6 Things You Can Do to Ward Off ID Theft

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magnifier_finger1. Be vigilant with your online information.

Only log into your online banking and financial institution sites from home or a secured location. This may seem simple, but it can be easy to forget.

2. Don’t use a debit card for online purchases.

A debit card is directly connected to your checking or savings account, so if there is fraud, your account can be drained — ouch!

A credit card is just that, credit. If there are purchases you don’t recognize, you can dispute them without your funds having already been withdrawn from your account. Consider having one credit card specifically for that purpose.

3. Monitor your accounts monthly.

When you go “paperless,” it can be easier to neglect checking your statements.  Be sure to review your bank accounts and credit card statements regularly to make sure they are correct and to watch for unauthorized purchases.

4. Simplify your financial information.

When you have multiple accounts and can fan out your credit cards like a deck of playing cards, it’s a challenge to stay on top of things. Consider paring down your accounts in order to better stay on top of them.

Also consider using an aggregation service, such as Mint.com, so all of your accounts and daily transactions are viewable with one single sign-in. This can help you easily stay on top of your account activity.

5. Check your credit information regularly and take advantage of free (or low-cost) credit monitoring services.

One problem with identity theft is that you may not know what you don’t know. If someone opens an account in your name and changes your address, you are left in the dark.

6. If you see something, report it right away.

If you suspect that your identity has been compromised, you can place a fraud alert on your credit file by calling any one of the three major credit reporting agencies shown below. A fraud alert is a notation on your credit file to warn credit issuers that there may be a problem. The credit issuer is asked to contact you at the telephone number that you supply to validate that you are the person applying for the credit.

TransUnion: 1.800.916.8800

Experian: 1.888.397.3742

Equifax: 1.888.378.4329

In accordance with the Fair Credit Reporting Act, it is permissible for consumers to request a free copy of their credit report once every 12 months from each of the three major credit reporting agencies (TransUnion, Experian and Equifax).

To order a free credit report: www.annualcreditreport.com 

Article Source: Nancy Anderson for Forbes.com, http://www.forbes.com/sites/nancyanderson/2015/06/13/7-things-you-can-do-to-ward-off-identity-theft/

 

10 Ways Too Many People Throw Money Away

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Packs of dollar in the garbage can. Waste of money or currency collapse concept. 3d

There are all sorts of ways to cut spending and boost your savings, and there are just as many ways to sabotage your own finances. In addition to missing out on money-saving discounts, making unwise shopping decisions, and purchasing unnecessary items, you might also be throwing your money down the drain without even realizing.  Keep reading to ensure this doesn’t happen to you!

1. Never redeeming gift cards.

Even if you don’t want your gift card, at least give it to someone who will use it. According to statistics compiled by Gift Card Granny, more than $41 billion in gift cards went unused over a 6 year period. American households also average $300 in unused gift cards, and nearly half of recipients do not use the full value of the card. Don’t let dollars go down the drain!

2. Letting Groupons expire.

According to Yipit, roughly 15% of Groupons go unredeemed by the time the expiration date rolls around. Make a note of your daily deal coupon’s expiration date to ensure this doesn’t happen to you. And if your Groupon does expire, you may be able to contact the merchant directly to get some value from it.

3. Buying tickets and not showing up.

Purchasing tickets for a concert, sporting event, or other cultural activity often requires planning far in advance. But if you change your mind later or something comes up, you’ve already spent that money. These days people even buy movie tickets in advance online. If you can’t get a refund, you may be able to at least pass along your tickets to a friend. To make every dollar count, when possible it’s best to wait until you are certain to actually buy your tickets.

4. Paying late fees.

Even small late fees add up quickly. This can include everything from overdue library books, Redbox DVD rentals, or late payments on utilities. To avoid incurring late fees on your credit card, pay in advance of your due date, schedule automatic payment, or set a reminder for yourself. If you are hit with a late fee, call customer service and ask to have the charge waived. On your first offense many companies are willing to let the late fee go.

5. Paying bank fees.

It seems like every year big banks come up with new ways to nickel and dime their customers. Between minimum balances, fees for checking accounts, and ATM fees – these charges can add up. Avoid these unnecessary fees by joining a local credit union like First Financial! Credit unions typically offer free checking accounts and savings accounts with better interest rates.

6. Not returning unwanted goods.

It’s easy to let unwanted items or gifts just sit there in the closet, but with a little effort, you could be getting money back in your pocket. Even if you are past the return date, give it a try anyway. You may be able to at least get store credit. For online purchases, many retailers even cover the cost of shipping for returns. Some retailers will even take returns without a receipt.

