6 Easy to Forget Expenses to Include in Your Budget

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Creating a budget is never easy, as it can take months or even years to perfect the process. And on top of that, life is always changing – so a budget that worked a few months ago might not necessarily work now.

One of the most common reasons people find budgeting so hard is because there are so many different expenses to keep track of. The big ones, like housing and food, are obvious. But there are so many little things we forget about that can derail a budget from the start. The next time you evaluate your budget, consider these six expenses that people often forget:

Celebrations

It seems like every week, we’re always celebrating something. From birthdays to weddings to holidays, our schedules are jam packed with social events. However, we often forget that these celebrations come with hefty price tags. Gifts, travel costs, and party attire can add up quickly. Not accounting for these items can really throw your budget off. For example, if you know you have a few weddings coming up in the next year, make sure to set aside funds to cover any associated costs. Also be sure to increase your budget during the holiday season to account for gifts and travel.

Pet Care

We love our pets, but there’s no denying that caring for them can get expensive. We tend to only think of pet care expenses in terms of things they use everyday, like food, but any pet owner knows that there are many other major costs associated with furry friends. Health care, including regular veterinary visits, are a big one. Grooming and pet sitting is another. These are expenses for your pet that may not happen every month, but they’re regular enough that you should include them in your budget.

Coffee

Any good budget will include a category for food and dining, but don’t forget to include your coffee in there as well. We all know how much a cup of coffee can cost – anywhere from $2 for a regular cup to $6 for a latte. It’s something many of us can’t live without and it definitely adds up. Whether you make your own or go to your local Starbucks, make sure you understand how much you’re really spending every month.

Home Maintenance

Owning a home is a dream to many, but when that dream finally comes true, many first-time homeowners are unpleasantly surprised by the cost of home maintenance. Aside from utilities, and minor repairs, there are many recurring expenses, such as lawn maintenance and weather proofing that homeowners often forget. Expenses like these drive up the cost of owning a home considerably.

‘Me’ Fund

When we’re trying to stick to a tight budget, we often forget about ourselves. If you’re trying to cut your budget, spending on things you enjoy is likely the first expense to go. Don’t underestimate the value of having a ‘me’ fund though. It can be anything, from a night out or a pedicure, but doing even something small from time to time can drastically improve your mood and increase your productivity.

Emergency Fund

The one thing people most often forget to account for is an emergency fund. This is also the most important. With all that’s going on, saving up for a rainy day is probably the last thing on your mind. But as with life, you never really know what can happen, and you need an emergency fund to protect you from whatever life throws your way. Your budget should include a portion to set aside for emergencies. Many recommend that you have 3 months of expenses on hand at any given moment. You can decide the amount you’re comfortable with and slowly save up for it. Just remember to make this a priority.

Article Source: Connie Mei for Moneyning.com

6 Tips for Protecting Yourself Against Robocall Scams

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With the rise of automated telemarketing — otherwise known as robocalling, it looks like the annoying calls have evolved. If these automated calls could simply be chalked up as the digital version of cold calling, it would be the least of our worries. But many of them are deliberate scams designed to trick people into sharing their account details, social security numbers, and other personal information. Based on consumer reporting, the Federal Trade Commission estimates there are 2.6 billion of these calls each month!

Maybe you know better than to give personal information over the phone, but some scammers can use any response you give, even a simple “yes.” For example, one of the robocall scams circulating last year started with the line “Can you hear me?” If someone answered “yes,” the response was recorded and used to authorize fraudulent charges on the victim’s accounts over the phone.

Some robocall scams will impersonate familiar entities like the IRS or charity organizations. In one recent scourge of fraudulent robocalls, recordings posed as Google account specialists. Another tactic these scams use is known as spoofing — calling from a phone number that will look familiar to you, perhaps sharing the same area code or prefix.

Authorities are cracking down on this type of fraud, but they are still far from eradicating the problem — if that’s even possible. Meanwhile, there are many ways you can protect yourself from becoming a victim of a robocall scam.

1. Don’t answer the phone for an unfamiliar number. If you answer, immediately hang up. Do NOT speak or key any responses.

