Category Archives: Financial Advice

What to Buy After the Holidays for the Best Deals

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Forget Black Friday deals and sales – after the holidays is when you’re going to want to shop for the lowest prices. It’s tempting to buy items for yourself around the holiday season, but waiting out the frenzy could actually save you more money than you’d think. From winter clothes and holiday decorations to electronics and toys, here’s what you should plan to buy after the holidays for the best prices.

Holiday decorations

While you might plan to get all your holiday decorations in October or November, it’s smarter to stock up right after the holidays. Artificial trees, festive lights, ornaments, and more – are going to be marked down by about 50% and might even hit more than that off. That’s why it’s so important to plan ahead for the holidays and know what you need before the season starts. Stores know shoppers may be last minute with their holiday goods, and that they will pay full price in a pinch.

Winter attire

Even though we’re in the midst of the winter cold, the day after Christmas marks the beginning of spring for retailers. Meaning, stores will need to make room for their spring attire and start to reduce prices on winter merchandise to do so. While you might want to invest in a new coat or snow boots ahead of the colder months, it’s advised that you hold off until the holidays blow over.

Electronics

In need of a new laptop, iPad, Kindle, or gaming console? Retailers typically enter what is known as the “open box season” for electronic goods after the holidays. All those gifted tech items that have been returned are leaving stores with a surplus of items they need to get rid of. This presents an opportunity for consumers to buy the items they’ve been waiting for at a lower price.

Toys

In December, kids are eager to put together their wish lists of the year’s most popular toys, but parents should ideally save some of the higher-priced items for after the holidays to get better deals if they can. This presents an opportunity to start teaching your children money management and shopping strategies early on. By enforcing smart shopping habits, you can show your family useful financial skills that can be used throughout their lives.

Travel fare

Travel enthusiasts know winter is the best time to book a low-priced vacation. Typically, consumers are strapped for cash after Christmas and aren’t thinking about financing their next trip yet. That’s why travel, hotel, and airline companies will have lower prices and great package deals right after the holidays. Plus, now’s a great time to stock up on items like luggage and travel accessories too.

The key takeaway here is that prices are typically based on demand. If you’re shopping for something when everyone else is, you can expect to pay full price. If you’re strategic and know what you’ll need in advance, it’s best to shop when others typically aren’t.

If you want to learn more shopping and money-saving strategies, look no further than the experts at First Financial! We’re here to help you better manage your money and reach your financial goals. Call us at 732.312.1500 or stop by any of our local branches.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.

3 Financial Resolutions to Make in 2023

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Now is a great time to look ahead and plan for the upcoming year. Many people notoriously set New Year’s resolutions that fall to the wayside halfway through January, but we want to help you set realistic and achievable goals. Here are some resolutions you can maintain throughout 2023.

Reframe your perspective on saving

It’s easy to set large savings goals at the beginning of the year that turn out to be unattainable later. Try to reframe the way you think about saving this year. Beginning or increasing your contributions to retirement savings, emergency funds, or specific savings goals is a realistic first step for many people. Instead of trying to save a large sum of money in one pot to cover all expenses, saving smaller amounts in different areas reframes your goals and makes them more attainable. Remember, any contribution to your savings accounts no matter how small – is a step in the right direction!

Get a better understanding of your credit

In an ideal world, a year is enough time to get out of credit card debt or improve your credit score. We know that emergencies and unexpected expenses are sometimes unavoidable. Understanding how credit works is a great way to set yourself up for success!

There are plenty of tips and tricks to know about your credit. For example, did you know that you can lower your interest payment while paying the same amount each month – by making two smaller payments throughout the month instead of one single payment at the end? And did you know that closing a credit card after you pay it off, actually lowers your credit score? There are plenty more adjustments you can make that will benefit you in the long run. If your goal is to start building your credit, explore First Financial’s credit card options with no annual fees!

Build a budgeting plan that works for you

Being realistic is a great way to ensure you’re able to maintain your goals. Understand that there’s no one-size-fits-all journey to finances. Just think about all the times you tried to save by cutting out things you spend on, and ultimately failed. When you’re starting your financial planning for 2023, make sure you look into all the ways you can budget.

There are plenty of resources on the internet with budgeting options that can fit your life better than a traditional approach. Putting effort into finding a plan that works for you is the best way to ensure you can stick to your New Year’s resolutions. Need a starting point? Check out our financial resources page!

Improving your finances starts with a single step in the right direction. Start planning for financial success in 2023 and set yourself up for long-term financial achievement! To speak to an expert about tools available through First Financial, call us at 732.312.1500 or stop by any of our local branches.

