Hertsavers Annual General Meeting 2021

We will be holding our next Annual General Meeting (AGM) on 25 March 2021 at 6.30 p.m. via Zoom.

The Agenda is below and the Minutes of the last AGM can be viewed here.

Agenda

1. Welcome
2. Apologies for absence and confirmation of quorum
3. Minutes and Matters Arising from the AGM on 28 March 2019
4. Board of Directors report
5. Auditors Report
6. Dividend Recommendation
7. Appointment of Auditor
8. Nomination of Directors and election to Board
9. Any Other Business

To get the meeting link, please email us and we will send it to you.


Nominations open for Directors at Hertsavers Credit Union

We are recruiting for Directors to join our board. All appointments to the Board will be approved by members at the 2021 AGM.

To apply, please email us at office@hertsavers.co.uk with the subject line “Board Director for Hertsavers Credit Union 2021”, with a cover note about why you would like to become a director and a CV with your background and experience.

We look forward to seeing you there.

Money mantras from mums to parents

As a parent, sometimes it’s difficult to get your family’s financial head above the water especially with the constant demands from children and with the rising costs of living.

For your mental wellbeing, here are some money mantras to fall back on, and which you can share with your children to prevent them from becoming anxious about money.

1. See the smaller details – that’s what matters

The cliche of seeing the bigger picture is easy to say than do especially if you are struggling to make ends meet.

Instead, think of the small, quick wins that will help you such as the small payments that you can make and the small areas that you can cut back on in your budget.

Sometimes seeing the smaller picture is more helpful.

2. I will control what I can

This mantra helps you to focus on areas that you can proactively manage and prioritise the more important things that need to be done. This is useful especially when you are budgeting.

For example, you can control how much you pay for your energy bills by shopping around for a good deal. However, you can’t control how much tax you need to pay so you can put aside a contingency fund incase your bills are higher than expected.

3. Think of the future first

It’s easy to procrastinate and say that you will do something tomorrow. However sometimes this doesn’t work as you may end up spending more on something due to high interest rates, for example.

If you can make a payment today, do it. Don’t opt for the “buy now pay later” deals. Always read the small print.

Also, don’t borrow from one credit card to pay off another.

Think of your choices. If you are struggling financially, you can always contact us and we can help you come up with a solution.

4. Let’s put it on the list

If there is something that you have been thinking of getting and you can’t afford it at the time, add it to your wishlist. When the time is right, review your wishlist and see if you still need it. Perhaps it was going to be an impulse purchase or you managed to get an alternative.

This would also apply if your child asks you to get something for them especially if it’s a trendy item. Instead of saying “No, I can’t afford that right now!” You can say “Let’s put it on the list and we can look at it at a later date.” They may forget that they had requested this and you may save up for something that they really need.

5. Let’s look for an alternative

Here are a couple of examples:

If you are on a budget and would like to do something with your children, ask them to help you make a decision “Why don’t you help dad and I come up with some fun and free activities that we can do together this weekend.”

Also, if a recipe calls for an ingredient that is pricey, look for an alternative when you go shopping.

We hope that the above money mantras help you with managing your money. If you ever need to talk to us if you are struggling financially or just need help with planning your finances, please do get in touch.

Hertsavers supports International Women’s Day 2021

International Women’s Day is celebrated every year on 08 March. It’s an opportunity to celebrate women’s achievements, remember their struggles and acknowledge how they have been an inspiration in leading movements globally.

Unlike any other year, the Covid-19 crisis has greatly impacted women’s role in the community, especially in their workplaces. Many have had to take a step-down from their roles to accommodate time to their families; go from working full-time to part-time, or even leave the workforce altogether.

Following this year’s theme for International Women’s Day, #choosetochallenge, Hertsavers Credit Union chooses to call out any gender inequalities whether it’s in the workplace, family or local community. We want to help women get back on their feet financially by encouraging them to talk about money with their family, employers, and friends. We also want them to give them the confidence to make sound decisions and express themselves in their professional and personal lives.

We want them to know that we as a credit union is here to support them when times are tough.

In addition to this, we are committed to contributing to creating a fairer society through our ethical and affordable loans such as the Child Benefits loan as well as cultivating a savings culture through changing everyone’s money habits.

We believe that individually, we’re all responsible for our own thoughts and actions – all day, every day. Together, we can help in creating a more inclusive world by calling out inequality.

We’re in! Will you #ChooseToChallenge?

Become a workplace champion

We are looking to recruit Workplace Champions in all the companies where we have Payroll Savings Schemes.

Our Champions will be the first to know about new offers and changes to our products and services. What’s more, when the referral takes an introductory loan of up to £2000, which is payable over three years, the Champion and their referral will both receive an additional £100 to their account. Terms and conditions apply.

