Back to School Shopping Strategies to Spend Smart

back-to-schoolSo here is the deal: it is impossible to avoid back to school shopping. The plain truth is you need to get certain supplies to make sure your child is prepared for back to school season. This can become quite expensive, as children seem to need more and more every year. But savvy spenders know that there are several tips and tricks you can follow in order to save big. You don’t have to be a shopping guru or expert in order to save, you just need to know where the deals are, and the places you can save a few pennies. Below, you will find back to school shopping strategies to spend smart and save big.

You will find that these tips are simple to follow and don’t require a great deal of know how or time. Give these tips a try and see how easy it is to shop smart and save big. Take a peek!

1. Get your child involved.

Explain to your child what the difference between wants and needs are. They won’t be able to get every single item they want and you should be able to tell them that. Before shopping, make a list with your child based on the list the school provides. Make sure your child understands what they will be getting to prepare them for school and what can wait.

2. Eliminate gimmicks.

Teachers will tell you that things like sparkly erasers, light up pencils, and other fancy items can be a distraction. They are not only a distraction, but they are more expensive than plain items. Instead, forget about these back to school gimmicks and keep things simple. It costs less.

3. Keep your supply list in the car.

While you are running your errands, you will want to keep your list on you should you run into any deals. If you don’t have your list, you could miss out on a hot deal. Keep your list in your car or in your purse so if you come across a sale or a free with rebate deal, you have your list to see if you need it or not.

4. Buy basic supplies in bulk.

You can buy basic supplies such as paper, pencils, and notebooks in bulk. Warehouse stores are perfect for buying these items for less and having enough to sustain you for the rest of the year. Do the math and make sure the bulk price beats the a la carte price before you shop.

5. Negotiate a group discount.

Gather the other parents at school and see if you can rally together to save. A group of parents may be able to negotiate a group discount from a local office supply store. Contact stores in your area and see if they are open to the possibility of this. Then, contact parents and get the ball rolling.

6. Stock up and set up a home store.

Buy items on sale, free with rebate, or in bulk and then gather them in a storage bin. Keep the bin in a safe place where they can be shopped during the year as they are needed. That way, you are not having to run out and buy items during the year, possibly spending more.

7. Help your school and yourself.

Ask if your school participates in a program like OneCause. If so you can shop for supplies often receiving a discount and special coupons. Plus with your purchase, your local retailer will donate a percentage to the school of your choice. It is a win/win!

See how easy it is to save money on back to school? With these back to school shopping strategies you can learn how to spend smart and save big. These tips will help you make the most of your cash and stretch your shopping dollar. Give them a try and see how quickly the savings add up for you!

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You Thought You Were Safe? 6 Myths and Realities of Online Security

Even at the best of times, surfing the Web involves a delicate dance between security and freedom. After all, while you have the freedom to visit any site in the world, the thought that your favorite website might be infected with malware can put a dent in your plans. When it comes to privacy on the Internet, nobody is completely secure.

For years, security experts have offered a more-or-less unchanging menu of advice. But do things like shredding your documents and changing your passwords really keep you safe? Bo Holland, founder and CEO of identity theft protection company AllClearID shared his thoughts on the most important moves for ensuring your safety … as well as the ones that aren’t quite as important anymore.

  1. Shredding: For years, security professionals have emphasized the importance of shredding your personal documents before you throw them out. But Holland notes that shredding isn’t as much of a priority as it used to be. “There aren’t nearly as many documents with personal information out there as there were even just two years ago,” he explains. “These days, it’s much easier to get your information off your computer.”
  2. Strong Passwords: Passwords are your first line of defense against intruders. But, as Holland points out, even the most careful people sometimes have password breaches. “I’ve helped chief privacy officers from health care and security firms,” he notes. “If they’re getting hit, then anyone is vulnerable.” While Holland notes the importance of having a good password, he emphasizes that the most important thing is paying attention to password breach notifications. If you hear that one of your passwords may have been breached, he counsels, change it immediately. And, because many of your accounts may be linked, he notes, it’s not a bad idea to change the rest of your passwords as well.
  3. Keep on Top of Updates: One piece of advice that you don’t often hear is to keep on top of software updates. But, Holland argues, updating your operating system, your software, and your security programs is one of the easiest and most important ways to ensure your security. Software companies spend a lot of time and money trying to stay ahead of online intruders — it only makes sense to take advantage of their work.
  4. Double Check Your Financial Institution: Even if you are convinced that your security is state-of-the-art and your password is unbreakable, it never hurts to double-check your most sensitive accounts. Holland suggests regularly checking your financial and credit card statements to ensure that there aren’t any inappropriate charges on your accounts.
  5. Set Email and Text Alerts: When a breach happens, a fast response can mean the difference between a minor annoyance and a major pain in the neck. With that in mind, Holland suggests talking to your financial institution about having transaction alerts placed on your account. Every time your account is credited with a transaction over a particular amount — $50, for example — your financial institutions will send you an e-mail or text notification. If it’s an expected transaction, you can discard the message; if not, you’ll be able to respond immediately.
  6. Check Your Free Credit Report: Every year, you are entitled to a free credit report from each of the reporting bureaus. Holland suggests taking advantage of this free service, noting that your credit report is a great way to track your outstanding debts and ensure that nobody is trying to open false accounts in your name.

