend less than you earn. Check your credit card statement Statements are a great visual tool to see how much (and how often) you’re spending money. Always check your credit card statements for anything that looks unusual, and if you see something that doesn’t look right, contact your financial institution immediately. DON'T: Increase your limit if you don’t strictly need to If you need to make a large purchase sooner rather than later, pay off that purchase as soon as your can then bring your limit back down, to avoid more debt. Make cash advances a regular habit Examples of cash advances are things like using your credit card to withdraw money from an ATM. Your financial institution should provide you with a list of what they consider to be cash advances on your credit card. These transactions can be charged at a higher rate and attract fees for the convenience of accessing the cash quickly. Use credit to get by A good thing to keep in mind is to use a credit card for things like emergencies and travel. Unfortunately, living off credit without controlled spending and repayments can land you in more debt in the long run. Allocating a portion of your income for bills, food, rent/mortgage and savings takes practice and self-discipline but services such as financial counsellors can help with managing your finances. See ASIC’s Money Smart website for information on financial counsellors. Looking for smart advice on how to use a credit card? Get in touch with us today. 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.