Category Archives: Saving Money

Save Money and Energy This Winter with These Utility Tips

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As winter continues, managing utility costs becomes a priority for many households. There are several effective strategies to further reduce these expenses. First Financial is committed to helping you navigate these colder months with useful winter utility savings tips.

Understanding High Winter Utility Costs

In colder climates, gas and electricity bills tend to spike during winter due to increased heating needs. Factors like inflation and global events also contribute to these rising costs. However, by implementing a few smart strategies, you can significantly lower your bills.

Strategic Heating Tips

  • Close off unused rooms: Limit heating to areas in use to save energy.
  • Block drafts from doors: Use simple items like towels to block drafts and retain heat.
  • Cook at home: Warm your home while preparing meals.
  • Lower thermostat settings: The U.S. Department of Energy suggests keeping your thermostat at 68 degrees F and reducing it by 7-10 degrees for eight hours daily.
  • Smart thermostat use: These devices adjust heating based on your preferences, reducing energy use.
  • Weather stripping: Seal doors and windows to prevent heat loss.
  • Window insulation: Thick curtains and insulation kits can significantly reduce heat escape.
  • Attic insulation: Proper insulation in the attic can lead to substantial energy savings.

Efficient Use of Space Heaters

Space heaters are a cost-efficient alternative to central heating systems. For instance, running a 1,500-watt space heater for eight hours in a standard room costs about $1.60 per day. This is considerably lower than the average monthly gas and electric bill of $180. However, it’s crucial to use space heaters safely. The Consumer Products Safety Commission advises that smart space heater use includes always plugging them directly into a wall outlet and avoiding leaving them on while sleeping or when you aren’t in the room.

Long-Term Heating Solutions

For those looking to invest in their homes, improving insulation and upgrading windows are effective ways to reduce heating bills. Although these solutions may require an upfront investment, it can pay off in the long run in terms of energy savings and comfort. It’s often beneficial to consult and use professionals, especially when considering major home improvements.

Financial Assistance for Utilities

Beyond these tips, remember that financial assistance is available. Many states including New Jersey, offer programs funded by the federal government to help lower-income households with energy costs.

By implementing these winter utility savings tips, you can enjoy a cozy and economically efficient winter. Remember, small changes can lead to significant savings. First Financial is here to support you in finding financial solutions that work for your lifestyle all year round.

For more information, contact a First Financial representative or visit your local branch.

Summer Garage Sales: What to Buy and Avoid

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Throughout the summer, yard sales are a popular weekend activity for bargain hunters seeking hidden treasures at unbeatable prices. Whether you’re a seasoned yard sale enthusiast or a novice looking to make the most of your budget, it’s important to know what items to buy and what to avoid. Explore the world of yard sales through a money-saving lens, but make sure you consider what you should buy and what to avoid in order to save money in the long run.

What to Buy at a Yard Sale

Musical Instruments -Yard sales can be a goldmine for music enthusiasts. Look out for gently used instruments that are still in good condition. Consider testing them out or researching their value beforehand to ensure you’re getting a fair deal.

Kids’ Clothes – Children outgrow their clothes quickly, so purchasing second-hand items at yard sales can save you a bundle. Look for gently worn kids’ clothes, ensuring they are clean and free from stains or tears.

Kitchen Supplies – Yard sales often offer a wide range of kitchen supplies – such as cookware, utensils, and appliances. Take advantage of these deals to upgrade your kitchen without breaking the bank. Check for functionality and cleanliness before purchasing.

Picture Frames – Decorating your home can be expensive, but yard sales offer an affordable way to find unique picture frames. These can add a personal touch to your living space while saving you money.

Wooden Furniture – Well-made wooden furniture can last for years, be simple to spruce up, and you can find some real gems at yard sales. Look for sturdy pieces with minimal damage, and don’t be afraid to negotiate the price.

Sports and Exercise Gear – Stay active on a budget by browsing yard sales for sports equipment and exercise gear. Items like bicycles, tennis rackets, golf clubs, and weights can often be found at significantly reduced prices.

Books – Bookworms rejoice! Yard sales are a great place to find books at a fraction of their original cost. Dive into a wide variety of genres and expand your library without breaking the bank.

What Not to Buy at a Yard Sale

Open Puzzles and Games with Lots of Parts – While puzzles and games can be a fun addition to your leisure time, it’s best to avoid open boxes with potential missing pieces. Incomplete sets can be frustrating, so opt for sealed boxes or items where you can ensure all the parts are intact.

Electronics and Appliances You Can’t Test – Yard sales often feature electronic devices and appliances, but it’s a challenge to verify their functionality on the spot. Unless the seller allows you to test the item, it’s safer to skip these purchases to avoid potential disappointment and aggravation later on.

