The True Cost of Your RV

Question: We’d like to get an RV instead of going on vacation this summer. It’s always been a dream of ours. In addition to the cost of purchasing the RV, what hidden expenses should I expect once we own it?

Answer: Buying or renting an RV can be an enjoyable way to travel and see the country from sea to shining sea without checking into a motel room even once. But before you make that decision, take into account these hidden and additional costs:

Fuel. Plan on about 8 to 15 miles per gallon. If your water and sewage tanks are fully loaded, you’ll spend more on fuel. If you travel light, you can get better mileage. But in the middle of that range, it’s still going to cost about 38 to 40 cents per mile in fuel costs alone, assuming diesel prices of $3.50 per gallon. Some areas have higher fuel costs than others.

Also, not only will driving use up gas, but your generator will also consume fuel if you aren’t plugged into the grid. If you’re using an electric heater or the air conditioning while you are stationary, or if you enjoy hot water, you will have to run your generator. The more you use it, the higher the costs will be. Some may use propane rather than electricity, but propane isn’t free either.

RV Park Fees. Lots of people use the free parking in Walmart parking lots, but if you want to stay at an RV park, plan on spending between $30 and $50 per night. This is usually a little less than you’d pay for a budget hotel, but be prepared to pay it pretty often. RV folks tend to be out on longer trips than non-RV people, who may only pay for a hotel for a few days or a week. You can usually get a discount from RV parks if you pay by the month.

Insurance. Because there are a number of specialized underwriting factors, see if you can find an insurance carrier or agency that specializes in RVs. For example, a typical auto policy has very limited benefits for replacing lost, stolen or destroyed personal belongings in a car. You will need higher limits for an RV than for a standard truck or sedan. You will also need specialized ‘full-timer’ insurance for when your RV is stationary. This coverage provides similar protection to homeowners’ insurance. But if you still have an unwheeled residence, you’ll also need to maintain home coverage on it.

Note: In most cases, you need insurance even if your RV is a trailer. Ask your agent about “trailer insurance.”

Maintenance. Save early and save often for maintenance issues. Towing costs alone will be significant if you do have a breakdown. It takes a heavier duty tow truck to haul an RV – and it may have to be hauled a long way to find a mechanic capable of fixing it! Maintenance costs are all over the map, but can easily run thousands of dollars. New tires alone cost $300 each (roughly $1,200 to change them all).

Once you’re aware of these factors and feel, as many people do, that the benefits and savings far outweigh the costs, start shopping for your RV. First Financial can help you purchase an RV with our RV loan program. We have great low rates plus:

  • Financing on your new or used RV up to 120 months
  • Up to 110% financing
  • Loan Payment Protection
  • Easy online application

Click here to learn more and to apply today!

*A First Financial membership is required to obtain an RV loan and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan.

This article is courtesy of CUContent.

6 Sneaky Summer Expenses to Avoid

iStock_000016935539XSmallSummer is the time kick back, relax and just take things easy for a few months. While this means you may be feeling a little lax with your budget, you don’t have to waste those hard-earned dollars on frivolous purchases and expenses that can easily be avoided. Even if you aren’t tracking your spending on a daily basis, there are some things you can do to be more mindful about your spending habits and make better money decisions all season long.

Whether you’re enjoying some vacation time this summer or just working your way through those hot summer days, here are six sneaky summer expenses you can avoid.

  1. Excessive toll charges. You may be relying on your GPS to provide you with the shortest route and turn-by-turn directions to your final destination, but make sure you aren’t required to pay a lot of toll fees along the way. Consider taking an alternative route – even if the trip takes slightly longer – so you don’t end up paying extra money in toll charges on a single trip. Factor in the extra cost of gas on the alternate route if needed so you really are saving money on the total cost of that drive.
  2. Car rental insurance. If you’re planning a road trip but don’t want to put miles on your own car or you end up needing a rental car when you’re on vacation, don’t add more to the cost of your trip by purchasing rental car insurance. Almost all major credit card companies offer car rental insurance coverage as a benefit to cardholders – regardless of their balance. Check with your credit card provider to find out if it offers car rental insurance and also check with your insurance company to see if car rentals are included in your coverage. In many cases, your car insurance will provide primary coverage and the credit card will take care of secondary coverage, such as towing charges and other fees.
  3. Cost of personal items on vacation. Don’t let running out of sunscreen, bottled water or other everyday essentials put a dent in your vacation budget this season. Buying these items at a hotel, resort or retail store at a vacation hotspot can leave you paying a premium, so make sure to stock up on the essentials before you head out. Make a checklist of must-haves for the beach and beyond so you don’t spend extra money on the basics.
  4. Beach umbrella and chair rentals. Many resorts and hotels by the ocean offer beach umbrella and chair rentals for an additional fee. If you can bring your own, you could end up saving upward of $15 per day on these amenities. Call ahead to confirm that you are permitted to bring your own beach items – some larger resorts may not allow you to use anything but their own, so you can save some extra money on that overnight stay.
  5. Premium gas prices in tourist towns. If you’re heading to a major tourist city, make sure to fill up in the suburbs or anywhere outside of the main tourist zones to avoid the high price of gas. Many gas stations around tourist hubs charge a premium because they know visitors have limited options in the area. Be smart about where you fill up so you aren’t paying several cents more per gallon every time you need gas.
  6. Movie rental late fees. If you’re planning a movie marathon for a group or just binge-watching a few days during that summer vacation away, make sure you don’t get stuck with late charges and extra fees on those rentals. Only rent what you can watch that same night so you don’t fall into the trap of holding on to the movie for a few extra nights – and paying late fees. Redbox, for example, only charges $1.50 plus tax a night for most DVD rentals but will charge you the same price for every night you hold onto it. If you’re bad about returning movies on time, consider low-cost and free alternatives, such as rentals from the library or borrowing a DVD from a friend to offset some of the costs of movie night.

First Financial’s Summer Savings Account is ideal for those who are looking to save up for summer expenses or a vacation as well as employees who get paid 10 months out of the year. This account allows you to have money available for summer expenses during July and August and you have the ability to choose the amount of money you’d would like to have deposited each pay period through direct deposit or payroll deduction.*

You can elect to have your money transferred into a First Financial Checking Account in two different ways: Either 100% of funds can be transferred on July 1st, or 50% will be transferred July 1st, and the other 50% August 1st. This account can be opened at anytime – stop into any branch, or call us at 866.750.0100.

*A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the Bronze Tier. Click here to view full Rewards First program details. Accounts for children age 13 and under are excluded from this program. 

Article courtesy of US News – Money by Sabah Karimi.

12 Ideas to Help You Stick to Your Budget

Businessman holding a clipboard and writing signature

When cravings for pricey dinners out or new outfits hit, it can be hard to stick with your budgeting plan. Whether you’re trying to cut back on spending, or set aside major funds for a life goal like home ownership, it might be time to adopt some new money-savvy habits. These dozen ideas can help you become more disciplined about your spending.

1. Articulate your goals. 

For some people, there’s nothing more appealing than saving for a four-bedroom house with a white picket fence. Others dream of taking a trip around the world or purchasing a boat. Choosing your personal money goals makes it easier to work toward them. If you have a partner, then set aside some time to talk about your individual and joint goals to make sure you’re on the same page.

2. Create a spending plan.

Most people spend about 2/3 of their income on three essentials: food, housing, and transportation. Then there are debt payments, savings, household costs, and optional items like entertainment to consider. Create an annual budget by allocating spending goals for each category – and try to stick to it as best as you can.

3. Resist retailer advertisements.  

Stores are in the business of getting us to spend money, but if we know their tricks, we can better resist the temptation. Rewards cards, enticing smells (like cinnamon around the holidays) and short-term flash sales are a few techniques retailers use; being aware of them can make it easier to just say “no.”

4. Track your spending. ​

Keeping track of every expenditure over a two-week period can offer insight into unnecessary wastes, from restaurant meals to cab rides. You can use a pen and pencil or take advantage of free apps and online tools like Mint.com.

5. Negotiate prices. 

Prices are often a lot more negotiable than we think, even in department stores. If you’ve seen a lower price listed elsewhere, don’t hesitate to ask the store clerk if they can match it. The worst case scenario is getting a “no.”

6. Research big-ticket items online before visiting the store.

Product review sites, coupon code sites and online discount warehouses often provide information and insight into how (and where) to find the best deals. With the proliferation of free shipping codes, the lowest price is often online.

7. Don’t shy away from all debt.

While debt has earned a bad reputation in the wake of the subprime mortgage crisis, managing credit and even taking on some debt can be useful. Mortgages allow people to buy homes and student loans enable people to go to school. Evaluate your debt decisions by considering the pros and cons carefully.

8. Pay off high-interest rate debt quickly.

Credit card loans are among the highest interest rate debt around, averaging roughly 17%. Paying off credit cards as soon as possible can help reduce fees and interest rate charges that balloon over time.

9. Build a solid credit history. 

Lenders base their decisions on whether or not to loan consumers money, and at what rate – partially on their credit histories. That means consumers with a limited credit history (because they have few or no financial accounts) can have trouble taking on a mortgage. Pay bills on time, and be sure to have some accounts in your name.

10. Check your credit report.

Everyone is entitled to a free credit report once a year; you can get yours at annualcreditreport.com. Reviewing it gives you the chance to fix any mistakes that could be hurting your credit score.

11. Review account statements.

An unfamiliar charge on a credit card is often the first sign of identity theft. Review all mail from financial institutions carefully to make sure your accounts aren’t being misused. If you see an erroneous charge, contact your financial institution immediately.

Don’t wait until it’s too late! Check out First Financial’s ID Theft Protection products – with our Fully Managed Identity Recovery services, you don’t need to worry. A professional Recovery Advocate will do the work on your behalf, based on a plan that you approve. Should you experience an Identity Theft incident, your Recovery Advocate will stick with you all along the way – and will be there for you until your good name is restored and you can try it FREE for 90 days. To learn more about our ID Theft Protection products, click here and enroll today!*

12. Choose the best credit card for you.  

Credit card benefits vary widely. If you tend to carry a balance, it pays to find the card with the lowest interest rate possible. If you’re a frequent traveler, you might want an airline card or a card that comes with travel insurance. Comparison websites such as NerdWallet.com or CreditCards.com can help you find the best card for you.

First Financial’s Visa Platinum Credit Card has no balance transfer fees, rates are as low as 10.9% APR, and first time card approvals are eligible for 2.9% APR for the first 6 months on purchases and balance transfers!**

*Available for new enrollments only. After the free trial of 90 days, the member must contact the Credit Union to opt-out of ID Theft Protection or the monthly fee of $4.95 will automatically be deducted out of the base savings account or $8.95 will be deducted out of the First Protection Checking account (depending upon the coverage option selected), on a monthly basis or until the member opts out of the program. Identity Theft insurance underwritten by subsidiaries or affiliates of Chartis Inc. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.

**APR varies from 10.90% to 17.90% when you open your account based on your credit worthiness. This APR is for purchases, balance transfers, and cash advances and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fee. Other fees that apply: Cash advance fee of 1% of advance ($5 minimum and $25 maximum), Late Payment Fee of up to $25, Foreign Transaction Fee of 1% plus foreign exchange rate of transaction amount, $5 Card Replacement Fee, and Returned Payment Fee of up to $25. A First Financial membership is required to obtain a VISA Platinum Card and is available to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties. The 2.9% promotional rate will apply to purchases and balance transfers only for six statement cycles from the new account holder’s initial balance and/or initial transfer to the First Financial VISA Platinum card. The balance transfer promotional rate does NOT apply to cash advances.

Article Source: Kimberly Palmer for Money.USNews.com –

http://money.usnews.com/money/personal-finance/articles/2015/06/16/12-ideas-to-help-you-stick-to-your-budget

 

7 Tips for Financial Spring Cleaning

Metal Spike File With BillsSpring is not only a great time to spruce up your home and organize your closets, but it’s also an ideal time to clean up your finances too.

Sweep away winter bills.

Here’s a scary statistic: Consumer Reports estimates that 7% of all shoppers go into a new holiday season carrying debt from the previous one. And it’s costly.You certainly don’t want to continue making payments on your holiday purchases for another 9 months. Try to clear up this debt in the spring.

Polish your budget.

How are you doing so far now that the first quarter of the year has ended? Are you over budget or under budget? Do you even have a budget? If you’re close to your expectations – great, but if you’ve veered off track for any reason – perhaps because there’s been a job switch, you had a baby, bought a new house, or there’s been another life change – it’s time to re-evaluate the situation. Your budget will need to be refreshed to meet current needs as well as short and long-term savings goals.

Tidy up bad credit.

Have you been subject to high interest rates? Denied a loan altogether? Been unable to rent an apartment? If you’ve got bad credit, then you’re aware of these consequences. To improve your score, make your payments on time and avoid carrying large balances on your credit cards (keep your utilization rate — the amount you owe versus your total available credit — below 30%).

Purge clutter.

Now that you’ve filed your income taxes, shred statements, bills and other financial records and keep only the documents that are absolutely necessary. As a rule of thumb, you want to hang onto tax records and supporting documents for seven years, and it might be easiest to keep hard copies of those (even though the IRS is okay with digital copies). Definitely no need to hang onto paper records forever.

Dust off unwanted items.

To boost your savings goals or earn extra money to help pay down debt, sell your unwanted gift cards on a site like Gift Card Granny where you can get up to 95 cents on the dollar in return. There is also Thred Up – a site you can sell baby, kids and women’s clothing. Poshmark is another site (and free mobile app) where you can sell women’s clothing, shoes, and accessories. As for old electronics, consider Gazelle and Nextworth. You’ll get a fast quote, a free shipping label and quick payment once the item’s mailed in and inspected, and the payout is generous.

Clean up accounts.

Are there brokerage accounts that can be consolidated? Bank accounts you rarely — if ever — use that should be closed? Old retirement accounts from previous employers that should be rolled over? After years of bill paying online, do you have a huge list of creditors you have to scroll through every time you make a payment? Try to get all of these cleaned up and organized.

Straighten out spending.

We all know that the key to financial freedom is to spend less than you earn. However, given how easy it’s become to spend, and given the proliferation of ads, marketing schemes and various tactics that tempt us to buy more than we need, keeping spending in check is becoming increasingly challenging. It’s more important than ever that you control impulse shopping. How? Eliminate triggers such as browsing favorite online shops, heading to the mall after work to window shop, or buying something new when you’re feeling down to help boost your mood.

When it comes to need-based purchases, to get the best prices, use apps like Coupon SherpaRedLaser, and PoachIt.

Happy spring financial cleaning!

Article Source: Vera Gibbons for Marketwatch, http://www.marketwatch.com/story/7-tips-for-financial-spring-cleaning-2015-03-12

 

 

How to Choose What Financial Goals are Worth Setting

save-saving-housing-house-money-cash-e1394569718602Everyone needs financial goals in order to be efficient and successful, but determining which goals to prioritize can be difficult. If you don’t set enough goals, you may not save enough money. However, if you set too many goals it can be difficult to achieve all of them, and repeated failure can get you off track.

It’s best to prioritize how important different goals are in terms of the immediate future, as well as your long-term hopes and dreams. Once you know what is the most important to you, you can figure out which goals you should focus on. Survival should be your first priority; you need to pay for your basic needs first. After that, you can focus on longer-term goals. Consider these five questions as you set your next financial goals.

1. Do I need it to survive?

Obviously, you need food and shelter to survive. Your necessities have to come first. This means that you will need to have enough money to pay your rent and utilities, purchase groceries, and receive medical care when you need it. There are other things that may be necessary depending on your personal circumstances. You will probably require a job, and you might need a car to get there. You also will need clothing, so your first goal should be to afford basic necessities. If you can’t do that yet, then your other financial goals need to wait.

2. Is the goal too big or too small?

Setting goals that you can’t possibly achieve will only bring failure, and can potentially make you depressed or frustrated. If you can barely afford rent for your current one-bedroom apartment, you probably shouldn’t make a goal to purchase a four-bedroom home this year. But you can make long-term goals that include purchases you couldn’t possibly make now. Your income should increase as you become more experienced in your job field, and you can certainly make long-term goals that factor in your anticipated income.

You also shouldn’t spend too much time on goals that are really small. While setting some small goals may build your confidence (such as saving for a new dress or suit), setting too many small goals will pull your priority away from bigger goals.

3. How can I achieve my goal?

You can increase your chances of achieving your goal by taking extra steps to make it happen (outside of just making the goal itself). If you want to purchase a house, but you need to save for a down payment, start small. It’s good to start off by setting up a savings plan, finding out if you qualify for assistance, and cutting back on expenses. You don’t have to purchase a home (or a new car, or whatever else your big goal entails) right now. Make a plan for just how you can obtain your goal.

This is also true of other financial goals, such as moving up at work and making more money. If you want to move up, focus on the ways that you can improve your work performance and set yourself up for a promotion. Consider educational classes if necessary. You also might consider relocating if it will help you advance in your career. Taking proactive steps to achieve your dream will help you get there, and also may make you feel more accomplished and on-task.

4. Am I thinking about the future?

Vacations and fancy clothes can be wonderful, but you need to think about your future, too. Besides basic necessities, you should also prioritize your retirement savings. According to the United States Department of Labor, knowing your retirement needs, contributing to your employer’s retirement savings plan, learning about investment principles, considering using an IRA, and knowing about your social security benefits, can all help you plan for retirement.

Complete the necessary research in order to determine how much you might need to retire, and also to determine where you might want to live, which will affect how much money you need. You also need to consider your future health, and how it might impact your finances.

To get more information on planning for your retirement and schedule your complimentary appointment, contact First Financial’s Investment & Retirement Center at 732.312.1564 or email samantha.schertz@cunamutual.com.

5. How much time do I need?

This question factors into many of the other questions on this list. One of the best ways to achieve your goals is to set realistic ones, and to figure out when and how you will achieve them. Determine how many years you think it will take you to save enough for the type of home you want, or how much you need to save each year (and for how many years) to be comfortable in retirement. If you want to save for a vacation, consider how you will have to alter your current spending, and for how many months you will have to do so.

Short-term goals often take less planning, but it will still help you to determine how much time you need to achieve those goals. It’s easy to tell yourself that you can save enough for a trip in a few months, but actually sitting down and determining how much you need to save each month, and for how long, will help prevent overspending.

Here at First Financial, our first priority is helping you achieve your financial dreams by defining your dream goals and lifestyle, empowering you through financial education, building your wealth, planning your retirement, and managing your risk. Establishing financial goals is an important part of saving enough money, and being ready for the future and we are here for you! Stop into any one of our branches and sit with a representative to have an annual financial check-up for a review of your finances and portfolio. 

Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 800-369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.

Article source courtesy of Sienna Beard of Cheatsheet.com.

Our Spring 2015 Newsletter is Here!

Our Spring Bi-Annual Newsletter has arrived! In a continued effort to “go green,” we’re publishing our newsletter electronically – it can also be found on our website and social media sites. Paper copies will be available in our branches in the coming weeks – stay tuned. This Spring “First Edition” newsletter covers some great new topics and talks about some of the exciting events and promotions going on at First Financial for 2015.

The Spring Newsletter Magazine features the following articles:

  • Upcoming First Financial Seminars (May – July 2015)
  • First Click – Remote Deposit Capture Announcement
  • “4 Easiest Ways to Budget” Article
  • Note from the CEO
  • Custom Debit Card Photo Contest Winner & Photo
  • Learn How to Earn Up to $240 a Year When You Open or Upgrade Your First Financial Membership
  • “Could Assumptions Harm Your Retirement Plan?” – IRC Article
  • Custom Debit Card Announcement
  • Popmoney Announcement
  • Financial Tips: Earn More. Save More. Spend Smarter.
  • New Freehold/Howell Service Center Grand Opening & Photo
  • Important information, holidays, phone numbers, and branch locations

To view a copy of the newsletter, click here.

Enjoy!