Category Archives: Saving Money

4 Ways to Trick Yourself Into Saving More Money

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Think you’ve run out of ways to save? Think again. While it might not seem possible to squeeze any more savings out of your budget, you can find new ways to save by changing some of your money habits. But as we all know, old habits die hard. So to instead of struggling to change your spending patterns cold turkey, here are four easy ways to trick yourself into saving more money.

1. Ignore Windfalls, Pay Raises & Bonuses

Whether it’s a $5 scratch-off or a big tax refund, whenever you come into contact with some unexpected funds, ignore it and put it away. It’s best to get into the mindset that unexpected money is best spent by planning for your future or paying off money owed. Before you know it, you’ll have that credit card bill or emergency fund finally taken care of!

2. Try Cash Only

Sometimes it can be a little too tempting to go over budget when using a debit or credit card. Keeping yourself to a strictly cash only lifestyle for a couple weeks is a great way to make sure you stay on budget. Just put your cards in a drawer or, if you don’t trust yourself to leave the cards in a drawer, freeze them so it will take a lot of work to use them. You should also look to remove your credit cards from any online accounts to keep yourself from splurging! This is especially important if you’re carrying a balance — which you are hopefully paying down.

3. Take Five

The next time you’re about to make a big purchase, wait five days. Taking time to contemplate your purchases can help you avoid unnecessary spending on lavish items, or maybe even find a better deal online or at another store. Delaying your purchases can also give you time to really investigate the impact the purchase might have on your budget and whether or not it could keep you from reaching your financial goals. You may discover that your long-term financial security means more to you than having a giant TV for a couple of years.

4. Put It On Auto Pilot

Instead of heading to the ATM or a bank branch to transfer money from checking to savings, why not bring your finances into the 21st century and have your financial institution or employer do it for you? Automating your savings, whether for retirement, an emergency fund, or any other long-term goal, can make it very easy to stay on track and ensure your goal will be reached! Plus, seeing a little less in your checking account each week will keep you honest and help you cut back on your overspending habits.

You don’t have to make more money to save more money. Saving efficiently really boils down to how you spend and manage your money. So the next time you find yourself falling a little short of your savings goals, look at the way you’re making your purchases and how transferring your money into a savings account. Just taking a closer look at your money habits can do wonders for your financial well-being.

Article Source: Leslie Tayne for http://blog.credit.com/2015/04/4-ways-to-trick-yourself-into-saving-more-money-115116/

10 Ways to Save Money Before Labor Day

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end of summer savingsLabor Day is only about a month away, which means summer is coming to an end. It also means your bank account might be bracing for a hit as you squeeze in a trip, start stocking up on back-to-school items for your children, or send a child off to college.

To prepare for these and other costs, you can take several steps to lower your expenses and save money on things you need to buy this month. Here are 10 ways you can save money before Labor Day:

1. Lower Your Cooling Costs.

If you’re cranking up your air conditioner to combat a heat wave, be prepared for a hefty electric bill. To keep costs low and stay cool, try the following tips:

  • Fans cost less to operate than air conditioners. You can raise your thermostat by four degrees and feel no reduction in comfort if you turn a fan on also.
  • You can lower your air conditioner’s energy consumption by 5% to 15% by replacing or cleaning dirty filters.
  • Cook outside using a grill to avoid heating your home with your oven.

2. Freeze Your Gym Membership.

If you’re not using your gym membership because you’re exercising outdoors or taking a summer trip, then freeze your membership. Putting your membership on hold can allow you to avoid any early termination fees if you have a year long contract, and save money on your membership fee during months when you’re not using the gym.

3. Save on School and Office Supplies.

Families are expected to spend an average of $97.94 on supplies such as notebooks, pencils and backpacks for school-age children this year, according to the National Retail Federation. You can keep the cost of school supplies under control by shopping back-to-school sales at retailers such as Target and Walmart, and office supply stores such as Staples.

Even if you don’t have kids, you can benefit from these sales – especially for office supplies.  Plus, you’ll find great deals on laptop computers in August as part of back-to-school sales, according to DealNews.com.

4. Take Advantage of Sales-Tax Holidays.

Seventeen states have back-to-school sales-tax holidays in August, according to the Federation of Tax Administrators. These holidays offer consumers an opportunity to avoid sales tax on clothing, footwear and school supplies. Some states even waive the sales tax on computers.

5. Start Price-Shopping for Holiday Travel.

The winter holidays are months away but now is the time to start comparing airfares “so you can lock in a good price when you find one,” said Holly Johnson, a frugal travel expert who blogs at ClubThrifty.com. To get the best price on airline tickets, you need to book flights at least 27 to 114 days in advance, according to a study by CheapAir.com. Flights for holiday travel fill up quickly, so you’re better off booking sooner rather than later.