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Financial Steps to Take After a Divorce

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Going through a divorce not only takes an emotional toll, but can also leave a strain on your finances. Between legal fees and income changes – there’s a lot to adapt to, plan for, and consider. After updating your insurance and legal documents, there are financial steps to take after a divorce to maintain your independence and security. Here’s what we recommend, if this is something you are going through and are trying to best prepare to embark on your next journey in life.

Close your joint accounts

You may have already done this, but if not – be sure to immediately close all your joint accounts. Leaving unused accounts open can lead to fees. And even worse, sharing an account with an ex-spouse leaves the opportunity open for racking up a bill and potentially leaving you responsible for it. Leaving your joint account open is not worth the risk of potentially hurting your credit score and financial health.

Open new accounts

After a divorce, it’s time to start fresh. That means opening a new credit card, checking, and savings account in your name exclusively. With new accounts, comes more opportunities to make better financial habits. We recommend taking this time to consolidate any potential credit card debt, and making the commitment to pay your balance on time and in full each month.

At First Financial, we offer credit cards and checking accounts that fit a wide range of financial needs. Whether you’re looking for a card with extra perks, low rates, or one to help build or re-establish your credit, we can help!

Adjust your budget

Mastering budgeting is an empowering journey. As you change from two incomes to one, you’ll want to get a full idea of your expenses and cash flow – especially if you have children. Start by creating a list of essential expenses including housing costs, food, transportation, clothing, internet, cell phone, insurance, and more. Use our fillable PDF budgeting worksheet as a resource. Then add up your monthly income and deduct your expenses. The amount left over should be used toward building your savings and/or for any less essential purchases or entertainment.

Rebuild your savings

Speaking of savings, now is the perfect time to rebuild your emergency fund. Once you have a good idea of your budget and cash flow after covering expenses, you’ll be aware of how much to devote to a savings account. The typical rule of thumb is to dedicate 20% toward savings and future investments, but you’ll also need to be realistic based on your new financial situation.

First Financial not only offers various savings accounts to our members, but we can also advise you on additional financial considerations to make after your divorce.* You can have peace of mind knowing our team is putting your financial needs first, no matter what financial situation you might be going through. Contact us to get started, or stop into your local branch to speak with a representative today.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.

*A $5 deposit in a base savings account is required for credit union membership before opening any other account/loan. 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. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

Tips for Discussing Finances in Your Relationship

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You’ve probably never heard your partner say, “let’s talk spreadsheets.” However, all couples have to broach the money conversation at some point in their relationship. Talking about finances with your partner is never an easy conversation, but it should be done as frequently as possible – especially if you’re living together, getting married, or starting a family.

According to a recent study, couples who talk about money regularly are happier in their relationships than those who discuss it less frequently. Overall, money plays a big role in relationship problems – which can lead to breakups or divorce if not managed the right way.

The good news is that talking about money can make your relationship stronger and even help you get closer to your partner.

When to start talking about finances with your partner

There’s no cut-and-dry answer for when to tackle the money conversation, but you should at least have brought it up before the relationship turns serious. Before you move in together – you’ll need to understand what your partner earns, how much they can contribute to the household, and what their other expenses look like. Before you get married, you’ll want to know about your partner’s debt and what their credit score looks like. This knowledge can help build equity in relationships. Plus, their financial status will impact you should you both wish to obtain a loan for a bigger purchase down the road.

Start small

Don’t start your first date by asking, “how much do you make?” Instead, trickle in financial topics by asking them about their goals in life. This could be anything from, “What’s your dream retirement age?” to “Where do you see yourself living in the next ten years?”

Experts recommend asking “what if” questions to not only learn about their financial priorities but also their values. Some icebreakers could include, “If you won the lottery, what would you do with the money?” and “If you had to choose between a high-paying job with high stress or a low-paying job that you love, what would you pick?”

The more you talk about finances in this way, the easier it will be to talk about their financial situation over time.

Be understanding

Everyone comes from different backgrounds, values, and financial limitations. If your partner’s parents didn’t teach them effective money management skills, it doesn’t mean they can’t learn. Talking money makes people vulnerable, so it’s important to listen and be sympathetic too. Responding with anger will cause your partner to not feel safe having this type of conversation with you, leading to a lack of trust and transparency.

You also don’t want to just bring the conversation up out of nowhere, give your partner some advanced notice. A great example of this is simply saying, “I’m trying to get better about budgeting and want to talk about finances more regularly. Could we plan to talk about it this weekend?” Having a conversation goal in mind is even better. If you’re planning a romantic trip together, also plan a budgeting conversation so you can save up for your getaway.