Mattresses and Plush Items That Can Carry Pests – While you may find seemingly good deals on mattresses or plush items like stuffed animals, be cautious. These items can harbor pests, such as bedbugs or dust mites. To ensure a hygienic purchase, it’s best to buy new when it comes to bedding and plush items.

Cosmetics – Personal care items like cosmetics should be purchased new to ensure safety and hygiene. Yard sale cosmetics may have expired or have been improperly stored, which can lead to skin irritation or even infections.

Cribs and Car Seats – Safety should always be a top priority, especially when it comes to items for infants and young children. Yard sale cribs and car seats may not meet the latest safety standards or could have hidden defects. It’s best to purchase these items new to ensure the utmost protection for your little ones.

Bike Helmets – Protective gear, such as bike helmets – should always be purchased new to ensure optimal safety. Helmets that have been previously used may not provide adequate protection in the event of an accident.

Non-stick Pans – Non-stick pans can wear down over time, potentially exposing harmful substances. It’s advisable to invest in new, high quality non-stick cookware to avoid any health risks.

Running Shoes – Athletic shoes form to the shape of the wearer’s feet over time. To provide proper support and prevent any foot-related issues, you should always purchase them new.

Yard sales can be a fantastic way to save money while finding unique and useful items. By knowing what to buy and what to avoid, you can make the most of your summer yard sale adventures. Remember to inspect items thoroughly, negotiate prices when appropriate, and prioritize safety when it comes to certain purchases. Happy bargain hunting!

At First Financial, your financial well-being is our top priority. We are dedicated to offering you resources and tools to assist you in reaching your financial goals. To begin your journey, stop by one of our local branches or dial 732.312.1500.

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Financial Tips for Your Backyard Makeover

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Summer is just around the corner, and now is the perfect time to spruce up your backyard. However, before you dive into your backyard makeover project – it’s essential to consider your budget and financial goals. With that in mind, here are some financial tips for your backyard makeover.

Set a budget

The first step to any home renovation project is setting a budget. Determine how much money you can realistically afford to spend on your backyard makeover, and stick to it. It’s easy to get carried away with all the different options available, but keeping your budget in mind will help you make more informed decisions about which projects to prioritize.

Prioritize your projects

Once you’ve set your budget, it’s time to prioritize your backyard makeover projects. Start by making a list of all the improvements you’d like to make and then rank them based on importance. Consider factors such as the condition of your backyard, what the project would be used for, and what would add the most value to your home. This will help you focus on the most important projects and ensure you don’t overspend on unnecessary ones.

Consider DIY projects

Another way to save money on your backyard makeover is by tackling some of the projects yourself. Not only will this save you money, but it can also be a fun and rewarding way to spruce up your backyard. If you’re handy with tools and have some experience with home improvement projects – consider taking on tasks such as painting, constructing garden beds, building a fire pit, and more.

Shop around for deals

Before you start buying materials for your backyard makeover, do some research to find the best deals. Look for sales at local home improvement stores or search online for deals on materials such as pavers, plants, and outdoor furniture. You can also consider buying gently used items from local buy-and-sell groups or garage sales.

Consider financing options

If your backyard makeover project is more extensive than you initially thought, you may need to consider financing. At First Financial, we offer a variety of loan options to assist you in financing the backyard of your dreams.

  1. Home improvement loans are unsecured and don’t need to use your home as collateral to qualify. Lenders will use your credit score to determine your interest rate and qualifications.*
  2. Home equity loans are similar to home improvement loans in that they are paid out in a lump sum that you can repay over time in regular fixed monthly payments.**
  3. A home equity line of credit (HELOC) is a secured loan backed by your home, allowing you to qualify for lower interest rates. Our HELOCs have a maximum borrow amount of $75,000 and an LTV of up to 70%, and allow you to advance from your approved credit line as you need it. ++
  4. Credit cards with a lower interest rate may be good for smaller home improvements, especially if you can find a card with added perks. We offer four credit card options with benefits like a 10-day grace period and no annual fees.+ Our Visa Cash Plus cards, for example – offer UChoose Rewards on all purchases that are redeemable for travel, merchandise, gift cards, and cash back.

By setting a budget, prioritizing your projects, considering DIY options, shopping around for deals, and exploring financing options – you can make your backyard makeover dreams a reality without breaking the bank. If you need help determining the best financing path for your home improvement project, feel free to ask our financial experts for advice. Call us at 732.312.1500 or stop into your local branch to get started.

Happy renovating!

*Available on primary residence only. A First Financial membership is required to obtain a Home Improvement Loan and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth of Ocean Counties. See credit union for details. Rate will vary based off of applicant’s credit rating. Not all applicants who apply will be approved, subject to underwriting guidelines and credit approval. Lien position and appraisal valuation may affect the maximum loan amount. Not all applicants will qualify for maximum Loan to Value (LTV) ratio. It will be based off of creditworthiness, property type, occupancy, lien position, and loan amount. Rates will be affected by LTV or combined LTV if there is another lien on the property. Loan amounts over $7,500.00 will be required to give First Financial FCU a security interest in their property. Rates will vary based off of lien position and whether the loan is mortgage secured or unsecured. For mortgage secured Home Improvement loans First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and are required to be paid back by member to FFFCU.

