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In this post we’ll look at the steps you can take to creating a personal budget for 2024. Creating and sticking to this will teach you discipline with your money and help you to reach your savings goals sooner. It will also enable you to view your income differently which could see you with a surplus of funds rather than living paycheck-to-paycheck. Putting your budget together This can be done simply in an excel spreadsheet. List your income at the top, then list all of your expenses in categories where possible. Total up your expenses and minus this cost from your total income. If you have money left over, great work. If you find yourself in a minus, keep reading for tips on how to get back in the green. Anticipate Changes – before making a budget, think ahead for any large changes that you can reasonably anticipate, like taking out a new mortgage or other personal finance expenses  and incorporate it into your plans as early as possible – even if you do not know what the value will be.  Don't forget to include extra income as well – for example, any anticipated raises or money from a tax return. Make educated guesses – When you don't know the future value of something, make conservative estimates. Make expenses that bit higher, and income a bit lower. This provides a cushion in case things do not go as planned.  Review Your Spending  As previously mentioned, making a budget starts with creating a list of all your expenses and their costs. This includes loan repayments, credit card payments, money spent on groceries and bills plus any entertainment expenses. You can use our budget planner calculator to get started. Look for ways to cut back. This is the hard part! The easiest way to cut back on your expenses is to list them in priority order. Which ones are needs versus a want? If they’re all needs, consider cheaper alternatives. For example, look for a cheaper plan with another internet provider or share the cost of streaming services with a family member or friend. Be Accountable  Good financial management is all about ownership. A budget is only useful if you stick to it. Share your success and setbacks with your significant other, family member or close friend who will encourage you to stay on track with your spending. Make it easy for yourself by printing out your budget table and keeping it close by to refer back to. Sometimes a hard copy is easier than starting up your computer and loading your budget software. If you use a budget planner app even better. Our phones are always within easy reach! Have a purpose and goal in mind  This will help you determine how much you may need to save for and how quickly. Decide if you’re saving for something specific such as a holiday or a new car, or if you’re just trying to cut back on excess spending. Helpful budgeting tools  Our budget planner calculator is a free online tool that is convenient to access and easy to use. Once you’ve got your list of expenses, put them into the calculator which will tell you if you will end up with a surplus or shortfall after considering the income details you provide. This can also be accessed from your smartphone or tablet. Have a plan for any excess funds you find yourself with. It is quick and easy to open a savings account or term deposit online where you can deposit your money into straight away to avoid temptation. If you are still finding yourself in the red, make sure you have all of your expenses properly listed. Get someone to check over your budget for accuracy. If you are still experiencing issues, seek help from a financial counselor about managing debts. Are you are looking to create a budget for 2024, but are not sure how to start? 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 Illawarra and South Coast with offices at: Thirroul, Wollongong, Albion Park, Berry, Nowra, Ulladulla, Moruya, Bega, Bermagui and Merimbula. 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. 

Saving to buy a house? You’ll have more options with a larger house deposit Your house deposit is just one of the costs you need to consider when saving money for a house. Other costs include stamp duty, legal fees, removalist plus money for furnishings and the list goes on. Let’s take a look at how you can save for that dream home faster. Work out what you’re saving for The best way to save for a house is to have an idea of what you’re saving for. This will not only give you a clearer picture of your end goal, but will also help your lender in giving you an estimate on your borrowing power and affordability. So consider, are you after an established home, townhouse, apartment or something off the plan? Do your research to be fully informed on each type of dwelling so you can inform your lender with confidence about what you’re looking to purchase. Set a goal Set an amount you would like to save and a timeframe to save it in. This will help keep you on track with saving money for a house. A deposit of 20% of the property price is generally required by most financial institutions to avoid lenders mortgage insurance. Lenders Mortgage Insurance (LMI) is a cost imposed by financial institutions to protect themselves against ‘high risk’ loans. Any loan that is greater than 80% of the property value is considered ‘high risk’. You will need LMI if you’re borrowing more than 80% of the property value. Set a budget – and stick to it! Take a look at your income and expenses, if you’re spending more than you earn now is a good time to cut back! Regular dinners, coffee outings, direct debits and other subscriptions/memberships are costly and will hinder your savings goal. Use our budget planner to get you started. Save regularly Making regular deposits into a savings account that’s not an everyday account and will normally pay a better interest rate is critical to your savings success. A Reward Saver account is great example. If you get paid weekly, your savings should also grow weekly. This takes discipline and effort however saving to buy a house = owning your own piece of the property market. Worth it! What else can I do? Doing all the above but feeling like it’s still taking forever to get that house deposit? Here are a few other options to try: • Move back in with parents or relatives • Pick up casual work on top of your current job • Limit the amount of times you go out in a month by picking and choosing between social commitments • Need some time out? Go away for a short weekend trip rather than long interstate or overseas holidays • Any extra funds that come your way should go straight into savings The important bits to take away • Be clear on exactly how much you need to save • Keep a budget to show where you’re spending and saving. Use our budget calculator to help. • Higher interest savings accounts will reward you for saving (and not withdrawing!) • Moving back home may sound drastic, but will help you reach your end goal much faster.    Looking for more advice on how to save for a house deposit? Get in touch with Horizon Bank today and let us help you on your journey. 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. 

