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If you’ve spent a bit more than you planned in the first half of the year, now could be the right time to make a debt plan. These tips may help.

Many of us are feeling the pinch at the moment, thanks to high inflation and interest rates. Some have turned to credit cards or other loans to get through the first half of the year.

While taking on extra debt can be a short-term fix, it can also create household stress. If you’re hoping to squash some of your recent debt, here are a few strategies that may be worth thinking about.

1. Work out the full picture and a plan

If you’ve got different types of debt, it can be useful to document the amount, the interest rate, minimum payment, and type (holiday, car, etc.) in a spreadsheet or on a piece of paper. Once you have the full picture, it may be easier to work out an approach for chipping away at the money you owe.

Popular strategies include: the debt snowball, where you pay off small debts first; the debt avalanche, where you target larger or higher-interest forms of debt first; and debt consolidation, where you merge forms of debt into a single account.

No debt strategy works for everyone, so it’s about seeing what may work best for you and your circumstances. If you’re not sure or feel overwhelmed, you can speak to a professional, like a financial planner or a financial counsellor (see details at the end of this article).

2. See if making cutbacks can help

To pay off debt, we generally either need to find savings in the budget or earn more. The latter isn’t always easy, but sometimes things can be cut out of weekly or monthly spending lists to help pay down money owed.

Examples of potential things to save on include meals out, brand-name groceries, monthly entertainment subscriptions and things like phone or energy plans. 

Once you’ve found a bit extra in the budget, the idea is to channel that extra money towards debt.

3. Know when to get extra help

Some people find their debt has got away from them and they may need a bit of extra assistance to get it back under control. If you’re in this position, there are several things you can do, such as:

• Speak to us, at Police Bank – If there are special circumstances that have stopped you from making repayments, we may be able to work out a strategy to help.
• Contact a financial counsellor – You can speak to someone for free via the National Debt Helpline on 1800 007 007.

If you’re not in immediate trouble, but do want some debt planning, you can also speak to a financial planner for personalised advice – but this comes with a fee.

Ultimately, everyone tackles debt in a slightly different way, so it’s worth spending a bit of time to figure out what works for you.

General advice warning:

The information provided on this webpage is intended to provide general information only and the information has been prepared without taking into account any particular person’s objectives, financial situation or needs. Before acting on such information, you should consider the appropriateness of the information having regard to your personal objectives, financial situation or needs.

With costs rising and financial markets looking uncertain, many Australians are turning to advisers for help. Here’s are three ways our trusted financial advice partner may be able to assist you.

When it comes to money challenges, the past year may have felt like a perfect storm. We’ve seen interest rates rise, the cost of living has climbed steeply, and the share market has been bouncing around.

It has left many people, both within and outside the police force, wondering how to navigate these challenging economic times.

Given the unpredictability, some are turning to financial advisers – like Police Bank’s Chelsea Wealth – to help create a budget, managing repayments, invest for the future, and make the most of superannuation.

While there are thousands of qualified advisers in Australia (you can do a search here to check an adviser’s credentials), Chelsea Wealth has specific experience looking after police.

Three ways Chelsea Wealth can help

1. Navigating benefits for experienced officers

If you were employed by the NSW Police Service prior to 1988, some of your super savings may have gone to the Police Superannuation Scheme (PSS).

Chelsea Wealth has plenty of experience helping members of this scheme work out their entitlements, along with decisions around whether to take a lump sum or pension.

2. Making the most of other super entitlements

Chelsea Wealth has also helped members maximise their retirement savings by taking advantage of the State Authorities Superannuation Scheme (SASS) contribution matching.

Under the scheme, members who make additional personal contributions to their super (up to a limit of 9 per cent of their annual salary) can have some of those contributions ‘matched’ by their employer. Essentially, by adding extra money to super, members can accrue benefit points, which equate to extra entitlements at retirement.

Chelsea Wealth can also help pre-retirees with Aware Super and other funds work out how to add to their nest egg in a tax-effective way and how much they need for a comfortable retirement.

3. Managing cost-of-living changes

Rising costs have left many homeowners and renters with less cash to spend each week or month.

Chelsea Wealth can help find ways to offset the pain of these economic changes; that could mean finding a more suitable mortgage package, tax-effective investing, minimising discretionary expenses or accessing all the benefits for which you are eligible.

Whether you’re struggling with the current financial climate or would like help setting yourself up for the future, Chelsea Wealth advisers are here to help – today or down the track.

Click here to learn more.

General advice warning:

The information provided on this webpage is intended to provide general information only and the information has been prepared without taking into account any particular person’s objectives, financial situation or needs. Before acting on such information, you should consider the appropriateness of the information having regard to your personal objectives, financial situation or needs.

Digital wallets are a convenient and secure way to store your payment information. Here’s why you may wish to add one to your phone or watch.

If your bank and credit cards have lived safely in your back pocket for decades, making the switch to a digital wallet may not sound so appealing; however, there are many advantages to the newer way to pay, including enhanced security, convenience, and payment tracking.  

A digital wallet stores payment information securely on a connected device, such as your phone or watch. When you go to a shop or use an app to pay for something, the digital wallet brings up your card information for the transaction.  

Here are five reasons you may wish to consider moving to the newer technology.

1. Its secure

In an age of heightened financial fraud, it’s natural to be worried newer forms of payment technology could make you more vulnerable. However, that’s usually not the case with digital wallets.

The technology uses tokenisation to keep your information safe. In other words, your data is encoded in a way that makes it difficult for hackers to access.

Having said that, no payment technology is completely foolproof, so it’s still important to use strong passwords, keep an eye on your transactions, and try not to lose your phone.

2. It’s easier to track payments

With a digital wallet, you don’t have to log onto your home computer or wait for a bank statement to see what you (or someone else) have spent. A record is kept on your device that’s easily accessible at any time.

It means if you’re worried about a suspicious transaction, you can catch it quickly. The same goes if you think you’ve been overcharged.

3. It’s a one-stop shop

A digital wallet can hold many forms of currency, including credit cards, bank cards, gift cards and loyalty cards. It can also store travel and event tickets, which means you don’t have to worry about leaving anything behind – except for your phone or watch.

4. It’s lighter than a physical wallet

With a digital wallet, the days of heavy pockets are behind you. The wallet can store dozens of different passes and cards without any additional physical weight.

5. It simplifies travel

Many of us have travel horror stories, where a card has been stolen or snapped up by an ATM, a pin code hasn’t worked, or a payment method has been blocked. It can turn an otherwise relaxing holiday into an administrative nightmare.

A digital wallet protects against the above scenarios. The wallet recognises you overseas via a passcode or face/touch ID, which means you don’t have to worry about theft or being locked out of your account. As mentioned, there’s also an extra layer of protection to stop your accounts from being compromised.

While it may feel strange at first to let go of a physical wallet you’ve become accustomed to over decades, moving to a digital wallet may just simplify your financial life.

In a world where community matters more than ever, Police Bank remains deeply committed to actively participating and fostering the wellbeing of our police force and their families. As we embark on the second half of the year, let’s take a moment to reflect on our recent initiatives and contributions!

NSW vs QLD Police Rugby League

It was great to see the NSW Police Rugby girls and boys back on the field last month in a nail-biting game of footy against their Queensland equivalents! The match was packed with solid tackles and incredible tries.

Heart2Heart

What an incredible opportunity it was to witness the historic moment when the first group of Heart 2 Heart walkers embarked on their momentous journey from Lambert’s Geographical Centre of Australia in the Northern Territory, setting out towards Government House in Canberra.

Before their departure, Boyd Stewart, our Head of Partnerships and Engagement, participated in a solemn smoking ceremony. This ritual also included a symbolic baton handover, containing the 14 vital recommendations from the 2019 Senate Inquiry Report addressing first responder suicide, PTSD, and premature mortality. Throughout their expedition, this baton will accompany the walkers, and upon reaching their destination on 28 September 2023, it will be presented to the Prime Minister at Parliament House.

Thank A First Responder Day

Our first responders bravely serve on the frontline, working tirelessly to ensure our community’s safety day in and day out. That’s why Thank A First Responder Day holds immense significance, as it allows us to express heartfelt appreciation for their unwavering dedication.

Our Newcastle branch, represented by Wendy and Tamika, proudly joined in on the activities alongside more than 100 first responders, including police officers, firefighters, and paramedics. We’re committed to showing up for our community and fostering meaningful connections with those who serve and protect us every day.

 

With travel back on the agenda this year, it’s important to ensure you’re financially secure when away. There tips will help you stay money safe.

Do you have plans to get away over the coming months? If you’re heading off on an overseas adventure, make sure to use our travel money tips so you’ve got everything covered before you leave, and while you’re away.

1) Set a savings goal and budget

Set a travel savings goal with plenty of time to get yourself ready for the perfect holiday. Consider upfront costs, everyday spending money and cash for emergencies. You can open a dedicated savings account with us to help you reach your goal. Need some extra holiday money? Explore our range of personal loans.

2) Access your money with a debit card

Debit cards are one of the easiest and most convenient ways to get local cash when overseas. Our Easy Access Account is great for all you day-to-day banking needs. Remember to check your card’s expiry date and know what your daily withdrawal limit is before you leave, along with any fees and charges associated for using your card internationally.

3) How will you communicate?

Using your mobile phone when you’re overseas can be pricey. You can purchase a prepaid SIM card before you leave to avoid the hefty international roaming costs.

4) Consider paying bills automatically

Missing a bill or credit card payment when you’re on holiday could lead to a late fee. If you’re away for a long time, consider automating your payments to help plan for periodic bills.

5) Emergency details

Keep a copy of any important contact details somewhere safe in case of an emergency. If you’re overseas and run into trouble, you can call us on +61 2 9287 0888 to report a lost or stolen card.

6) Let us know where you’re going!

Be sure to let our contact centre know prior to your trip where you’ll be heading and the dates, so we can help keep your account secure by flagging any transactions that originate outside of these and facilitate access to your account while you’re overseas.

The last thing you want to worry about when you’re on holiday is money. Run through the steps on this list before a trip, and you can have the confidence that you have taken care of business before leaving home.

You can reach out anytime for assistance or advice. To get in touch, click here.

Happy travelling!

 

When you’re choosing your first mortgage, there are a number of decisions to make. We’ve broken them down in this quick explainer.

For many first-time homeowners, the period from applying for a mortgage to collecting the keys is both exciting and nerve-wracking. After all, there are lots of different moving parts to get your head around, from applying for finance to managing contracts.

With that in mind, we’ve tried to make the loan aspect as simple as possible and have put together this little explainer of how things work.

Finding the right loan for you

There are a few things to consider when selecting a loan, including whether you want the flexibility of a variable loan or the certainty of a fixed-rate loan – or a bit of both. Similarly, are you looking for some additional features – such as an offset account or redraw facility – or would you prefer more of a no-frills loan? It all comes down to personal preference.

Here are a few flexible features in a bit more detail:

• Split your loan – You can choose to have a loan that is partly fixed (interest rate doesn’t change) and partly variable (interest rate changes).
• Choose your repayment frequency – Depending on the loan you choose, you can pay weekly, fortnightly or monthly to align with when you and your family get paid.
• Have an offset option – If you choose a variable-rate loan, you can select an offset account. When you put savings into the account, the balance is then ‘offset’ against what’s owed on the loan. This reduces what you pay in interest.

Applying for the loan

Once you’ve selected the loan you want, it’s time to apply. We find the online application process takes between 10 and 15 minutes, as long as you have the right documents handy. We’ll need your driver’s licence (or other identification), employment documents and either your bank statements or access to your online banking.

After you have filed the application, we’ll go over it to make sure it’s in line with your budget. We may ask you for additional information or organise a call with you. If you’re approved, we’ll send you the contract to sign, either online or through the mail.

Remember, you can always speak to one of our lending specialists to get more information about picking the right loan for you.

The Police Bank team is here to support members through the entire home buying process. You can reach out anytime for assistance or advice. To get in touch, click here.

Many of our members can spot crimes quickly, but sometimes it helps to get an update on the types of scams doing the rounds. Here are a few things to keep on the radar at tax time.

Tax season is here, which means it’s time to tally up those receipts and start preparing your return.

Millions of Australians are expected to get a refund this year, something that will no doubt be welcome news amid rising living costs and interest rates.

Unfortunately, tax scammers know people are in a rush to get that cash injection and are continuing to prey on busy people. While many Police Bank members are likely to be quicker than most at spotting a crime, we know you’re time poor. With that in mind, here are a few recent scams to keep an eye out for.

Impersonation scams

Have you recently had a call, voicemail, email or text message from someone claiming to be from the Australian Taxation Office (ATO)? Many of us have and they’re usually not legitimate.

In some cases, you may be promised a tax refund; in other cases, you’re told you have a large tax debt and need to take immediate action.

While some of these scams are easy to spot, fraudsters are increasingly using new methods that make their communications look real. For example, there have been recent reports of scammers sending out emails on what looks like official letterhead. They also use return addresses that closely resemble MyGov or the ATO.

