Going Back to College? What’s Truly Essential for Your Dorm

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Back-to-college shopping can get expensive. Besides tuition and books, there’s clothing, class supplies, and dorm essentials. The National Retail Federation’s Back to College survey reports that this year students (or their parents) will spend an average of $969.88 for dorm furnishings and college supplies. Of this spending, the top four categories are projected to be electronics, clothing, food items, and furnishings.

While this might seem like a small dent compared to the cost of tuition and housing, it can take a significant chunk out of a student’s savings or, worse, end up on a credit card. The question then, is how many of these ‘essentials’ are necessary? Regardless of how convincingly retailers market their back to college lists and attractively arrange their mock dorm showrooms, it’s doubtful students really need all of that.

Based on feedback from students and parents who have learned the hard way, here are a few things you do and don’t need as you start getting ready to go back to college.

1. Furniture and Appliances: Be Picky

It sounds plausible that students without full access to a kitchen would want their own microwave, toaster, or mini-fridge, but students often find that these are either redundant (many dorms have a common area that includes these appliances), take up too much space, or don’t get utilized much. Go light on the kitchen appliances, especially if you or your student is on a meal plan. On the other hand, appliances like small fans might be useful (and don’t cost much).

Colleges usually supply basic furniture, but if you need to fill in a few gaps, bring items from home or shop second-hand. After all, you’re shopping for items that will probably only get used a maximum of four years. The one furniture item many students recommend spending a little more on is their bed. Between sleeping and studying, a mattress pad and comfortable blankets and pillows will pay for themselves.

2. Personalize, But Don’t Deck It Out

Another category that eats over $100 of that survey average is dorm décor. It can be easy to get carried away with making a new space into a personal statement, especially if you enjoy decorating. Remember: it’s only temporary. Spending money on how your room looks isn’t something you’ll look back on as a good investment in your education.

On the other hand, saving money doesn’t mean you need to settle for an outdated dorm room. Put up a picture board, bring some personal items from home, hit the thrift shops, and choose décor items that are also functional (like a cushioned footstool that doubles as storage).

3. Don’t Forget Practical Things

If you’re too focused on dorm room aesthetics, you might forget to save some cash for practical items – the things that come in handy when your home consists of a tiny room shared with another person. For instance, things like adhesive hooks and non-mounted shelves for storage, power strips with USB plug-ins for those scarce outlets, and a sewing kit for missing buttons or small tears – are all practical things nearly everyone will find useful. They also happen to be inexpensive.

4. Start Simple and Buy for Your Needs

Despite the lure of sales and beating the long lines at the local department stores on move-in weekend (remember, there’s always online shopping with direct delivery), the best overall strategy for shopping for college dorm supplies is to wait until you’re settled in. It’s better to start with less than you need and shop for specific items than to over-anticipate your needs and be wasteful.

Want to earn cash back on all your back to school purchases this year? Apply for a Visa Signature Cash Plus Credit Card from First Financial! You’ll earn 1% cash back, no restrictions.*

*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: Jessica Sommerfield for Moneyning.com

Ways to Save on Your Last Minute Summer Vacation

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We’re in the midst of August and that means the start of the school year is around the corner. But the summer heat is lingering and there’s still time to take a last-minute vacation before fall arrives. Here are four ways to save on your final summer trip of the year.

Stay close.

You can still get away while not venturing too far from home. Check out places to visit that are within driving distance. That way you can see something new and different without paying the hefty price of air travel.

Visit friends and family.

Check into areas where you have connections and a free place to rest your head. Accommodations are a budget-killer so forget the pricey hotels and ask a friend or family member if you can pay them a visit before the busy school and work year gets revved up.

Research airline discounts.

Many flights are a fraction of the cost at the end of the summer season. Start by following your airline of choice on social media and track their last-minute summer travel deals. Also, because you’re planning quickly, consider traveling during the week or at flexible times when airlines will reduce rates to fill flights.

Hold off on the hotel.

Instead of dropping hundreds on a pricey hotel room, consider booking your accommodations through Airbnb. Although you may not receive turndown and concierge services offered at hotels, Airbnb will offer lodging that is charming and unique. Also, consider checking out Roomer.com, a service where travelers who’ve cancelled their plans (and had a non-refundable room) the opportunity to sell them back to those on a budget. Many rooms available are offered at up to 85% off the original booking price.

Enjoy the last few weeks of summer!

Article Source: Wendy Bignon for CUInsight.com

3 Ways to Save on Back-to-School Basics

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It’s hard to believe, but it’s time for kids to start heading back to school. Back-to-school season means shopping for new supplies and whether it’s a backpack, a lunch box, or a new wardrobe, it can be a pricey time for parents. Bankrate has reported that on average, parents spend up to $670 for one child on back-to-school gear. Here are 3 ways you can save on your school shopping, while making sure your kids have everything they need.

Clean out the closets.
The key to not overspending is figuring out exactly what your children need, and not just what they want. Take a detailed inventory of what they have, what is in good condition, and what still fits. Then, you will know exactly what you need to purchase when you hit the stores. Although it may be fun for your kids to pick out a new backpack, if last year’s bag works, tell them the money can be used on something else that they actually need.

Buy in bulk.
Do your children have a favorite lunch item or snack? If so, head to the nearest warehouse store and buy these goodies in bulk. Whether it’s goldfish or peanut butter, you’ll be glad to have enough when making their meals this school year. Also, if you have multiple children, these stores are an excellent option for stocking up on supplies for every kid.

Check out consignment stores, clip coupons.
Many local consignment shops have great name-brand items at reasonable prices. Back-to-school season is a popular time for them as well, so hit up the secondhand shop to see what new inventory they’ve gotten in. Additionally, pay attention to sales and coupons in store circulars. Even small savings can help in the long run when you’re trying to stay on budget while buying all your children’s new school gear.