Money Saving Tips During Lockdown The current situation with Coronavirus outbreaks and subsequent lockdowns presents challenges as our habits and routines are thrown out the window. One thing you may notice is your spending and savings plans getting off track. With more time spent at home, you’ll likely notice an increase in the amount of food and power being consumed. Adjusting our budgets to reflect these changes is the best way to ensure we stay on top of our finances. Horizon Bank has put together some tips to ensure you are keeping your spending and your budget on track. Read on to find out how to apply them to your finances. How to save money in lockdown Shopping lists Shopping online at the moment is the safest and most convenient way to get items you need around the home. If you have started shopping online, it’s essential to use a list still and only buy the things you need. Keeping an eye open for sales and discounts is possibly now more important than ever. Keep an eye on your social media and email offers for when your favourite brands and stores are having a sale or clearance. A list is also vital if you are still heading to the supermarket, local convenience store or butcher for essential food items. This will curb the temptation to overspend or spend aimlessly. Keep in mind that individuals need to shop with purpose rather than browse. Food consumption may increase with everyone spending more time at home, so be mindful of this. Consider looking up recipes you can make with leftovers or with minimal ingredients to make your food shopping stretch further. Direct debits If you have had reduced work during a lockdown, you will want to review your automatic direct debit payments. Now is the perfect time to sort through them and pause or cancel any subscriptions that you can live without for a while, or that you we’re meaning to cancel anyway. Keeping track of your balance to avoid any overdrawn fees is a good idea. Speak to your bank about how to effectively manage this. You could also talk to your utility providers about a payment plan or changing the frequency you pay. Financial Support Financial support options from the government may be there for you, so it’s important to find the information you need to claim it. Use the links below to access financial support information. Business financial assistance  Disaster Payment - New South Wales  Work and financial support  Claim working from home tax relief If you are now working from home due to the coronavirus pandemic, you could claim some money back for working from home expenses. The Australian Taxation Office has articles about what individuals can claim whilst working from home. Here’s what you can claim if you’ve been working from home. Keep in mind you may need receipts and invoices as proof of purchase. Electricity expenses. Heating, cooling and lighting the area from which you are working and running items you are using for work cleaning costs for a dedicated work area phone and internet expenses computer consumables (for example, printer paper and ink) and stationery home office equipment, including computers, printers, phones, furniture and furnishings Review your service providers If you have been with the same phone, electricity or insurance provider, get in touch with them to see if payment plans or financial relief can be offered. This could be especially useful as you may find your energy bills have increased with everyone being at home for an extended period. Get in touch and chat with them about your different options during a lockdown and if they can do something to keep you as a customer. You may be rewarded with a discount if you have been a loyal long term customer. Now is also a good time to get in touch with your bank or financial institution if the coronavirus lockdown has financially impacted you. They may be able to defer your mortgage payments or organize an arrangement. Ensure you are fully aware of the impact of extended loan terms or deferred payments. Track Spending When you are more conscious you are of what you are spending, the less likely you are to overspend. Eventually, this will become a habit that you can use to save money even when lockdowns have ended. Check out these highly-rated budgeting and savings apps. If you’d prefer to keep a physical track of expenses, you can use an exercise book or a folder for receipts. A paper planner or diary would also work well. This will help you keep on top of your bank balance, and it may even see you have some extra cash at the end of the month if every dollar is accounted for. As a local Wollongong bank with branches across the Illawarra and South Coast, the team at Horizon understands this is a difficult time for many. We are happy to help you with any questions you may have about your accounts and banking needs. 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.

