3 Bad Money Habits You’re Passing on to Your Children

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It can be easy to forget in our busy day-to-day lives, that our children are paying close attention to our words and actions. They emulate what they see around them and grow increasingly impressionable with age. It’s important to positively influence them by demonstrating proper behaviors and habits they can learn from. When it comes to finances, there are a variety of ways you can properly educate your children, including discouraging them from practicing these three bad money habits.

Impulse buying

When you go shopping do you follow a set shopping list? If your answer is “no” and you shop with your children, it’s time to start sticking to your plan. When you’re shopping, and grabbing things without any forethought, you are showing your children that sticking to a budget is not your priority. They may also view your impulse shopping as disorganized and unstructured. Instead, instill in them the importance of writing down a plan and getting only what’s necessary, to stay on the right track with spending.

Not talking about money

As children get older and they begin to understand the value of money, it’s important they are taught to be open about financial issues. Some view money matters as difficult or awkward to talk about. But, when it comes to building confidence in your children, it’s vital they learn the skills necessary to effectively manage their personal finances. Developing healthy financial habits from an early age is extremely important and it begins with everyday conservations.

Living above your means

If your child asks for something at the store, but you don’t have the money to buy it, it’s okay to use that old saying, “money doesn’t grow on trees.” So many Americans live outside of their means in an effort to “keep up with the Joneses.” Instead of raising entitled children that expect everything no matter how tight funds are, teach them the importance of differentiating between “wants” and “needs.” Help them understand that it’s okay to splurge on occasion, but it’s more important to budget and save in order to maintain good financial standing for a happy, stress-free life.

Article Source: Wendy Moody for CUInsight.com

Top 10 Ways to Prevent Cyber Crime at Work and Home

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Cyberattacks are unfortunately a common occurrence and on the increase. In fact, an average of 200,000 new malware samples are discovered daily, presenting an ominous threat to consumers at work and at home.  The following is a list of the top 10 cyber security tips.

1. Don’t click on emailed links. Instead, type the website URL directly into the web browser’s address bar, or search for the site using a search engine like Google.

2. Avoid opening any attachments you were not expecting. However, if you must – scan the attachment first for viruses.

3. Keep computers patched and up to date. This includes operating systems like Windows and iOS, and applications such as Adobe and Java. Keep antivirus software up to date on all devices, including phones.

4. Clean your desktop and your desk. Lock your screen whenever you leave your workstation or office. When you leave work for the day, lock all paperwork in your file cabinets. Everyone has a smartphone camera today, you always want to be cautious with sensitive documents and information.

5. Double check your work. Breaches can easily occur due to simple miscommunication. For example, someone within a company thinks another person has changed the password – and vice versa.

6. Shred it. This goes for any paperwork you are no longer using at work and at home.

7. Use different passwords for different sites. For personal use, consider using a password tool that allows you to set different passwords for each site you frequent, while only requiring you to remember one strong password.

8. Beware of phishing scams. Unlike common spam, a phishing email is after personal data and will likely have a sense of urgency, asking you to click here, act right away – the offer is time limited. Delete any emails that don’t sound right to you.

9. Avoid oversharing. The most common consumer threat today is social engineering in unexpected places like Facebook. Don’t answer questions on where you went to school, whether you have ever done something, or what your nickname is. This information can be used to break into your accounts.

10. Consider turning Siri off, and Amazon Echo, Alexa, and all the new devices that are listening and recording. You need to have a healthy suspicion of where this data is going. It might not be going where you think it is.

Ultimately, we should all strive to be good net neighbors, protecting our own identity at work and at home. This means taking care of ourselves so we don’t get infected and harm others. The threat is real, but following the right security protocols can dramatically reduce our risks.

Article Source: Colette L’Heureux-Stevens for Co-Op Financial Services

5 Tips to Help Lower Your Grocery Bill

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Food is probably your biggest expense aside from housing. After all, you have to eat. So is there any way you can really cut back on this category? The easy answer is to stop going out to eat and spend more time cooking at home, but what if you’ve already done that and still can’t afford to be spending what you’re spending on food? The answer lies in your grocery bill.

