Tips for Saving on Summer Energy Bills

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Ah, summertime. The time of year when air conditioners are on full blast and families are flocking to the pool or beach. If you haven’t already noticed how hot it’s been this season, then you certainly will when you receive your next energy bill. You don’t need to have a hefty bill just to stay cool. Here are our tips for saving energy in your home this summer while keeping costs down.

Stop hot air from entering your home

You might not realize it, but there’s likely pesky hot hair leaking into your home through windows. About 30% of a home’s heating energy is lost that way. You can stop this from happening by installing window coverings like drapes, shades, plastic films, shutters, awnings, or storm windows.

Heat is also able to make its way into your home through cracks. You may want to consider hiring a weatherization expert to assess your home for air tightness. In the meantime, you can caulk, weatherstrip, and seal air leaks in doors, windows, plumbing, floors, ceilings, and areas where electrical wiring comes through walls. Keep in mind that air sealing is a temporary solution to reduce heat flow and proper insulation will eventually need to be applied.

Adjust your energy use

Rethinking the way you use energy in your home is easier than you think. From lighting and water use, there are so many small adjustments you can make that can have a big impact on your final bill. Here are a few to get you started:

  • Switch to LED lighting – it uses 75% less energy and lasts up to 25 times longer!
  • Take advantage of natural daylight, but keep the curtains closed to avoid getting too hot.
  • Wait to use energy until “off-peak” hours such as early mornings or later at night.
  • Ensure all devices are unplugged when not in use.
  • Wash full loads of dishes and clothes in bulk for better efficiency.
  • Doublecheck that your refrigerator and freezer doors are sealed airtight and try limiting the number of times you open them.

Keep your cooling system up-to-date

Aside from getting regular maintenance, there are other ways to ensure your cooling equipment is running as efficiently as possible.

  • Regularly clean or replace your air conditioner filter or coil.
  • Move your air conditioner away from lamps, TVs, and other appliances that can cause the thermostat to sense heat and run longer than necessary.
  • Ensure furniture and other objects are not blocking airflow from your cooling system.
  • Consider a programmable thermostat that will automatically be set warmer when you’re away and cooler when you’re home.
  • Avoid setting your thermostat at a colder setting than normal when you first turn on your air conditioner.
  • Utilize fans and ventilation in rooms with extra humidity, like your bathroom or kitchen.

Saving energy isn’t just a summer consideration – it’s something that can be done all year long. Getting into good habits now will help you reduce waste, improve efficiency, and save money. In the meantime, we hope you’re able to stay cool and enjoy the beautiful weather this summer. Don’t forget to stay hydrated, too!

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Backyard Cookout Ideas on a Budget

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The smell of a sizzling barbecue, sunscreen, and freshly mowed grass fills the air – summertime is indeed in full swing. And chances are, you’ve already been to a backyard cookout or pool party this season. If you’re looking to host friends and family for some grilling and fun, there are plenty of ways to have a party without breaking the bank.

Here are our top inexpensive grilling ideas for your next summer cookout!

Start budgeting and planning

Before you start shopping for grilling and party supplies, it’s always a good idea to start with a list of what you need to budget for. You may even want to consider having a maximum amount you can spend. Once you have a rough starting point of what you’d want for your cookout, you can determine what is essential and what is a wish list item.

Your cookout shopping list might look something like this:

  • The main course: Hamburgers, hotdogs, meatless alternatives, rolls, and buns
  • Side dishes: Vegetables, potato or pasta salad, coleslaw
  • Condiments: Ketchup, mustard, relish, and other grilling staples
  • Starters: Dips, chips, crackers, cheese platters
  • Desserts: Watermelon, ice cream, cookies
  • Beverages: Soda, water bottles, seltzer, iced tea, beer, wine, and fixings for cocktails
  • Utensils, napkins, cups, and paper plates
  • Insect repellent
  • Decorations & games
  • Grilling accessories
  • Cooler(s) and ice

Do you already have condiments at home? Or perhaps you don’t need to buy new decorations and outdoor games. Try to think where you can cut back from your list, and figure out how much you can afford for party expenses.

