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Things to Do on a Budget in Monmouth & Ocean Counties this November 2026

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Although temperatures are dropping and the sun is setting earlier – we’re grateful for the countless ways we can enjoy the season (with a warm sweater) in Monmouth and Ocean Counties. We’ve rounded up a list of some great budget-friendly or free events happening in a town near you this November – check it out!

Be sure to review dates, times, locations, and weather for any of the events you plan to attend, as details may be subject to change.

November 6

Monmouth & Ocean Counties | Jersey Shore Restaurant Week

Taste your way through the Jersey Shore from November 6th through November 15th. There are 71 participating restaurants (and counting), offering mouth-watering three course meals with your choice of an appetizer, entrée, and dessert for $32.26 or $42.26. If trying as many restaurants as possible is on your agenda, the interactive map makes it easy for dinner plans! Keep checking back, as new restaurants and menus are added daily.

Manalapan | Fall Festival | 10am-5pm

Are you hoping to enjoy another fall weekend before the holiday rush sets in? Soak up autumn at Happy Day Farm on November 6th, 7th and 8th! Pick your last pumpkin of the season, find your way through a Dolly Parton themed corn maze, make a pit stop at “Pumpkinville,” and more – there are over 35 fun activities you can enjoy with admission! Tickets are $29 and are required for adults and children ages 2 and older.

November 7

Tinton Falls | Fall Craft Show | 9am-2pm

Get a head start on your holiday shopping at the Fall Craft Show at Fort Monmouth Recreation Center! There will be more than 40 unique craft vendors offering handmade items, seasonal gifts, and one-of-a-kind finds. With everything from jewelry and home décor to pottery, candles, and pet items – you’ll find the perfect gift for someone on your list. There is no entry fee to attend, but there will be items available for purchase.

New Egypt | Food Trucks & Fireworks | 12pm

Who says fireworks are only for summer? You can still enjoy classic fall activities with a fireworks display at Laurita Winery! Grab your favorite fall snacks like apple cider donuts and hot cider, enjoy Laurita wines (ages 21+), explore the local vendors and food trucks, and hop on a wagon ride to Dancer Farm. Tickets are $15 online up to 6pm the day before and $20 at the door – and all tickets include a souvenir glass. Those under age 21 will receive free admission.

November 13

Cream Ridge | U-Pick Tulips: Winter Wonderland | 5pm

Holland Ridge Farm is transforming into a winter wonderland with a floral twist, from November 13th through January 10, 2027. Begin your enchanting experience by trekking through millions of twinkling lights, including 80,000+ illuminated tulips. Don’t forget to stop for interactive activities like light-up seesaws and swing sets, a jump in the igloo snowball pit, have a cozy cup of hot chocolate, and festive beer, wine, and handcrafted cocktails (ages 21+). Plus, with faux snow flurries falling around the farm – it’s sure to feel magical! Tickets are required for each person ages 3 and up, and begin at $17 online.

November 15

Howell | Turkey Trot 5K & 2 Mile Fun Run/Walk | 9am-12pm

Lace up your sneakers and “trot” your way to the finish line at Oak Glen Park. Whether you participate in the 5K run or the casual 2-mile walk – it’s a fun way to begin the holiday season or work up an appetite for your Thanksgiving feast! Pre-registration is $25 and required for all participants. The first 150 registered participants will also get a shirt and medal. Additionally, there will be coffee and snacks to help you fuel up before the run and to celebrate after.

November 21

Middletown | Granny’s Attic Craft Show | 9am-4pm

This local tradition is back for its 45th year at Thompson Middle School (1001 Middletown-Lincroft Road). Get everything on your holiday shopping list, and then some – by exploring 250+ vendors. There will also be a Super 50/50 and a $1,000 Visa Gift Card raffle. Admission is $6 plus fees online or $10 at the door (cash only). Children under 5 will receive free admission. All proceeds from ticket sales will be donated to Thompson Middle School.

Aberdeen | Family Nature Days | 10:30am-12pm

Bring the whole family to Freneau Woods Park (360 Monastery Lane) to enjoy the crisp autumn air and learn about nature. This program includes a guided walk through the Freneau Parks woodland ecosystem, an animal presentation, and a craft for all ages. This event is for ages 4 and older, and those under age 18 must be accompanied by an adult. The cost per adult/child pair is $18.00 and each additional person is $9.50. Visit the Monmouth County Parks & Programs Guide for Fall 2026 for more  information.