**First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and the borrower(s) will be required to pay back closing costs in full to FFFCU. A First Financial membership is required to obtain a Home Equity Loan, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See FFFCU for details or visit firstffcu.com for all current rates. Rates for financing up to 80% of Appraised Value less other Mortgages.

+APR varies up to 18% when you open your account based on your credit worthiness. This APR is for purchases 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: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; 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, volunteers, or attends school in Monmouth or Ocean Counties.

++ LTV= Loan to Value Ratio. Rates will vary with the market based on Prime Rate and may change quarterly. Subject to credit approval. Available on primary or secondary homes only. A First Financial membership is required to obtain a home equity line of credit, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. Subject to underwriting guidelines. See credit union for details.

Savings Accounts Everyone Should Have

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Saving money is an essential part of financial planning, but simply putting money aside in a single account may not be enough. Different savings goals require different types of accounts, and having multiple accounts can help you optimize your savings strategy. Here are five types of savings accounts you should have to meet your financial goals.

Emergency Fund Savings Account

An emergency fund is the money you set aside to cover unexpected expenses, such as a medical emergency, car repair, or job loss. This type of savings account should be easily accessible and provide a higher interest rate than a regular savings account.

Consider an online savings account or a money market account for your emergency fund. Online savings accounts generally offer higher interest rates than traditional savings accounts, while money market accounts offer both higher-interest rates and check-writing privileges.

Short-Term Savings Account

A short-term savings account is for saving money that you will need soon, such as for a wedding or vacation. This type of account should be separate from your emergency fund and offer easy access to your money. At First Financial, we offer a summer savings account* for members to save money if they don’t receive income during the summer months, or for a future summer vacation. We also have a holiday club account* in order to save money throughout the year come end of year holiday expenses.

Long-Term Savings Account

A long-term savings account is for saving money that you will not need for several years, such as for retirement or a child’s education. This type of account should offer higher interest rates and be invested in growth-oriented investments.

Consider a retirement account, such as a 401(k) or IRA, for your long-term savings. These accounts offer tax advantages and are specifically designed for retirement savings. If you’re saving for a child’s education, consider a 529 college savings plan.

Goal-Specific Savings Account

A goal-specific savings account is for saving money for a specific goal, such as a new car or a home renovation. This type of account should offer higher interest rates and be separate from your other savings accounts.

Consider a certificate of deposit (CD) for your goal-specific savings. CDs offer fixed interest rates and are FDIC or NCUA-insured, but they generally require you to keep your money locked in for a set period.

Investment Savings Account

An investment savings account is for saving money you plan to invest in the stock market. This type of account should offer easy access to your money and lower fees. You’ll want to consider a brokerage account for your investment savings. Brokerage accounts allow you to buy and sell stocks, bonds, and other investments, and they offer a variety of options.

Having multiple savings accounts can help you optimize your savings strategy and meet your financial goals. We offer a variety of personal savings account options at First Financial for every type of purpose or situation. Getting started is easy — call member services at 732.312.1500 or visit one of our branches!

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*A $5 deposit in a base savings account is required for credit union membership prior to opening any other 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. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

 

Tricks for Trimming Your Monthly Expenses

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As we go through life, our expenses tend to increase over time. From rent to groceries to utilities, it can feel like we’re constantly shelling out money each month. Fortunately, there are many ways to cut back on expenses and save some money. Here are some of our top tricks for trimming your monthly expenses.

Create a budget

Creating a budget is one of the most important steps you can take to trim your monthly expenses. Start by listing out all of your monthly expenses – such as rent, utilities, groceries, and transportation costs. Then, determine how much you’re spending in each category and see if there are any areas where you can cut back.

For example, you may be able to reduce your grocery bill by meal planning and buying in bulk. Or, you may be able to save on transportation costs by carpooling or taking the train or bus instead of driving your car.

Negotiate bills

Many people assume that their bills are set in stone, but that’s not always the case. If you’re looking to trim your monthly expenses, try negotiating your bills with your service providers. This can include your cable or internet provider, your phone company, or even your landlord.

Ask for discounts or promotions that may be available, or see if you can switch to a lower-cost plan. You may be surprised at how much you can save just by simply asking.

Cut back on subscriptions

From streaming services to gym memberships, we often sign up for subscriptions that we don’t use regularly. Take a look at your monthly subscriptions and see if there are any that you can cancel or put on hold. Even a few dollars saved each month can add up over time.