The Tax Office is aware of these scams and said there are several signs you’re dealing with a scammer versus a true government tax agent. The Tax Office said it would not:

1. Leave a pre-recorded message on your phone.
2. Send a link to log in to your account via email or text message.
3. Ask for personal information, including credit card details, via email or SMS.
4. Make threats, such as immediate arrest.

What to do if you suspect a scam

If you suspect money has been taken out of your bank account illegitimately, let us know. 

You can also report scam activity to the ATO via ReportScams@ato.gov.au to help protect others.

Both the ATO and Scamwatch advise people not to engage – that means hanging up, deleting messages, blocking the sender and never clicking a suspicious link. If in doubt, you can call the Tax Office and ask on 1800 008 540.

Finally, it’s worth looking at the Scamwatch web page to see the latest scams doing the rounds and subscribing to the ATO’s scam alerts. While scammers are becoming more sophisticated, staying on top of their latest methods can help you and your family avoid falling victim.

Budgeting has become very popular lately, as people grapple with inflation and try to make their dollars stretch further. If you’re setting up a spending and saving plan, it may help to work out what sort of budgeter you are first.

Are you the sort of person who has an Excel spreadsheet to track every purchase? Or does the idea of formalising a budget give you a headache? Either way, there are things you can do that may help to rein in spending, improve saving habits, and get you to your next big goal.

The first step is working out what type of budgeter you are. We’ve come up with a list of profiles, based on the behaviors we see from our members. What type are you?

Are you an active budgeter?

As the name suggests, an active budgeter likes to take control of their finances. They may:

• Have more than one bank account;
• Use the ‘bucket’ method of saving and spending, where money is allocated to different accounts for different purposes;
• Use apps or spreadsheets to track incoming and outgoing money;
• Choose to spread their accounts across banks or financial institutions mainly to avoid fees;
• Decide to come up with a formal plan before attacking discretionary spending.

Are you a half-hearted budgeter?

Half-hearted budgeters like the idea of a saving and spending plan, but don’t have as much time to commit to the process. They may:

• Loosely commit to the idea of a budget;
• Track bigger items – like a weekly grocery spend – but not worry about individual items;
• Have a rough idea of where money is going;

Do you like to live within your means?

People who like to live within their means tend to have a fairly good overview of where money is going. While they may have some forms of debt, they often try to avoid things like credit cards. They may:

• Know precisely what they earn, including overtime, shift loadings and bonuses;
• Be good at balancing their spending and saving;
• Put leftover money each pay cycle (if there is any) into a savings account;
• Be extra disciplined when it comes to cutting down on discretionary items, like unnecessary groceries, luxuries and other spending leaks.

Are you a budget rejector?

Formal budgets aren’t for everyone. In fact, some people outright dismiss them. However, that doesn’t mean people in this category can’t control their spending. Budget rejectors may:

• Think ‘bigger picture’ on long-term goals, rather than short-term spending;
• Feel like a budget is too much work;
• Not wish to compromise their lifestyle;
• Feel like they have nothing leftover to budget, because they spend all of their money on food and bills;
• Monitor spending, but not restrict it;

The bottom line

Regardless of the type of budgeter you are, there are apps available to help you on your money journey. If you want a bit of extra help, our wealth management arm Chelsea Wealth can point you in the right direction.

Get in touch today www.chelseawealth.com.au.

Inflation hasn’t made it easy for students, but there are still ways to get ahead if you’re studying. These ideas may help.

As costs spiral across the country, students are feeling the pinch. Thankfully, there are several different ways to cut down on spending and save money while studying.

Here are a few starting points.

1. Supercharge your savings in an under-30s account

If you’ve managed to build a regular savings habit in your early years, you should be rewarded. Police Bank has a special account for people under the age of 30 to incentivise saving. The U30 SUPER CHARGE account pays 5 per cent interest on balances up to $10,000, but allows you to have three accounts. In other words, you can save up to $30,000 spread across three accounts in total, while still receiving the maximum monthly interest. You won’t be charged any fees, either. (General Terms & Conditions. Terms, conditions, fees and charges apply).

2. Think about paying down study debt

If you’ve got a HECS or HELP loan from the Government to fund your study, the amount you’ll have to repay is about to rise. An indexation rate of 7.1 per cent will be applied from June 1 this year. If possible, paying down debt now could help to avoid the maximum sting.

3. Buy secondhand

Instead of dishing out for brand new books, furniture or appliances, consider what you can find in the pre-loved market. You may be able to score some barely-used products at a fraction of the price.