New Egypt | Give Thanks Festival | 12pm-6pm

Laurita Winery is giving the fall season a sendoff on November 21st and 22nd. Take a scenic wagon ride through the vineyard to Dancer Farm and pick the last pumpkins and flowers of the season, soak up the beauty of autumn, and enjoy Laurita wines (ages 21+). Tickets are $15 online up to 6pm the day before, and $20 at the door – and all tickets include a souvenir glass. Those under age 21 get free admission. All proceeds will benefit Lunch Break, a community-centered non-profit.

Toms River | Thanksgiving Homecoming & Harvest Celebration | 12pm-6pm

Everything there is to love about Toms River will be brought together in one place at 1 Drake Lane. Spend the day catching up with old friends, enjoy family-friendly activities and a Kids Zone activity area, shop local vendors, and take advantage of the winding down of autumn. There is no entry fee to attend, but there will be items available for purchase.

November 22

Holmdel | Morning Farm Chores | 8am-9:30am

Rise and shine – the Historic Longstreet Farm staff need help with morning chores before the farm opens for the day! Gain firsthand experience of farm life by milking a cow, collecting eggs from chickens, and feeding the livestock. This event is for ages 6 and older, and those under age 18 must be accompanied by an adult. There is no entry fee to attend. Visit the Monmouth County Parks & Programs Guide for Fall 2026 for more information and instructions on how to register.

November 27

Pt. Pleasant Beach | Christmas Tree Lighting | 5:30pm-8pm

The Pt. Pleasant Beach Christmas tree (Bay Avenue) will be twinkling to life and so will your holiday spirit! Santa will arrive by fire truck shortly after the tree lighting, ringing in the start of the holiday season. He will also be taking pictures with your little ones. Enjoy horse-drawn carriage and fire truck rides, and karaoke with a live DJ. There is no entry fee to attend.

November 28

Toms River | Holiday Open House | 10am-2pm

Santa and Mrs. Claus will be visiting the Ocean County Historical Society (26 Hadley Avenue)! The Victorian-style house will be complete with decorations and festive music, holiday-themed refreshments, and gifts for the children attending. Families can take pictures and read their holiday wish lists to Santa and Mrs. Claus from 11am-2pm. There is no entry fee to attend, but donations will be accepted.

Ocean Grove | Small Business Saturday | 10am-5pm

Small Business Saturday is an annual shopping event that encourages people to shop local and support small businesses during the holiday season! You can expect hometown service, one-of-a-kind finds, and hidden gems by exploring somewhere new in Ocean Grove. The town is offering photos with Santa and giveaways from 1pm-3pm. There is no entry fee to attend, but there will be items available for purchase.

Spring Lake | Small Business Saturday | 12pm-5pm

Small Business Saturday kicks off the holiday shopping season in Spring Lake! Local shops, boutiques, and restaurants will open their doors with personalized service and festive atmospheres. There is no entry fee to attend, but there will be items available for purchase.

On behalf of the team at First Financial, we wish you and your loved ones a Happy Thanksgiving! We hope your table is full of good company, good food, and countless reasons to be grateful.

6 Spooky Low-Cost Ways to Celebrate Halloween

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Between costumes and accessories, decorations, and candy for trick or treaters – Halloween expenses can quickly add up. Luckily, there are plenty of budget-friendly ways to enjoy (or be frightened) this Halloween. Keep reading to learn six spooky, low-cost ways to celebrate.

1. Host a Spooky Movie Marathon

If watching a scary movie gets you in the Halloween spirit – try three of them in a row! Instead of heading to the movie theater, transform a cozy space at home into the perfect spot for a scary movie marathon. If you have streaming services like Netflix, Hulu, or Paramount Plus – start by making a list of all the Halloween movies you can stream with your subscription. Then, decide on the ones that will make the cut. Lastly, arrange some cozy pillows and blankets and let the Halloween classics begin.

You can take this idea a step further by creating a movie theater-inspired concession stand out of inexpensive snacks like popcorn and boxed candy. Check out this list of easy and fun Halloween treats to put a festive spin on your movie marathon snacks.

2. Make Your Costume

Dressing up as your favorite character for Halloween can be exciting, but it can also be scary for your wallet. According to recent research, U.S. shoppers can expect to spend an average of $35 on an off-the-shelf costume, and $70 for a licensed/character costume this year. Keep Halloween fun and affordable by making a costume out of items you probably already have at home. Local dollar or thrift stores may have affordable costume supplies and accessories too!

Need some inspiration? If you have a black shirt, pants, and some makeup – you’re halfway to having a black cat costume. Next, find an affordable set of cat ears and a tail online or in a local store. If you want to make your Halloween attire entirely at home, check out this easy DIY cat costume.

3. Craft a Halloween Wreath

A wreath is a traditional decoration that symbolizes your celebration of a certain holiday or season – and can be pricey. Luckily, with a few dollar store materials – a festive Halloween wreath can be easy and affordable to make.

Check out the instructions and reference picture if you want to make a spider web wreath at home.

Supplies: Wire form, white yarn, black yarn or ribbon, and a large plastic spider.

Instructions:

1) Wrap a wire wreath form in black yarn or ribbon.

2) Stretch white yarn around the open center to form a web: Tie the spokes first, then spiral around them.

3) Add one large plastic spider (or multiple) to the web. Optional: Add a black bow tie to the bottom center of the wreath.

4. DIY Haunted House or Scavenger Hunt

A DIY haunted house can be an affordable and spooky way to celebrate Halloween if you have younger children at home. You can transform a room using materials you can commonly find around the house and Halloween decorations from your local dollar (think cobwebs, gravestones, skeletons, and hanging ghosts). After dimming the lights or playing eerie music – lead your little ones through the scenes you created. You can make it spooky (or not), and tailored to your audience.

A less scary alternative is creating a Halloween-themed scavenger hunt. Decide on the route you want the kids to take through your home or outdoors, unique hiding spots for the items you choose, and clues for finding them. Don’t forget to hide candy too – it’s like trick or treating, but with a twist!

5. Write Your Own Scary Story

Scary stories are a Halloween staple, but you’re not alone if you’ve ever felt like you hear the same ones every year. Take matters into your own hands by writing a spooky story! If you have a smaller group, you can individually come up with your own and then come together later to share them. Consider group storytelling if you have a larger group – where you choose a theme, have one person start with an opening sentence, and have each additional person add a sentence at a time. Then read your masterpiece aloud for all to hear.

6. Check Out Your Local Library

Your local library can be a great place to start if you’re searching for affordable, festive ways to enjoy Halloween. Libraries often have resources that go far beyond books. You’ll usually also find other types of media like audiobooks or DVDs, free Wi-fi and computers, crafting supplies, and events. You may even be able to find Halloween movies to rent, crafts to make in the library or “take and make” crafts for home, or other free or low-cost programs.

If you’re in Monmouth or Ocean Counties in New Jersey, the Monmouth County Library System and Ocean County Library have many seasonal offerings to explore.

Subscribe to our First Scoop Blog for more financial resources like these. Be sure to comment and let us know if you add any of these activities to your Halloween celebrations this year!

How to Break the Emotional Spending Cycle

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If you’ve ever opened a shopping app after a stressful day at work, had a conversation that didn’t go as planned, or you received bad news – you’re not alone. Shopping after experiencing difficult emotions is more common than you might think. But if clicking check out on your online shopping cart temporarily gives you a rush of excitement and is then quickly replaced with financial consequences and feelings of regret – you’re most likely engaging in emotional spending. Let’s learn what emotional spending is, why we do it, and how to overcome it.

What is Emotional Spending?

Emotional spending (sometimes nicknamed “retail therapy”) refers to purchases that are driven by emotions rather than your need for the product or service. It’s different from typical discretionary spending, like when you buy the new golf clubs you’ve been planning to buy and that you’ve budgeted for. In this state, shopping is a way to relieve feelings like stress or loneliness.

Emotional spending isn’t always a large purchase. It can be frequent, small purchases in grocery checkout lines or even late at night. It can look like ordering takeout after a long day, even when you already have groceries at home. It can be impulsively purchasing everything in your Amazon cart because it will make you feel better, even if you know you can’t afford it. Emotional spending does not always begin as a problematic habit – it’s a common behavior that can have serious financial and emotional consequences if it becomes one.

Signs of Emotional Spending

  • The impulse to go shopping comes after experiencing an emotion like stress or boredom.
  • You feel a short-lived sense of relief after making the purchase, which is later replaced by guilt or regret.
  • Your spending has caused you to accrue debt, deplete your savings, negatively impact your credit score, or worse.
  • Spending causes conflict with family, friends, or significant others.
  • You continue to repeat the pattern, even though you are aware it has had a negative impact on your financial health.

What Causes Emotional Spending?

Research has shown that shopping makes people feel good – every aspect of the transaction from browsing, to imagining, to finally owning the product. According to the Cleveland Clinic, this is because shopping releases “happy hormones” that encourage us to keep engaging in the same behavior. We feel temporary relief after shopping, so we keep doing it.

How to Overcome Emotional Spending

1. Track Your Patterns and Address Them

Do you know what gives you the urge to buy things? Maybe you notice a pattern of shopping after a difficult day at work or you reward yourself after reaching a goal.

Consider using a journal or app to track when the urge to spend arises and what caused it. By addressing the root cause of the spending, you are more equipped to recognize  a pattern and redirect your focus.

2. Implement a Spending Rule

Consider hitting pause before buying the item. Give yourself a set time to wait before making an unplanned purchase, or longer for bigger purchases.

During this waiting period, ask yourself a few questions:

  • Do I really need to make this purchase or am I shopping to relieve the emotion I’m feeling right now?
  • Does this purchase fit into my budget?

When the time is up, you may discover that you don’t need the purchase. Your desire to  buy the item might even disappear completely.

3. Set a Discretionary Spending Limit

If your budget allows for it, set aside some “fun money” you can use for wants. By deciding how much you can comfortably afford to spend, you can shop without feeling guilt or regret.

Need to create a budget? Check out our fillable budget worksheet to calculate what you might have left to spend after your total monthly expenses.

4. Set Financial Goals

Having clear, meaningful financial goals can make you think twice about buying something you don’t need. When your money has a purpose, you might be more likely to reconsider non-essential purchases – because that money can get you closer to reaching one of your goals.

5. Find Alternative Activities to Handle Emotions

Both negative and positive emotions can lead to overspending. When those emotions arise, try replacing shopping with another more productive activity.

Breaking the habit of emotional spending can feel overwhelming, even if you recognize the negative consequences it has on your daily life. However, breaking the cycle can help you experience improved financial well-being.

For more financial advice and money management tips, subscribe to our First Scoop Blog.

Things to Do on a Budget in Monmouth & Ocean Counties this October 2026

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Check out these budget-friendly (and sometimes spooky) events happening in Monmouth and Ocean Counties this October.

Be sure to check dates, times, locations, and weather for any of the events you plan to attend, as details may be subject to change.

October 1

Lacey | Fall Festival | Various Times

Argos Farm is hosting a Fall Festival like no other all month long! Pick the perfect pumpkin, find your way through a corn maze, try all the fun attractions, sample tasty seasonal treats, and more. The Fall Festival welcomes visitors on Thursdays & Fridays from 2pm-6pm and Saturdays & Sundays from 10am-6pm. Weekday admission is $14.95 a person in advance (ages 2 and up)/$17.95 at the gate and weekend admission is $23.95 a person in advance/$27.95 at the gate. Pricing is subject to change.

Lacey | Jacks & Lights | Various Times

If a spooky walk through a jack o’ lantern-lit trail is more your speed – explore Argos Farm’s Jacks & Lights on Thursdays through Sundays through the end of October. You’ll embark on an adventure through hundreds of lit jack o’ lanterns, spooky sounds, and scary scenes. End the night with a festive treat or sip (ages 21+). Admission is $24.95 a person in advance (ages two and up) when purchased online and up to $29.95 at the gate.

October 2

Freehold | Fall Festival | Various Times

Bring the whole family out for a fun day filled with fall activities at Twin Pond Farm (49 Howell Road) on Fridays through Sundays through November 1st. Included with admission are festive activities and experiences like a 7-acre corn maze, hayrides, pumpkin bowling, a petting zoo, and more. For an additional fee, you can also go pumpkin picking. Admission is $19.99 per person on Fridays, $25 per person on Saturdays and Sundays – and children two and under are always free. Purchase tickets online.

Seaside Heights | Restaurant Weekend | 5pm

It’s the perfect weekend to taste your way through Seaside Heights! Enjoy delicious food and great drinks (ages 21+) at participating restaurants Friday to Sunday at discounted prices. Whether you’re craving a cozy fall meal or a sweet treat after strolling the boardwalk – there’s something for everyone. Visit the event website for a full list of participating restaurants and their special weekend offers.

October 3

Neptune City | Fall Festival | 12pm-8pm

This is a rescheduled event. Head over to Memorial Park (7 Myron Ave) for an action-packed day of all things fall! This year’s festival features a full lineup of live musical entertainment, a bounce house and petting zoo, local food vendors, and a community bonfire and s’mores to end the night. There is no entry fee to attend, but there will be items available for purchase.

October 9

Wall Township | Night of Frights | 6pm-9pm

When the sun sets, the monsters of the Historic Village at Allaire come out – every Friday and Saturday through October 30th. Enjoy glow-in-the-dark bubble shows, a fire juggler and sword swallower, scary displays and scenes, frightful storytelling, and more. This is a family-friendly event, but be aware there may be stories or displays that could give young ones a fright. Admission is $21.97 a person for ages 13 and up, $16.73 a person for ages 4 to 12, and free for children 3 and under. Purchase tickets online.

October 10

Red Bank | Oktoberfest | 1pm-5pm

Enjoy an afternoon of German food, fun, and frosty cold ones (ages 21+) in Edmund Wilson Plaza (the west side of downtown Red Bank). There will be tastings of beer, wine, and spirits (for those ages 21+), authentic food, live music and entertainment, a craft vendor market, a kids’ zone, and more. There is no entry fee to attend, but there will be items available for purchase. Tasters ages 21+ can purchase a tasting package in advance or on the day of the event.

October 13

Freehold | Flavor of Freehold | 5:30pm-8pm

Experience Downtown Freehold one restaurant at a time during this two-night tasting tour. With your passport in hand, you’ll embark on a tour of downtown’s favorite restaurants, eateries, and local businesses – and try signature samples at each stop. Tickets are $25 per person and are limited – purchasing tickets in advance is strongly recommended.

October 17

Toms River | Harvest Arts Festival | 11am-5pm

Enjoy all the best family-friendly fall fun on Washington Street. Downtown Toms River will be jam-packed with free kids’ games and activities, pumpkin painting, live bands, vendors, food trucks, and more. There is no entry fee to attend, but there will be items available for purchase.

Long Branch | Fall Festival & Pooch Parade | 12pm-4pm

Invite your family, friends, and four-legged companions to celebrate the season at Pier Village. Enjoy hands-on activities and festive experiences like pumpkin carving, trick-or-treating, seasonal treats, fall-themed games and inflatables, and more. If you have a dog, dress them up and join the Pooch Parade & Costume Contest for a chance to win best dressed. There is no entry fee to attend the Fall Festival & Pooch Parade, but individual activities, purchases, and registration may have separate fees.

October 24

Tuckerton | Trick or Treat | 12pm-2pm

Experience Halloween with a twist by trick or treating around the Tuckerton Seaport Boardwalk. Bring your Halloween costume and a bucket (or pillowcase) to get all the candy you can find. This is a free event for the whole community.

October 25

Freehold | Halloween Spooktacular Costume Parade & Contest | 1pm-4pm

Get your best Halloween costume and show it off for a chance to win a prize in one of eight different categories! Participants will check-in and line up in the Freehold Raceway parking lot (Manalapan entrance) by 12:15pm to have their costume judged before parading down Main Street at 1pm. There will be complimentary refreshments and the announcement of the winners at the Hall of Records parking lot after the parade. There is no entry fee to participate in or watch the parade.

October 30

Allentown | Haunted Halloween Horse Drawn Carriage Rides| 6pm-9pm

Step aboard for a spooky seasonal adventure like no other! Gather your friends and family for a narrated horse drawn carriage ride through Main Street to experience Halloween in a unique way. Advance registration is recommended – rides depart every 20 minutes and limited seating is available. Tickets are $20 per person and can be purchased online.

October 31

Toms River | 87th Annual Halloween Parade | 7pm

Celebrate the spookiest night of the year by participating in one of Toms River’s oldest traditions! Get your best Halloween costume and join the Toms River Volunteer Fire Co. 1 for their annual parade. There will be frightening floats, costumes of all kinds, and the community gathered together for a night of Halloween fun. There is no entry fee to participate in or watch the parade.

When Does a Personal Loan Make Sense?

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A personal loan can be a valuable tool for meeting your financial needs when used wisely. Keep reading to learn what a personal loan is, the advantages of using one, and when it could make sense to use as a financing option.

What is a Personal Loan?

A personal loan is a fixed-rate installment loan, which provides quick access to funds for various purposes. You’re often approved based on your creditworthiness, income, and overall debt levels. Since borrowers often apply for personal loans because of urgent needs, many lenders offer quick access to the funds once approved. The funds are usually disbursed in one lump sum.

Advantages of Personal Loans

  • Fixed Interest Rates: Fixed interest rates give you a fixed monthly payment and offer protection against variable interest rates (rates that are subject to change based on market conditions).
  • Fixed Monthly Payments: Personal loans usually come with fixed monthly payments, which makes them predictable and easy to budget for.
  • Flexible Terms: Depending on the lender, loan terms can be as short as 1 year or as long as 5 years or more. This gives borrowers the flexibility to choose a term that won’t strain their budget and fits their priorities.
  • No Collateral Required: Personal loans usually have no collateral requirement, meaning you aren’t risking your home or car if you are unable to repay the loan. However, be aware that without collateral – you typically face higher interest than a loan type with collateral backing it.
  • Flexibility for Using Funds: Personal loans don’t have as many restrictions as some other loan types. They’re versatile and can be used for many purposes, such as consolidating multiple types of debt or funding a home renovation project.

When to Use a Personal Loan

  • Debt Consolidation and Streamlining Payments: A personal loan makes it easy to take multiple payments and turn them into a single streamlined payment. This ultimately reduces the number of monthly payments you must make each month on other loans, making it less likely that you’ll miss payments. Additionally, consolidating multiple debt sources can lower the overall interest you’re paying – especially if your credit score has improved.
  • Credit Card Payoff: The interest rate on a personal loan is usually lower than that of a credit card. Although the interest rate you secure on a personal loan will depend on your creditworthiness, the average national personal loan rate currently stands at 12.44% while credit cards stand around 19.61%. Additionally, interest rates on credit cards are usually variable. A personal loan with a fixed interest rate that’s lower than that of a credit card can help you pay down your credit card balances faster and save money on interest over time. If you’re consolidating credit card debt, commit to also changing your spending habits so you don’t go deeper into debt.
  • Emergency Expenses: Sometimes the money just isn’t there when an emergency arises – such as an unexpected hospital stay, medical bill, or car repair. Personal loans tend to have quick approval and funding decisions, which makes them a helpful choice in an urgent situation. A personal loan can be a useful option in these situations, especially if the alternative is financing the expense with a credit card.
  • Relocation Expenses: There are times when you can’t plan for a move, such as in the case of a job loss, family emergency, or a major life change. Moving can also come with unexpected costs. You may decide to use a personal loan to finance moving-related expenses such as hiring movers, renting a moving truck, or paying a security deposit or first month’s rent. A personal loan can help you cover these upfront expenses and pay them back with a predictable monthly payment.

A personal loan can offer predictability, structure, and flexibility when used appropriately. It can give you the confidence to meet your financial needs with a fixed interest rate and a predictable monthly payment.

If you’re in Monmouth or Ocean Counties in New Jersey and believe that a personal loan may be the right option for your financing needs, First Financial is here to help. With fixed rates, flexible terms up to 60 months, and no pre-payment penalties – our Personal Loans may be able to help you affordably cover the cost of life’s necessary expenses.* You can apply online 24/7 or call our Loan Department at 732.312.1500, Option 4 if you have any questions before applying.

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. Personal Loan repayment terms range from 12 to 60 months, and APRs range from 10.24% APR to 18% APR. Loan payment example: A $2,000 Personal Loan financed at 10.24% APR for 24 months, would have a monthly payment amount of $92.51. A First Financial Federal Credit Union membership is required to obtain a Personal Loan or Line of Credit, and is open 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.

How to Avoid Lifestyle Creep After Your Income Increases

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Congratulations – maybe you got a raise at work or started a new job where you’re making more money. You’re not alone if you already feel more breathing room in your finances, or if you’re thinking of finally treating yourself to a luxury item you’ve always wanted. An increase in your salary can mean you’ll have more money in your checking account, but it can also mean that you’re spending more to keep up with it. Let’s talk about what lifestyle creep means, the signs that you might be experiencing it, and how to avoid it.

What’s Lifestyle Creep?

Lifestyle creep occurs when you spend more as your income rises, often on non-essential items. This can make it feel like the increase to your income never happened – even though your paycheck went up, your wiggle room didn’t.  It can also occur after paying off a loan or credit card – which frees up money that would usually go toward a monthly payment. Rather than redirecting that money to savings, you spend it.

It usually happens little by little, and creeps up on you. At first, it might look like ordering takeout more often or buying pricier gifts because you can afford it. You might start upgrading existing subscription services or adding new ones to your recurring monthly expenses. Eventually, it might be that your spending has increased so much that your savings either looks the same or has dwindled, while your credit card balance grew.

Signs of Lifestyle Creep

Here are some signs that you might be experiencing lifestyle creep:

  • Living paycheck to paycheck.
  • Not knowing where your money goes every month.
  • Little luxuries like going out to eat or going shopping don’t feel special anymore.
  • The balance of your savings is stagnant or dwindling.
  • Relying on credit cards to make ends meet between paychecks.
  • Extra items that are wants, are now seen as
  • Consistently justifying expensive purchases as “deserved.”
  • Prioritizing luxury over practicality.
  • Unable to cover an emergency expense.

How to Avoid Lifestyle Creep

1. Decide on a Purpose for the Increase

As soon as your income increases, decide on a purpose for the extra money before you get used to seeing it in your account. Let’s say each paycheck goes up by $100.

  • 75% or $75 of the increase would go to your emergency savings, to pay down debt, or save for a financial goal.
  • 25% or $25 of the increase would go toward a valuable upgrade you want to make to your lifestyle.

You don’t have to follow these percentages exactly – the point is deciding before your spending habits decide for you. It is perfectly normal and expected to spend money on things that make you happy, but make sure you’re making future you a priority, too!

2. Automate Savings

When you receive a raise, consider increasing your automated savings at the same time (or begin automating your savings if you haven’t already). That extra income hasn’t been in your budget before, which makes it a good time to redirect some of it to savings before you adjust your spending habits around it.

First Financial members can setup automatic transfers to any of their First Financial Savings Accounts. It’s easy to set up automatic transfers between a First Financial Checking Account or an external account, as well as increase those transfers when you get a pay raise.*

3. Set Clear Financial Goals

Having clear, meaningful financial goals can make it easier to direct extra income. Whether you’re building an emergency fund, saving for your child’s college education, or for a family vacation – giving your extra income a purpose makes you less likely to spend it. Additionally, it can remind you to reconsider impulse purchases because that money can help get you closer to achieving a goal.

4. Sleep on New Monthly Payments

Before taking out an installment plan on a new furniture set or applying for a new car loan, sleep on it to decide if you really need it. Lifestyle creep isn’t only caused by single, large payments – it can be caused by taking on new monthly payments because they become permanent in your budget for 1 year, 5 years, or more.  If after sleeping on it, you decide that you still want the item in question – consider pairing it with a downgrade that either saves you money, or increase the amount you put into your savings account.

Increasing your income can be a great feeling – don’t let lifestyle creep change that. By making a plan for extra funds and being aware of your spending, you can ensure that you’re enjoying your pay bump today, tomorrow, and in the future.

For more financial advice and money management tips, subscribe to our First Scoop Blog.

*A First Financial membership 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. 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 program. View full Rewards First program details at firstffcu.com. Some restrictions apply, contact the Credit Union for more information.