6. Sign Up for a Rewards Credit Card.

If you are going to do some back-to-school shopping, book holiday travel or take a trip before Labor Day, take some of the sting out of that extra spending by using a credit card rewards.

Here at First Financial we offer a Visa Platinum Cash Plus Credit Card with no annual fee, a 10-day grace period+, and a uChoose Rewards program where you can redeem points for gift cards, merchandise items, travel, and so much more!*

7. Get Freebies From the Library.

If you have kids, you’re likely hearing them complain by now that they have nothing to do. To fend off boredom, take them to the local library to pick out books and DVDs for free. Whether or not you have children, you also can take advantage of free programs at your library, such as writing workshops or lecture series, in an air-conditioned environment.

8. Watch Inexpensive or Free Flicks.

Another way to keep the kids entertained in the weeks before school starts — without spending a lot of money — is to take advantage of discounted family movies at theaters. For example, Regal Entertainment Group, which operates 569 theaters in 42 states, charges just $1 for tickets for family movies at 10 a.m. on Tuesdays and Wednesdays.

Additionally, plenty of communities offer free movies in parks. Check for listings on community calendars, the parks and recreation department, or local government websites.  Or check out our First Scoop Blog’s monthly things to do on a budget in Monmouth and Ocean Counties series!

9. Cut Food Costs With Seasonal Produce.

A great way to lower your grocery bill is to buy produce that is in season where you live, because the prices will be lower on those fruits and vegetables than ones shipped in from other areas of the country or other parts of the world. You should be able to take advantage of late summer fruit and vegetable harvests to save money this month.

10. Snag Summer Clothing on Clearance.

Retailers are making way for fall clothing in preparation for back-to-school shopping crowds, which means you can score serious savings on summer apparel. Expect discounts of 60% or more on summer staples, which you’ll still be able to wear for a few months and into colder months by layering. If you shop before Labor Day, you’ll have a better and bigger selection.

*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.

+No late fee will be charged if payment is received within 10 days from the payment due date.

10 Simple Money Saving Tips

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bigstock-Saving-money-jarSome of the more frequently talked about personal finance tips can come across as unreasonable, too difficult, too time consuming, or irrelevant. Yet, the search continues across all income brackets for how to comfortably spend less and save more.

Below are 10 simple money saving tips that you may not have thought about – each with some serious financial benefits. Saving money does not have to be a chore, it’s an accumulation of habits and adjusted perspectives, none of which are detrimental to your daily routine.

The goal of these 10 tips is to not overhaul your life, but to make manageable, tiny tweaks that carry a big bang at the end of the year.

1. Use Cash. After setting a budget, take out cash for your entertainment spending pocket. It’ll ensure that you do not spend above the designated amount. Since a coffee here and burger there, really adds up and quickly – making sure that those erroneous expenses are always paid in cash will help you stay on top of that expense area (an area frequently a victim of the swipe and forget plague).

2. Adjust That Thermostat. Turn your heat down ten degrees and the a/c up two degrees. Utility companies have reported that even just a consistent two degree shift can save you money without leaving you miserable. The same principle can apply for pre-setting programmable thermostats to change throughout the day, adjusting for when you are away from home or asleep; with a more drastic change while you are away (10 to 15 degrees for eight hours). Your savings could be as great as 15 percent a year, says Energy.gov.

3. Help Santa Save. Consider early prep for holiday shopping. Either look throughout the year and really benefit from sales, or consider the benefits of buying a gift card monthly and setting it aside for yourself. Come December, with just $25 gift cards each month, you will have set aside $275 specifically for holiday spending.

4. Drink More Water. By replacing just one soda, coffee or beer each day, you not only invest in your health, but you could save some serious change. If you eliminate one $5 coffee just three days a week, that’s an additional $780 dollars at the end of a year’s time. Or, if you have that fancy coffee addiction, consider getting a coffee machine and buy your favorite grounds in bulk. Bulk buying can save money as well.

5. Eat In. Avoid the frequent trap of not wanting to cook and resorting to dragging the whole family out to eat despite your pantries being full. If inspiration is the missing link, try setting a weekly menu for the household, alternate cooking responsibilities or even involve the whole family in meal prep every night. And, instead of letting the “I have to cook or we will end up eating out” mentality get you in trouble, keep a few home cooked meals prepped and frozen for those moments of dinner despair.