In this blog we’ll take a look at some practical ways you can make changes to your spending and saving habits. At this time in your life, you’re likely in full time work and may have just bought your first home or investment property. You may even be thinking about starting a family. Whatever your personal situation, read on for simple ways on how to save money. Have a Personal Budget Check out our blog on budgeting tools and tips to get started on a budget. It is important to list your income and expenses honestly to get a good grasp on where you need to cut back and save on. Get rid of your debt Car loans and credit cards are typical debts for people in the under 30 age category. A great money saving tip is to pay these off quickly and reasonably. The key is to set up a recurring direct debit from your pay. This also means committing to paying off more than the minimum monthly balance. Paying off credit card balances in full and on time is essential to avoid extra interest charges and late payment fees. Track how much you spend Sometimes we can fall into the trap of thinking spending on big ticket items is what gets us into trouble, when often it’s the little recurring, everyday purchases that end up costing us more. For example, regular takeaway coffee, lunches and parking costs all add up at the end of the month. This is why it’s important to keep track of your day-to-day spending, so you’re keeping on top of your personal finances and not living beyond your means. There are plenty of apps for this, check out ASIC’s MoneySmart app. Your bank statement is a good place to start and will tell you how much money is going into your bank account and how much is going out. You can then compare this with your budget to see whether you’re sticking to it or not, making it easier to identify areas you need to save. If you find yourself impulse buying, consider how long you have to work for to pay for that product. This will help you evaluate if it is worth the money. Saving & investing your money now The best money saving tips and savings plans are forward thinking with the future in mind. Working hard and saving money will enable you to have a comfortable lifestyle if you decide to expand your family with children. There are many ways to invest spare savings that all provide different returns. ASIC’s MoneySmart website has more information on investing. Alternatively, seeking advice from a financial planner is useful at any age to create an investment plan that will set you up for the future. Plan ongoing expenditure Having a plan for your expenses is a great way to save money and automate many of life’s everyday tasks. ‘Bill Smoothing’ is offered by some electricity and gas companies which allows consumers to pay off bills fortnightly or monthly. This can be included in your budget planner and it works well for people on tight budgets and avoids ‘bill shock’ where you’re required to pay off one large bill. Planning meals is another great way to avoid overspending on the weekly shop. Planned meals means you know exactly what groceries to purchase and this will avoid random visits to the supermarket. Get started on your savings journey by using our budget planner calculator. Horizon Bank has a branch network spanning the Illawarra and South Coast with offices at: Thirroul, Wollongong, Albion Park, Berry, Nowra, Ulladulla, Moruya, Bega, Bermagui and Merimbula. 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.