Stick to the grilling basics

Grilling enthusiasts might hand you a detailed list of pricey grilling accessories, but don’t be fooled. You actually don’t need as much as you think (even if those items are helpful). The only essential tool for grilling is wood, which enhances the flavor of the food you’re grilling or barbecuing. Another helpful instrument is a meat thermometer, which is relatively inexpensive. The internal temperature of your meat is the best way to ensure it’s cooked properly.

Consider alternatives and shop sales

If you’ve been in a grocery store recently, you’re likely aware that meat prices are soaring. This is forcing many shoppers to consider alternative options for their barbeque parties and meal plans. Don’t get discouraged just yet, though. There are a few different ways you can approach saving on meat costs.

Here are a few we recommend:

  • Explore meatless options: Stock up on veggie burgers, and look into cooking vegetable-based entrees (grilled portobello mushrooms are delicious, and some are as big as a burger anyway!). Also, have you ever tried grilled pineapple or watermelon? If not, it’s a must!
  • Make your own patties: Instead of getting more expensive pre-made patties for convenience, consider using ground beef and making your own.
  • Shop sales: This may go without saying, but you should always keep an eye out for sales on meat products – and try to buy less expensive cuts like chicken and turkey.

Make it a BYOB or potluck party

Don’t be afraid to ask your friends and relatives to bring their own beverages. Beer, wine, and liquor prices really add up fast – and your guests probably all have their own preferences. Another approach is to make your backyard cookout a potluck party. This way, each person can bring their favorite dish, and the guests can plan who’s responsible for bringing what. Either way, this will take some of the weight off your shoulders and will be easier on your wallet.

Make your own sauce

You don’t have to be a master chef to make a delicious rub or BBQ sauce. Plus, you likely already have all the ingredients in your kitchen. All you’ll need is salt, pepper, ketchup, vinegar, and mustard. For an easy to make rub – we recommend salt, sugar, pepper and paprika. Of course, your sauces can be a bit more flavorful if you’d like – try some of these homemade BBQ sauces for inspiration.

No matter the size of the cookout, there will always be ways to save on the final grocery bill. The first step is to determine how much you can actually spend, and then give yourself a cap. Without that max budget – your shopping list could get out of hand, and the idea is not to accumulate debt by having a fun summer get together. We hope you enjoy the rest of your summer and get to spend some backyard time with family and friends!

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What You Need to Know About Gift Card Scams

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Picture this – you get an email from your boss asking you to purchase gift cards for a client. While it seems out of the norm for your boss to ask this, you’re willing to help out with whatever is needed. Right before making the purchase, you notice the email is from an address you don’t recognize and is not actually from your boss.

Does this sound familiar to you? This is what we call a gift card scam, which is more common than you may think. One in three adults have been targeted by these types of scams, but there are plenty of ways to spot and prevent them from happening to you.

What is a gift card scam?

Think about it this way – gift cards are meant for gifts, not to make payments. However, scammers tend to use gift cards because they’re easy for people to buy and are similar to cash – since the money is gone once the gift card is purchased.

Gift card scams can look different depending on the situation, but usually follows a similar pattern. You’ll receive a call or email asking that you pay with gift cards, and once they have your gift card number and PIN – they have your money. Scammers can be convincing by making it seem like they need the card urgently, which is how so many people fall into these unfortunate types of scams.

How do you know if it’s a scam?

If you’re being asked to pay someone through a gift card, it’s safe to say it’s a scam. That may sound simple, but scammers can be convincing by pretending to be someone you can trust. This is how they trick so many people.

Here are some common situations for gift card scams:

  • The caller says they’re from your power company and threatens to cut off your service until you pay them (with a gift card).
  • An employer says they are ready to hire you but need you to pay for your computer or other equipment through a gift card before you start.
  • Someone says you’ve won a contest, but you’ll have to pay fees with a gift card before you can claim your prize.
  • The scammer pretends to be a friend or family member saying they need money immediately for an emergency to be put on a gift card, but tells you not to tell anyone.
  • You receive a call from the IRS or Social Security Administration saying you need to pay taxes or a fine immediately, via gift card only.
  • You meet someone on a dating app who needs money and asks you for help.
  • The person asking for you to make a payment through a gift card asks for you to purchase it through specific retailers like Amazon, Target, or Walmart. They may also ask you to purchase a certain gift card such as eBay, Google Play or iTunes.

