January 2002 Volume 83 Number 1 "serving the protectors"

With memories of the festive season – Christmas, gifts and holidays still fresh in our minds – now is a good time to start planning for next Christmas. Did you have enough spending money for that holiday? Were you able to treat your family and friends to that special gift? Are you waiting for the dreaded credit card bill to arrive?

Opening a Police Credit Union Christmas Club will help make your next Christmas a whole lot merrier. It is the perfect account to give you added spending money for next Christmas. With the ability to direct as little or as much money into the account as you like, you have control of your Christmas savings goal.

Payroll deductions can be directed into your Christmas Club, taking the worry out of making manual deposits. You will be surprised how a small fortnightly pay deduction will add up.

Budgeting makes it easier

Budgeting is the best way for you to take control of your finances, save money and plan for the future. It’s not hard. By taking the time to sort out your finances and establishing a budget that is both sensible and workable, you will soon be on your way to achieving your goals.

Planning a workable budget takes time and patience. Set aside a time when there will be few interruptions. If possible, gather together copies of information about the major bills you have paid in the previous year. This will allow you to make a realistic assessment of costs, taking into account seasonal adjustments. Make a list of regular commitments such as mortgage payments or rent, personal loans, credit card bills, monthly insurance payments, and health insurance. What about education or perhaps there are regular medical bills that need to be considered?

Putting it all together

Police Credit Union offers a number of methods to help you collate all of this information. First, by accessing the “helpful information” button on the PCU Internet site, you will find an on-line budget planner. If you have a PC but do not have access to the Internet, call into one of our branches or phone our response centre and we can provide the budget planner on a floppy disc. If neither avenue is available to you, our branches or response centre can provide budget-planning booklets.

Using these guides, collate the information you have gathered and calculate the fortnightly amount required to cover your expenses. The planner will not only provide this outcome for you but will also provide you with an overview of when to expect major expenses during the year.

Saving helps you achieve your goals

One of many advantages a Credit Union membership has is that it allows you to split your payroll into several separate accounts. You can direct the figure you have committed to bill paying into an account that is separate from your general household funds. You can take your budgeting one step further and put money aside for Christmas in a Christmas Club and perhaps use a “seven-day call account” or “Interest Raiser Account” to save for a holiday or some other special event.

Whatever method you use, planning your budget helps you gain control and make exciting plans for your future.

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The Police Journal Online is an official publication of the Police Association of South Australia and is published monthly. Editors of kindred publications can seek permission from the Editor to re-publish any Police Journal Online article. Copyright 2001  The Police Association of South Australia sustance