7. Failing to ask for a refund.

Consumers who are dissatisfied with their service often don’t take the time to voice their concerns. The ones who do however, could end up with a full refund or at least a discount. If you have a bad experience, don’t be shy about speaking up. Even if you don’t get any money back, retailers and service providers should know when their customers aren’t satisfied.

8. Never disputing mistakes on a bill.

If you think your bill may be incorrect, it’s worth disputing the charges with the company. At most respectable businesses, the error will quickly be corrected. Unexpected medical bills are also a growing problem, and patients almost never file a complaint with a state agency. The Consumers Union online insurance complaint tool is a good place to start.

9. Forgetting to follow up on a rebate.

The sneaky thing about mail-in rebates is they are designed to be so complicated that consumers either forget to mail them in or do so incorrectly. More than $500 million in rebates go unfilled every year, often due to deceptive practices. The Wall Street Journal reported that about 40% of mail-in rebates go unredeemed or are filed incorrectly and denied. Think twice before getting involved in a rebate in the first place. If you are waiting on a rebate check from weeks or months ago, file a complaint with the Federal Trade Commission.

10. Not claiming money that’s yours.

Every year, unclaimed money is reported by the government, and rightful owners are encouraged to step forward and claim their funds. In 2013, states, federal agencies, and other organizations together reported $58 billion in unclaimed cash and benefits. This can include unclaimed IRS refunds, old bank accounts and stock holdings, unclaimed life insurance payouts, mortgage refunds, forgotten pension benefits, and more. Health insurance companies report forgotten funds as well. And if that money isn’t claimed, it gets turned over to the state.

The moral of the story – pay attention, follow up when necessary, and don’t throw good money away!

Emergency Savings – Here’s What You Really Need

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3D Illustration of a Piggy Bank and a Stethoscope

Costs related to an unexpected illness or accident can spiral. Here’s the truth about savings in America: We all talk a lot about how much we should be saving and spending, but the majority of us don’t save enough to pay for a surprise expense that must be covered immediately.

More than 60% of Americans don’t have enough money stashed away to pay for unforeseen expenses such as a $1,000 visit to the emergency room or a $500 fender-bender, according to a Bankrate.com study.

The same survey found that 82% of us keep household budgets — mostly with pen and paper or in our heads, but we look to outside help to pull us out of a financial crisis.

Staying afloat after a job loss.

We also seem to have a blind spot about how much emergency savings we actually need. Most financial experts will tell you to stockpile three to six months of paychecks in an interest-earning account like a money market that you can get your hands on without tax or early-withdrawal penalties. But what many unwittingly discovered after job layoffs in the depth of the recession was that three to six months of paychecks for emergency savings wasn’t nearly enough when unemployment lasted six to 12 months, sometimes even longer. It also matters if you’re single or if you’re part of a two-income household, and if you rent or if you own a condo rather than a house.

Cushioning the blow of surprise expenses.

Gauge your emergency savings needs not just on income — but on what you own and what replacement costs might be. How much would a replacement roof be? What about a new transmission in your car? How about a health emergency? It’s the most feared and pricey crisis Americans face and for good reason, since it’s the #1 cause of bankruptcy.

You should be allocating emergency savings into three tiers: minor emergencies, major emergencies and job-loss protection.

  • Minor emergencies

They’re what you’d expect: health-care deductibles and negligible car and home repairs. But be sure you are prepared to cope with multiple minor emergencies around the same time. For example, there could be a domino effect of emergencies, like a car crash could lead to a broken leg and an unexpected car insurance deductible as well as a healthcare deductible.

  • Major emergencies

The good news is that major emergencies don’t happen with the same regularity that minor ones do. A key premise here is that the cash you have on hand — a liquid asset, can be used for any major emergency. The caveat for those with health savings or flexible spending accounts is that those accounts can cover health costs but are hands off for other emergencies.

  • Job loss

In general, there’s a 10% probability that any one of us could lose their job in any given year, according to the Bureau of Labor Statistics. Those numbers, of course, are skewed during recessions and economic hiccups like we’ve seen in recent years. In these cases, according to the BLS, more than 10% of those who are jobless need more than a year to find employment.

Add that all up and the advice is to save enough to cope with a year of unemployment. That’s a tall order, but remember you don’t have to do it all in one year and it doesn’t necessarily mean a year’s worth of paychecks – but rather a year’s worth of expenses covered. Unemployment insurance is considered too. In two-income families, it’s unlikely that both people will lose their jobs during the same year, but they should be covered as if the higher income gets knocked out of the equation.

Hopefully you will never need to worry about most of the items on this list, but it’s always better to be financially prepared and plan ahead when you can!

The Ultimate Guide to Getting Out of Debt

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Debt Management Plan. Magnifying Glass on Old Paper with Red Vertical Line.

