Category Archives: Holiday and Seasonal Finances

5 Ways to Financially Thrive in the New Year

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The time for “New year, new me” resolutions is here, and we’ve got five (actually attainable) resolutions that you’ll want to keep up with all year long. Read on to find out five ways to make 2021 a financially great year.

Learn a new (financial) language. Does listening to financial talk sometimes feel like hearing a foreign language? Instead of simply nodding along, make a resolution to improve your financial literacy this year. Finally learn the ins-and-outs of money management. There are plenty of resources online that can help you decode the definitions behind personal finance terms. You can even make a Quizlet to help you commit the terminology to memory! If you’re worried about finding the time to teach yourself this new language, try incorporating some financial podcasts into your weekly routine. By listening to financial podcasts, you can improve your finance skills while still going about your daily tasks. It’s a great way to get stuff done and get a better idea of what is going on in your wallet and bank account.

Clear out the clutter. Recurring payments can be a great time saver, but they can also get out of hand very easily. Sit down and comb through your recurring payments so you can know exactly where your money is going and when it’s being taken. Take an especially close look at your monthly subscriptions. How many television streaming services are you subscribed to? Music streaming services? There are countless entertainment streaming platforms out there, but you don’t need to subscribe to all of them. Make a list of your entertainment subscriptions and figure out which ones you actually use and which ones are just cluttering up your monthly or annual payments. This applies to paid store memberships, too — if you don’t shop at that discount warehouse much anymore, don’t forget to cancel the membership card before you get charged for the new year’s renewal!

Get creative. Don’t let yourself feel trapped by the status-quo of savings, there are many ways to get creative with your finances. Need some extra money for tighter areas in your budget but don’t know how where to get it? Look into refinancing your existing Auto Loan from another lender with us! With our low rates, your monthly payment will be more manageable, which means you’ll have more money in your pocket, ready to put to good use.*

Making the switch from a high-interest rate credit card to one of our lower-rate cards could also decrease the amount of money you’re spending per term, freeing up funds to put elsewhere.** There are so many avenues you can take to save money. Get in touch with our Loan Department, and we’ll help you get creative in finding them!

Take up a new (money-saving) hobby. Trying a new hobby can help improve one’s mood and daily motivation, but don’t forget that it could also help your wallet! Want to try improving your culinary skills? Great! Ditch the costly take-out meals and door deliveries, and resolve to cook meals at home. Halting the high delivery costs, taxes, and tips (or gas money for drive-thru and pick-up options) will drastically cut down your monthly expenses, giving you more money to spare. You could also pick up a new hobby that could help increase your income. The internet has given us a wealth of resources when it comes to finding freelance work. Skilled at editing? Explore the world of freelance editing for supplemental income. Got an artistic side? Look into starting up an online shop to sell your handmade goods on sites like Etsy or Facebook Marketplace. The options are exciting and endless (and will provide you with some supplemental income)!

Plan it out! Most people shudder at the word “budget.” It’s never fun to sit down and decide what you can’t spend money on. Instead, why not give yourself the freedom to choose what you can spend money on? This tactic for approaching money management is called a “spending plan,” and it’s a lot less intimidating than a budget. A spending plan gives you a lot more flexibility in your finances while still keeping you focused on covering your monthly essentials.

The process of determining your “non-negotiable” expenses is mainly the same as a budget: you have rent, electric, water, internet, groceries, emergency funds, etc. The difference begins when you determine your flexible categories. For example, entertainment, personal shopping, dining out, date nights, and more. A spending plan gives you the freedom to set ballpark amounts for these categories without restricting you too harshly. As long as you have your monthly non-negotiables covered, how you distribute money from month to month in your other categories doesn’t matter as much. A budget is far more restrictive, which can put you in a panicked mindset of “money is always tight, I have no wiggle room,” whereas, a spending plan gives you the control to say “I have the room to spend a little extra here this month.” Start 2021 establishing a spending plan and giving yourself the freedom to choose where your money should go and how you want to spend it!

