3 Tips When You’re Living Paycheck to Paycheck

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If you’re currently living paycheck to paycheck, when payday hits you think you have all the money in the world. But then, after bills are paid and groceries are bought, there is probably very little money for anything extra. Keep in mind, that even though it may seem stressful, if you follow these tips and save, you can make it work!

Trim the fat.

Take a closer look at things you pay for that you don’t actually NEED. For example, maybe you have over 200 television channels in addition to Netflix. Why would you pay for an abundance of channels you do not actually ever watch? If you cut your package down to the bare minimum; keeping only the basic channels it may lower your monthly bill by close to $100.

Cut those coupons.

Unfortunately going grocery shopping is not what it used to be. It is next to impossible to leave the store without spending at least $100. Therefore, it is important you do everything you can to cut food costs. One way to do this is to use every coupon you can. You don’t have to be an extreme coupon-cutter to take advantage of the savings because every little bit helps. Think about it- if you find a coupon for 75 cents off a bar of soap and you don’t use it, isn’t that like throwing money away?

Come up with a game plan.

When you get paid, do you sit down and make an actual budget? This is something many people struggle with – but when you actually do it, it does make a difference. Give yourself an allowance for the “extras,” even if it’s $15-$20. It takes willpower, but it’s important to not get ahead of yourself if you’re short on cash. The feeling of having less of a financial burden and therefore less stress will be worth it in the end, even if you have to pass on the occasional happy-hour or dinner out with friends.

Article Source: Wendy Bignon for CUInsight.com

 

4 Signs That a Charity is Probably a Scam

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Many of us donate to a worthy cause year round. Unfortunately, just as there are good people trying to help others, there are also plenty of scammers out there. You want to feel good about where your money is going, and you want to make sure that you aren’t just lining the pockets of some fraudster. As you field phone calls and receive information from those purporting to help the less fortunate, watch out for the following red flags that might indicate you are dealing with a scam:

1. High-Pressure Phone Tactics

Someone insisting that you give money now, over the phone, is a huge red flag that you are probably dealing with a scam. Most legitimate charities don’t employ high-pressure sales tactics that make you feel like you need to donate immediately.

In some cases, scammers insist that you have to just donate, and they tell you time is too short to send you literature or let you look at a website. If a caller gets frustrated and tries to tell you that you need to donate immediately, hang up the phone.

Legit charities usually have no problem with you saying no. The caller might tell you they are under a deadline for a match, but they won’t pressure you, and once you say you need time to think about it, most legit charities will thank you and move on.

2. No Website

Who doesn’t have a website these days? Scammers, that’s who. If you get a phone call from an organization, and you can’t find a website, that’s a red flag. Most legit charities have websites that describe their mission, who they help, and even include success stories. Even local charities usually have a basic website that allows you to see where they are located and what their needs are.

If an organization doesn’t have a website, that’s an immediate red flag. That’s not to say that every worthy cause would have a website, but it simply means you need to investigate further. Legit charities want people to know they are out there and accept donations.

3. They Won’t Provide You with Their Tax ID

Charities have to apply to be tax-exempt organizations and you can call IRS to verify their legitimacy. If someone over the phone just cannot provide their Tax ID or there’s no way to find that out before you send money, then this is a major red flag. And it’s not totally safe just because they gave you a bunch of numbers either. Call 877-829-5500 to see if the charity is claiming to be who they are. This is also the definitive source for making sure your donation is tax deductible.

4. No One Wants to See You

Watch out if a caller doesn’t want to let you know where they are located. Ask to stop by if they claim to be local. Or, you can ask for a mailing address to send a donation. Legitimate charities are happy to let you have a tour or send them a donation through the mail.

Scammers, though, don’t usually have a mailing address. And they certainly don’t want you anywhere near their base of operations. When an organization comes up with an excuse as to why you can’t visit or send a donation to an address, you should watch out. There’s a good chance you’re dealing with a scammer.

If you are still unsure, you can check Charity Navigator or GuideStar for information about charities and how effective they are, including how much of their resources go toward actually helping others.

There are many worthy causes that deserve your dollar’s attention, but you need to pay attention in order for the real charities to benefit the world. Do your part by taking time to vet out the details and you won’t be sorry to hear that your donations only enriched someone without really helping those in need.

Article Source: Miranda Marquit for MoneyNing.com

4 Tips to Make Car Buying Easier

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If you want to save yourself time, money, and a few headaches when purchasing a vehicle – be sure to follow these steps.

Do your homework.

The last thing you want to do is show up unprepared. Sure, you may find a car you like by walking around the lot, but that can backfire. Study up, look at as many different makes and models as you can online first, and try to be sure you’re getting the car that satisfies your heart and your wallet.

Know before you go: Check out our YouTube video on buying a car in 5 easy steps.

Use your credit union.

Once you know which car you want to purchase, head to your local credit union and find out what kind interest rate you can get on a loan. With this knowledge, you’re now ready to go to the dealership and make a deal.

If you’re in the market for a new or used vehicle, stop by First Financial and apply for an Auto Loan with us! We have the same great low rates whether you plan on purchasing a new or used vehicle.* To apply, click here for our online application or stop into any branch location.

Shop on a Tuesday.

Car dealerships are usually busier on the weekends. By shopping in the middle of the week, you’re going to get more attention and better service. This may not necessarily translate to a lower price, but it will definitely speed up the process and make it easier to get done.

Remember you’re not buying a cheeseburger.

