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In this blog we’ll take a look at some practical ways you can make changes to your spending and saving habits. At this time in your life, you’re likely in full time work and may have just bought your first home or investment property. You may even be thinking about starting a family. Whatever your personal situation, read on for simple ways on how to save money. Have a Personal Budget Check out our blog on budgeting tools and tips to get started on a budget. It is important to list your income and expenses honestly to get a good grasp on where you need to cut back and save on. Get rid of your debt Car loans and credit cards are typical debts for people in the under 30 age category. A great money saving tip is to pay these off quickly and reasonably. The key is to set up a recurring direct debit from your pay. This also means committing to paying off more than the minimum monthly balance. Paying off credit card balances in full and on time is essential to avoid extra interest charges and late payment fees. Track how much you spend Sometimes we can fall into the trap of thinking spending on big ticket items is what gets us into trouble, when often it’s the little recurring, everyday purchases that end up costing us more. For example, regular takeaway coffee, lunches and parking costs all add up at the end of the month. This is why it’s important to keep track of your day-to-day spending, so you’re keeping on top of your personal finances and not living beyond your means. There are plenty of apps for this, check out ASIC’s MoneySmart app. Your bank statement is a good place to start and will tell you how much money is going into your bank account and how much is going out. You can then compare this with your budget to see whether you’re sticking to it or not, making it easier to identify areas you need to save. If you find yourself impulse buying, consider how long you have to work for to pay for that product. This will help you evaluate if it is worth the money. Saving & investing your money now The best money saving tips and savings plans are forward thinking with the future in mind. Working hard and saving money will enable you to have a comfortable lifestyle if you decide to expand your family with children. There are many ways to invest spare savings that all provide different returns. ASIC’s MoneySmart website has more information on investing. Alternatively, seeking advice from a financial planner is useful at any age to create an investment plan that will set you up for the future. Plan ongoing expenditure Having a plan for your expenses is a great way to save money and automate many of life’s everyday tasks. ‘Bill Smoothing’ is offered by some electricity and gas companies which allows consumers to pay off bills fortnightly or monthly. This can be included in your budget planner and it works well for people on tight budgets and avoids ‘bill shock’ where you’re required to pay off one large bill. Planning meals is another great way to avoid overspending on the weekly shop. Planned meals means you know exactly what groceries to purchase and this will avoid random visits to the supermarket. Get started on your savings journey by using our budget planner calculator. Horizon Bank has a branch network spanning the Illawarra and South Coast with offices at: Thirroul, Wollongong, Albion Park, Berry, Nowra, Ulladulla, Moruya, Bega, Bermagui and Merimbula. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

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.

There have been many changes in the banking industry over the years. Technology has enabled real time access to services at your fingertips, anywhere and anytime. However, one thing it can’t replace is that personalised, in-person experience. As a customer-owned bank, we’ve been providing personalised banking solutions for our local NSW south coast communities since 1964. At Horizon Bank, it’s incredibly important that our members have a personalised banking experience on and offline; we provide this in the following ways… Providing personal banking solutions by investing in people We are committed to developing our staff, by providing ongoing learning and training to ensure our branch teams are up to date with the latest information on our financial products. Horizon Bank offers a range of savings accounts and transaction accounts and our staff are well versed to help you make an informed decision on which product would best suit your needs. To get started, view our range of everyday accounts.  A large part of consumer banking is the provision of loans. We have lending specialists available at all of our branches who can guide you through any loan application, whether it be for a home, investment property, credit card or vehicle. Their expertise will ensure your banking needs are looked after from application to funding. Face to face services Our team can assist members with their consumer banking needs in person as well as over the phone or video conference. We’re flexible in our approach to engaging with our members and recognise that people may be staying at home more due to COVID-19. Therefore any person who wishes to speak with a lender, but is unable to visit a branch can organise to have an online face to face meeting. As a customer owned bank with a strong community focus, our branches exist to serve our members. We have branches in locations across the Illawarra, Shoalhaven, Eurobodalla and Bega Valley including Thirroul, Wollongong, Albion Park, Nowra, Ulladulla, Moruya, Bermagui, Bega & Merimbula.   We also have an agency operating out of the Cobargo Co-operative where our regional Bega Valley members can make transactions. Our staff from Bermagui often visit the Co-operative on a monthly basis to provide the Cobargo community with information about Horizon Bank products and services. Benefits of being local Our branch team members are locals helping locals! They value and understand the needs of their community. The difference with a customer owned bank is that when you call or enter the branch, our staff know who you are and will likely greet you by name. Horizon Bank was forged from humble beginnings in 1964. What has always stayed the same is our commitment to ensuring we continuously provide the best possible member experience. When you call a Horizon branch, you’ll be talking directly to staff who are working there. Horizon Bank does not have any interstate or overseas call centres. You’ll always be talking directly with a branch staff member for your personal banking needs. Approachability & genuine care We don’t just talk the talk, we walk the walk! We genuinely care about our members and their needs and provide them with high-quality services. There are no pushy sales tactics at Horizon Bank. Members are only ever offered products and services that will enhance their personal banking and are in their best interests. We strive to be a trusted partner and welcome feedback from our members. This helps to make relevant decisions to continuously improve our products and services. Our bi-yearly member survey ensures we’re providing an open channel of member communication, to identify areas for improvement. Our approachability means our members can speak to us with confidence and know that we are here to support them. You’ll always be greeted with a friendly smile by a staff member of Horizon Bank. Our staff continuously go above and beyond for our members. Horizon Bank is committed to supporting local communities and businesses. If you would like to learn more about our personal banking services, get in touch with our friendly team today. We are 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 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.