*APR = Annual Percentage Rate. Not all applicants will qualify, subject to credit approval. Additional terms & conditions may apply. Actual rate may vary based on credit worthiness and term. A First Financial membership is required to obtain a First Financial auto loan and is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See credit union for details. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. First Financial FCU maintains the right to not extend credit, after you respond, if we determine you do not meet our guidelines for creditworthiness. Current loans financed with First Financial FCU are not eligible for review or refinance.

**APR varies up to 18% when you open your account based on your credit worthiness. These APRs are for purchases, balance transfers, and cash advances and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Cash advance fee of 1% of advance ($5 minimum and $25 maximum), Late Payment Fee of up to $25, Foreign Transaction Fee of 1% plus foreign exchange rate of transaction amount, $5 Card Replacement Fee, and Returned Payment Fee of up to $25. A First Financial membership is required to obtain a VISA Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties.

Online Shopping Tips for This Holiday Season

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Every year, the numbers speak for themselves – more and more people are shopping online for the holidays instead of in the store. If you’re still shopping and getting hit left and right with emails for online sales, coupons, and deals – keep reading to find out how to save money and shop safely without exposing yourself to online fraud.

  • If you’re using a home computer to order gifts online, first be sure you have the latest antivirus software installed prior to placing any orders.
  • Take time to compare products. To get the best deal, always compare products between different stores. Do some research online, check product comparison sites, and read online reviews before you click “add to cart.”
  • Check out the seller. Confirm that the seller you are deciding to purchase from is legitimate. Look for reviews about their reputation and customer service, and be sure you can contact the seller (or that you can pay via PayPal on their site) if you have a dispute.
  • Look for coupon codes. Search for the store’s name with terms like “coupons,” “discounts,” or “free shipping.” Or you can check for deals on their website or research available offers on a site such as retailmenot.com
  • Pay by credit card. Paying by credit card gives you added protections. Never mail cash or wire money to an online seller. If the seller asks you to pay this way, it is most likely a scam.
  • Use secure checkout. Before you enter your credit card information online, check that the website address starts with “https.” The “s” within any web address stands for secure. If you don’t see the “s,” don’t enter any personal or financial information. You should also see a lock icon where the secure website address is too.
  • Keep records of online transactions until you get your purchase, confirm you got what you ordered, and that you won’t have to return the item.

If you follow the above steps when buying online and purchase smart, this season of holiday shopping is bound to be a breeze!

Should you happen to encounter any scams while shopping online, you can report it to the FTC at https://reportfraud.ftc.gov/.

Happy Holiday shopping!

Article Source: S. Walker for Consumer.FTC.gov

Preparing for the Holidays Doesn’t Have to Be a Hassle

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The season of holiday shopping is here, and so is the inevitable financial stress — but you don’t have to panic. We’re here to help you conquer the chaos and take control of your finances, so you can give great gifts and feel great about what you spent too.

Budget the Day Away.

The first step for tackling the holiday shopping season is setting a budget. Your budget sets the tone of your whole shopping game plan — what gifts you can buy, which deals to look for, which payment type to use, and more.

Sure, you’ve probably heard the spiel about the importance of budgeting before. It can sound a bit intimidating or overwhelming at times — but it doesn’t have to be. Check out our budgeting guidebook or ask for budgeting help from one of our representatives to make this daunting task easier. The internet is also laden with websites and programs that can do the budgeting for you. Find what works best for you, then set up a spread sheet, scrawl it out in a notebook, or iron it out online. Find your budgeting flow.

Sit down with a nice hot cup of cocoa, wrap up in a cozy blanket, and budget away. Make a night of it and feel confident in your ability to get your finances together. You’ll thank yourself in the end.

Pick Your Weapons of Choice.

There are many ways to fund your holiday shopping. Figure out how much money you have available to spend immediately and what items you will need to buy through credit cards or fund with a holiday loan.

Our advice? Put down the high-interest rate credit cards and check out ours. Our credit cards* feature interest rates significantly lower than the national average; plus, our personal loans** can help you to fund your shopping and pay it off responsibly. We understand that our members have a lot of holiday cheer to spread, and we want to help you make it happen.

Start Your List, Check It Twice.

Santa isn’t the only one who should have a list. Get a pen and some paper (or save a note in your phone) and jot down everyone you want to give gifts to this season. Determine how much you can spend for each person first, then brainstorm gifts for each of your names. This is the fun part! Put on Santa’s hat and think of creative ways to show some love to your favorite people.