Want to earn cash back on all your back to school purchases this year? Apply for a Visa Signature Cash Plus Credit Card from First Financial! You’ll earn 1% cash back, no restrictions.*

*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: Wendy Bignon for CUInsight.com

4 Easy Ways to Start Building Your Emergency Fund

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Things happen. And then we have to spend money. Hopefully you’ve got some money put away to help out with life’s curve balls. If you don’t, it’s time to start that emergency fund. Here are some easy, pain-free ways you can build up some extra cash.

Start with your tax return: If you’re getting money back at the beginning of next year, a great destination for that cash would be your emergency fund. Start putting a little away now, and when that refund check comes, you can be on your way to having 3 to 6 months’ living expenses saved away.

Start a small direct deposit: Hardly anyone gets a paper check anymore, so you’re probably familiar with direct deposit. Another easy way to start that emergency fund is to open up a savings account and put a small amount into your account every week. If money’s tight, and you don’t feel like you can afford to take too much out of your check each pay period, then it’s okay to start small. $10 a week won’t hurt your wallet too much, but will still help you put away almost $1,000 a year. Add that to your tax return and you’re off to a good start.

Start with coins: You probably have loose change piled up in multiple areas right now. Throw all of that change into a jar and count it up. That loose change might not seem like much, but if all your change goes into your new emergency fund, you’ll be surprised at how fast it adds up.

Start clearing out that checking account: If you’ve budgeted well you may not have much “free” money left in your checking account after the bills have been paid, the groceries have been bought, and the 401k has been stocked. If there’s a good bit still floating around, move a little into your emergency fund. In fact, any time extra money finds its way into your pocket, put it away for emergencies.

Article Source: John Pettit for CUInsight.com

Weekend Money Traps to Avoid – Round 2

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When Friday arrives after a busy week and we gear up for free time over the weekend, it’s easy to fall hard into money traps. Here are some more money traps to consider this weekend and ways to avoid them.

The road trip: Doesn’t hitting the open road with a group of friends sound like a fun idea? While this is often a popular way to take a quick trip over the weekend, consider how much you will actually spend. First off, there’s the cost of driving. It can cost you up to $5 an hour on the gas alone, along with the eventual expenditures resulting from wear and tear on your vehicle. Then, there’s the food. Chances are while on the road, you’ll be eating fast food, which is not the best use of your money. Additionally, you will more than likely stay in a hotel along the way that can cost at least $75. So, if you do decide to take off on a weekend road trip, make smart choices. Decide how much you want to spend on gas and only travel as far as that will take you. Pack your food to save money (and the extra pounds the junk food will add to your waistline). Also, cut out the hotel cost and consider traveling to places where you have family and friends so you have a free place to crash.

The big event: Are you a sports fan? Do you love catching the hottest concert? These things are a lot of fun, but they will certainly cost you. Not only are the tickets expensive, but the refreshments and food at most venues are priced ridiculously high. Also, unless you live in a bigger city, chances are these big-ticket events aren’t actually taking place in your hometown. Therefore, not only will you have to buy the ticket, you’ll also spend money on travel and possibly hotel accommodations. Before you purchase your ticket, consider looking into local music shows or sporting events. While they may not be the hottest things out there, you can still have a very similar experience while supporting local artists or athletes.

The mall: We all know shopping can get expensive – but consider the mall the absolute worst place for weekend money traps. Not only is there an endless amount of stores where you can waste your money, there is also a food court and often a movie theater. The mall can literally be a one-stop shop for blowing your money and breaking your budget. While it can be fun to hit the mall where there’s something for everyone – before you do, think about what you actually need. Does your child need a new pair of shoes? If so, go directly to that store and nowhere else. If you’re just looking for a shopping experience, then hit the grocery store instead and get what you really need for the coming week.

If you missed the first article on weekend money traps, click here.

Article Source: Wendy Bignon for CUInsight.com

Stay Cool this Summer and Save Money

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The summer sun is hot. You come inside to escape the heat, but more than likely you’re also spending a ton on those energy bills. Below are a few ways you can stay cool this summer while also staying on top of your budget.

Adjust your air conditioning accordingly.

Of course, you want to take full advantage of your air conditioner, but do so with some forethought. Before you leave for work or even to run a few errands, crank the air up a couple degrees. That way when you’re gone, the house isn’t being cooled down when there’s no one home.

Also, turn the air up at night and on cooler days to avoid unnecessary costs. Many HVAC units also have programmable features that allow you to customize how your system runs, which can really help when your bill arrives. Another great idea is to close vents in any rooms that are unused to avoid wasting that cool air. Always change out air filters when needed, to avoid any clogging that may make your unit less efficient.

Fans are your friend.

Another great idea for keeping your home cool is to periodically run ceiling and other fans to keep the cool air flowing. This can also help spread the cool air when you return home after having your air conditioning unit cranked up while you were away.

Unplug unused items.

During the summer, it’s natural to want to get inside and flee the heat, but be mindful of how much more energy you are using while running those devices. Computers, televisions, and other gadgets are a great way to stay entertained – but they also can use a lot of power and put a dent in your wallet. So, when not in use, get unplugged to cut costs and save electricity.

Wait to run appliances.

If you are able, hold off on running the dishwasher until the evening when the sun is low and it’s not as warm. That way any heat emitted will be less noticeable in your home. The oven can also make your house hot, so consider cooking on the grill to keep the heat outdoors. Additionally, save your showers for the evening so your bathroom isn’t unnecessarily warm while you’re getting ready in the morning and rushing out the door.

Article Source: Wendy Bignon for CUInsight.com