A good way to track your monthly expenses and subscriptions is by using an app that keeps all of your spending and account information in one place. Our First Financial mobile banking app makes managing your finances easier through real-time tracking, account alerts, and full control of your finances on-the-go.

Cook at home

Eating out can be expensive, especially if you do it frequently. By cooking at home, you can save money on food and reduce your monthly expenses. Plan your meals ahead of time, buy ingredients in bulk, and cook in large batches to save time and money.

Use coupons and discounts

Coupons and discounts can be a great way to save money on your regular purchases. Look for coupons in your local newspaper or online, and take advantage of discounts offered by stores and service providers. There are also coupon browser extensions out there that make it easy to find deals on items when you’re shopping online.

Shop around for better deals

Don’t settle for the first deal you find on a product or service. Shop around and compare prices to find the best deals. This can include everything from groceries to insurance to clothing. Shopping for second-hand items can also help you spend less—consider browsing at a local consignment store for clothing or searching online for gently used electronics and other items.

Cut back on energy usage

Reducing your energy usage can not only help you save money on your monthly bills, but it can also be better for the environment. Simple steps like turning off lights when you leave a room, using energy-efficient light bulbs, and turning down your thermostat can all add up to significant savings over time. Check out our blogs on reducing expenses in the winter and summer energy bills for more seasonal insights!

Trimming your monthly expenses may take some effort, but the savings are worth it. By following these tricks, you can cut back on your expenses and save money each month. And, by putting those savings into a savings account, you can start building your nest egg for the future.*

No matter what life brings, the team at First Financial can help you better manage your money and reach your financial goals. Call us at 732.312.1500 or stop by any of our local branches.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.

*A $5 deposit in a base savings account is required for credit union membership prior to opening any other 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. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

 

Tips for Spending Less at the Grocery Store

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Saving money on everyday expenses is a key piece to achieving financial stability. One area where many people can probably cut back on expenses is their grocery bill. With a few simple tips and tricks, you can spend less at the grocery store and keep more money in your bank account. Here are some tips to get you started.

Plan your meals in advance

While you might dread the idea of meal prepping or planning ahead for the week, you should consider the benefits it has on your wallet. Before you head to the grocery store, take some time to plan out your meals for the week. This will help you avoid impulse purchases and ensure that you only buy what you need. Make a list of the ingredients you will want for each meal, and stick to it while shopping. Not only will this also stop you from getting takeout or going out for lunch, but it’s also an opportunity to try new recipes!

Shop with a full stomach

We’ve all made the mistake of going to the store while hungry. But this common faux pas leads to impulse purchases and overspending. Make sure to eat a meal or a snack before heading to the store to avoid temptation. It also doesn’t hurt to keep snacks in your car or purse when emergency strikes!

Look for deals and coupons

Check your local grocer or online for coupons and deals on items you regularly purchase. Many grocery stores also offer loyalty programs that provide discounts on certain products. If you order your groceries online for pick-up or delivery, you should be able to find coupons directly on the app.

Opt for pick-up or in-store shopping

Speaking of ordering your groceries online—it sure is tempting to have your groceries delivered, but those extra delivery fees can really add up. Most apps or online grocers can charge around $10 in delivery fees or $100 annually for membership. Instead, consider ordering your groceries for pick-up or just biting the bullet and going back to good old in-person shopping.

Buy in bulk

Purchasing items in bulk can be a cost effective way to stock up on essentials. Many wholesale clubs offer inexpensive memberships that allow you to get all your necessities in bulk. Just be sure to only buy what you know you will use, and don’t be swayed by the allure of a good deal if you don’t really need the item.

Compare prices

Before making a purchase, compare prices between brands and stores. Refrain from assuming that the larger or more well-known brand is always the better choice. Often, generic or store-brand products are just as good as their name-brand counterparts. Additionally, consider the location of where you’re shopping. Some stores raise prices based on the neighborhood and market.

Avoid convenience foods

Pre-packaged and pre-made foods may be convenient, but they are often more expensive than making the same meal from scratch. Plus, cooking at home allows you to control the quality of the ingredients and the portion sizes.

Lock in rewards

Consider buying your groceries with a credit card that offers rewards. With our uChoose Rewards program, you can earn points just by using a First Financial Cash Plus Credit Card!* For every dollar spent, you’ll earn 1.5 points which can be turned into cash back or used toward gift cards, travel expenses, and more.

At First Financial, we are committed to putting your financial needs first—and that includes helping improve your financial wellness. Contact us today to learn more about our products and services that can help you save and grow your money.

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*Your First Financial Visa® Cash Plus Credit Card will earn cash back based on your eligible purchase transactions. The cash back will be applied to your current credit card balance on a quarterly basis and be shown cumulatively on your billing statement. Unless you are participating in a limited time promotional offer, you will earn 1.5% cash back based upon eligible purchases each quarter. 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. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan.