Blog

Car insurance for learner drivers Learning to drive is an exciting milestone. So, if it’s your first time behind the wheel or you’re guiding a learner driver, here’s all you need to know about ensuring you’re protected on the road with the right kind of insurance. Learning to drive is the tipping point between relying on public transport or parents and friends to get around to discovering greater independence. But before you buckle in and hit the road, you’ll need to make sure you have the right kind of cover to suit your situation – just in case the unexpected happens. Here’s the basics on what you need to know about insurance for learner drivers. Get covered with the right car insurance Your choice of cover will depend on your situation, like if you’re learning to drive using your parent’s car or have bought your own new set of wheels to learn in. Whatever the situation is, here are some of the main types of car insurance and what’s covered: Comprehensive Car Insurance: This protects your car from the unexpected and comes with options to suit how you drive it. This policy can cover the cost of repairs for damage caused by both parties in an incident, natural events like flood and fire, and unexpected circumstances such as theft. Third Party Property Damage Car Insurance: If you’re looking for basic security while you’re out on the road, this policy provides smart cover for the unexpected. Even if your budget is tight or your car’s not worth much, you might still need cover if you cause an accident or an uninsured driver runs into you. Third Party Property Damage Car Insurance covers you for the cost of repairs for damages caused by you to another driver’s vehicle. It also provides protection from uninsured drivers, with cover up to $5,000 of repairs to your vehicle if your car is damaged by an uninsured vehicle and the accident is not your fault. Third Party Fire and Theft Car Insurance: This is mid-range cover for your car. You might not want all the bells and whistles, but you can still get important protection for when you’re out on the road, plus cover in case your car gets stolen or damaged by fire or attempted theft. Plus, if your car’s damaged by an uninsured vehicle and it’s not your fault, we cover up to $5,000 of repairs to your vehicle. Listing a learner driver to your car insurance policy Learner drivers are covered under all CGU Private Motor Insurance policies without the need to be listed on the policy, however they must be accompanied by a fully licenced driver aged 25 years or more. This includes a Nominated Driver Motor Vehicle Insurance Policy where your premium will be calculated on the basis that your car will be driven by no more than two nominated drivers who are 25 years of age or over. If however you or your child purchases a new or used car for them to learn in, the safest option is to get a quote and buy a new car insurance policy. So, whether you’re a learner driver cruising the streets in a new set of wheels, or you’re a parent teaching your child the ins and outs of road safety in your old family car, you can get covered in a few simple steps. Before you decide which cover is right for you, it’s worth checking the policy documents to get an idea of what is and isn’t covered. For more details, view CGU’s Motor Vehicle Insurance Product Disclosure Statement (PDS). We're here to help. Get in touch with us today for a car insurance quote. 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.

Whether it’s taking a long drive to the beach or ducking down to the local oval for your kids’ big game, keep you and your passengers safe by making routine checks to ensure your car’s in tip-top condition. Whether it’s driving to work, driving to buy groceries or driving on a long road trip, it’s always a good idea to have your vehicle in tip-top condition. Here are a few ways to get your car road ready. Pay attention to your vehicle It’s important to pay attention to your vehicle and listen and look out for any out of character signs. No matter how new or old your vehicle is – or how long or short your drive is – you should always treat your vehicle like a person and regularly check if it’s in good working order. Organise routine checks Regularly schedule routine checks to give your vehicle the love and care it deserves. When the engine is cold, do all the usual checks, such as inspecting the oil, brake and power steering fluids, and engine coolant transmission fluids. Look underneath for obvious leaks and check the whereabouts of all little people before you take off. Make light of every situation Checking all the lights including indicators, low and high beam headlights, fog lights, hazard lights, warning lights, brake lights and reverse lights. If you don’t have another set of eyes to help you out, reverse up to a reflective surface or take it to a mechanic for a safety and service check. Check your tread When your car is cold and you haven’t been driving it, check tyre pressure and make sure the tread is at least 1.5 millimetres – this includes the spare tyre too. Get a clear view of the road ahead If your windscreen wipers start to squeak, skip, streak, smear or split then it may be time to swap them for new ones. Sort out the paperwork Be sure your rego is valid and your motor vehicle insurance cover is up-to-date. And if you’re crossing borders or travelling in unfamiliar terrains, check local road rules and make sure you’re aware of varying driving conditions so you’re prepared for the journey. There is a lot to consider when comparing motor vehicle insurance cover. If you’re looking for assistance with choosing the right cover for your needs, 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. 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. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant Product Disclosure Statement and Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Here are some simple vehicle checks you can easily perform yourself at home. Vehicle safety checks you can do at home If you’re like most drivers, then you’d take your vehicle to the mechanic for regular servicing. But in between the time that you don’t, there are ways to reduce the risks of breakdowns and accidents by performing routine safety checks on your car. Stay on top of your car’s condition with these simple maintenance tips you can do yourself at home. Tyres No driver wants to be stranded with a flat tyre, but always ensure you have a spare tyre in your boot in case you do ever find yourself in this situation. It’s important to make sure your tyres are keeping you safe on the roads by checking air pressure. The wrong tyre pressure can result in premature wear and uneven tread. At most service and petrol stations around Australia you’ll find air pumps which will tell you how to check the air pressure. If it’s too high, you can release the valve to let out air, and if too low you’ll be able to add more air. Alternatively, you can usually find your tyres’ recommended level marked on the outside of the tyre. And don’t forget to always be on the lookout for any nails, tears, or other damage that may need immediate attention. And of course, it’s important to keep an eye on your tyre tread. Worn or bald tyres mean you won’t get enough grip on the road, which in turn can affect your braking time. Fluids To maintain a healthy engine, it’s essential to ensure you have the right amount of oil. You can easily check your oil by popping open the engine hood of your car. Simply park it on a level surface and wait for the oil to settle for a few moments. Remove the dipstick and wipe this clean with a cloth, then replace it back in the pipe. Remove it once again and you’ll see where the oil level is up to. If it’s between the two markings you’re in the clear, and if not, you’ll be able to simply top up the oil. Your vehicle’s cooling system is another crucial element that protects your engine from overheating. Coolant is the substance used to absorb the heat, but if you don’t have the correct amount of it, you could be causing permanent damage to your engine. Always make sure there’s a sufficient amount of coolant in the cooling system. While you’re under the bonnet, don’t forget to take a look at the water levels and check the garage floor for fluid markings, as this can be an indicator of problems that need a closer look. Seat belts Seat belts are there to help protect you and are designed to hold you safely in place in case of an accident. Check seat belts for general wear and tear, weathering from the sun, and for damage which can cause them to become loose or weak. Give them a good tug to ensure they’re resisting and in working order and if they’re not get them replaced. Lights Lights ensure you’re visible on the roads and provide you with the same visibility of others. Check your exterior lights are working by turning them on and watching for a reflection on the garage walls. You can also ask someone else to have a walk around the vehicle while you have your lights on, checking your rear and front lights as well as your brakes. The extras Your car’s an investment. Whether you’re planning on selling it, trading it in, or keeping it forever, it pays to keep it looking its very best. Tree sap, bird droppings, and other muck can wreak havoc on your paint job, so take extra care of it by keeping it clean and giving it additional checks. These include inspecting your wipers to make sure they work effectively, testing your horn, checking for cracks to your glass and mirrors, and pulling your handbrake on a steep hill to make sure it’ll work in an emergency. Other car issues will of course need a mechanic, however the above are easy to check on your own and can save you time and money in the long run. Protect your vehicle by making sure you have comprehensive car insurance. For more information, visit our motor vehicle insurance page. 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. 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. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant Product Disclosure Statement and Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

The end of financial year has come and tax time is upon us. Now is a great time to think about improving your finance and money management over the next 12 months. Keep reading for some helpful tips for the new financial year. See A Financial Planner Organising to see a financial planner at any age is a great idea to discuss matters like managing and contributing to your superannuation. There are certain tax benefits when contributing more to super, so consider booking in time to discuss your needs with a financial planner. A financial planner can also discuss investment opportunities, wealth management and estate planning. Track Your Spending Now is a great time to track your spending in preparation for the next financial year. For work related expenses, do you know where your money goes each day/week or month? If you incur a lot of work related expenses it is a good idea to track these as you go, rather than trying to think about all the money you’ve spent over the year that you want to include in your income tax deductions. The Australian Taxation Office has a tool called myDeductions which is ideal for employees or people who own their own business to track their expenses on the go. Tax deductions you may be eligible for varies between individuals. Keep up to date with the deductions you can claim by visiting the ATO website. Use your Tax Refund Wisely Depending on the size of the refund (and assuming you receive one) there could be investment options that would be wise for you to consider. This is where a financial planner can assist you with making decisions for short and