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7 Tips for Saving Time & Money When Shopping Online

Ever wonder what the real experts know that you don’t when it comes to online shopping?

Little tricks of the trade that make the buys better, the discounts deeper and the whole experience of online shopping even smoother?

It comes down to a few smart strategies, a little organization — and the willingness to walk away from sites that skimp on consumer must-haves, like convenience and security. These days, when it comes to retail goods, shoppers are making more than one out of every six purchases online, according to statistics from the National Retail Federation. And that number is growing. Want to make your surfing, clicking and buying quicker, cheaper and easier? Here are seven insider strategies:

1. Get the coupons, skip the spam.

What’s the difference between getting a big discount and missing out entirely?

With online shopping it can be a matter of timing. Most online shops “release coupons on the second of the month or on the 27th or 28th,” says Hillary Mendelsohn, author of “the purplebook” online shopping series.

“So that’s good to know, timing-wise,” she says. While coupon codes are great, stores don’t always release them to coupon code aggregating sites, Mendelsohn says.

Her strategy: She registered for a free email account and uses that address to sign up for coupons at the stores she regularly shops. When she’s ready to buy, Mendelsohn logs into the email account and does a quick search for that store. What she has instantly: All its coupons.

“This is a great way of not having your [regular] email box filled with spam and being able to access the deals you want all the time,” Mendelsohn says.

2. Consider automating regular buys.

Have something bulky or heavy that you buy regularly?

Instead of lugging it home yourself, consider setting up an automated order, says Mendelsohn, who uses Amazon’s “subscribe” feature to get her kids’ favorite tea by the case every other month.

“I don’t have to place the order, and I get a discount,” she says. “And it’s free shipping. It makes a huge difference, and I don’t have the schlep it.” What it’s good for: “Big things you need constantly” from diapers to dog food, she says. “You save money, you save time and you save schlep energy.”

Free shipping can also sub in for “free delivery” for large one-time purchases, such as patio furniture and ping-pong tables, she says. With all the options for shopping and delivery, it pays to think strategically and “be smart about what you order online and what you go to the store for,” Mendelsohn says.

3. Coupons + discount gift cards = more savings.

What’s better than a coupon for something you need? Being able to combine that coupon with a discounted gift card to amp up your savings.

And while you often can’t use two different coupons on one item, you can use a coupon with a gift card purchased for less than face value, says Michelle Madhok, founder of SheFinds.com, an online shopping site.

Madhok’s tip: Use a gift card search site (her favorite: GiftCardGranny.com) to find a reputable seller for whatever card you need. And stick with well-known, legit companies, rather than individuals, she advises.

You can often buy them for 6% to 15% off face value and many are ecards, so you don’t have to wait for delivery, Madhok says. Then “stack the deal” with a coupon or promo code, Madhok says. Recently, “I used a digital gift card and coupon code on a $300 purchase and ended up saving about $50,” she says. Want to ratchet that up even more? Use a credit card that gives you rewards or cash back, says Madhok. Some cards will even boost those rewards if you buy from certain merchants or use the card’s app or online site as a jumping off point for your shopping.

4. Use alerts to save, not spend.

Be careful about subscribing to those “daily deals,” says Kit Yarrow, consumer psychologist and author of “Generation BuY: How Tweens, Teens, and Twenty-Somethings Are Revolutionizing Retail.”

Here’s why: They present a sudden deadline, plus an element of competition, she says. “People make hasty decisions when they feel like they’re competing with other shoppers.”

“I’ve found that shoppers tend to end up buying more, and they also buy less-satisfying things through this process,” Yarrow says.

When alerts can save: After you buy. Set up a price alert for the item and if the price drops, email customer service about a refund of the discounted amount, says Madhok, who used this recently to save $70 total on two separate buys. “Usually, they’ll honor it within two weeks” of purchase she says.

