How to Get the Best Deals in July

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Get ready to save this month! Not only does July ring in mid-year retail inventory deals and July 4th fun, but it also features Amazon Prime Day. Think Black Friday but in mid-July.

Here’s what to look out for this month:

Amazon Prime Day: Mark Monday, July 16th on your calendar. Expect Amazon device deals, so the timing is right for that Kindle or Echo you’ve had your eye on. Amazon is also expected to offer deals on Whole Foods grocery items, too. Download the Amazon app to sign up for alerts and create “Watch a Deal” lists of items you’re interested in so you don’t miss out. Ask Alexa to help in your search and you’ll be rewarded with exclusive early access to deals throughout the day. Before getting caught up in a Prime Day buying spree, do your research to make sure you are getting the best deal.

Christmas in July: Who says it’s too early to think about Christmas? Do some research and get your holiday décor and artificial tree at discounts of up to 75% off.

Paint: It’s too hot for anyone to think of home painting projects, right? That’s why you should look for deals this month on exterior paint and even some interior paints at your local home improvement store.

Swimsuits and summer clothing: After the July 4th sales, retailers are looking ahead to fall. So search for summer clearance items at online retailers, outlet stores, and department stores this month.

Indoor furniture: New inventory is generally slated for August, which means deep discounts on that sofa or bedroom set you’ve been dreaming of. But hold off on buying outdoor patio furniture – that won’t go on sale until mid-September.

Happy summer shopping (and saving)!

Article Source: Myriam DiGiovanni for financialfeed.com

 

Important Member Alert: Mail Fishing Scams

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There has been a fraud concern growing in New Jersey called Mail Fishing. Tools covered with sticky substances are being utilized to pluck bank documents and checks out of large blue postal collection boxes. The post office claims they are implementing innovative methods to protect mail, such as replacing collection boxes with new models. Here’s how to keep your mail safe, and additional precautions to take if you’re using a collection box.

5 ways to protect your mail

  • Don’t use a collection box. Instead, use the letter slots inside a post office to drop off mail, or hand it to a letter carrier.
  • Don’t leave mail in your mailbox overnight, especially if you’re expecting checks or credit cards. The U.S. Postal Service discourages sending cash through the mail.
  • Ask your bank for “secure” checks that can’t be altered.
  • If you can’t be there to pick up your mail, make arrangements for someone you trust to pick it up, or contact your post office to hold your mail while you are out of town.
  • Didn’t get that check you were waiting for? Report suspected mail theft immediately to police, then call Postal Inspectors at 877-876-2455 (press 3).

3 ways to use collection boxes safely

Police are discouraging the public from using collection boxes altogether due to these recent security concerns. However, if you must use a collection box, here are the best practices according to police and the U.S. Postal Service.

  • Pay attention to collection times. Last collection for the day is typically at 5pm. If mail is deposited afterward, it will sit vulnerable until the next business day.
  • Avoid dropping mail in collection boxes over holiday weekends, or on nights before holidays. Fishing incidents are most common on Sunday night, according to police.
  • Speak with your local post office or mail carrier to determine which collection boxes in your area are up-to-date with security regulations. Certain collection boxes in New York have been retrofitted with security measures after a rash of mail fishing in the area in 2017.

If you think you were a victim of fraud, identity theft or another mail-related crime, report it at postalinspectors.usps.gov, or call 877-876-2455.

We encourage our members to utilize online banking resources to monitor statements electronically, and pay bills right online, so as to not fall victim to this type of fraud.

If you feel that any of your First Financial accounts may have been compromised as a result of a scam, please contact Member Services at 732-312-1500, Option 9 Monday through Thursday 8:30am-5pm EST, Friday 8:30am-6pm EST, or Saturday 9:00am-12:30pm EST.

Article Source: Jessica Presinzano for northjersey.com

 

3 Things You Should Never Hide from Your Mortgage Lender

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You’re ready to apply for a mortgage. The process of meeting with a lender and a getting a mortgage can be very complicated, especially for first time homebuyers. To help with this process, here are a few things to consider being up front about from the very start.

Career changes

When handing out large loans, lenders look for employment stability and steady income; most will check your employment history and income throughout the mortgage application process. Therefore, it’s better to be straightforward from the beginning. Failing to do so may jeopardize your eligibility or cause other problems prior to closing.

Other loans

If you have taken out other large loans or made a big purchase before applying for your mortgage, your lender needs to be in the loop. Making these financial decisions will affect your mortgage as it increases your “debt-to-income ratio” or DTI. Having a high DTI will also result in a higher mortgage interest rate, which makes you riskier in the eyes of your lender. So, come clean about that new car or any other significant loans – because it may affect the type of mortgage you qualify for.