long term wealth management. You may be tempted to spend your tax refund straight away, especially with retailers having EOFY sales. Instead, put the extra money to good use in a savings account, or use it as an extra repayment on a loan if possible. Use our lump sum repayment calculator to see how much interest you could save by making a one off large repayment. Get an organised system for keeping your tax records It will be less stressful if you have everything in order well ahead of tax time in preparation for the next end of financial year. Below is a list of documentation you will need to help you complete a tax return. Your Tax File Number (TFN) Payment summary Summary of any interest you’ve earned on your bank accounts (you’ll find this in our online banking) Information relating to investment income, shares, dividends and managed funds Private health insurance statement Details of child support payments Receipts from donations to a charity Receipts for work related expenses Research qualified tax agents If your want someone to look after your tax affairs, using an accountant or registered tax agent may work for you. The cost of managing your tax affairs is usually deductible the following financial year. Check out the Tax Practitioners Board online for a list of registered tax agents so you are well prepared for the end of financial year and can book ahead of time. Are you looking to get your finance and money management under control and need some extra help? Get in touch with the friendly team at Horizon today and let us assist you. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

With many people in Australia working from home, the Australian Taxation Office has provided additional information for deductions you can claim this tax time due to the impact of the Coronavirus. You may be asking yourself, how do tax deductions work and what can I claim this tax time? We’ll look at these in more detail below. Your Income Statement Before lodging your tax return online, it is important to ensure your employer has lodged your income statement (also known as payment summaries) with the ATO, and that it has been marked as ‘tax ready’. If you choose to lodge your tax return before your income statement is tax ready, you will need to review any information that has been pre-filled and you may need to adjust your tax return and any tax that is payable. Identifying deductions you can claim Before lodging your tax return, it may help to sort your deductions into work-related and income-generating expenses you have paid over the financial year. This will help you determine what deductions you can claim as tax expenses to reduce your taxable income. Ask yourself these questions to identify expenses that may be acceptable tax deductions. Your tax agent or accountant may be able to help. Was the expense directly related to your work or income-generating activity? Did you spend money without being reimbursed by your employer? Do you have an official record of the expense – e.g. receipt or bank statement? If the expense was for both work and personal use (e.g. your home internet), you’ll need to work out how much of the expense was work related. Here are 6 tax deductions you may be able to claim at tax time: 1. Home office expenses With many of us working from home during Coronavirus, there will be home office expenses you may be able to claim as tax deductions. These could include: Home office equipment (e.g. computers, phones, printers, chairs and desks) Computer consumables (e.g. printer paper and ink) and stationery Phone and Internet expenses Keep in mind that most people aren’t able to claim general household items that may otherwise be normally provided by your employer, such as coffee, tea and milk. There are a couple of ways you can work out your deductions: The ATO-approved temporary ‘shortcut method’ of 80 cents per hour for all additional running expenses for the period 1 March 2020 until 30 June 2020. Fixed rate method Actual cost method 2. Vehicle and travel expenses  There are some work-related vehicle and travel expenses you may be able to claim including: Where you were required to attend multiple workplaces or locations Car expenses where you needed your car to complete work duties Accommodation expenses when you were required to travel for work 3. Clothing, laundry and dry-cleaning If you have purchased specific or protective clothing or work uniforms specifically related to your job, you may be able to claim back these and cleaning costs as work-related expenses. It is unlikely you will be able to claim non-compulsory work uniforms. Check with your employer to work out what is regarded as compulsory. 4. Education If you paid for and completed an eligible course that was work-related, you may be able to claim a tax deduction. 5. Industry-related deductions You may also claim tax deductions for work-related expenses specifically related to your occupation and industry. An example may be union fees. 6. Investment income You may be able to claim investment income tax deductions if you’ve received: Interest payments on your savings Dividends from your investments in shares Rental payments from an investment property Another type of investment income If you’ve received any of these, you could be entitled to claim any costs related to earning this income, such as property management fees for a rental property. It is always a good idea to keep all records of expenses even after you’ve lodged your tax return. This is in the event the ATO asks you to provide evidence to support any deduction claims you make. There is a lot to prepare when getting your tax time essentials ready to lodge your tax return. If you’re looking for support with calculating income tax, get in touch with us today or use our income tax calculator online. 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.

Working from home is now the new norm for many of us, which means interacting with colleagues and conducting business a little differently. The rising popularity of online meetings has seen businesses using platforms such as Zoom, Go To Meeting and Skype for video and audio conferencing, collaboration, chat, and webinars across mobile devices, desktops, telephones, and room systems. In this blog, we’ll look at some online meeting tips for you to get the most out of your virtual meetings. Before you begin a meeting Consider your environment and background. Tidy up your area to remove anything that’s distracting or inappropriate for your meetings. You want to present professionally and as someone who can be trusted to do good work. See if your virtual meeting tools provide virtual backgrounds to help you disguise even the most cluttered environments. A quiet space is ideal for a meeting to clearly hear what is being said and to avoid distractions. Barking dogs and slamming doors are annoying in person and via online meetings! A key Online meeting tip is to mute yourself as necessary. Familiarise yourself with this feature before you begin. You also need to consider the lighting in your space so the meeting’s participants can see you clearly. Position yourself so that most of the light is coming from in front of you (behind your monitor or digital device if using an app). If you have a window behind you, shut the blinds. Otherwise, the natural light will cause you to be backlit. Take note of where your camera is pointing and adjust accordingly if it is too low or high. Only your barber or hairdresser wants to stare at the top of your head. Your camera should be at eye level, with your face and torso visible. Testing your video and audio first is also a good idea to avoid wasting time during your meeting. During your meeting When speaking, try and look directly at the camera to mimic eye contact with the other meeting attendees. This takes a bit of getting used to since it is easier to look at the other participant’s faces. It’s important to see people’s reactions and facial expressions by looking at the screen, but alternating that with looking at the camera makes the audience feel like you’re really talking to them. Don’t get too close to the camera. Your meeting participants will hear you from an arm’s length away. Position yourself so the camera is seeing you from the chest or waist up, instead of just seeing your face. This is more natural for the viewer, as this is what you see in an in-person meeting. Correct positioning is especially beneficial if you tend to gesture a lot. Keeping people engaged is especially important in an online meeting. A virtual meeting best practice tip is to use any engagement tools on offer. There’s screen sharing, annotating shared content, sending out a quick poll, asking for feedback in chat, splitting your attendees up into video breakout rooms or you could even send attendees to a website and have them fill out a pre-prepared Google Document (Google Docs are just like a Word document, only they're stored in your google account and can be shared with people to work on) Do whatever it takes to keep your attendees actively engaged. After your meeting If you recorded your meeting, share it with meeting invitees who couldn’t attend so they don’t miss out. Send out an email with any actionable items for the participants and schedule another online meeting if necessary. As the host, you can always ask for feedback on the meeting content, length of time, visual and audio clarity so you can improve for next time. Horizon Bank is here to help. If you’re looking for more tips on how to successfully work from home, check out our working from home article here.  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.

Most of us now find ourselves working from home amidst the Coronavirus outbreak, and for some it will be the first time. Read our article for working from home tips for success. Create your space and stay organised A dedicated space to work at with a comfortable chair is likely to keep you productive throughout the day. Set up a home office in a study or other available space in your home and keep all of your work documents and other work related files within easy reach. Stand up desks are great to give you a break from sitting (and if you have the room!) Gather your resources Working from home will be a success if you have everything you need to use like you would on a normal day. This includes work colleague and industry contacts, passwords and logins, as well as resources and materials you would normally access. Stick to routine Get up at the same time as you normally would to go to work. It’s important to bring some normalcy as you’re adjusting to working from home. Having breakfast and getting dressed will make you feel ready to start the day. Be sure to schedule in daily tasks at the same time as you would complete them in the office. Stay connected Chat with work colleagues regularly to stay up to date with what they’re working on and to keep updated with how the business is going overall. Working remotely means no Monday morning catchups to hear about everybody’s weekend, or people stopping by your desk for a chat as they pass by. These interactions are greatly minimised when working from home which can lead to feeling isolated and ‘on the outer’. Remain relevant Looking for motivation to keep up productivity? Without being in regular contact with your team or boss, people can easily forget what you’re up to and what projects you’re working on. Stay relevant by continuing to work hard and deliver on results to show that you are adaptable and committed to working hard even while adjusting to working from home. Be prompt in your email replies and ask how others are going with their work. Stay Focused With distractions such as kids, pets and partners interrupting the flow of your work, it can be easy to lose focus when working from home for long periods. It often requires us to re-evaluate our priorities, and practice greater discipline and focus. Now is the time to be able to set boundaries which will be easier if you clearly communicate this to your partner. Remember health and safety practices Keep up your productivity by eating regular healthy meals and getting up for a walk or stretch every 45 minutes or so. It’s important to keep breaks up, especially because we may work for longer periods of time. Keep phone and social media time to a minimum to avoid distractions. If you’re using a laptop you might find it hard to switch off at the end of the day. Another working from home tip to help you switch from office mode back to home mode, is to use strategies such as moving your workstation to the end of the dining table, putting it away or covering it up at the end of the day to signal when you are and aren't working to the other members of your household. It’s important to keep in touch with your essential services for any changes to your banking or finances. Our branches remain open and we’re here to support our members. Get in touch with us today if we can be of assistance. 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 compare the different ways you can take money overseas. Organising your money should be the first thing on your travel checklist. We’ll look at the pros and cons to give you the best information to takeaway with you, and to help make an informed decision on taking and accessing money overseas when travelling. Cash It is always useful to have a small amount of foreign cash on hand, for small purchases such as water, public transport tickets, little souvenirs and so on. Depending on where you go, some small retailers and market stalls may only accept cash. Unfortunately cash can be a safety risk so ensure it is secured on you at all times because if stolen, there’s no way to get it back as it cannot be traced. Be as prepared as you can and do your research ahead of time so you're taking the best travel money type with you. To compare travel money, you can use our foreign exchange rate calculator to keep an eye on rate fluctuations, so you get the most out of your Australian dollar when you’re converting money. Ordering foreign cash from us is easy and hassle-free. Order before midday to have major currencies (US Dollars, British Pounds, Euro and New Zealand Dollars) delivered to your branch the next day. Credit Cards Credit cards are a convenient option for taking overseas as there is no need to open a new separate account and they’re good for accessing money in emergencies. They can however be a risk for scammers and card skimming so you need to keep an eye on where you are swiping or inserting your card. Where possible, avoid swipe machines. Inserting your card to read a chip is much safer. Conversion fees may apply and could be a flat fee or percentage of your purchase. Travellers Cheques Are great because they never expire and they can be replaced if lost or stolen. They’re also less risky than cash as you need ID and a matching signature to cash them. However, with the rise of debit cards and travel money cards, travellers cheques are no longer widely accepted and are expensive to purchase. Travel Money Cards These cards are pre-loaded so you can easily stick to a budget and limit your spending. Complete a travel currency comparison to get the best value on exchange rates then load your card before you go. Check for fees on using the card in an ATM and the fee to payout the remainder on your card. Most issuers come with an app so you can top up your card using your mobile phone while you're away. Visa Debit Cards With a Horizon Visa debit card you’ll be spending your own money, so you can keep track of your purchases through our mobile banking app and internet banking as you would here in Australia. Visa is accepted worldwide so you won’t have trouble making purchases. Keep in mind that a currency conversion fee may apply to overseas debit card transactions and ATM withdrawals. *Tip avoid suspect ATMs by only using ATMs that are attached to a bank where possible. Want to know more about ordering foreign cash or find out about any fees associated with international transactions? Contact us today and we’ll be happy to help you with your query. Are you planning a trip and looking for a quote on travel insurance? Get in touch with the friendly team at Horizon today for a quick obligation free quote. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

In this blog we’ll look at a few of the common mistakes people make while organising a holiday and travelling overseas. We’ll discuss some solutions to these common money mistakes to make your travel plans easy and hassle free. Mistake 1: Waiting until you arrive at your destination to work out a spending budget Not having a holiday spending budget pre-planned before you leave is a mistake you can avoid with some careful pre-planning. The last thing you want to do is to be spending your first day at your destination working out how much money you have to spend each day. Planning your spending budget should start before you plan your trip. This is a great money travel tip as it will give you enough time to save and keep an eye on foreign exchange rates. The best thing to do is to set yourself an amount for each day of your trip, allowing for meals, transport, entertainment, tours and souvenirs. Mistake 2: Not planning for the type of money option you will use while travelling Arriving at your destination and not knowing what s accepted or used will make it difficult to eat out, buy tickets and get around. Do your holiday money research ahead of time by asking your travel agent what form of payment is most widely accepted in the country you’re visiting. You can also send an enquiry to the hotel you’re staying at. The staff there are locals who can help with your query. It’s always best to have two types of money options on you. For example, you may opt to have a certain amount in foreign cash and the rest on a travel money card. Mistake 3: Researching your destination when you arrive Visiting a different country is an exciting new experience. To get the most out of your trip, you should research the destination well in advance. Understanding local customs will not only help you deep dive into a new culture, but it will also mean you won’t offend anyone. For example, providing a tip at restaurants, cafes and to service people is expected in some countries. Researching this ahead of time is a good idea, as you will know how much is appropriate and you can account for it in your holiday money spending budget. Another great travel money tip is to understand what the right price is for common items such as bottled water, small meals, transport and souvenirs. Do your research before you go by reading online blogs or asking people who’ve been to the country you’re visiting before. This way, you’ll be well informed about the right price for things, and won’t feel like you’ve paid more for something you shouldn’t have. Mistake 4: Forgetting About Travel Insurance Don’t forget to organise travel insurance with the appropriate level of cover well before you take off. Don’t let lost luggage or cancelled flights ruin your holiday! Getting a quote online or over the phone from us is easy and only takes a few minutes. There may be different levels of cover to choose from ranging from the experienced multi-trip traveler to a basic level of cover covering unexpected overseas hospital and medical costs. Are you planning on travelling overseas and need some extra help with getting your trip organised? Get in touch with the friendly team at Horizon today and let us help you with your travel insurance and foreign cash. 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.

Not all credit cards were created equal. When thinking about applying for a credit card there are many things to consider. This includes the benefits of having a credit card and how you can make the most of this type of credit facility. In this article we’ll also discuss the potential benefits and disadvantages of upping your limit. Safer than Cash Credit cards can be seen as a safer way to access money. If you accidentally lose your wallet or purse a credit card can be cancelled by calling us. Or you can lock your card in our app while you search for your card so no transactions can be made. Build Your Credit Rating If you’ve never applied for a loan, having a credit card can help you build up a credit report and credit score. This then provides information to lenders if you apply for other products like car loans or a home loan. Emergency Line of Credit Life can sometimes be unpredictable. A credit card allows for an additional line or access to credit you may not have sitting in your savings account. You can avoid the stress of emergencies by keeping a credit card for those situations where you find you need money quickly. Consolidating Your Debt If you have multiple credit cards, it may be worth speaking to a lender about consolidating them. Our credit card has a low introductory 5 month rate and no annual fee. This can save you money on interest charges and with a regular repayment schedule, help you reduce debt faster. Credit card limits Once you’ve got the hang of using your credit card, you may be tempted to increase your limit. We’ll compare the potential pros and cons of having an increased limit so you can make an informed choice about what is best for you. Potential benefits of increasing your credit card limit An instant benefit of increasing your credit card limit is that you’ll have access to more funds once approved. Our credit card has an interest-free period of up to 55 days, which can be a useful tool to help you maximise your cash flow. This only works if you repay the full balance on time every month to avoid interest. Increasing your limit for a purpose such as overseas travel or to purchase a major appliance can come in handy if you don’t have the time to save for those things. Be wary of uncontrolled spending; it’s important to know your own limits and manage your expenses. Paying for day-to-day expenses on your credit card and paying your full balance on time every month will mean that funds you’ve set aside to cover these purchases can be instead working for you in a savings account.  Possible risks of raising your limit An increased credit card limit may also increase your temptation to spend money. It may be better to keep a lower credit limit, that way you have a control in place to not overspend whilst still having the advantage of a borrowing safety net. Your monthly interest payments will also increase with a higher limit. You would need to factor this into your budgeting to ensure you can afford the extra costs. Your ability to get credit elsewhere may be impacted as an increased limit may appear on your credit report and reduce the amount of credit that can be lent to you in future. Your credit card limits (not credit balances) and existing debts are taken into consideration when a lender decides how much they would consider offering to you as a loan. A higher limit means they may offer you less than you were hoping or even decline your application altogether. For example if you only owe $500 but have a $10,000 limit on your credit card the lender will note the $10,000 limit as your debt, not the $500 owing. Important bits to takeaway It is important to understand your current financial situation before taking out a credit card or contacting your card issuer about your credit limit. This includes anticipating your likely future spending patterns based on current and past behaviours and situations that have affected you. A useful online resource such as our budget planner calculator can help you work out how much money you’ll have available each month to make credit card repayments. Thinking of applying for a credit card or want to know more about how to use one effectively? 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 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.