If you find yourself spreading your budget too thin, go back and adjust the names on your list and the spending amount. Remember, not every gift needs to cost money — don’t underestimate the joy that a homemade gift or a good deed can bring to the holiday season.

Choose Wisely.

You have your gift list, now you need to perfect it. Browse the internet to get an idea of the deals that will be happening near you, either in a store or online.

Compare deals you see for the same item across stores and websites — one company may be selling the item for significantly less than another. You deserve the best deal. Put in the work to find out which stores are promoting the best sales, and make sure the item is still in budget after you factor in taxes and shipping costs.

Finalize Your Plan of Attack.

While many companies offer deals throughout the months of November and December, some are specific to days like Black Friday or Cyber Monday. These two days can easily become chaotic if you don’t have a good game plan.

Research which deals are offered online and which require you to show up in person. Because of health and safety concerns this year, many stores will most likely be shifting to an online Black Friday experience, but you should still double check. Also research store hours for any place you might need to visit in person. Store hours may likely be adjusted for Black Friday and COVID-19 precautions, so keep a close eye on company websites for the latest updates.

Another shopping holiday to look out for is the lesser known but crucially important Small Business Saturday. It falls between Black Friday and Cyber Monday, and it is more important than ever this year. With the pandemic still in effect, many small businesses are struggling. On Small Business Saturday, local businesses usually break out great deals and some even organize seasonal events for their customers. This day is a great way to give back to your community, so look into the local businesses nearest to you and see how you can support them.

Shop Responsibly.

Now that you have a budget, a list, and a plan of attack – you are all set to shop responsibly this holiday season. The holidays are a time for joy, so don’t let your finances stress you out. Instead of panic-spending and budget-breaking, take some time to prepare and research your options, like low-interest credit cards or a holiday personal loan. You’ll be happy you did, especially when those on your gift list and your wallet are thanking you.

*APR varies up to 18% for purchases, when you open your account based on your credit worthiness. The APR is 18% APR for balance transfers and cash advances. APRs will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fee. Other fees that apply: Cash advance fee of $10 or 3% of the total cash advance amount—whichever is greater (no maximum), Balance transfer fee of $10 or 3% of the balance—whichever is greater (no maximum), Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and is available to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. Personal Loan repayment terms range from 12 to 60 months, and APRs range from 10.24% APR to 18% APR. Minimum loan amount is $500. Loan payment example: A $2,000 Personal Loan financed at 10.24% APR for 24 months, would have a monthly payment amount of $92.51. A First Financial Federal Credit Union membership is required to obtain a Personal Loan or Line of Credit, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. 

Holiday Shopping Hacks: Your Black Friday Survival Guide

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Judging from the massive marketing blitz and predictable purchasing frenzy, one could make the argument that Black Friday is a holiday all its own. The day after Thanksgiving is traditionally considered to be the official start of the holiday season.

Black Friday by the Numbers

With this yearly retail extravaganza just around the corner, you might be asking yourself, “What will an estimated 174 million Americans do on Black Friday this year?” Before you start googling, we’ll save you the research. They’ll spend the day—the entire weekend, actually—shopping. Wait. You knew that already? Fair enough. Did you know that the average Black Friday shopper is expected to spend more than $500? Even though we’re dealing in estimates and averages, that adds up to a lot of people and purchasing!

As online and mobile sales increase (especially this year), traditional Black Friday shoppers may be less than usual – but either way, there’s bound to be lots of shopping going on either in person or online. With millions of people frantically scouring stores for the best deals of the season and even more hunting for deals on their smartphones, a little strategy may help you keep the holiday shopping season merry and bright!

7 Tips for Having the Best Black Friday

While there are probably as many shopping hacks as there are shoppers, we’ve narrowed the suggestions down for you. Here are 7 ideas to help you survive Black Friday with your sanity and your budget intact:

Create a shopping strategy. Since most major retailers advertise their Black Friday specials ahead of time, it’s easy to plan ahead by scanning sales flyers and online promotions. Knowing exactly what you’re looking for will save hours of wandering and wondering.