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

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

Choosing a savings account really depends on the purpose and goals you are working towards. If you are looking for the best way to save money for Christmas for example, then a Christmas Club account might be ideal for you. Or, you may want to reward yourself by earning interest on your savings. If this is the case a high interest account like our Reward Saver account is the way to go. In this post we look at some of the benefits of savings account options based on your savings plan. Define Your Savings Goal Have a think about your savings goals - what are you looking to achieve? This will help you decide what type of savings account you need. There are three basic savings accounts that are commonly used: Everyday transaction accounts High interest savings accounts Term deposits When defining your savings goal, it will help to make a list of what is important to you – it might be saving for a holiday, new car, or for your family’s future. It is also worth thinking about the savings plan term - is it a short term savings or long term savings plan? It is best to use a term deposit to save for long term savings plans, as you can assume you won’t need the money straight away. Reward savers and other high interest savings with flexible access options may be better for short term savings goals. Consider Your Budgets & Spending Habits In order for any savings plan to work to achieve your goals you do need to consider your budgets and spending habits. It is always a good idea to review your spending, subscriptions and any fees you’re paying. It takes time to create new habits, so start by assessing your expenditure and where you can use some of this to save money. Look for ways to cut back and make the money you earn go even further. Priority should always be given to paying off debts, then saving, then other expenses where possible. To give you motivation, use a savings calculator to see how much interest you could earn for your short term and long term savings plans. Note: you’ll need to adjust the interest rate slider to what is applicable. What Are The Benefits? After defining your savings plan goals you may consider the savings account options below. These can help you find the right balance based on your goals, term of savings plan and budgets. An everyday transaction account The benefit of these is they usually have no access restrictions, and you can link Visa debit cards to access your money. Everyday transaction accounts are the place to have your pay deposited into, and any other income such as government payments or rental income. A high interest savings account A pro saving tip is to put the same amount of money away into a savings account each week or fortnight. The benefit of these savings accounts is that bonus or reward interest is often forfeited, if you withdraw money. This encourages you to put money away and not withdraw it. A term deposit The third type of popular savings account is actually a term deposit. Money is ‘locked away’ for a specified term. Usually anywhere between 1 month and 3 years (depending on how much you want to deposit) The benefit of a term deposit is that interest is paid monthly or at maturity (at the end of your term). You also have a couple of options to reinvest your original amount with interest earnt, or withdraw the funds. There is a lot to consider when choosing a savings account to maximise your savings efforts. If you’re looking for support with choosing the savings account 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. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Good financial management allows you to map out your goals and strategies so that you can achieve them and get more out of your money. These should be done and reviewed regularly as you move through the different stages of life. In this post we look at some of the ways you can maximise your money, which can help you achieve success with tangible goals like retiring earlier, investment returns, or spending less of what you make. Speak To Someone With finance expertise Get financial advice! Speaking with an experienced financial planner is the best way to understand your financial position, and the steps you can take to give yourself a comfortable future. The top three areas you might want to discuss with a financial planner are: Budgeting - being able to factor in budgets for holidays or upgrades to the house can have a positive impact on your family. Getting out of debt – debt consolidation can be a great way to reduce the many repayments you have outgoing to different loans. Eliminating or consolidating debts will reduce the burden of interest and loan repayments. Check out our article on debt consolidation. Savings and investments – after making a budget and reducing your debt, you may feel financially comfortable to look at different savings and investment options. ASIC’s Money smart website has a list of investment options that a financial planner can explain to you in more detail. Your Family Plans - Building a bright future As we mentioned at the start, you and your family will move through different life stages. Financial needs and obligations change when children are born, as they grow and when they leave the family home. Having a good plan in place with achievable goals will ensure your finances get you through these stages. For example, learning how to make a budget and save money may be more important during your children’s early years until they are young adults with jobs. This all depends on the type of lifestyle you and your family want to live. Having a thrifty attitude is an excellent money saving tip, and can see you save money throughout the year by following these simple actions. Shop around for the best deal on purchases Change small spending habits e.g. taking your lunch to work rather buying it Review regular expenses Retirement Plans - Staying comfortable and independent It’s not just the immediate future that you need to consider, with more of us living longer, retirement must also be considered even if it feels like a long time away. To have a comfortable retirement, and possibly even an early retirement, it’s important to learn to save money, and make contributions to superannuation if feasible. Enjoy your senior years without the financial stress. Nobody wants to be a burden to their children so it’s important to have a plan in place to stay comfortable and independent in retirement. Speak to a financial planner or use the retirement and superannuation pages on ASIC’s site for more information.  If you’re looking to maximise your money, get in touch with us today. We’re here to make the process easy and provide a great experience. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this arti​cle has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