One of the first lines of defense is not to interact with these machines at all. Answering and immediately hanging up is the next best thing, but you’re likely to keep getting more calls. It’s better not to give any indication that you’re a “live” target.

2. If you responded to a call in the past and suspect it was a scam, check your accounts.

Don’t feel too bad if you’ve fallen for one of these scams — they’re designed to fool the best of us. Simply check your accounts for suspicious activity and change important passwords. Contact your bank or credit card company immediately if your account has been compromised. In fact, checking your account regularly is a good practice. Add it into your routine – it really doesn’t even take that long, and soon will become second nature.

3. If you suspect you may have received fraudulent calls, report them.

These kinds of calls, even if they aren’t exactly scams, are illegal in many cases. Never hesitate to report suspicious calls to the Better Business Bureau’s Scam Tracker or the Federal Communication Commission’s (FCC) Help Center. Even if the scammers didn’t get to you, reporting them will make sure they don’t get to anyone else.

4. Ask your carrier if they have a robocall blocking service.

In November 2017, the FCC approved rules that give carriers more license to block suspicious calls. If there’s a service in place, make sure you opt into it.

5. Fight back: install a robocall-blocking app on your mobile device.

Just as telemarketers have shifted their efforts to cell phones, robocall scams are increasingly targeting mobile phones. Apps such as “Robokiller,” “Nomorobo,” “Should I Answer?” and “Hiya” use robot-detecting technology to create another line of defense between you and the latest scam.

6. Keep your number to yourself.

Just about every online form asks for a phone number, but you don’t have to give this information away. The more your number gets out there, the greater the chance robocall scammers will get their hands on it. Treat your phone number like it’s a part of your personal identity and guard it carefully.

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 9am-12:30pm EST.

Article Source: Jessica Sommerfield for Moneyning.com

Are Meal Delivery Services Worth the Money?

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With almost $5 billion in sales in one year alone, it’s safe to say meal delivery services are catching on. If you haven’t sampled the savory selections from companies like Blue Apron, Hello Fresh, or Home Chef already, you’ve probably seen more than a few of their sponsored ads pop up in your social media feeds. You may even know someone who uses the services for themselves. While these chef-designed, pre-packaged meals can be a phenomenal way to try new recipes, are they a solid choice for stretching your grocery budget?

According to a recent Morning Consult poll, 59% of survey respondents listed high costs as their main concerns. But with projections suggesting the meal-delivery industry could become a multi-billion dollar market by 2022, it seems like plenty of consumers are still willing to jump on the meal delivery bandwagon. The widespread appeal appears to be based on a variety of factors other than monetary savings.

Costs can be measured in more than money.

Meal delivery services enjoy the highest popularity among millennials and individuals earning more than $100,000 a year, particularly those living in cities. These results point to the fact that busy people appear to value time savings and food quality as much as, if not more than, financial savings.

Time Cost

There’s no denying that it takes time to plan your meals, create a grocery list, and actually shop for the food. By creating recipes and sending all the ingredients right to your door, companies like Blue Apron and Hello Fresh can save you the time you’d normally spend on planning and shopping. The busier you are, the more value this service becomes.

Quality of Ingredients
If saving money on your groceries is your main goal, it’s easy to reduce costs by buying lower-quality food. Unfortunately, this strategy usually leaves you with an abundance of processed foods that lack nutrition and flavor. The most popular meal prep services rely on culinary chefs to design meals that combine high-quality ingredients to create a meal that’s healthy and delicious.

Financial Expense

With the most popular 2-person meal plans starting at $60 per week for 3 meal kits, the cost averages $10 per meal. While you can certainly spend less shopping for yourself, these options are considerably less expensive than the average meal at a restaurant. So, if your busy schedule leaves you dining out on a regular basis, meal delivery services may provide financial savings after all.

What kind of savings do these services actually deliver?

There’s no denying the growing demand for meal delivery services. The fact that retail giants like Amazon and Walmart are looking to be part of the meal kit market, only serves to confirm its rising popularity.