1. Commit to getting out of debt.

Getting out of debt is hard. It takes maintaining discipline over a long period of time. It demands lifestyle changes.

While you shouldn’t build a plan so strict that it would be impossible to stick to, you will have to make some tough choices. If you’re used to treating yourself to spa days or shopping sprees, you’re going to have to give up some of these tangible and expensive pleasures in order to obtain being debt-free. If you and your partner are collectively in debt, they’ll need to be on board as well. It’s not possible to do this on your own if your other half is still spending up a storm.

For motivation, create a visual reminder of what you’re working toward, such as a photo of the kind of house you’d like to buy, or the destination you plan on hitting when you can afford it. Put the image in your wallet, on your computer or wherever you spend money — to remind yourself of what you’d really like to do when you get out of debt.

2. On a spreadsheet, list all your debt, balances, interest rates and minimum payments — and find out the total of what you owe.

Knowing the total will give you a rough sense of how long this might take. If you’re shocked by the number you see, just remind yourself that this is the highest the number will be. Within the next month, it will start to get smaller. Knowing your minimum payments will help you budget, and having your interest rates will help you decide on your debt repayment strategy. List your debts in order of highest-interest rate to lowest. Tally up your minimum payments so you know the minimum amount you need to put toward your credit cards every month. Keep the list easily accessible and editable so you can refer back to it in the coming months.

3. Try to make 0% balance transfers, get your APR lowered, or refinance.

Now that you’re committed to paying down your debt, it would really help if it weren’t simultaneously increasing bit by bit. If you’re eligible for 0% balance transfers, see if it makes sense to transfer your credit card debt.

But beware the fine print. If the 0% offer only lasts six months, be sure you can pay that debt off within that timeframe. If not, you could end up paying higher interest than you were before — and it could even apply to the initial six-month period (look for the term “accrued interest” to see if this might happen). Also, calculate what the balance transfer fee is and make sure that even with the fee, you’ll still save money on the transfer.

If you’re not eligible for a 0% balance transfer or decide it doesn’t make sense for you, call your credit card company to see if you can negotiate the APR down. If your main debt is a mortgage, look into refinancing.

4. Start tracking your spending.

In order to pay down your debt, you’ll need to find ways to free up the money you already have. Knowing where your money goes will help you spot where you can cut expenses. Look for big expenses that don’t align with your priorities. If you’re surprised to see you spend $200 a month for work lunches, start packing lunch from home. Also keep an eye out for expenses that you’re not utilizing (do you actually use that monthly gym membership or Netflix subscription?). And note anything that was more expensive than it should have been, and get used to searching for coupon codes for online purchases and only shopping at in store sales.

5. Do a first pass at your budget.

Figure out your annual take home pay — what hits your bank account after taxes and 401(k) retirement contributions. If you receive a paycheck every other week, multiply the amount by 26, then divide by 12 to get the exact monthly figure. Tally up your necessary expenses: housing, transportation, utilities and groceries. Try to come up with a reasonable amount for your monthly groceries that you can stick to.

If the sum of your necessary expenses is greater than 50% of your take home pay, it might be hard for you to pay off your debt in an expedient fashion. (If you have other necessary expenses like childcare, which allows you to work, then it’s fine to go over the 50% threshold). Otherwise, if you’re exceeding the 50% mark, see if you can cut back on any of these necessary expenses in any way.

6. Work your debt and discretionary expenses into your budget.

Now, calculate what percentage of your take home pay your minimum debt payments are. If your necessary expenses are 50% or less, aim to put 20% of your take home income toward your debt.  If your minimum payments are less than 20%, you’ll be able to put more than the minimum toward your debt each month.

Finally, see how much you have left to live on each month. From your monthly take home, subtract your necessary expenses and your projected 20% debt payment. Divide the leftover by 4.33 to see how much you can spend each week. Is this enough to live on each week for your dining out, shopping, gym, entertainment, travel, gifts, cable, health and other costs?

If not, get the numbers to a ballpark range that feels doable, even if it means not hitting that 20% debt repayment goal. Expect that you’ll have to go through a period of trial and error before you find the exact plan for you. But make a decision, and head into the next step knowing what you’ll be paying toward your debt every month.

7. Start your debt repayment plan.

Now that you have a monthly debt repayment target, go back to your debt spreadsheet. Pay the minimums on every debt except the highest interest rate debt. Put the rest of your debt repayment money toward that debt every month until it’s gone. Afterward, cross it off the list and do the same for what is currently the second highest interest rate debt. Continue like this down the list. This method of repayment will ensure you pay the least interest.