Should I sell or renovate my house? If you've been thinking about making a change to your living situation, there is much to consider such as time, money and the needs of a growing or downsizing family. Beautifully styled homes on social media are often attention-grabbing and leave us wondering how we can implement these ideas in our own homes. Renovating homes has increased in popularity due to the rise of reality TV shows such as The Block and Selling Houses Australia. The availability of inexpensive materials and DIY videos has also seen many people taking it upon themselves to make home improvements. In this article, we'll compare the pros and cons of renovating versus selling your home. So, if you find yourself faced with the decision to sell up or renovate, you can decide on the best strategy that will suit your circumstances. What's your best option? Pros To Renovating your current home Rather than selling up, many homeowners decide to renovate instead. One of the main reasons is because of the many costs associated with buying and selling real estate – advertising, stamp duty and sales commission to name a few. Carrying out renovations on your existing home comes with some real advantages. Renovating allows you to: Increase the value of your home – quality renovations are often an effective way to add value to your home and potentially sell it for a larger profit later down the track. Boosting rental income – If you're looking to rent out your home, minor renovations can be a good way of increasing rental income. Talk to a local real estate agent to get their view on how your property could be improved. Ask what renters are looking for in the area to give you an idea of how to increase your property's rental appeal. Improve the functionality and comfort of the home – this is especially true if you are widening rooms, hallways, adding rooms and increasing storage spaces. This is the time to update all those things that are out of fashion or dysfunctional. Remain where you are – updating your current home can be a great way to modernise it and give you extra years enjoying your time living there, creating a family home that can be enjoyed for years to come. Lower energy costs – if you are renovating your kitchen, this can be achieved by upgrading to more efficient appliances. If you're considering renovating your home, check out our range of home loans that can be used for renovation costs. Or, if you already have a home loan with us, ask the lending specialist at your local branch about your options. Cons To Renovating your current home Time – a renovation project is often thought of as a job in itself. Will you have the time to manage the renovations or get a builder to see the job through completion? How many months will the build take, and will it suit your household to be living in discomfort for a while? On a separate note but not unrelated to time, you will need to do your research on what council permits and approvals will be required. Check your local council website as a starting point. You will most likely require a planning and building permit as a minimum. Budget – how much can you realistically afford to spend, and will you be able to include all the changes you want, or will you have to sacrifice something? These are all helpful questions that will assist you in deciding whether to go ahead or not. Check out our article on budget renovations for more tips.   Selling your property Allowing a real estate agent to do all the work for you in selling your property is an attractive choice. As the client of a real estate agent, they will set out to get you the best price available for your property. Additionally, selling your home is a great choice if you have built up considerable equity, or if there isn't enough room for renovations to substantially improve your living situation. Before you decide whether to sell your property, it's worth calculating what it could sell for. Checking home sales websites is a good place to start to see what similar properties have sold for in your area. Also, you can ask a real estate agent for a market evaluation too. After working out what your property is worth, you can then consider costs of selling including: marketing expenses stamp duty for the purchase of your next home real estate agent commission moving costs solicitor and legal fees finance At Horizon bank, we are here to help you with your home loan needs. Whether that's to renovate or buy a new home. Get in touch with our friendly team today and let's chat about your plans. We have branches conveniently located across the Illawarra, so you can speak to a local person. 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.

Having a baby? We’ve developed this handy guide to help you plan your finances before your baby arrives. Your life is about to change forever! With a baby on the way, there's a lot to prepare for, so it doesn't help to worry about your finances too. With some careful pre-planning and budgeting, the cost of the ever-increasing number of 'necessary' baby items can become more achievable. Cost of having a baby A good start is to get a clear idea of what new expenses you’re going to be taking on by estimating the costs of the following: Medical (giving birth and ongoing appointments) Nursery setup (cot, changing table, baby chairs) Car seat Stroller/pram Nappies Food and formula Childcare Clothes New parents will have to fork out for many baby expenses in their baby's first year of life. It's easy to see how the costs add up when you consider how many initial, upfront costs there are, not to mention the ongoing costs of formula and nappies. How to budget for having a baby Take the time to ensure you figure out what your financial situation is now and what it will be after your baby is born by following the points below. 