Shopping Online? Best Practices to Keep Your Identity Safe

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Shopping online is easy and convenient. But don’t forget the possibility of fraud often lurks in Internet nooks and crannies. However, here are a few safety precautions you can implement to be as safe as possible and protect your identity and financial information while shopping online.

Only shop on trustworthy websites.

Shopping online can be addictive.  Who wouldn’t want to shop from home cozy in their pajamas while also saving money?  There are many trustworthy retailer websites out there that are safe to shop on.  However, be weary of clicking on email links or website sidebar ads.  Before checking out your online shopping cart and entering your card information, be sure you are visiting the actual website of the business to ensure it is safe.  If something seems too good to be true, it is probably not a legitimate website.

Don’t shop on public WiFi networks.

Hotels, restaurants, and coffee shops often offer free WiFi.  Trouble can arise though, when sensitive personal or financial information is shared over these public networks.  The open nature of public networks can compromise your financial security.  Public WiFi should always be used with caution – never access your bank accounts, personal data, or shop through a public network.

Protect your computer with anti-virus software and secure your internet access with a password.

Often we assume our home WiFi network is safe.  However, vulnerabilities within our home network can also do a lot of damage.  Safe home networks have a personalized SSID, strong passwords, encryption enabled, and updated anti-virus software.  Computers should also be protected with spyware software.

Shop online only with a credit card or use digital wallet.

The Federal Trade Commission recommends that consumers shop online using a credit card over a debit card, to be protected by the Fair Credit Billing Act.  This law allows consumers to dispute charges and withhold payment while under investigation. To read more about which card is safer to use, click here to access our educational guidebook.

For added security, take these preventative measures:

  • Monitor all your accounts through online banking, mobile apps, or monthly statements.
  • Make sure your address, email, and cell phone numbers are updated with your financial institution.
  • Enroll in your smartphone’s digital wallet like Apple Pay or Google Pay, which can be used to pay online. Merchants store a token number and not the actual card to authenticate transactions using you fingerprint, phone’s passcode, or face recognition during checkout.
  • If PayPal is a payment option when checking out online, this is another protective solution that doesn’t have your card entered into a retailer’s website. Plus you also have protective disputing power here too.

Ensure the card entry webpage is secure. 

Entering card information online is definitely something you want to be cautious about.  If the retailer’s website is compromised and you paid with a debit card, you may eventually find $0 in your checking account.  When paying online, try to check to make sure you are on a secure website that will protect your personal information.  There are two ways to check to enure you are on a secure site. First, verify the site’s URL begins with https:// and that there is a small lock in the URL bar.  The “s” in the URL indicates you are on a secure website.  You can also hover over the small lock to the right of the web address to read further details about the site’s security.  An unsecured website will often display a small letter “i” that will also offer information about the site’s security when you hover over it.  Never enter card information on an unsecured site.

Print or save receipts as PDFs. 

As an added security measure, it’s good practice to print or save any online purchase receipts as PDF documents.  Compare the saved receipt with your credit card billing statement to confirm accuracy.

Always be careful when shopping online.  If you follow the above security measures, you’ll have a great chance at keeping your sensitive financial information safe.

Article Source: MaryAnne Colucci for LSC.net

How to Stick to a Food Budget

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If you’re spending a lot of money on food, the quickest fix is to take a look at how and where you are buying food and eat out less (or not at all). In addition to cutting back on dining out, here are a few easy ways to keep your food budget in check!

Don’t wander around the store: It might be convenient to get all your shopping done in one location, but that might not always be the best money saver. There are certain items you can purchase at the grocery store, but if you’re looking to save – it’s probably best to buy these items elsewhere. Think: Cleaning products, detergents, medications, and so on. You might not be a fan of having to drive to another store, but the money you’ll save by purchasing these household items at Walmart or Target will quickly change your mind.

Don’t buy what isn’t on your shopping list: No matter where you’re shopping, it’s easy to buy something that’s not on your list. This can be especially true when at the grocery store, and can break your budget. One important thing to remember: Never shop while you’re hungry. Be sure to have a snack or meal prior to going to the store to protect your budget. Also ensure your list is complete before you go to the store, and force yourself to stick to it.

Sometimes it pays to buy in bulk: It’s never a good idea or money saver to buy more than you really need, but for those items you buy often (and that aren’t perishable), it’s usually best to buy a larger pack. If you’re a member at a warehouse shopping club, you already know about saving money by buying in bulk. Even if you aren’t a warehouse shopping club member, your local grocery store may also carry household necessities in bulk for a cheaper price (paper towels, toilet paper, etc.). Just look at the price carefully and the quantity before you buy, to make sure you are getting the best deal and maximizing your savings.

Article Source: John Pettit for CUInsight.com

How to Plan the Wedding of Your Dreams on a Budget

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You’re engaged, congratulations! We’re sure you’re over the moon with stars in your eyes and visions of wedded bliss. You’ve probably been thinking about this day for as long as you can remember. You’ve got your Pinterest boards, a planning notebook, and you’re ready to hit the ground running. But, have you actually put a price tag on any of those ideas and visions?

$35,329

That’s the average cost of a wedding in the U.S. And that doesn’t even include the honeymoon! After hearing this sky-high number, you’re probably ready to simplify the process, save money, and elope. However, it’s absolutely possible to have the wedding of your dreams without spending well over what you can afford and without going into debt for years to come after the honeymoon. Prioritizing your must-haves, creating a strict budget, and allocating your money accordingly will go a long way in planning for your big day. So, let’s get started!

What’s important to you?

Before you can create a wedding budget, there are a few things you need to decide. First, determine what kind of wedding you want. What do you see when you think of your big day? A country club reception? An elegant downtown loft? A backyard barbecue?

Once you answer this question, have the budget talk with everyone contributing to the wedding. When you start talking money, make sure you talk about more than the total amount you’ll spend. For instance, break down the wedding budget into categories – ceremony, reception, decorations, etc., and decide what you’ll spend in each category.

Now that you’ve taken this step, you’ll need to determine the most and least important items on your checklist. Is there anything you can cut out altogether? Sit down with your fiancé and determine what you both REALLY want and let that vision guide your budget.

Track your spending.

Leave some room in your budget. No matter how down-to-the-penny it may be, unexpected expenses are going to pop up. Your budget will evolve over the planning process, so be prepared by giving yourself a little bit of a cushion.

If you hop on the web and search “wedding budget worksheet,” you’ll find a ton of different options. Find what works best for you. This could look like an Excel spreadsheet, a Google Doc, or one of the hundreds of templates available on wedding planning websites. Regardless of your template, tracking your spending throughout the entire process will be imperative. You’ll be able to ensure you’re staying well within the lines of your budget. Plus, it serves as a great guide or list to see what you’ve paid for, how much you’ve spent, and how much you have left to cover.

There are apps. Use them!

There are a few fantastic wedding-related apps that are either free or inexpensive. Use them! Most apps have the option to create free wedding websites, invitations, and save-the-dates. Get started with these suggestions:

  • Zola: Zola has everything you need in one place. They even have a great selection of templates for you to design your wedding website for free! Your website is crucial for keeping your loved ones informed by sharing information about travel arrangements and relaying the important details of your big day. You can also build and manage your registry, design and order invitations or save-the-dates, and review your guest list.
  • Thumbtack: Photographers, DJs, bands, or florists – no matter what service you’re looking for, Thumbtack will have it. This app allows you to browse services in your geographic region to compare prices, check out reviews, and even talk directly to the vendor.
  • WeddingHappy: Are you a list maker? If so, WeddingHappy is the app for you! It is the ultimate to-do list. It’s a great app that will help you manage your wedding-related tasks, payments coming up, and vendors you’re working with.

Your wedding day will be one of the most amazing days of your life! Don’t let money and budget-related stress take that away from you and your significant other. There are many options out there to make this day incredible – no matter what your budget is.

Once you have a set budget, financing your big day might be an option that comes up for you. Stop in and talk to us! At First Financial, we have a variety of financing options such as personal loans, lines of credit, and low-rate credit cards – that could help you with the cost of your wedding. Let us help you make your big day one you’ll never forget!

How to Create a Budget and Make Your Money Work for You

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Budget. Did you just get cold chills reading that word? It’s not a popular word, and it’s certainly not a popular idea. Typically, the idea of a budget is enough to take away any sense of fun you might have when thinking about spending your money. But, it doesn’t have to be.

There are several benefits to creating a monthly budget. When you have a budget in place, you instantly:

  •     Make your money work for you
  •     Assign each dollar in your account a job
  •     You get 100% control of your money
  •     You can track your expenses
  •     You’ll relieve some of the stress that finances can bring
  •     You will create a “safety net”

There are obvious benefits to creating and maintaining a budget, and there are just as many tools to help you budget as there are benefits.

So, where do you start?

First, figure out how much you make each month. Then, figure out how much you spend. Once you figure out what you’re bringing in vs. what you’re spending, you can start creating specific categories for your money. This is where you get to tell your money what to do.

Now, you’ve got a basic budget in place. You know what you’re making, what you’re spending, and your money has a specific goal. But, how do you keep track of all that information in a manageable way?

Budget apps! The great thing about budget apps – not only do they keep track of your budget, but you can take them with you everywhere you go. Check out some of the best budgeting apps for 2020.

Wally — Get the details of all your financial activity in an easy-to-digest template. Categorize spending destinations, set goals, and create charts. Wally provides you with the full picture of your account in a simple and colorful template. Easy to look at and easy to understand, Wally makes tracking and analyzing your financial habits easy.

Acorns — You know how it’s hard to overcome the mental hump of setting money aside? Well, Acorns removes that struggle from the equation. By rounding up each of your transactions to the nearest dollar, it puts the funds into an investment portfolio. This app looks out for “future you” and makes sure you always have a few acorns hidden away for a rainy day too.

Mint – Create budgets, track bills and receive a free credit report when you use Mint. However, it’s the budgeting feature that really makes Mint shine. It allows you to link your bank, loan, and credit card accounts and then uses the information from those accounts to suggest a budget for you based on your spending. Mint takes it a step further by breaking that spending down into categories like “entertainment,” “food and dining,” and shopping. The best part? You’ll be able to see how much you can save by cutting back in each category.

Mvelopes – A popular budgeting method is the envelope system, a style of budgeting, where you put cash in envelopes for different spending categories and when the envelope is empty, that budget category is spent for the month. This is great for people who like a cash only system, but for people who use credit and debit cards, this can be challenging. Enter Mvelopes, an app that makes it easy to follow cash style budgeting in a digital world.

Of course, while you’re downloading apps, make sure you’re using our mobile app! At First Financial, our app allows you to check your balances, transfer money, pay bills, review your spending and deposit checks remotely. Still have questions about budgeting and financial planning? Check out our handy budgeting guide, or make an appointment with one of our member service representatives and let us help get your budget on track!

 

How to Stop Thinking Your Paycheck isn’t Enough

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Do you ever feel like your paycheck just isn’t enough to do everything you’d like to do? Maybe in some cases it may not be or you may have to find other ways to supplement your income, however most of the time – this feeling is a mindset that you can make positive changes to.

Here are five ways to change your thinking:

1. Stop comparing yourself to others. Social media is very good at allowing us to compare ourselves to other people. You see your friends posting a brand new car, going on lavish vacations, buying expensive shoes or clothes, and the list goes on. If you want what others have, you will always be disappointed. You also don’t know another person’s financial situation – maybe they put all those vacations on a credit card and will spend the next five years trying to pay it off. The bottom line is, stop looking at what others have and focus on all the good things in your life that you are grateful for.

2. Pushing your lifestyle ahead of schedule. What you can afford is different if you earn $20k a year, $100k a year, or $1 million a year – and for everything in between. If you make $50k a year but are trying to live a lifestyle of someone who makes $100k or more – your paycheck will never be enough and you will probably be in a great deal of debt. Change your mindset and live and spend within the means of your annual salary and your annual salary alone.

3. Take note of what you have, not what you’re lacking. If you make an espresso in a regular large coffee mug, it won’t look like a lot of coffee – right? The answer here is that it’s not about volume, but about contents. Don’t look at the glass as half empty, but instead half full. What are you thankful for? Try to appreciate what you do have rather than what you think you’re missing.

4. Cut off your spending on occasion. This idea is in relation to things that are not necessities. For example, think about any subscription services you pay for (cable, Netflix, gym, Amazon Prime, etc.) or extras that you might buy (coffee each morning on the way to work, snacks from the office vending machine everyday, and so forth). Do you “really” need these to survive? If you take a break from them do you miss them, or can you find other ways to satisfy these habits? This exercise will make you realize what are truly necessities and where you can scale back on your spending and save the money for something else more important.

5. Look for alternatives. There is probably a cheaper option out there for pretty much anything you want to do or purchase, you just have to do a little research. For example – do you really need brand name food? Opt for the store brand instead, you are guaranteed to save money and most times it is the exact same product. If you’re looking to cut your cable bill you might try using just Internet service and connecting through an online subscription like Hulu to save some money. The possibilities are endless, you just have to experiment and find what works for you.

The moral of the story here is that if you think your paycheck is never enough, it never will be. The goal is to change your mindset, save as much as you can, and research cheaper alternatives to getting what you want. You can do it!

Article Source: David Ning for Moneyning.com

Tips for First Time Home Buyers

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Even if you’re not a first time home buyer, looking for and financing a home can be stressful. When you don’t know where to begin or what to do, it can be even more stressful – especially because it probably will be the biggest purchase of your life. Check out these tips for first time homebuyers to get the most out of your home buying experience and keep it as painless as possible.

Determine how much house you can afford and get preapproved.

When you’re ready to look for your first home, it’s important to know how much home you can afford. This will narrow down your home search and will give you a realistic view of the types of homes you can buy inside of your price range. You will also avoid the temptation to purchase a home where you’ll struggle to make the payments.

Save up for a down payment. 

With such a big purchase, having a down payment to invest in your home is important. A good rule of thumb for a down payment is to save 20% of your mortgage. For instance, if you have a $100,000 mortgage, your target down payment is $20,000.

If 20% of your mortgage doesn’t seem feasible, there are other options out there for first time homebuyers that will allow you to save and invest a smaller amount into your mortgage. If you’re wondering how much you need to save to achieve your desired payment, check out one of our mortgage calculators for reference.

Pay off as much debt as possible.

One of the factors that will determine your creditworthiness is your debt-to-income ratio. A debt-to-income ratio measures the total amount of debt you’re paying off each month compared to the amount of income you’re bringing in within the same period. If the amount of debt you’re paying off is considerably more than your income, this will negatively impact your credit score. In turn, this will hurt your chances of being preapproved for and financing a mortgage.

Try to avoid inquiries on your credit report.

When you’re looking to finance your first home, one item that first time homebuyers seem to overlook is avoiding new lines of credit. For instance, getting a new cell phone, adding on television service, or even setting up a utility account will all affect your credit score and your credit inquiries.

Before you buy a house, your focus should be on maintaining and improving your credit score while saving as much as possible for a down payment and avoid building new avenues of credit.

Buying your first home is no easy feat. When you finance your home with First Financial, we’re with you every step of the way and you’ll be well on your way to opening the door to your new home! Contact us today to learn more about the mortgage process, and check out our educational guidebook to happy homeownership.

APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only, are subject to change without notice and may be adjusted based on several factors including, but not limited to, property location, loan amount, loan type, occupancy, property type, loan to value, debt to income ratios, FICO credit scores, refinance with cash out and other variables. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties. NMLS CU ID: 685814