6. Shop Smarter For Groceries. Clipping coupons isn’t for everyone. It can be time consuming and require more organization to truly be effective than some people’s attention spans and patience can handle. Shop smarter, even if you don’t use on coupons. Look for sale items and weekly promotional deals. Shop what’s in season for your fresh produce. Try store brands; many canned products and dried products have the same ingredients as name brand products.

7. Find A Penny, Pick It Up. Save loose change. If you were to save an average of fifty cents a day, you would have almost $200 set aside at the end of the year. Keep an old water jug set up so that you can watch it fill up throughout the year.

8. Stop Before You Swipe. Sometimes it’s all about perspective. When looking at a frivolous purchase, consider the cost against your income. If you earn $15 an hour and are holding up a $300 suit, ask yourself if you are willing to work 20 hours with only the suit to show for your labor at the end. The same can be done for smaller purchases as well. Is that 32 ounce, blended chai tea latte with soy worth the first thirty minutes of your workday? This method is not a way to talk yourself out of making purchases, but simply to put the expense in a framework.

9. Keep The Car In Check. Stay on top of regular, necessary car maintenance. Doing so can save a pretty penny in gas costs alone, not to mention the costs you can avoid from a side of the road breakdown or preventable tire blow out.

10. Use Your Phone. Sometimes it’s as simple as knowing what is going in with your finances. Awareness brings control; so go ahead and download a personal finance app. There are plenty available that have been professionally reviewed and approved. Additionally, many of the highest rated are free. Remember though, the key is to not only have the app, but to use it. The icon or widget is only as useful as you make it.

Article source courtesy of Joe Young of NASDAQ.

7 Ways to Save More Money This Year

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Icon of coupon cutout with money1. Change Cell Phone Providers

Smartphones have become commonplace in today’s society. While that brings a number of benefits, it also brings one major problem – the cell phone bill. According to a recent study at CouponCabin.com, 46 percent of Americans have a cell phone bill of at least $100 per month with another 13 percent over $200. The major culprit behind this is the cell phone contract. Many people believe that if you’re under a contract, you’re obligated to pay that amount. However, a simple call to your provider to review your needs can often result in saving money by reducing the plan. If you’re not in a contract, or are coming up for renewal, consider one of the many reputable non-contract offerings out there such as Straight Talk Wireless, etc. – as you can often get coverage for less than $50 per month.

2. Change Your Grocery Shopping

The average grocery bill for a family of four can be as high as almost $300 a week. The good news is that there are ways to significantly cut that amount. Some of those might be painful changes, but can save you real money. Look at how often you go to the store. Can you extend the time between trips? Can you coupon as well? Another idea is to have a freezer or pantry week once a month, or once per quarter. This forces you to use everything in your kitchen, reduce food waste and save money.

3. Reduce Entertainment Costs

It’s no surprise that cable bills can be expensive. The obvious alternative to save money is to cut the cord. If that’s not an option for you and your family, then analyze the channels you are watching, as you can often reduce your cable package and save yourself some money each month. Even if you have ditched cable altogether, look at what alternatives you’re using. You may find that you only need two plans to get your shows and not three. Cut the third one and put some of that money back in your pocket.

4. Cut Insurance Bills

Insurance, in many cases, is a necessary evil. In the case of auto insurance you obviously need it, but that doesn’t mean you can’t save money on it. Like with cable and your cell phone, analyze your insurance needs. If you drive an older car do you really need full coverage? Are you driving fewer miles? Can you afford to increase your deductible? Those are all justifiable ways to save money on your auto insurance, not to mention comparing other companies.

5. Kill the Interest Rates

Many Americans carry debt, and debt of course – carries interest responsibilities with it. Depending on the type of debt you will likely have options to find lower interest rates. If you’re dealing with credit card debt, you can try and do a balance transfer to a lower rate card. If you’re hacking away at student loan debt you can look into consolidating for a lower rate. Better yet, pay off the debt altogether if you’re able.

First Financial has a great Visa Platinum Cash Plus Card with a really low rate and no annual fee, plus rewards for purchases!* Get started by applying online today.

6. Don’t Always Call in the Pros

If you’re a homeowner, than you know how often it seems that something breaks or needs replacing. The temptation is to call in a professional to fix the issue, but that can cost a pretty penny. Instead of calling in a pro, try doing it yourself (depending upon what the issue is of course). It may feel daunting, but many jobs require only simple tools to take care of them. If you don’t know how to do a certain task, the Internet is a great resource for free tools and YouTube videos that can teach you how to do something. That can result in a huge money savings, not to mention the satisfaction of learning something new.

7. Fall In Love With a Budget

While not necessarily a task that will allow you to save money, starting a budget will indeed allow you to save more money. Don’t let the feeling that budgeting is restrictive hold you back, as it can actually be quite freeing. There are many ways to budget and many free resources available to help get you started (like this First Scoop blog, or by attending one of First Financial’s annual budgeting seminars). Find what works best for you and modify it to your life. This will allow you to see what spending fat can be trimmed which will help you control your money and not the other way around.