4. Use student discounts

As a student, you’re likely to be eligible for discounts on everything from computers and software to transport and food. Apps like UNiDAYS and Student Beans list discounts on offer. Don’t forget to make sure you have a valid student ID ready.   

5. Pool resources, where possible

If you can’t afford to buy, think about swapping or sharing (within the rules!) Things like sharing a car with housemates, rotating books between a group, and chipping in to bulk buy food may go a long way towards lowering costs.

6. Explore student facilities and services

Most universities, TAFEs and private institutions have various facilities available for student use for free or at a discounted cost. These include study rooms, gyms, healthcare facilities, counsellors and childcare. Speak to your study institution to find out more.

7. Pre-plan your meals

If you want to stay within a strict budget, planning ahead is a top strategy. Not only do you avoid overspending on cafes and delivery services, but you can work out exactly how much you’ll need to put away on a regular basis for your planned meals.

8. Cut subscriptions

In a digital age, it’s easy to rack up numerous subscriptions to TV, music and audiobook streaming platforms. If you have several though, they can quickly add up. Consider cutting down to one or two or switching to the more basic offering for each platform. 

9. Eat homecooked with family or friends

If you want to maintain an active student social life, but can’t afford the big nights at pubs, think about planning homecooked meals and drinks with your friends and family. It could mean a weekly meal with your parents, a weeknight meal at a friend’s place and another with a sibling. Even if you’re catering, you’re likely to come out ahead, when compared to a night on the town.

10. Investigate ways to earn money on the side

If your study schedule allows you to work part-time, think about getting a job that fits around your student life. The flexibility of the gig economy means there are also more on-demand roles for quieter parts of the semester, such as study breaks. Ideas include driving or delivering or selling homemade products at a market.

Adam Shand, the host of Inside the NSW Police Force, shares how the podcast series is harnessing the popular true crime genre to help the state’s police achieve breakthroughs in cold cases and correct community misconceptions about policing.

After 40 years in journalism, Adam Shand says, he wanted to do something with a strong social purpose.

“I was running out of enthusiasm for entertaining people solely. There’s got to be a point to this, particularly where you are dealing with sensitive topics like murder and missing persons. I am very critical of media who throw out sensational stories that get people’s hopes up then dash them because they don’t follow the story and they don’t investigate it,” Shand told us in an interview.

These are some of the themes that came together when Shand was invited to start making the NSW Crime Command podcast in 2020, a pilot for what later became Inside the NSW Police Force. The official podcast of the NSW Police, uses in-depth storytelling to take listeners through real investigations and provide insights into the lives of police officers. Shand and his production partners Piccolo Podcast and Media Productions funded the pilot until sponsorship from Police Bank helped to ensure a sustainable future for the series.

Helping to solve cases

Shand says it’s the first time in the world that the techniques of the true crime genre have been harnessed by police themselves in order to inform the public of the work they are doing and to appeal to the community for further information on complex cases. “This is not about entertainment. This is about solving real crime and bringing things to a resolution,” Shand said.

As we reported in a  previous Spotlight article[RT1] , the podcast was recently instrumental in helping police achieve a breakthrough in the mystery of a blackened jawbone of a 15-year-old boy found washed up on a Central Coast beach in 2020.

“True crime has been a hugely successful genre around the world, which I think has solved no more than a handful of crimes. Whereas here the professionals are now using the same medium. And the black bone story really typifies what’s possible. Because we access information and expertise that we wouldn’t otherwise.”

Shand says Inside the NSW Police Force is like no other true crime podcast because of its access: “There’s no wasting time going down rabbit holes. If we go in the wrong direction, the police will soon cut us off.”

He says the podcast is certain to feature more breakthroughs as a wave of new technology, including new types of DNA testing, sweeps NSW policing. In Australia, more than 38,000 missing persons reports are received by police each year.

Dispelling misconceptions and tackling tough issues

The podcast also aims to dispel some of the misconceptions about policing and provide an insight into what working in the force is really like.

“I’m really enjoying portraying our detectives and men and women in uniform in a different light because they are the same us as, yet I continually hear people talking about ‘us and them’,” says Shand. “I always like to say that the difference between us and them is they put themselves in harm’s way for us, and I think that’s pretty admirable.”

Shand says the podcast plans to tackle some of the tough issues that don’t get talked about much outside the force, like stress and PTSD, and how to keep people in work or bring them back in and help them with recovery so that they can have financial security.

You can access the podcast on Apple Podcasts and Spotify. See here for more information:

New podcast tells true stories of all aspects of policing

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