We want to improve communications with our members, and we see establishing a network of Workplace Champions to do that.

Interested members should contact graham@cus.coop providing their own contact details and their work location.

A checklist on how to save money on your energy bills

A checklist on how to save money on your energy bills

With the recent announcement of the energy prices rising by up to £96, here is a checklist of what you can do to use energy efficiently. This will save you some money and help the environment at the same time.

1. Turn off the lights

If you are about to leave a room and there is nobody else there, turn off the lights.

2. Use energy-saving light bulbs

You can easily cut energy bills by replacing traditional light bulbs with energy-saving ones. Over it’s lifetime, you could easily cut £180 from your energy bills (which.co.uk).

3. Shut off computers and entertainment devices when not in use.

According to Energy Saving Trust, you can save up to £35 a year if you switch off your devices rather than leaving them on standby.

4. Go natural

Where possible, use natural light, heat and cooling. For example, instead of using a tumble dryer, dry your laundry outside on a hot summer’s day or on a clothes rack on a cold winter’s day.

5. Make home improvements

This can be through:
Home insulation (save up to £315)
Installing a new boiler (save around £205 a year)
Cutting draughts (save approx. £20)
Install and use heating controls (save £75)

Estimated costs from which.co.uk

6. Replacing an appliance? Choose energy-efficient appliances (save £213)

Look at energy-efficient ratings to show how efficient a product is. Lab tests done by Which? show that you could save £48 on a washing machine and £69 on a fridge-freezer.

7. Make switches:

We don’t mean light switches here. We mean:

a) Switch suppliers if you haven’t done so in a while. You should always look around for better deals. You could save up to £350. (moneyexpert.com)

b) Switch to Direct Debit

By paying your energy bills through direct debit, you spread the energy costs over the year. This way you will avoid the shock of a winter bill and you could save up to £100 a year as it reduces admin costs. (moneyexpert.com)

You can get detailed information on the above tips on the following websites:

Moneyexpert.com 

Which?

 

 

Five ways to get into the habit of saving money

Some habits are easy to form and can occur automatically without you thinking about them. Some of these are nail-biting; binge-watching TV; or unhealthy eating. Unfortunately, saving money is not a natural habit. Saving money is one of those things that is “easier said than done.” However, we have a few ideas to help you get into the habit of saving money.

1. Set a goal of how much you would like to save by the end of the year. You can use SMART to make your goal.

Specific: Determine how much you would like to save by the end of the year. If you haven’t saved before, start with a small amount.

Measurable: Think about how much you need to save each month to reach your target amount.

Actions: How will you save money each month? Visit our News section to get some hints and tips on saving money, or maybe you can join the Payroll Deduction Scheme (more on this in idea 3).

Realistic: Set a target amount that you can achieve. You can’t say that you will save a million pounds if you have never saved before. If you start by saving as little as £1,200 a year, that’s more realistic. Create milestones and give yourself a little reward for reaching them. This will motivate you to continue saving.

Timely: Think about when you want to achieve your target amount – is it by the end of the year or Christmas?

2. Open a savings account
At Hertsavers, we have a wide range of savings accounts that you can open, whatever the occasion. You can find out more here.

3. Pay yourself first

Did you know that one of the most effective ways to start saving money is “paying yourself first”? You can do this by paying yourself each month through a Payroll Deduction Scheme.

This way you are automatically saving money even without thinking about it.

Find out more about our Payroll Deduction Scheme here.

4. Create a budget for how you will save money rather than spending money. This way, you will know how you would need to put aside to start saving. The Money Skills App has a good tool to help you. Learn more.

5. Are you about to buy something?

Especially if it’s an impulse purchase, simply think of it the following questions:

  • “Do I need, do I REALLY need it?”
  • “How many hours would I need to work to afford this purchase?”

Remember: Be a mindful consumer rather than a mindless one. By thinking about what you are about to spend (and if it’s worth it) is more step towards your habit of saving.

We wish you all the best with your habit of saving. Remember, you can always get in touch with us if you need help with saving your money.

Christmas opening hours 2020

Our offices will be closed from midday on Thursday 24 December 2020 and will reopen on Monday 04 January 2020. Any share withdrawals and card transfers that are made during this period will be completed on our return to work.

To guarantee a loan to be in time for Christmas, the application and any supporting documents will need to be in by Wednesday 16 December 2020.

Share withdrawals to be guaranteed before Christmas needs to be in by 23 December since 24 December will be the last payment day until we reopen in January.

To make a share withdrawal, all members must now use the Members’ Area.

Loan sharks attack surfers on social media

Did you know that one on five victims find their loan shark on social media?

The number of loan sharks has increased on Facebook, Instagram and Snapchat to advertise their illegal loans and target potential victims.

