3 Tips for Saving Money During Cold and Flu Season

Posted on by
Reply

A young woman lying on her couchEven if we wash our hands and try our hardest to stay healthy, the reality is that winter and cold and flu season are upon us and often can’t be avoided. Even if you’re not feeling well you don’t have to let your wallet feel the pain too. Here are three tips to help save a few bucks when you’re dealing with a cold.

Buy generics

You may lean toward buying the name brand, and more expensive, over-the-counter cold and flu medicines thinking they will work better. Before you do, compare the ingredients with that of the store brand products. More often than not, you will find that they are identical and the generic brand can save you a great deal.

Try home remedies

When your symptoms first show up and before you rush to the pharmacy, be patient and try the remedies you learned from mom. Sometimes a sore throat can be caused by the change in seasons so first try vitamins, hot tea with honey, or gargling with salt water. You may be able to nip it in the bud before it gets worse and you end up at the doctor.

Clip coupons

Remember the last time you checked out at the pharmacy and received a long sheet of coupons along with your receipt? It may seem annoying at the time, but hold on to them for the future. Saving even the smallest amount when you’re not feeling well can make your illness seem just a little bit better.

Article Source: Wendy Bignon for CUInsight.com

4 Tips for Bouncing Back from Holiday Shopping

Posted on by
Reply

metal spring for a car on a white background

You say you won’t go overboard every year – but once again holiday shopping may have gotten the best of you already. In spite of your best intentions, you overspent, you’re probably full of regret, and you’re getting a headache just thinking about your January credit card statement. Now what?

1. With a sober mind, go through what you bought and return/exchange if it’s not too late.

It’s easy to get so caught up in the moment — the rush of shopping, the allure of good deals and sneaky sales tactics — and you probably made a few impulsive decisions, even if you didn’t overspend.

Shoving the items you felt guilty or embarrassed about to the back of the closet might make you feel better, but the act might also cost you the 30-day return/exchange window — in other words, an opportunity to reverse your losses. If you didn’t give some items as gifts, return them stat.

2. Offset over-budget spending by cutting elsewhere.

If you’re in the red after the holidays, it’s time to offset your spending by cutting a different area of your future budget to accommodate it. Start by totaling what you spent and comparing the total to discretionary spending you’ve budgeted for January 2017. Is there something that matches the exact dollar amount? What about two or three ‘luxuries’ that match one half or one third of what your spent? Cut them. You may only need to cut a service or two for a month before you’re back on track, so it’s really not much of a sacrifice. Consider cutting the following:

  • Extra cable channels
  • Netflix and other streaming media accounts
  • Scheduled hair treatments, massages, or manicures
  • Magazine, book club and other subscriptions

Beware: cutting one of these temporarily might show you how little you’ve missed it… and how much nicer it is to have the cash!

3. Pay it back — fast.

If you charged up your credit card(s), the debt you accumulated and the interest attached to it may have even longer side effects than a light bank account. Resolve to pay your shopping debt off entirely within one to three months. If that’s not feasible, try to pay at least three times the minimum amount. Ultimately, aim to keep your balance below 40% of your credit limit so you won’t hurt your credit report.

4. Redeem those freebies.

Many retailers offer cash back in the form of gift cards on special buys through the holiday season or early into the new year, but reports show that many are never used. Don’t let your freebies go to waste – use them to retroactively pay for over-budget spending. If the gift cards aren’t for stores you shop at, go online and sell or exchange them for something you’ll be able to use. Just don’t let them go to waste.

Article Source: Jessica Sommerfield for Moneyning.com

5 Financial Reviews for the New Year

Posted on by
Reply

 

Happy New Year! 

How did you do financially last year? Did you meet all your goals? Now is the perfect time to take a look at what went your way financially last year so you can repeat it for the new year, and what may not have gone the way you wanted it to – so you can adjust in the new year.

1. Your Spending

What did you spend money on? Did it match your priorities? Did you overspend more than you should have? Were most of your purchases planned, or did you make a lot of impulse purchases?

If you want to get your finances under control, it’s essential to know where your money is going. Personal finance software is a great way to keep track. All you have to do is run a report to see which categories got the most attention from your pocketbook.

2. Your Saving

Did you save enough money last year? Review your savings habits. Did you put money toward retirement and do you have an investment portfolio? Do you have an emergency fund? Do you save up for large purchases?

Consider your long-term and short-term savings goals. Make sure you are on track with them. In some cases, it can make sense to cut back on the extra spending in order to divert some of that money toward your savings.

This is also a good place to review your debt load. Pay down your debt as quickly as possible to reduce the amount of interest you pay others.

3. Your Giving

One of the best ways to ensure a well-rounded financial life is to give to others. It seems counter intuitive, but it actually works. Look at how you use your resources to help others. Research charities to make sure your money is going where it should.

4. Your Taxes

Let’s not forget about a review of your tax situation. What deductions and credits are you eligible for? Review your spending and see if you can reduce your tax liability with a couple of well-placed contributions.

Don’t forget to review your pay stub as well. Are you withholding too much from your paycheck? A big tax return is an indication that you are withholding too much and giving the government an interest-free loan. Consider adjusting your withholding to improve your monthly cash flow — and put that money to better use.

5. Your Asset Protection

Are you covered in case of an emergency? Asset protection is a big part of your finances so make sure you are covered. You need to check your health care coverage, as well as your auto and home coverage. Tweak your coverage if necessary to balance cash flow with protection. You don’t want to overpay above what’s necessary.