Get in and get out. Most of the time, it pays to shop slowly and carefully—but not on Black Friday! If you’re going to score the best values at multiple stores, you need to grab the items you want, check out, and head to the next store. The midnight madness is no time for browsing.

Maximize your mobile experience. If you’re planning to take advantage of mobile deals or online specials, you can save time and frustration by downloading all the necessary apps in advance.

Prepare your profiles. How many times have you found a deal online, placed the item in your cart, and then had to waste time setting up a customer profile before checking out? Don’t miss out on limited-time-only deals. Create your profile on websites before it’s time to shop.

Look for the lock. Before you enter your personal details and credit card information on a website, make sure the web address starts with “https” and there’s a closed padlock icon next to address. These details indicate the site is secure. If the address starts with “http” or the padlock is open, see if you can find a deal somewhere else. You don’t want to add potential fraud and identity theft from an unsecure site to your holiday list this year.

Team up for double the fun. Finding amazing bargains is fun—but isn’t it better when you have someone to share in the excitement? If you’re going to engage in shopping shenanigans at 2:00 AM, you might as well do it with your favorite shopping buddy!

Shop early. Shop often. It would be logical to think that Black Friday is limited to—well, Friday. But in an attempt to boost sales, stores like Amazon and Best Buy often run early sales. And with the rising popularity of Cyber Monday, you’ll most likely also find money-saving specials all weekend long!

Hopefully, these ideas will help you save some money this winter holiday season and have a little more fun in the process. To avoid any last-minute budget crunches, talk to us about setting up a Holiday Club account.* Setting aside money throughout the year is a great way to avoid financial stress and focus on spending your time with loved ones and joining in on all the merry festivities!

*A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All Holiday Club Savings funds are deposited into a First Financial Checking or Base Savings Account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Visit firstffcu.com to view full Rewards First program details, and to view the Tier Level Comparison Chart.

 

 

Why You Should Avoid Store Credit Cards This Holiday Season

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Can you believe it’s already November? Before you know it – the holidays will be upon us. As you start making those lists and checking them twice, think long and hard about opening a store credit card if you were planning to this holiday season.

A recent report from LendingTree® announced that 44% of consumers planned to open a store credit card this year. However, that same report said that 56% of those who have had store credit cards in the past have regretted opening and using them. Sure, the initial sign-up bonuses can be great – but if you carry a balance on one of these cards, the interest you pay with those high APRs can easily exceed what you saved with that initial discount.

While the salesperson may do a great job of talking about the perks and discounts you can get when you sign up for a store card, they almost never talk about the high interest rates you’ll have when you use it. In fact, the average APR for a new store credit card is 24.24%!

Here are a few tips for getting the most out of a store credit card:

  • Beware of deferred interest: While special financing deals really can save you big bucks, it’s crucial that you play by the rules – because what you don’t know can really cost you down the road.
  • Know your APR and fees before you apply: This is good advice with any credit card, but it’s particularly important with store cards because the interest rates are so high – and the pressure is often on to make a quick decision.
  • Anticipate deadlines, exceptions, and spending minimums:  Virtually every card has quirks and nuances. The more you know about them before you apply, the better.
  • Look for the other logo: Some store credit cards can only be used with one retailer or one group of retailers. Others can be used almost anywhere and will have a Visa or Mastercard logo on it. That’s an important distinction.
  • Resist the pressure: If you’re offered a store card and you aren’t sure what to do, say no and then read up on the card later. If the offer still sounds good to you and you know you won’t carry a balance, apply the next time you shop there.

Another idea: Bypass the store credit card and seek lower interest alternatives from First Financial. We offer personal loans to help you get through the holiday season, and low interest credit card options too.* While you won’t get 20% off your first purchase at your favorite store – you also won’t be counted in the 59% of those with buyer’s remorse who are paying off holiday debt well into the new year, after opening that store credit card. You’ll also enjoy a much lower interest rate, which equals lower monthly payments as well. Shop smarter this holiday season!

*APR varies up to 18% for purchases, when you open your account based on your credit worthiness. The APR is 18% APR for balance transfers and cash advances. APRs will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fee. Other fees that apply: Cash advance fee of $10 or 3% of the total cash advance amount—whichever is greater (no maximum), Balance transfer fee of $10 or 3% of the balance—whichever is greater (no maximum), Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and is available to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

 

 

How to Keep Halloween from Scaring Your Budget

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The average American spends around $86 on Halloween – between candy, decorations, costumes, and the like. And that’s only the national average, so many of us tend to spend quite a bit more.

If you’re on a strict budget this year, that amount might give you a scare. However, you can keep from frightening your budget this year. Try these tricks to help you stick to a painless Halloween budget.

Costumes

One of the main parts of Halloween fun are the costumes. However, dressing up can get costly – especially if you have several members of your family dressing up this year. Instead of buying a $40+ costume at the store or attempting to sew one together, turn looking for children’s costumes into a family game.

Head to your local consignment shop or thrift store and give each child an envelope with no more than $10 inside. Split up into teams to pick out a costume or find items that can be put together to create one. Don’t forget to also look in your closets at home to see if there’s anything you already have that can be used for dressing up.

Also check with your family, friends and neighbors to see if they have any costumes or items they aren’t using that you can borrow. Don’t spend a fortune on something that will most likely only be worn for a few hours.

Decorations

Some people really love to go all out for Halloween. However, if you keep blowing your budget on expensive Halloween decorations each year – you may be paying off your debt well into Halloween next year. If you need to stretch your budget, stop by your local dollar store for decorations. You’ll be surprised at the great items you’ll find!

Also save and reuse your decorations year after year. Store all your ghouls and goblins in a reusable bin once the season is over. Then pull them out next Fall without having to spend a dime!

Candy

Do you live in a neighborhood or on a street where it seems like the amount of trick or treaters are endless? Candy can be pricy too. If you know you’re typically visited by what seems like hundreds of kids in costume, don’t buy gourmet chocolate bars. Pick up a large bag of assorted candy in bulk instead. Do an online search for coupons and deals, too. Buy what you can afford, and when the candy is gone, it’s gone.

Try to keep track of how many trick-or-treaters visit your home so you can plan amounts better for next year. You probably also don’t want to overbuy and then be stuck with tons of candy sitting around either. The key here is to plan ahead!

Pumpkins

Pumpkins may only last a few weeks at most. And with that being said, they aren’t always cheap either. Once you start, it’s hard to stop with just buying one pumpkin too. From the porch to your patio, stairs and table – you might pick up 20 pumpkins when all is said and done.

Give yourself a strict pumpkin budget. Let your kids each pick only one or don’t spend more than $20 (or whatever number you decide is best for your budget).

While going to the pumpkin patch is a great Autumn past-time, don’t buy your pumpkins there if you’re looking to save money. Instead, buy pumpkins from the grocery store (they’re usually always cheaper and still look great!).

Greeting Cards

Is sending out a Halloween greeting card really necessary, even if it’s for your adorable niece or nephew or grandchild? Cards can be $5+ each nowadays, and that’s not cheap for something that may very well end up in the garbage can after it’s opened and read. If you really feel that you need to send a greeting card, try making your own instead. Use cardstock and get creative. Or hit the dollar store for cards – this is a best kept secret.

Fall Activities

Are there lots of farms with weekend harvest and Halloween events going on this month near you? The good news is, admission is typically free or not very expensive. Take advantage of this gorgeous time of year and all the farm budget-friendly activities such as corn mazes, pumpkin bowling, and the like. Take a hayride with the family or spend a few hours walking around the farm. You can also pile into the car and take a drive to look at the changing colors of the leaves, pick some apples, or pack up an outdoor picnic at your favorite local park. Look at your community calendar or website and scope out what’s going on near you.

Traditions

Plan a weekend for family or friend get-togethers this Fall. Save money by staying at home and trying a new tradition with your crew. Ideas include a Fall food cooking day (caramel apples, pumpkin pie, etc.), watch scary movies together, or do a backyard scavenger hunt.

It’s definitely possible to have an unforgettable Halloween without haunting your budget! With some planning and creativity, you’ll have a great holiday celebration without giving your bank account a fright. Happy Halloween!

Article Source: Dave Ramsey