Just because you’re cooking your own food doesn’t necessarily mean you’re saving money. Groceries can cost a lot too, depending on where you live or which supermarket you shop at. However, if you become a smarter shopper, you can definitely find ways to lower your grocery bill without having to buy less. Here are five ways you can do just that:

Plan Out Your Week

Before you step foot into a grocery store, the most important thing to do is to plan out the week ahead. How many days will you be eating at home? How many meals do you plan to eat out? Do you need to bring lunch with you to work? Understanding your schedule for the days ahead will help you decide how much food you need to buy. If you buy too much, you’ll end up with waste. If you buy too little, you’ll probably order out and not save any money at all.

Make a Trip to Multiple Stores

Most people limit their grocery shopping to one store, but make the effort to hit multiple stores if you can find a little extra time in your week. Different stores have different sales, so you’ll end up saving more if you do some research and buy items where they’re cheaper. Many specialty or ethnic food markets will have items you can normally find at your grocery store for much less too. Lastly, if you have a farmer’s market in your town, it’s worth checking out when in season – as prices can be cheaper and the produce is fresher.

Buy Dry Products Online and in Bulk

Thanks to the age of the internet, you can now get almost anything online – including food. You might be able to use online services like FreshDirect or Amazon Fresh, which will deliver your groceries straight to your door. When it comes to dry products, like pasta and canned goods – it is often cheaper to order online. On sites like Amazon and Walmart, you can buy these in bulk at lower prices, especially if they’re on sale. And as a bonus, you don’t have to go to the store to lug them home. So stock up now!

Go for the Generic Brand

Name brand isn’t always better. In fact, most of the time it’s exactly the same as the generic brand. Many generic and name brand products are produced right in the same factory, it’s just that the packaging and stickers on them are different. Next time you’re shopping, reach for the store brand instead and see if you can really tell the difference. Sometimes you can, but other times you’ll find a new way to save.

Shop the Weekly Circular

Almost all supermarkets come out with a new circular every week with sales and deals. Many even post it on their website. Before you start shopping, make sure you look through it to see what you should be buying for the week. Many circulars also include coupons, which can give you even more additional savings.

Trying out these 5 tips by becoming a smarter grocery shopper, is sure to help you lower your grocery bill. Happy shopping and saving!

Article Source: Connie Mei for moneyning.com

Beat the Back to School Spending Blues

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Back to school can be time consuming and expensive. There’s filling out endless online and paper forms, buying school supplies, and shopping for clothes while guessing how much the kids will grow by spring.

National Retail Federation data found that electronics and clothing make up nearly two-thirds of a family’s back to school spending. The biggest break is found in school supplies, where consumers can expect to shell out $122 for basics like pencils, pens, markers and notebooks.

The easiest way to fund school on a budget, is to slowly stockpile throughout the year (hello Target dollar bins). If it’s too late for this year, here are a few ways you can still save.

Pace yourself: According to RetailMeNot.com, 62% of shoppers who do their back to school shopping before August spend about $100 more than those who wait until later. Do your research and find opportunities to put off buying everything at once, especially those high-ticket items like electronics and clothing. Consumer Reports suggests waiting until September or October to replace laptops or tablets, and that waiting until the fall is when these items are often on sale – which could save you big money.

Look for deals: It’s never been easier to find good deals and comparison shop. Check out the Groupon back to school discount tab or sites like RetailMeNot.com for coupons. Other websites like BensBargains.com, or apps like ShopSavvy and CamelCamelCamel can keep you updated on the latest deals on particular items, helping you track when an item is at its lowest price – whether on Amazon or at your local retail store.

Look for delivery options: Your child’s school may partner with an organization that sells school supplies at a flat price. Teachers provide the list, the company packages the supplies, and the best part? Your child’s box is waiting for them in their classroom on the first day of school. Talk about a time saver! Some stores like Target offer School List Assist, where parents can enter their zip code find their school and class supply list, order items and either have them delivered to their door, curbside at a nearby Target location, or for pick-up in the store.

Back to school doesn’t have to break the bank – just remember to try to plan ahead and look for deals (even if it means waiting for some things until September).

Article Source: Myriam DiGiovanni for financialfeed.com

 

How to Decide When It’s Time to Buy Another Car

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At a national average of $479 a month, car payments can take a big chunk out of the monthly budget. Even if you avoid car loans, the high cost of a vehicle can delay other savings goals. Either way, it’s rewarding when a vehicle costs nothing more than fuel and routine maintenance. In fact, it’s such a rewarding feeling that you might miss important signs it’s time to start car shopping again.