In this blog we’ll look at proactive ways you can begin to implement a savings plan, which will be beneficial for you and your family’s long term financial management. In particular, we’ll discuss debt consolidation, choosing the right insurance cover, tips for living off one income and making smart choices for retirement. Consolidate your debt An important step in organising personal finance is to consolidate debt. If you have multiple credit cards and personal loans, consolidate these into one. You are likely to be better off paying one combined loan, with a single interest rate, rather than many loans with different interest rates. Debt consolidation makes managing your money easier, as you won’t be juggling multiple payments each month. It will give you a better understanding of what money is coming out of your accounts, allowing you to better prioritise your spending. Check out our blog on how to make debt consolidation work for you. Have the right insurance in place A good personal finance practice is having the right insurance in place, as well as the appropriate level of cover. You don’t want to risk being under insured. You can use the CGU insurance calculator to check that you are insuring your assets for the correct amount. Ensuring your home and contents and car insurance policies are up to date is another good practice to keep in the habit of. Your current insurer is likely to email you or send you a copy of your policy when it is due for renewal. Use this time to compare policies online for the best value. Protect the assets you have to avoid being out of pocket in case of an incident or accident. Fill out our online form to get a quote for insurance through us. Securing your information Having all of your important documents in one place is great for financial management and crucial to be able to access them in an emergency. Important documents include insurance policies, wills, birth certificates, passports, as well as investment and super documentation. Keeping a hard copy in a home safe or safety deposit box is a good idea, you can always keep digital copies on an external hard drive or in a cloud based program, such as Google Drive. Live on one income where possible A good savings plan will teach you to regularly put money away in case of emergency or when there are changes happening within your family. Good examples of this are when someone is off work due to illness or injury or if you are starting a family. Practice living on one income and put some or all of the rest of your earnings into a savings account. You can use our budget calculator to show what a budget might look like with only one income, which can help to identify which expenses you need to cut back on. Don’t forget about retirement It’s never too early to begin thinking about retirement. Future financial management planning includes considering your transition to retirement and any associated costs with downsizing, accessing or consolidating super and wealth management. Making an appointment with a trusted financial planner is a good idea at any age. Proactively setting up you and your family’s future doesn’t have to be hard. It’s all about having a plan in place with the relevant insurances and a good savings mindset in action. Need some extra help with putting a plan together to protect your assets and finances? Get in touch with the friendly team at Horizon Bank today and let us help you on your journey. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant Product Disclosure Statement and General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.