5. Make the most of that shopping cart.

If you want to save a few bucks, that shopping cart is valuable real estate.

“Pre-load your shopping cart with items you’re hoping to buy, in order to snap them up quickly if they go on sale,” says Yarrow.

“Most sites don’t empty your shopping cart if you’re a registered user,” she says. “So when they go on sale, you’re ready to go.”

It gives you time to rethink your buying decision, too, she says. “This process also helps shoppers make better decisions because it forces a ‘cooling off period.'” Want an extra incentive not to spend? Consider the cost and hassle of returning before you click “buy,” says Yarrow. And find out who pays return shipping.

6. Find out upfront: Available or back-order?

Shopping under a deadline? Check back-order before you pay, says Leslie Linevsky, co-founder of Catalogs.com.

Ideally, sites should notify you that something is out of stock when you place it in your shopping cart, she says. But not all of them do. Some notify you after you’ve given your card information, but before they bill you, Linevsky says. Others may not tell you at all. So keep back-order in mind as you shop and look for indicators that your merchandise is actually available. If the site doesn’t disclose if an item is in stock, call before you place the order, says Linevsky. Or go to a site that makes it plain, she says.

7. Practice safe shopping.

If you really want to save time and money, it pays to be as safety conscious online as you would be at your neighborhood mall.

Some smart habits:

  • When you’re supplying personal data (such as your name, address or card number), make sure you’re on a secure, encrypted page, says Frank DeBlasi, co-founder of HooplaDoopla.com, a cash-back shopping site.
  • If the URL has an “s” (for “secure”) after the “http,” that means “any information you send is being transmitted securely,” he says. “You never want to shop anywhere that doesn’t have that.”
  • Likewise, you don’t want to use public or office computers for shopping. Information can linger, even if you think you’ve erased it. (Not to mention that some employers actually monitor your keystrokes.)
  • Skip the public WiFi, too, says DeBlasi. “You never know the true level of security of the network you are connected to,” he says. “On your home network, you have control of the level of security.”
  • And watch how you pay. “Always use a credit card when you purchase online, not a debit card,” DeBlasi says. With a debit card, if something goes wrong, you’re fighting to get back cash that’s already missing from your account, he says. “When you use a credit card, you have a middle man in the transaction. And the money isn’t removed from your account.”

Article Source: Foxbusiness.com

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Fed Up With Your Bank? Consider a Credit Union

Last year, credit union membership grew by 2 million people and credit union deposits topped $1 trillion for the first time ever, according to the Credit Union National Association. This was after banks got a bad rap during the financial crisis for their part in risky mortgage lending and for fees that many consumers view as unnecessarily greedy…

Think of credit unions as not-for-profit banks. That’s what they are, although they are not allowed to call themselves by that name. Do they have something to do with credit cards? Only partially. Or unions? No. Are they private clubs that few people can join? No again.

Today anybody can join a credit union. There’s always a way, and yet many people don’t realize that. True, in the old days, you could only join a credit union if your employer offered one. That’s still a great way in, but there are plenty of other ways to join. For example, one credit union runs a charitable foundation in its community and if you donate $25 to the foundation you are eligible to join the credit union. To become a member of First Financial, you must live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties, New Jersey, as well as keep at least $5 in a base savings account with the credit union.*

Why would you want to? Since credit unions are not-for-profit, they can often afford to offer their members lower rates on loans. They are also more flexible in listening to members’ stories rather than just looking at their credit scores. So if you have imperfect credit, but there’s an understandable reason for it, such as an illness in the family, or a recession-related job loss, tell your story and you may still get approved for a loan at a credit union.

What size savings might you find? Here’s one example. After researching interest rates online for a $25,000 car loan, some banks were charging as much as 11.22 percent. The lowest rate found was at a credit union. Over the course of the loan, a lower rate of 4.25% would save you nearly $2,000!** Check out First Financial’s current loan rates to see if you can save money by refinancing or applying for one of our loans.

Go ahead, consider at least adding a credit union like First Financial to your financial strategy. Americans seem to be catching on that credit union membership is a beneficial piece of the financial puzzle.

“Every member of the credit union is an owner,” explains Issa Stephan, President and CEO of First Financial Federal Credit Union. “Money doesn’t go to a few investors, or to rally the stock price. We put what we need in capital as required by the federal government. Everything else goes back to the members through lower rates on loans, higher savings rates, updated technologies and assisting members through hard times. A lot of people lost their jobs and went through difficult times recently, and we use our resources to help our members with integrity and commitment to their long-term financial success.”