The loan sharks lure people in with attractive loan offers and won’t ask for paperwork or credit checks. They will quickly resort to intimidation, threats and violence to enforce repayment and trap borrowers in a spiral of debt.

With Christmas around the corner, more and more people will fall into such a trap. Therefore, we are supporting the Stop Loan Sharks Week Campaign  (#SharkFreeSurfing), from 3o November to 04 December 2020, to raise awareness of the dangers of such loan sharks and help people access advice and support if they have fallen victim to this crime.

Here are some ways that you can spot a loan shark.

If you have been a victim of illegal money lending, or are concerned about someone you know, please contact the Stop Loan Sharks 24-hour helpline on 0300 555 2222 or visit www.stoploansharks.co.uk.

How to be a savvy shopper during the sales season

With the sales season dawning upon us, here are six tips on how to be a savvy online shopper to save money and being vigilant.

1. Research, research, research!

Even though various websites give you Black Friday offers, sometimes these may not be the best deals that are out there. Always do your own research by comparing prices and see if you get the value for money before you spend.

2. Make a shopping list and budget and stick to it

Before any of the sales, make a shopping list before the Black Friday weekend so that you have ample time to do your research.

Make a note of what you are willing to spend on each item. By making a budget, this will help you avoid impulse buying.

3. Only spend on what you can afford

If you are already struggling financially, avoid spending money that you don’t have. Sticking to a budget helps with this. Also, ask yourself, “Do I need this, do I REALLY need this?” If you can think of three valid reasons why you need it and there are no cheaper alternatives, then put it on a wish list for next time.

**Remember tip number two…**

4. Protect yourself

Be as safe as possible when shopping online. Look out for websites that have ‘HTTPS’ at the start of their URL or a padlock sign in the browser. This shows that the website that you are purchasing from are more secure.

5. It’s about quality over quantity

Before making a purchase, check the reviews about a product to ensure that you buy the best for the value for your money.

Even though an item appears to be cheap, if the item breaks easily or spare parts are expensive, it’s not worth it.

That’s why you should always research before making your purchase, ahead of the sales season to ensure that you get the best value for your money.

6. Read the small print

  • Check for hidden costs such as delivery costs
  • Look at the returns policy and the ease of returning an item
  • Make sure you know whether you’ll be able to return the item as sometimes the item could be a final-sale item which means that once you’ve bought it, you won’t be able to return it.

Nine ways to protect yourself from fraud

Fraud can happen to anyone. With the rise of fraud cases, we thought we would share some information about fraud and how to protect yourself from falling victim.

How to identify a fraudster:

  • They try to gain trust by claiming to be from a well-known business or impersonate a known contact
  • Will suggest their own verification procedures, including redirecting you to websites they have created or calling numbers they provide to you
  • Know how to tap into your emotions to get what they want
  • Create a sense of urgency to get you to make hasty decisions without much thought.

9 ways to protect yourself from fraud and theft:

  1. Don’t click on any links in an email or text that you think is suspicious. If it’s a trusted financial institution, always type the name of that institution into the address bar of your browser or log into your financial provider’s app to check for any messages that may have come through
  2. Fraudsters try to create a sense of urgency within the message for example: “Your account has been suspended and requires verification. Please follow the link now. http://verifycreditunion.co.uk.”
    Don’t rush – take your time and think about what the message is telling you to do and consider whether it’s real. If you are still not sure, get in touch with the person/business who contacted you to find out if there were any issues. Sometimes they may not be aware of the situation and could have been a victim of fraud as well
  3. Memorise your security details and securely destroy anything that contains these details, once you’ve memorised them
  4. Always set or change your security details to something that can’t be guessed easily
  5. Never write down or record your security details
  6. Never allow anyone else to use your security details
  7. Always monitor your accounts and see if there are any unusual transactions or activity that you don’t recognise
  8. Inform us straight away if you suspect or discover that someone has your security details, your information has been misused, or in doubt of communication received from us. Please get in touch with us by calling our customer experience team on 020 8756 3868 or email office@hertsavers.co.uk
  9. If someone gets you to share your sensitive details via suspicious communication, such as usernames, passwords or account details you can report it to the police.

Be safe with us

At Hertsavers Credit Union, we would like to reassure you that your data is safe with us. Here are some of the ways that we do this:

• We are constantly upgrading our fraud protection software and changing our operation to make your details secure from fraudsters
• We now use R Post for electronic signatures that are fully safe and protected
• We have security checks for ID, physical and email address as well as mobile phone numbers.

Example of how we handled a fraud case
Recently, one of our members had their email account hacked and the hacker tried to order an expensive watch using credit union funds. Fortunately, due to our safe and secure systems in place, they didn’t get anything and were reported to the police.

If you suspect unusual activity to your Hertsavers account or receive suspicious communication, please get in touch with us on 020 8756 3868 or email office@hertsavers.co.uk.