When you have a craving for a Five Guys cheeseburger, you go to your nearest Five Guys and you eat a cheeseburger. It wouldn’t make sense to drive one town over for the same cheeseburger at roughly the same price. With a car, things are different. There are a lot of factors (including the salesperson you deal with) that can determine the price you’re going to pay, so driving 20 minutes to a neighboring dealership may be worth your time and money.

If you are a First Financial member, be sure to visit our Preferred Dealerships. The right car and offer is out there for you!

*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: John Pettit for CUInsight.com

 

3 Bad Habits to Break if You Want More Money in the Bank

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Even if you’re doing a good job of saving money, you probably didn’t start as early as you wish you had. If you’re still overspending your budget, there are probably some bad habits you need to break. Here are a few things you should stop doing to save more money.

Waiting for a bigger paycheck before you start investing.

We’ve all probably thought about the things we would be able to do if we made more money. Some of these things make sense, but others are just plain wrong. Investing in your future is something you should never put on hold. Thanks to compound interest, you have a great way to prepare for retirement, and the earlier you start – the better.

Questions about retirement savings or investments? To set up a complimentary consultation with the Investment & Retirement Center located at First Financial Federal Credit Union to discuss your savings goals, contact us at 732.312.1534, email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com, or stop in to see us!*

Not paying attention to spending habits.

If you don’t know where your money is going, you definitely have a spending problem. You should keep track of every dime you spend, so you can find out ways to cut back on unnecessary items and save.

Dipping into savings.

Whether it’s a retirement account or an emergency fund, leave it alone. If you take money from your IRA, you’ll suffer penalties and taxes and it’ll damage the progress you’ve made with your compound interest. If you take from your emergency fund, you’ll be hurting when that emergency arises. Keep this in mind before you spend all that you’ve put away.

*Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

Article Source: John Pettit for CUInsight.com

3 Ways to Save During Wedding Season

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Spring is here and summer is right around the corner. That’s right everyone: It’s wedding season! To some this is a dreaded side effect of their favorite time of year, but to others it’s something they’ve looked forward to since wintertime. One thing is for sure: a busy wedding season can be downright expensive. If you plan on attending numerous weddings this year, here are a few ways you can save a few bucks.

Buy your gift early.

When it comes to wedding registries, we’ve all seen those items that made us think, “Who in the world can afford to buy them that?” You want to make sure those items aren’t the only ones left when you head to Bed Bath & Beyond. Check out that list as soon as you know it’s available, so you can be sure and secure a gift that’s both awesome and affordable.

Prioritize your invites.

If your sister is getting married 30 minutes down the road, you’re obviously going to attend and possibly even be part of that wedding. If she’s getting married on the opposite coast, let’s be honest, you’re still going to have to find a way to go. But if it’s your cousin getting remarried 3,000 miles away, you may want to send a nice gift and just stay home. Unless every wedding this year is taking place in the town you live in, you may have to make some tough choices so you can spend less money and fit your budget.

Make it a group activity.

If you’re traveling for a college friend’s wedding, you probably have other friends that are going as well. If this is the case, plan ahead. If the wedding destination is drivable and others live close to you, carpool and split that gas bill as many ways as possible. Look for a place to stay on Airbnb that can house you and all your friends who will be in attendance. Nothing like a little reunion party while everyone is together!

Wedding season doesn’t have to be a budget killer if you plan ahead and cut costs where you can.

Article Source: John Pettit for CUInsight.com

4 Healthy Money Moves to Teach Your Kids

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Cute little girl is putting dollars in purse, isolated over white

Many parents underestimate just how many things they have to teach a child. From the early basics of manners and potty training to more advanced things, such as having empathy and how to deal with hard life situations, the list goes on and on. That’s why many people neglect areas like financial training.

What else should parents be teaching their kids in regard to finances? Here are four lessons everyone should learn and pass on to their children.

1. Give Every Dollar a Job

Kids need to learn that every dollar needs a purpose from early on. This can be taught when your children get an allowance and birthday money. A portion should go to savings, giving, and spending.

2. Say No to Impulse Buying

Saying “no” to kids when they want something in the store is hard, but it’s disastrous if a child gets used to impulsive buying. Instead, help children come up with a savings goal for a particular item. If they are saving $50 for a special toy, then they need to know that $2 impulse buys on candy or smaller toys will ultimately delay their saving goal and make them less happy.

3. Learn How to Comparison Shop

Teaching your child how to take the time to do research will help their money go further. A new tablet might cost $250, but if they shop eBay or Amazon, they can get a refurbished model for half the price.

Along with comparing prices, teach kids to look up reviews on items. It’s awful to pay a lot of money for an item that doesn’t work like it is advertised. Taking time to research the product beforehand can prevent wasted dollars.

4. Learn How to Bounce Back from Mistakes

Even though you want to equip your child with financial wisdom, there is a good chance they will still make silly money mistakes. That is okay. It’s especially important for kids to make money mistakes now, when only a few dollars are at stake, rather than later when much more money is at risk.

If your child is insistent on buying that low-quality toy or wasting their savings at the arcade, then let them try it. Hopefully they will learn that spending money in this manner doesn’t make them as happy as they thought it would.

The best way to teach your kids to be financially wise is to be an example for them. Don’t be afraid to talk to your children about your finances or about money mistakes you made when you were younger too. Your experience is extremely valuable, and not just to you.

Article Source: Ashley Eneriz for MoneyNing.com