8. Stick to your weekly allowance.

The only way you’ll be able to pay off your debt is if you don’t keep adding to it. This means being vigilant about living within your means. Depending on your income and the cost of living in your area, this can be difficult unless you keep an eye on it. If you know you need to make a shift in your spending habits, try using cash. Take out your weekly allowance in cash each week and only let yourself spend that amount until it runs out.

9. Adapt to your new lifestyle.

Now that you’ve started on your plan, you need to learn what behaviors will support it. If you feel comfortable doing so, tell friends and family about your debt repayment goal so they understand why you’re suggesting more potlucks. If a friend suggests an activity that will be difficult on your budget, look for good free or inexpensive alternatives.

Even for non-social activities like personal hobbies, look for ways to cut costs: If you dropped the gym, can you run outside or play tennis with a friend?  Maybe you realize that with advanced planning, you can more cheaply stock up on household items by buying in bulk. To freshen up your wardrobe, browse good local thrift shops or hold clothing swaps with friends.

10. Earn more money, and put gifts and windfalls toward your debt.

Finally, one of the best ways to get out of debt — is to earn more money. While cutting costs might free up a few hundred every month, a solid side gig could give you an extra $1,000 or more to put toward your debt. Do you have a hidden talent that you could put to work for you? If so, let everyone in your network know that you’re looking for freelance gigs. Put your gifts and windfalls to work as well. If you receive a large sum, put the vast majority toward your debt. With a little discipline, you really can become debt free!

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 Tips for Vacationing on a Budget

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065_tropical_sunset_21. Avoid peak season.

It’s no secret that as summer or holidays approach – travel costs, such as airfare and hotel lodging often go up in price. Consider taking your trip during an off-season month, such as September or October, as opposed to summer or the peak holiday months. The prices associated with your vacation may be considerably less, and better yet, your destination might be less crowded. All of this will help you travel on a budget.

2. Consider alternative lodging locations.

If your vacation takes you to a large city, it could be more cost effective to stay outside the city limits. The hotel rates, in some cases, can be much lower. Consider smaller hotel chains or bed and breakfast accommodations with fewer amenities to save money during your time off.

3. Try public transportation.

One of the best ways to get the local flavor of your vacation spot is to take public transportation. Plus, taking public transportation is also an excellent way to save money. Whether you go by bus, subway or train, you’re not burdened with car rental, gas, or parking costs. Plus, you get to see more sights because you’re not behind the wheel driving.

4. Avoid the trendy eateries.

Food can eat up a large portion of your vacation budget. Avoid the cost of high-priced meals by seeking out and going to lesser-known restaurants. Read up on local spots and plan ahead to make reservations at restaurants that are within your budget.

5. Watch the currency.

When planning a trip abroad, look into the currency exchange rate of the country you will be visiting as compared to American dollars. Try to plan your trip when the dollar is trending strong. This will give you more bang for your buck with hotel accommodations, food and local events.

6. Limit the souvenirs.

It’s nice to have a reminder of your travels, whether in the form of a t-shirt or baseball cap. Just be mindful of places in your destination where these items can cost far more than their usual amount.

7. Seek out friendly advice.

Do you have a relative or friend who’s been to where you’re vacationing? If so, ask for some advice, such as are there any inexpensive accommodations or restaurants that are within your travel budget?

8. Stay closer to home on your vacation.

Instead of vacationing abroad, where you could be subject to higher airfare, and unpredictable currency fluctuations, consider staying in the U.S. There are many national attractions. Plus, if you travel within the U.S., you won’t have to budget for the expense of renewing or obtaining a passport!

9. Take a road trip.

If you do stay close to home, an entertaining and cost-effective vacation could simply entail getting in your car. You’ll be able to travel at your own pace without the hassle of hurrying to airports or connecting flights. Just remember to be mindful of the fluctuating price of fuel as that could affect your travel budget.

10. Consider a staycation.

How well do you know your own state, or even your own city? A cost-effective and fun vacation idea could simply be a trip around your own city. With all the money you save by not taking a flight or renting a car, you could stay in a fancy hotel with all the amenities and pampering imaginable — just a few miles from your own home.

First Financial’s Summer Savings Account is ideal for those who are looking to save up for summer expenses or a vacation as well as employees who get paid 10 months out of the year. This account allows you to have money available for summer expenses during July and August and you have the ability to choose the amount of money you’d would like to have deposited each pay period through direct deposit or payroll deduction.*

You can elect to have your money transferred into a First Financial Checking Account in two different ways: Either 100% of funds can be transferred on July 1st, or 50% will be transferred July 1st, and the other 50% August 1st. This account can be opened at anytime – stop into any branch, or call us at 732.312.1500.

*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. Accounts for children age 13 and under are excluded from this program.