1. Check your entitlements Understanding the changes to your income and how that will impact spending is vital before your new bundle of joy arrives. Don't forget to check your eligibility for government-assisted benefits such as paid maternity leave  (available through Centrelink or directly through your employer), and the Family Allowance payment (available through Centrelink). You may also be eligible for other benefits from the government like Child Care Benefit, Parenting Payment, Rent Assistance or a Health Care Card. Call Services Australia on 136 150 to find out if any of these can apply to you. 2. Start a savings plan You may not have the same income after the baby is born if your partner or yourself are not returning to work for a while. Based on your current budget, determine how much you can save a month to help you afford the costs we listed above. Once you know how much this amount is, you can use our Savings Calculator to figure out how long it will take you to reach an end goal. Over time the costs of caring for your child will change. By starting a savings plan early, your family will be more prepared for bigger expenses like education and a family home. Save money by putting small amounts away now into a savings account can make a big difference in future. 3. Reduce debts Paying down debt or making extra repayments before one parent takes time off to care for the baby can help with your savings plan. If possible, avoid going on parental leave with high credit card debt. Paying down debts or paying off your credit cards is a good idea before you start putting money into a saving account. You can make significant savings by switching to a card with a lower interest rate, but make sure you read the fine print first. Be wary of the low introductory rate that jumps up when the introductory period ends, and find out if there is a high cost for balance transfers and annual fees. After your baby arrives You'll likely already have everything you need to care for your baby. After you're home and settled in, taking a look at your family health insurance policy is timely as it may need updating with paediatrics cover. Don’t Forget Ongoing Baby Expenses Once your baby arrives, the regular expenses to care for your little one kick in. Factor the following costs into your budget: Child Care: If both parents return to work after the baby's arrival, the single biggest budget item will be child care. Child care costs vary by depending on where you live, the age of your child, how many days of care are required, and what type of care you use. Clothing: Babies grow quickly. You’ll find many outfits may not fit for very long, and that you’ll constantly need to purchase bigger clothing. Nappies: According to CHOICE Magazine, a typical baby goes through about 6000 disposable nappies with the total cost (of just the nappies, excluding wipes & other accessories) varying between about $1,800 and $3,000+ each child. Baby Food: Tins of formula can range from $20-$40. If using formula, you may need to try a few different brands to find one that's right for your baby. With these tips in mind, ensure you have a budget in place to support your growing family. 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 Illawarra and South Coast with offices at: Thirroul, Wollongong, Albion Park, Berry, Nowra, Ulladulla, Moruya, Bega, Bermagui and Merimbula. 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.

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.

Good financial management allows you to map out your goals and strategies so that you can achieve them and get more out of your money. These should be done and reviewed regularly as you move through the different stages of life. In this post we look at some of the ways you can maximise your money, which can help you achieve success with tangible goals like retiring earlier, investment returns, or spending less of what you make. Speak To Someone With finance expertise Get financial advice! Speaking with an experienced financial planner is the best way to understand your financial position, and the steps you can take to give yourself a comfortable future. The top three areas you might want to discuss with a financial planner are: Budgeting - being able to factor in budgets for holidays or upgrades to the house can have a positive impact on your family. Getting out of debt – debt consolidation can be a great way to reduce the many repayments you have outgoing to different loans. Eliminating or consolidating debts will reduce the burden of interest and loan repayments. Check out our article on debt consolidation. Savings and investments – after making a budget and reducing your debt, you may feel financially comfortable to look at different savings and investment options. ASIC’s Money smart website has a list of investment options that a financial planner can explain to you in more detail. Your Family Plans - Building a bright future As we mentioned at the start, you and your family will move through different life stages. Financial needs and obligations change when children are born, as they grow and when they leave the family home. Having a good plan in place with achievable goals will ensure your finances get you through these stages. For example, learning how to make a budget and save money may be more important during your children’s early years until they are young adults with jobs. This all depends on the type of lifestyle you and your family want to live. Having a thrifty attitude is an excellent money saving tip, and can see you save money throughout the year by following these simple actions. Shop around for the best deal on purchases Change small spending habits e.g. taking your lunch to work rather buying it Review regular expenses Retirement Plans - Staying comfortable and independent It’s not just the immediate future that you need to consider, with more of us living longer, retirement must also be considered even if it feels like a long time away. To have a comfortable retirement, and possibly even an early retirement, it’s important to learn to save money, and make contributions to superannuation if feasible. Enjoy your senior years without the financial stress. Nobody wants to be a burden to their children so it’s important to have a plan in place to stay comfortable and independent in retirement. Speak to a financial planner or use the retirement and superannuation pages on ASIC’s site for more information.  If you’re looking to maximise your money, get in touch with us today. We’re here to make the process easy and provide a great experience. 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 arti​cle 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.