It may feel like it’s impossible to save money in most cases. However, with a little work and research – you can often find many areas in which you can save money pretty easily!

*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.

Article Source: John Schmoll for Money.USNews.com, http://money.usnews.com/money/the-frugal-shopper/2015/01/13/7-ways-to-save-more-money-this-year

How To Save When You’re Young

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Businesswoman saving moneyIt’s hard to save money when you’re young. If you’re lucky enough to have a job, you’re probably not overflowing with cash. With a ton of young and talented job seekers, companies also have little pressure to offer generous starting salaries.

Meanwhile, apartment rents have steadily risen for 23 straight quarters, and life’s other inevitable expenses — utilities, food, taxes, etc. And these haven’t gotten any cheaper.

Let’s not forget educational expenses too. Inflation in college tuition has massively outpaced broader consumer price inflation for decades, meaning most college graduates start their careers with large student loan debts hanging over their heads. A recent poll found that college graduates finish their studies with an average debt load of $35,200. And if you are the ambitious type who decided to go to graduate school, you might have multiple hundreds of thousands of dollars in student loan debt.

Still, the savings you manage to sock away while you’re young will have an outsized effect on the lifestyle you’re able to live when in middle age and your golden years.

Pay Yourself First.

Humans are hardwired to expand our spending to absorb any increases in income. In order to mitigate these impulses, you have to “pay yourself first” by allocating your first dollar of income to savings rather than your last. Figure out a dollar amount that you want to save, and set it aside before you budget your regular monthly expenses.

If your employer offers a 401k plan, this is easy enough to do. Your 401k contributions come out of your paycheck before you have a chance to spend them. Not including the value of employer matching, if your employer offers this – is an “out of sight, out of mind” way to save for your retirement one day.

Even contributing $500 per month to savings will get you to $6,000 per year, and many young workers can try to make do with $500 less per month.

Make it Automatic.

Very closely related to paying yourself first is making your savings as automated as possible. For example with a 401k plan, this accomplishes both. Once you set your contribution limits, your company’s payroll department will take care of the rest. It’s automated, and you don’t have to think about it.

But what if your company doesn’t offer a 401k plan? There are plenty of other ways to automate your savings process. Often times, your payroll department will allow you to split your paycheck among two or more accounts. This will allow you to automatically divert whatever sum you can afford away from your primary checking account and into a savings or investment account.

You can also generally instruct your brokerage account or savings account to automatically draw from your checking account on a specified day every month. The key here is automating the process so as to remove your discretion. If you have a real emergency, you can always suspend the automated instructions for the time being. Otherwise, you have made saving part of your monthly routine and made it a lot harder to throw the money away on something frivolous.

Slash Your Budget.

Let’s face it, it can be easier said than done when your monthly bills seem to get bigger every month. Here are a few concrete examples of how to save without crimping your lifestyle too badly.

First off, ditch cable TV. Most of the programming you watch is probably available for free over the airwaves or at a very modest cost with Hulu Plus or Netflix  after a short delay. And the handful of shows not available probably aren’t worth the $100 per month or more you’ll pay in cable bills. If you can’t live without HBO, chances are good that one of your friends or relatives has a subscription that you can borrow from time to time.

Also, try to put off a new car purchase as long as possible. If you take reasonably good care of your car, it will last you 150,000-200,000 miles. Not only will you save money on a car payment, but the older your car the less insurance coverage you will need. And when you finally do need to replace your wheels, buy a late-model used car rather than a new one.

Did you know at First Financial, our auto loan rates are the same whether you buy new or used? Be sure to check them out today, and if you like what you see – you can apply for an auto loan online 24/7.*

Consider cutting your rent and utilities bills in half by having a roommate. Chances are, you did it in college. Why not share an apartment for a few more years? The average apartment rent is more than $1,000 per month, and it is considerably more in the popular urban cities that attract younger people. Cutting that bill in half will make reaching your savings goals a lot easier.

*APR = Annual Percentage Rate. Not all applicants will qualify, subject to credit approval. Additional terms and conditions may apply. Actual rate may vary based on credit worthiness and term. First Financial FCU maintains the right to not extend credit, after you respond, if we determine you do not meet our guidelines for creditworthiness. A First Financial membership is required to obtain an Auto Loan and is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties.

Article Source: Charles Sizemore for investorplace.com, http://investorplace.com/2014/12/how-to-save-when-youre-young/#.VL65zNLF8uc