Doesn’t this make you interested in trying a credit union? If you’re not a member already, spread the word to family and friends! Call us at 732.312.1500, stop into any one of our branches, or visit us online at www.firstffcu.com to open a membership today!

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*$5 in a base savings account is your membership deposit and is required to remain in your base savings account at all times to be a member in good standing. All credit unions require a membership deposit. **Credit worthiness determines your APR.equal%20housing%20lender%20logo-resized-600

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7 “Not So Smart” Credit Tips

There’s a lot of advice floating around out there about how to manage your credit cards and other debts to maximize your credit score. The trouble is, not all this wisdom is created equal, and some tips intended to help your credit can actually have the opposite effect. Here are seven “not so smart” tips that you should steer away from.

1. Asking for a lower credit limit.

If you can’t control your spending, asking for a lower credit limit may indeed keep you out of trouble by simply capping how much you can borrow. But there’s also a risk to this approach. As MyFICO.com explains, 30% of your credit score is based on how much you owe. The formula looks at how much you owe as a percentage of how much available credit you have, otherwise known as your credit utilization ratio. So if you’re unable to pay off your debt, lowering your credit limit will increase your ratio — and damage your score. The impulse to impose external limits on your spending is understandable, and in some cases wise, but you’re better off focusing your energy on restraint.

2. Paying off an installment account early.

Paying off debt early might seem like a good way to improve your credit, but paying off an installment loan (like a car loan), too early can actually ding your score because it raises your utilization ratio. For instance, if you have a $10,000 car loan with a $5,000 balance that you pay off in one fell swoop, your debt load will drop by $5,000, but your available credit will drop by $10,000 once the account is closed.

This isn’t to say you shouldn’t pay off a debt early if you find yourself with a windfall on your hands. An earlier payoff can save you a bundle, but if you’re trying to raise your credit score – paying off a credit card sooner rather than an installment loan is the way to go.

3. Opening a bunch of cards at once.

Since your utilization ratio is so important, a lot of people think that getting as much available credit as possible — immediately — will do the trick. But it doesn’t work like this, unfortunately. “You can’t magically improve your utilization ratio by applying for a slew of cards in rapid succession because numerous inquiries and multiple brand new cards both can lower your score,” says Barry Paperno, credit expert at Credit.com. If you want more credit to improve your score, space out the process and be realistic about your situation; don’t take the hit to your score by applying for a card you know you probably won’t qualify for. (Financial institutions that aggregate credit card offers generally spell out what kind of credit score you need to obtain a particular card).

4. Settling a debt for less than you owe.

Negotiating with a lender and then settling the debt for less than you owe can be a smart move. But it can also hurt your credit if you do it the wrong way. You must get the lender or collections company to agree in writing to report the debt as “paid in full;” otherwise, it will be noted “settled for less than the balance.”

5. Using prepaid debit cards to rebuild your credit.

John Ulzheimer, president of consumer education at SmartCredit.com, says a lot of borrowers have the misconception that prepaid debit cards and credit cards are equally good credit building tools. They’re not. Prepaid cards “don’t do anything to help build or rebuild your credit and are not a viable long-term plastic solution,” he says. Although some prepaid card issuers say they help build credit, none currently report to the three major credit bureaus.

Businessman's hand holding blue credit cards 03. Isolated on whi6. Never using your credit cards.

Some people approach credit like a poker game, with the mentality that you can’t lose money if you don’t play your cards. Although it’s always advisable to pay off your bill in full every month, not using credit cards at all can actually backfire when it comes to your credit score. If an issuer looks at your account and sees that there hasn’t been any activity for a while (how long varies, but more than a year is a good rule of thumb), they might close it. Losing that credit line hurts your utilization ratio, which can hurt your credit score. Try to  charge a small amount regularly — maybe a recurring bill like a gym membership or airline tickets for your annual summer vacation — and paying it off every month.

7. Checking your credit daily. 

Checking your credit score every day won’t hurt your score (when you request your score, it’s called a “soft pull,” which is different from the “hard pull” lenders conduct that does affect your score). But trying to parse why you gained or lost two points here or there will just give you heartburn and won’t give you any greater insight into how your score is calculated. Lenders generally report to credit bureaus every 30 days, so checking your score every day takes the focus off what really matters: how your longer-term financial habits affect your credit file.

Article Source: http://business.time.com/2013/05/06/7-smart-credit-tips-that-arent/#ixzz2SzgoxXjx