These are just a few of the many ways scammers can try to convince you to give them your money. If anything seems out of the blue or suspicious, it’s probably a scam!

What to do if you’re being scammed

Do not respond to anything you think could be a scam, even if you’re unsure. If you already paid a scammer with a gift card, tell the merchant that issued you the card right away. Check the retailer’s website for resources on reporting scams as well. If the card issuer is hard to reach or is unable to help, report it to the FTC. Even if you didn’t actually pay the scammer, it’s a good idea to report it anyway to prevent this type of scam from happening to anyone else.

At First Financial, we are here to help protect our members from scams and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.

Financial Tips for Teenagers

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Imagine having to take a surprise quiz after not reading the assignment. Pretty stressful, right? Now imagine having to maintain a good credit score without having any knowledge of how credit even works. Your understanding of finances plays a big role in your spending habits as an adult. That’s why learning money management skills in your teens is so important.

No need to sweat it! Here are 5 easy tips to help you navigate your finances while you’re still in school.

Start saving money

Just like shutting off the lights when you leave the room, saving money can become a useful habit that you don’t even have to think twice about. If you start learning how to save money now, that habit will stick with you in the long run. Whether you’re getting paid for a job, received a check on your birthday, or have an allowance – you should always save a portion of what you earn. The fewer expenses you have, the more you should save. Starting with saving half of whatever funds you have coming in would be ideal, and then you can adjust as you get older and your expenses grow.

Establish a credit history

Talk to your parents about starting your credit history before you leave home, and perhaps they can add you as an authorized user to one of their credit cards. This process will open a credit file in your name to help you build credit.

In the meantime, learn how to manage credit card usage and avoid debt. Take time to understand what a credit score means and how it can affect you in the future. And don’t forget to always pay your bills on time (that impacts your credit in a big way!).

Track how you spend

Take a minute to think about things you’ve spent money on this week. Did you get coffee or takeout more than you’d like to admit? This is where tracking your spending habits comes in handy. If you know where you spend most of your money outside of necessary expenses, you can find alternatives and work on changing your habits. Instead of getting an iced coffee every morning, instead get yourself a to-go mug and serve up some iced coffee at home.

Use your student ID

One of the best perks of being a student are all the deals you receive. Having a student ID can get you access to big savings on Amazon Prime, concert tickets, events, groceries, movies, travel, subscriptions, electronics, and more. Just ask if there’s a student discount!

Learn to earn money

It’s always a good idea to start earning money as soon as you can. Even if it’s babysitting once a week, starting to make money now will help you grow your independence and freedom. Want to go on a trip with your friends this summer? Find a job you can work after school or over summer break, and start saving what you earn in advance of the trip.

Talking finances may feel overwhelming at first, but there are always resources available to help. If you want to begin your financial journey and start your credit off strong, our financial experts are here to help. Contact us to get started or stop into your local branch to speak with a representative today!

Money Saving Tips for Buying a Car

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If you’re thinking about buying a new car and don’t know where to start, you’re not alone. Purchasing a new vehicle is one of the bigger purchases you’ll make in life, so there’s quite a bit to consider. From leasing a brand-new vehicle to buying used, there are so many options out there that fit all different types of budgets.

Between higher prices and lower product availability, the car market itself is more challenging to navigate these days. According to the New Jersey Coalition of Automotive Retailers, most dealers only have 10% to 15% of their total inventory. This is why planning ahead is a key way to get the vehicle you’re looking for at a realistic price.

Here are our top tips for making car shopping more affordable.

Build up your savings

If you don’t already have a savings account dedicated to big purchases like a new vehicle, now’s the time to start! Having money in the bank to buy a car minimizes the amount you have to borrow, which can potentially save you thousands in interest down the line. Make it easier on yourself by setting up automatic deposits into your savings, so you don’t even have to think about it.

If you want to open a savings account for your next car purchase, we’re here to help!* Contact us or stop by your local branch to speak with a representative.

Figure out your down payment

Based on your current income and expenses, you’ll want to calculate the target amount to spend on a down payment and make sure it’s realistic for you. Ideally, you should be putting 20% down on a new vehicle and 10% down on a used vehicle. The more money you put down, the better deal you’ll get. It will not only help you qualify for a loan, but it will also make for a more affordable monthly payment.

Check out our handy auto and loan payment calculators on our website, to help provide you with realistic numbers.

Research and compare prices

Before you head to a dealership, you’ll want to do some research on your own. The more you know about the market value of the vehicle you want, the better deal you’ll get. The best way to do this is to identify the type of car you’re looking for and research the Kelley Blue Book price for each make and model.

Did you know we partner with local dealers to get our members a great rate on their next car? If you finance with us and purchase a vehicle from one of our preferred auto dealers, a great offer will be waiting for you!

Sell or trade your current vehicle

If you’re replacing your current car, you can sell it or trade it in at the dealership. The money you’ve made can be put toward your next car’s down payment. We recommend using appraisal tools to help estimate your car’s value so you know how much you should receive for the vehicle.

Always negotiate

Negotiating is common when making a big purchase like a vehicle. Don’t be afraid to negotiate the price of the car, especially if you’ve found it at a lower price elsewhere or there are minor flaws.

Consider your loan options

At First Financial, we offer personalized auto loans for new or used vehicles with low rates and same day approval decisions.** If you think you’ve spent too much at the dealership, you can also check out our auto loan refinance options or fill out our quick online form to see if we can help you save some money on your monthly payments. Contact us to get started, or stop by your local branch to speak with a representative today!

*A $5 deposit in a base savings account is required for credit union membership before opening any other account/loan. 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.

**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. Current loans financed with First Financial FCU are not eligible for review or refinance. 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. See credit union for details. A $5 deposit in a Base Savings Account is required to establish membership prior to opening any other account/loan.

Financial Considerations When Selling a Home

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Are you considering selling your home? It’s certainly not a decision to be made lightly, especially after making such a large investment. Whether you’re downscaling, upsizing, moving to a new area, or are looking to make a profit – there are always financial considerations to be made when it comes to selling a home.

Here are some important financial factors that may determine when and if you’re ready to sell.

Your home’s worth

Before putting your house on the market, you’ll want to have an understanding of the value of your property. This can change over time, which is why the first step is to see how much your house is worth in the current housing market.

You can do this by researching real estate websites to find out how much similar homes in your area have sold for. A formal appraisal is another approach that can provide you with a more accurate number based on home sales in your community. Of course, a real estate agent can also assist in determining a listing price for your home.

How much it will cost

Finding out the value of your home is just the beginning of the selling process. Prepping your home to be sold is where things can get pricey. You’ll likely need to do a deep clean, paint, or even repair anything you’ve been waiting to fix. If you want a higher value on your home, you should plan for any home renovations ahead of time.

Outside of prepping costs, there are other fees associated with selling a home that you might not have thought of. A typical real estate agent, for example – will typically charge a commission fee of up to 6%. You should also expect to pay a closing cost of 1-3% of your house price, which includes the home inspection, appraisal, and insurance costs. Be sure to list these expected extra costs on a spreadsheet for reference as you begin the process.

The housing market

As a seller, you’ll want to evaluate the housing market to get a better idea of when is the right time to sell. Factors like interest rates on home loans can be a key indicator. Time of the year can also make an impact on if you’re able to sell and for how much. Depending on where you live, the market typically peaks in April through July with slower periods in the winter months due to the cold weather and holidays. Overall, timing definitely plays a role in how much you’re able to sell your house for.

Selling takes time, planning, and research. If done right, you’ll be able to successfully sell your home and even make a profit. Outside of finances, there will be other factors to evaluate and our financial experts are here to help. Contact us to get started, or stop into your local branch on one of our upcoming branch mortgage days to speak with a representative on-the-spot!