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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.

What is a customer-owned bank? Customer-owned banks or mutual banks, provide consumer banking services such as credit cards, home loans, personal loans, savings accounts, and term deposits like any other bank. The key difference is in the ownership structure. The bank is owned by its members rather than shareholders. Certain issues or changes may require a member vote according to the constitution of the customer-owned bank. Profits are reinvested back into the products and services rather than being distributed through shareholder dividends. The customer-owned banking sector collectively serves more than 4.5 million Australians and brings with it the strength of $139 billion in assets. What is the customer-owned banking difference? Customer-owned banks serve a smaller customer base than the Big 4 banks. This means that you have access to personalised service from the staff and an overall enjoyable customer experience. Customer-owned banks are in a mutually supportive relationship with their customers and have a commitment to supporting the local community. The key difference is that profits are reinvested back into the banking products and services offered to members. This relates back to the ownership structure which is important, as products and services are enhanced rather than profits getting distributed to shareholders as dividends. When researching loan or deposit rates, you’ll find that rates on all financial products with customer-owned banks are competitive. The customer-owned sector provides competitive banking solutions with outstanding customer service, a can-do attitude that is committed to local communities, low and fair fees and competitive mortgage rates. What kinds of services are offered at customer-owned banks? Customer-owned banks generally offer the same products and services as traditional banks. These include home loans, personal loans, credit cards, business banking, term deposit and savings accounts. Easy access options such as online banking, visa cards, app banking and contactless mobile payments are also available. Add on services like insurance and CTP Green Slip are available for members at Horizon Bank. Simple investment options such as self-managed super fund accounts and term deposits are available subject to eligibility. How do customer-owned banks help the community? The customer-owned sector invests in community projects, organisations and events. More than 60% of customer-owned banking institutions believe community involvement is a key differentiator to their business. At Horizon Bank, we have sponsored many community events, some for a number of consecutive years in a row. Examples include: 15 years for the Thirroul Seaside & Arts Festival  9 years for the Merimbula Classic  8 years for the Bega Show We have philanthropic affiliations with many charitable organisations that we support throughout the year. During winter many of our branches collect food, clothes and warm blankets for their local Homeless hub or refuge. At Christmas time, all of our branches engage with their local communities to collect non-perishable food, toys and gift vouchers for various churches and charitable organisations. The organisations we have supported include: Albion Park Youth & Community Care Inc. Bega Women’s Resource Centre Narooma St Vincent De Paul Moruya Anglicare Supported Accommodation & Homelessness Services Shoalhaven Illawarra (SAHSSI) Thirroul Need a Feed Wollongong Homeless Hub Tips for choosing a customer-owned banking institution When choosing a customer-owned bank, here are some tips on what to look for: Fair and ethical banking – customer-owned banks care about where they invest. For example, at Horizon Bank, we act as responsible and influential environmental citizen, as such, we do not directly invest in, or provide loans to, any company in the fossil fuel industry. Customer-focused – the customers own the bank, so they’re put first. Customer centricity is at the core of all business operations. Opening an account should be easily done online, over the phone or in person. Responsible lending – customer-owned banks make sure that the customers they lend to, can afford repayments without being adversely impacted. Community support – customer-owned banks have a strong track record of supporting the communities their customers live in, whether that be through sponsorship or in-kind support. Accessibility through branches - branches and people are key to the customer-owned difference. At Horizon Bank, we continue to maintain all of our branches. We place faith in our members and that segment of the community who value local, personal banking. We understand that people may prefer a brick-and-mortar bank if they like being able to walk into a building and speak to a person or lender face-to-face and o talk to people they trust. Talk to a local - Horizon believes in providing easy phone access for members to contact their local branch, without the need for an overseas call centre.  Get in touch with the friendly local team at Horizon Bank today. We're here to help you with your banking needs. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General and Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

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.

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

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

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

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

Severe weather driving tips to keep you safe Winter driving poses its own set of challenges. Hail, storms, rain, flooding, snow, and severe winds can impact road conditions. Here are some of our top tips for staying safe whilst driving on the roads this winter. Driving in wet weather Driving in wet weather can make the roads slippery and lower your visibility. It’s important in this case to accelerate and decelerate slowly to ensure you don’t lose control of your car. Plan your journey, don’t take sharp turns, and try to drive in the tracks of the car before you to avoid slippage. Speed limits are designed for driving in dry weather conditions. Remember that when conditions change it’s important to slow down and lengthen the distance from the vehicle in front of you. Hail Hail storms have the potential to cause damage to vehicles. If you’re stuck in a hail storm, it’s important to stay in your car to avoid injuries. Stop your vehicle to slow down the force of the hail hitting your windscreen, and if you can, angle your windscreen towards the direction of the hail as this is the strongest glass on your vehicle. Driving in a flood It’s best to avoid driving in flood conditions, however if essential, you must check traffic conditions before leaving and remember to never drive across the flood waters. Flood waters are extremely dangerous and unpredictable; they also contain debris which can cause injuries and damage. Icy conditions Driving in icy or snowy conditions can add the risk of your car slipping on the roads or getting stuck in a snow storm. If driving in snowy conditions, pack blankets which can come in handy if you become snow-logged. Your tires should have added grip to minimise slippage also. Visibility in severe weather Poor visibility in winter weather can be caused by fog, rain and road spray. Fog lights are designed to assist in this type of weather and should be used accordingly. Ensure to slow down to a safe speed if conditions worsen, and keep a safe distance from those driving in front of you. If the weather is too severe and you cannot see in front of you, stop where it’s safe and wait for the weather to clear. Staying safe in severe weather Before driving on the roads in any conditions it’s important to have car insurance in place. For more information on the right insurance for your car, contact CGU Insurance. Interested in upgrading your car, or want to know more about car insurance? Get in touch with us today, we're here to help. 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 CGU for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant Product Disclosure Statement and Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank. Insurance issued by Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. Consider the relevant PDS available from cgu.com.au to see if a product is right for you.