Large deposits

When applying for a mortgage, the lender will usually ask for two months’ worth of bank statements. If they notice you’ve made multiple large deposits of over $100 (that are not attributed to income from your job), it’s imperative you provide them with documentation explaining the source of the income. These large deposits can be deemed quite questionable during the underwriting process – so in order to avoid delays, be prepared with all necessary documentation.

Looking to buy a home in the Monmouth or Ocean County area? If you have questions about the mortgage process or don’t know how to get started, we are here for you. Contact the Loan Department at 732-312-1500, Option 4 or learn more about First Financial mortgages on our website.

*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. Minimum mortgage loan amount is $100,000. 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. Rates and APRs listed are based on a mortgage loan amount of $250,000. 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.

 Article Source: Wendy Moody for CUInsight.com

5 First Year Homeowner Expenses to Prepare For

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Most of us are prepared for costs like homeowner’s insurance, property taxes, and HOA dues. We can work these predictable expenses into our housing budget as we begin to shop around and start the purchasing process. But what about the other things? Many who share their experience and advice, learned the hard way that certain expenses crop up with surprising predictability the first year you own a home. If you’re not prepared, these expenses could create a budgeting crisis, or even worse — a debt crisis.

1. Appliance Repair or Replacement

Your prospective home’s appraisal will bring to light just about every major and minor repair you’ll need to complete within the next 10 years, whether it’s flooring, roofing, siding, plumbing, electrical, or structural issues.

The appraisal also lists the appliances included with your home, and this is something you’ll want to pay special attention to. Take careful note of how old the appliances are and how heavily they’ve been used, so you’ll have a game plan for repairs or replacements. For instance, are you purchasing from a single person who didn’t use the dishwasher much or a family of five who used it daily? Here’s a list of the usual life expectancy for major appliances:

  • Washers, dryers, refrigerators, and dishwashers: 10 to 13 years (depending on prior use)
  • Gas ranges: 15 years
  • Stovetops: 15 to 18 years
  • Microwaves: 9 to 10 years
  • Water heaters: 10 to 20 years (tankless water heaters last longer)
  • Furnaces: 15 to 20 years

2. Cosmetic Upgrades

During your first few walk-throughs, you probably started brainstorming about the fun projects you want to do, like painting and updating light fixtures or window treatments. These types of things don’t seem expensive, but they can quickly add up when you’re doing several of them at once.

Separate what you need to do from what you’d like to do (the torn window blinds versus the ugly shade of purple in the bathroom), and draw up a cost estimate so you can start preparing for these upgrades before you move in.

3. Additional Furnishings

You may plan to use your current furniture, but typically you’ll need additional furniture items for your new home – especially if you’re gaining a guest bedroom or additional bathroom. Budget for this expense as well, and look for deals on swap sites and apps like CraigsList, Let Go or Offer Up.

4. Setting Up Services

This one is easy to take for granted, especially if you plan to keep the same services you’ve been using (at the same prices). Don’t forget that transferring services like telephone, internet, cable TV and satellite to a new location usually requires an installation and/or equipment fee. To save a little money, treat it as a new negotiation: don’t be afraid to ask about promotional deals and negotiate pricing based on the competition.

5. Re-keying All the Locks

Last, but not least, it’s always a good idea to re-key your home. Why? Unless your house is a new build, there have been multiple owners or even renters who could possess duplicate sets of keys to your house. This isn’t a major expense. Still, it could run as much as several hundred dollars depending on the number of doors and locks you have, so the expense will need to be budgeted to avoid charging up your credit card.

Handling These Expenses

Besides the previous advice, here are three more tips for preparing and handling these first-year home expenses:

  • Buy less house than you can afford to leave some wiggle room for these expenses in the housing category of your budget.
  • If time is on your side, save more than you think you’ll need for first-year expenses.
  • Prioritize these extra expenses and complete them slowly. After all, you plan on being in this house for awhile, right?

Looking to buy a home in the Monmouth or Ocean County area? If you have questions about the mortgage process or don’t know how to get started, we are here for you. Contact the Loan Department at 732-312-1500, Option 4 or learn more about First Financial mortgages on our website.

*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. Minimum mortgage loan amount is $100,000. 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. Rates and APRs listed are based on a mortgage loan amount of $250,000. 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.

 Article Source: Jessica Sommerfield for moneyning.com

5 Ways to Throw a 4th of July Blast on a Budget

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Like the rockets responsible for the legendary red glare, 4th of July business is booming! According to a National Retail Federation report, Americans spent more than $7 billion on Independence Day celebrations last year. That figure is pretty steep — especially when you consider that America only spent $151 million (approximately $2.4 billion when adjusted for current inflation) on the Revolutionary War itself.