Once you finish the financial review, you will have a better idea of what you did well in for 2016, and how you can improve for the new year.

Have you done a financial review with First Financial recently? If not, a brand new year is the perfect time to start! Stop into your nearest branch or call 732.312.1500 to get started today.

Article Source: Miranda Marquit for Moneyning.com

5 Money Problems Most People Deal With

Posted on by
Reply

Young girl dreams about their future

Not using debt correctly.

All debt isn’t necessarily bad. Debt is useful when getting your education and even when hard times hit. If you take on too much debt – you could put yourself in a hole that you’ll never be able to dig out of. On the other hand, if you’re afraid of ever having any debt, you may live a boring life. Use credit cards to build a good credit score and never use them for major purchases. If you take on debt, make sure you keep it under control and always remain aware of where you stand.

Overspending.

In an ideal world, we would all save 33% of what we earn. For most of us, this a problem, due to our overspending habits. Whether it be for housing, child care, student loans, or other debt, we’re spending those savings on other things. Try to save wherever you can – even a little bit out of each paycheck is never going to be a waste!

Relying on only one income source.

By counting on our full time job as our only money source, we’re setting ourselves up for problems. Having some side money coming in from a part time or freelance job can also be a nice crutch if something were to go wrong.

Only paying the minimum on credit cards.

When you only pay the minimum on your credit card balance each month, you end up costing yourself a lot of money in interest by carrying a balance. Make sure you don’t spend more than you can pay off at the end of each month. Credit card debt can easily feel like a black hole with no escape.

Not saving.

If you’re not saving, you’re probably not budgeting. Plan ahead and put money aside each month for emergencies. Take a long look at what you’re spending and figure out what you need to put away for retirement. If you don’t have an IRA or other retirement account, you need to enroll ASAP and take advantage of that compounding interest for your future.

First Financial can help you with all of these items!  Visit our website at firstffcu.com, stop into any of our local Monmouth and Ocean County branches, call 732.312.1500, or email info@firstffcu.com.

Article Source: John Pettit for CU Insight, https://www.cuinsight.com/5-money-problems-people-deal.html

How to Financially Finish Out the Year

Posted on by
Reply

USA Tax Day, April 15, coffee break with tax return, cash and coffee mug, vertical.

Take stock of your finances

If you set financial goals for this year, it’s time to see how well you did. Even if you didn’t set any goals, it’s important to have a good idea where you stand. Consider how you’re spending, whether or not you’ve been making progress toward shrinking debt and increasing assets. Calculate your end of year net worth as a point to move forward from.

Schedule time for your taxes

Tax professionals’ busy season is about to start, so if you don’t file your taxes yourself, it is not a bad idea to meet with your tax guru right now. The deadline may not be until April, but discussing your income, expenses, and taxes now can help you get your return as soon as possible.

Donate to charity

The holidays are a giving time of year, and the gifts you give now can pay off come tax season. Maximizing your charitable contributions this year can help with favorable tax deductions in just a few more weeks.

Put that bonus or raise to work

Any extra holiday money that you receive should be put toward your financial future. For those lucky enough to get an annual raise, consider putting a large portion of those new funds straight into retirement savings. Those with bonuses can do the same with catch-up accounts or by paying off debt.

Take a look at your investments

The end of the year is a great to time to review what your money has done for you. If you sold off some of your investments this year, consider selling off some of those not doing as well. Not only will this give you an opportunity to start off the new year in the green, it can also reduce your tax burden.

Set goals for the New Year

The year is almost over, for better or worse. The goals you did or didn’t reach for this year are in the past, but can help you write a more effective financial plan for the new year. Don’t wait until the ball drops to start thinking about where you want to be financially a year from now.

Happy New Year!

Article Source: Tyler Atwell for CUInsight.com

3 Last Minute Holiday Shopping Tips

Posted on by
Reply

colorful shopping bags set in woman's hand isolated on white

The holidays are right around the corner, as in the end of this week! Have you finished all your shopping? Here are three last minute tips to keep in mind as you venture out to fight the holiday shopping crowds this last week of shopping.

10-second rule

When deciding on whether you should purchase something, use the 10-second rule. Hold the item in your hands for a solid 10 seconds and think hard about whether you actually need it or whether it is the right choice for your loved one. Sometimes we are in such a rush to get things done we don’t actually stop and put thought into our purchases. So before you check that gift off your list, give it the 10 seconds to make sure it’s worth your money.

Cash only

It has been proven that we tend to spend more when we shop with our credit or debit cards. It is so easy to swipe that card at multiple stores without really tallying up how much you are spending. Often times it’s not until you check your account that you realize the damage you’ve done to your wallet. Use the cash only rule to avoid this spending problem. Decide exactly how much you want to spend before you leave the house. Take only that amount with you to the store and you will save yourself from those unplanned (and often expensive) holiday purchases.

Go it alone

Having friends and family members in your life that support and encourage you is something to be thankful for. But when it comes to shopping – sometimes having your loved ones with you can be a huge mistake. They may have the best intentions when helping you check things off your list, but they may in fact be persuading you to buy things you don’t really need to. So go it alone and stick to your shopping game plan.

Happy Holidays!

Article Source: Wendy Bignon for CUInsight.com