Being frugal is a great quality when it comes to vehicle purchases – while the average consumer purchases a new one every 3 to 5 years, today’s vehicles are designed to last 10 or more. Still, it’s possible to be too frugal and end up costing yourself more money in the long run. If you have any doubts about whether it’s time to buy a newer vehicle, consider these four signs.

1. Your Vehicle’s Safety is Questionable

Aesthetic qualities and luxury features are one thing, but safety is quite another. If there’s any question whether your vehicle can get you safely from Point A to Point B, it’s time to consider an upgrade. Here are a few examples of what might constitute a safety concern:

  • Your vehicle sometimes has mobility problems. If this happens on the road, it could cause an accident.
  • Your vehicle lacks important safety features. Newer vehicles are equipped with advanced safety features, but we’re talking about the basics — seatbelts, curtain air bags, traction control, etc.
  • Your vehicle has been in an accident or has extensive rust that could compromise its structural integrity. The appearance of rust might not bother you, but the damage it does to internal parts could.

If you have an older vehicle and you aren’t sure if it’s safe, check with a trusted mechanic or vehicle safety inspector.

2. Your Vehicle Needed a Major Repair in the Last Year

Ditto for cars that frequent the auto repair shop. Occasional out-of-pocket repairs are less costly than a car payment, but if repairs exceed that $479-per-month average car payment, you might want to consider a newer vehicle. It’s easy to lose track of expenses that spread out over time, so get out the receipts and do the math.

3. Your Vehicle is Costing You in Other Ways

Maybe you work further away from home now and that gas-guzzler is jacking up your fuel budget and eating into other categories. If your car frequently fails to start in the morning, it might be costing lost hours of work or putting your job in danger. Be sure to consider these and other hidden ways your vehicle is costing you that might be grounds for trading it in.

4. Your Vehicle No Longer Fits Your Lifestyle

We tend to choose the size and style of vehicle that best fits our lifestyle, but preferences and lifestyles can change. Maybe you’ve become a new parent, sent your last child to college, or spend more time in your vehicle than in the past. All these changes can affect which vehicle is best for your needs. Just because you haven’t run your vehicle into the ground, doesn’t mean it’s wrong to trade the car in for something else that’s a better fit for you and your family.

Figuring out when to change vehicles is tricky. Use these four tips and make the decision that’s ultimately best for you. If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ – First Financial has some of the best auto loan rates and incentives in town!* Let us help you buy your new ride.

*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: Jessica Sommerfield for moneyning.com

More Ways to Save at Theme Parks Before Summer Ends

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July and August is peak season for millions of visitors to enjoy the fun and fantasy of their favorite adventure theme parks, which means getting a deal in the summer can be challenging. A family of four can easily spend more than $1,000 just on the theme park tickets alone. And that’s not including parking passes, food, or souvenirs.

Let’s face it, once you step through the gates – it’s easy to get caught up in the experience and forget all about sticking to your budget plan. That doesn’t mean all is lost. Here are a few more ways you can save on some end of summer theme park fun:

Book tickets early online. Believe it or not, you can score discounts buying tickets in advance on the theme park’s official website or through authorized sellers like AAA or Costco. So do your research! One more tip: Never buy tickets on Craigslist or eBay. You don’t want to run the risk of falling victim to a scam and be turned away at the gate.

Bring a refillable water bottle. Staying hydrated is important, especially in the summer. Theme parks will give you a cup of water for free at any food service counter so you can refill for free. It’s a lot cheaper than quenching your thirst for about $5 per bottled water. That adds up!

Get the park app. You will get useful information on everything going on in the park from interactive maps and real-time ride wait times, to how to find the closest bathroom or which rides are closed. Knowing the lay of the land will help you get in the most fun for your dollar.

Follow the theme park on social media. Follow your theme parks on Instagram, Facebook and/or Twitter. You’ll not only get the latest insider scoop on attractions but also the knowledge of any special promotions they might be running before summer ends.

Plan your meals. No matter where you eat in the park, chances are it’s going to be overpriced. Check out the lunch menus, which can be anywhere from 15% to 20% cheaper than what you’d spend at dinner. But, keep in mind you’re there for the experience. Indulging in some good food instead of overpriced hot dogs or pizza could be worth it.

Article Source: Myriam DiGiovanni for Financialfeed.com