With our country’s birthday quickly approaching, you may be wondering whether it’s possible to show your star-spangled spirit without overspending on the festivities. We’re happy to report it’s entirely possible, especially if you follow these five tips:

1. Use DIY or dollar store decorations.
Thanks to Pinterest and your local dollar store, it’s easier than ever to stretch your decoration dollars. Before you spend your hard-earned money on red, white, and blue decorations from big box stores or trendy boutiques, see if you can give the holiday a personal touch with some simple DIY projects. If you don’t have enough time to get crafty, swing by the dollar store and load up your patriotic cart for less.

2. Host a BBQ potluck.
There’s nothing like celebrating the 4th with family, friends, and food. But just because you’re the one hosting the party, doesn’t mean you should foot the entire food bill. If you’re going to grill out, consider providing the main course (burgers, hot dogs, chicken, etc.) and asking your guests to bring their favorite fixings, dessert, and sides. While everyone gets to show off their individual tastes, you get to hang on to more of your hard-earned cash.

3. BYOB. If your gathering is going to include adult beverages, there are a few great reasons to adopt a BYOB policy. First, when everyone brings their own beverage, they’re sure to have something they enjoy. Second, unlike kid-friendly sodas and juice boxes, grown-up drinks can be pricey. Just like buying a round at the bar, providing beer or wine for all your cookout guests can put a serious dent in your budget.

4. Do not BYOF.
Not familiar with this abbreviation? BYOF stands for “Buy Your Own Fireworks.” And if you’ve ever experienced the sticker shock that happens in a fireworks store, you know exactly why purchasing your own explosives can be dangerous to your wallet (not to mention your health and safety). Check your local news outlets and social media accounts for information on community fireworks shows instead.

5. Plan for next year.
One of the best things about 4th of July festivities is that the theme is always the same. That means you can score some incredible deals on Independence Day trinkets and decorations by shopping on July 5th and beyond. Since most stores don’t want to hold holiday inventory for an entire year, they often offer drastic discounts that will let you pick up next year’s decorations for much less.

However you choose to commemorate our nation’s birthday, a little creativity and advanced planning can help you celebrate in style — and within your budget.

5 Tips to Help Pay Back Student Loans

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It’s graduation season, and the average student loan debt now exceeds $30,000. No wonder an estimated 11% of student loans are in default!

The Department of Education already expanded repayment options like pay-as-you-earn plans (PAYE) and income-based repayment plans (IBR) over the last few years, but many students are still struggling with this financial burden well into their post-college years.

In 2017, lawmakers introduced a new bill that could make a big difference for graduates – and their employers. This bill would extend tax benefits to employers who choose to help their workers with student debt.

Tips for Tackling Student Debt Responsibly

Money to pay back student loans would be great, right? Although the above program could be helpful if passed in the future, paying back the bulk of a student loan is ultimately the borrower’s responsibility. Paying off debt can be challenging, so here are a few tips for tackling student loans responsibly.

1. Pay more than the minimum and/or double up on payments.

Like most other bills, student loans are usually due once a month. Paying a little more than the minimum required amount can help you knock out the debt sooner (use a debt repayment calculator to find out exactly how much) and avoid paying extra interest. If you receive bi-weekly paychecks, you could also set up an additional automatic payment on paydays (even if it’s only a small amount).

2. Find your payoff date and use it as an incentive.

Knowing it will take you 10 years to pay off your student loans is discouraging, but every little bit of extra you pay into the loan will make freedom day a little bit closer. Create a visual update every time you achieve a new payoff date, and you’ll find more incentive to keep taking months and years off the end of it.

3. Use your tax refunds or education credits.

Did you get a tax refund or education credit this year? Instead of spending it, why not use the money to make a large payment on your student loans? The faster you can eliminate a monthly payment, the faster you’ll free up more of your budget year-round, rather than having to wait for your next refund check to have some “fun” money.

4. Take on a side job or apply your annual raise.

If you’re already working full-time, more work might not seem like the ideal situation. That’s why if you take on a side job to repay your student loans faster, choose something fun – and only do it a few hours or days a week. When this money is set aside exclusively for paying your student loans, it can quickly make a dent. Secondly, when you get your annual raise, apply the difference to your loans rather than inflating your lifestyle.

5. Consolidate and refinance – with caution.

Consolidating debt sometimes makes sense, especially if interest rates have dropped significantly. On the other hand, refinancing just to get lower payments while lengthening the duration of your loan – may only mean paying more interest in the long run.

Your personal finance habits will truly make the difference in getting out from under the burden of student loans, once and for all.

Read more about student loan repayment options in this article from bankrate.com.

Article Source: Jessica Sommerfield for moneyning.com