As you try to decide whether one of these services is the right solution for you, the value depends on your expectations. If you’re looking to spend less than you would by planning your own meals and shopping for yourself, you’ll probably be disappointed. But if you view these services as a time-saving bridge between home-cooked meals and going out to eat at restaurants, the value is much easier to see.

What are your thoughts on meal delivery services if you’ve tried them, and the value they provide? Comment using the word bubble at the top of this blog post. We’d love to hear your feedback!

 

5 Ways to Save on Wedding Costs

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If you’re currently planning a wedding, you may be experiencing sticker shock at how much it costs to say “I do.” According to a recent study conducted by online wedding planner The Knot, the average wedding cost is $35,329. And that cost doesn’t even include the cost of a honeymoon, which could add several thousand dollars to that total.

According to a recent article by Buzzfeed, here are 5 smart ways to save on the cost of a wedding:

1. Don’t get married on a Saturday. Most venues charge much less for weddings on Friday night or Sunday, and even less for mid-week ceremonies.

2. Rent a home for the wedding and lodging. A fun new trend includes couples renting a huge vacation home for a few days and throwing a wedding house party. Bring in a caterer for a festive touch, so nobody is stuck on dish duty.

3. Get hitched on campus. Even if you and your fiancé didn’t attend the same alma mater, many universities have beautiful facilities you can rent for a fraction of the price of private venues. They also make excellent settings for photos!

4. Don’t serve a sit-down dinner. Hors d’oeuvres and/or cake and champagne are plenty, especially if you have a night wedding. And honestly, probably no one will miss the chicken or the fish.

5. Get married in December. Most places are beautifully decorated for the holidays, which means you will save on flowers and other decor. *This is true! First Financial’s VP of Marketing got married in December and the couple only needed to provide minimal decorations at the reception, being that it was already beautifully decorated for the season with Christmas trees, wreaths, poinsettias, and the like.

Article Source: Heather Anderson for Financialfeed

4 Simple Ways to Stick to Your Budget

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When you’re adjusting to keeping a budget, it can be tempting to give up. If you’re having trouble staying with your budget, here are a few things that could help.

Keep it real: Maybe you didn’t allot enough money in certain areas of your budget. If this is the case, try and find a happy medium that is more realistic so you can still cut back a little bit.

Automate when you can: Having trouble saving? We’ve all been there. If you have direct deposit at work, figure out how much you want to put aside every month, and have that amount automatically put into your savings account. This way, you can set it and forget it.

Be flexible: When you’re originally planning a budget, you may think you know exactly how much you plan on spending. While that sounds great in theory, you’ll probably have to reassess things a few times. Make sure your budget includes some flexible money that you can use in different areas when needed.

Be patient: Don’t spend it all in one place. If you drain your budget in the first week, the rest of the month is going to be a lot less fun. Do your best to make your money last each month, and it’ll be a lot more pleasant.

Need help with your budget? Check out our budgeting guide!

Article Source: John Pettit for CUInsight.com

Easy Personal Finance Tips Everyone Can Use

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For the Average Joe, even if you feel you’re doing well with your finances, you could probably stand to make a few changes to your financial habits. If you’d like to spend less and save more, here are a few things to think about.

Be smart with credit cards: A credit card can be a valuable tool, but if used incorrectly, it can create debt that can be tough to manage. Only use your credit card for purchases you can pay off each month. This is a great way to build a good credit score, but always make sure you’re being careful when paying with plastic.

Find savings as often as you can:  It doesn’t matter how big or small the purchase, you can probably find it cheaper somewhere else. Have you checked the competitor’s prices? Looked online? More times than not, you’ll find just what you’re looking for on the internet, and usually for a lot less.

Use automatic bill pay: Have you mapped out your monthly bills and their due dates? If you haven’t, now would be a good time to start. Look at the due dates and design an auto pay schedule that will keep you from missing any payments. Paying your bills on time is a must if you want to keep your credit score up.

Be cheap: No matter how much money you make, you should always try to live below your means. The less you spend, the more you can save for your future, and you’ll be glad you planned ahead when retirement time comes around.

Article Source: John Pettit for CUInsight.com