Be consistent

It should be a regular part of your routine to talk about finances. When paying your bills, plan to do a monthly financial check-in with your partner. The goal isn’t to micromanage your partner’s spending habits, but rather to see where you both land on your goals and where you can improve. Over time it will become a regular part of your relationship, and will help make you both feel like you’re on the same team.

If you need some help with budgeting and financial literacy, look no further than the team at First Financial. We can give you recommendations and advice based on your financial situation. Contact us to get started, or stop by your local branch to speak with a representative today!

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.

Tips for Stocking Your Pantry to Help Cut Food Costs

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Like most Americans, your dining out and grocery bills are probably really adding up lately – as inflation and higher economic costs continue to sky rocket. The USDA reports that food inflation is at a 14 year high, with grocery store shopping and eating out costing consumers about 6% more this year than last.

However, you can work smarter instead of harder to help curb some of your food expenses. Here are some suggestions on how to keep your home pantry stocked with staple items that will last you awhile, save money by cooking and eating meals at home, and add some variety to your diet as well.

Here are some essential non-perishable ingredients to always have on hand at home:

  • Whole grains – Oats, quinoa, rice, muffin mix, tortillas, cereal. Bread and bagels will also have a longer shelf life if refrigerated or frozen and used one by one as needed.
  • Pasta
  • Beans/legumes – Chickpeas, lentils, all types of beans (black, kidney, lima, etc.)
  • Baking ingredients – Flour, sugars, baking powder and soda, vanilla or other flavored extracts.
  • Nuts – Almonds, peanuts, cashews, pecans, pistachios, pumpkin and sunflower seeds.
  • Oil and vinegar
  • Condiments – Mayo, mustard, ketchup, soy sauce, hot sauce, honey, BBQ sauce, jarred olives and pickles.
  • Jarred sauces
  • Dried herbs and spices – Pepper, salt, cumin, Italian seasoning, cinnamon, crushed red pepper, garlic and onion powder.

There are also some pantry staples that would be a good idea to have on hand in addition to what’s listed above, to whip up a quick and inexpensive meal. These items will also last you a decent amount of time unopened in your pantry as well:

  • Canned tomatoes
  • Peanut/almond butters
  • Coconut milk
  • Broths/stocks
  • Canned corn
  • Canned tuna and chicken
  • Jarred salsa
  • Capers
  • Raisins and dried cranberries
  • Maple syrup

You may be asking – what can you make with some of these pantry ingredients? To name a few ideas to start, think quesadillas, homemade hummus, pasta with sauce, granola bars, teriyaki sauce to go over rice or chicken, and pancakes. All of these are simple to make, and will use ingredients you already have at home.

Here are also some food ideas to store in your freezer to have on hand:

  • Frozen vegetables like spinach, peas, broccoli, brussels sprouts, and cauliflower
  • Frozen berries to make smoothies or smoothie bowls
  • Chicken tenders
  • Ground beef
  • Burgers, hotdogs or veggie patties

Here are some food staples to keep in your refrigerator that will last a little longer than other more perishable foods:

  • Butter
  • Eggs
  • Nut milks (Almond milk will last much longer than regular milk).
  • Cheeses (Cream cheese, parmesan cheese, cheddar, shredded mozzarella).
  • Yogurt

Another idea that always goes over well (especially if you have kids) is breakfast for dinner, using many of the ingredients listed in this blog post. This is an easy, inexpensive, and fun way to make an at home meal a special treat!

If you follow the above tips and keep your pantry stocked, you’ll definitely see some savings on your grocery bill over time and not have to go to the store as often. Not to mention, it’s typically healthier to eat at home too. You can even make it a fun household activity and spend quality time together, by giving each person a job in the kitchen to help put together a great family meal.

In the end – you’ll be saving on food costs, spending time together, and eating a delicious meal. You really can’t put a price tag on that!

Article Source: The Penny Hoarder

How to Finance Your Home Improvement Project

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Whether you’re preparing to sell or are just due for an upgrade, renovating your home can help increase its value over time and keep it up to date. Financing a home improvement project, however, takes a lot of planning and consideration. Thinking ahead will save you headaches in the future, so make sure to consider these options before you start your next renovation endeavor.

Save, save, save

The safest option for financing your home improvement project is to save as much money as you can. First, determine a ballpark range of how much the project could cost total, and then make a plan to start saving. While it will take time to build up savings, you won’t have to worry about paying back a large sum of money later. So, if you’re not in a rush to get started – building your savings may be the best option.

If you want to open a savings account for your renovation project, we’re here to help!* Contact us or stop by your local branch to speak with a representative.

Consider your loan options

There are a variety of loan options out there to assist in financing your remodeling project. Here are a few to consider, all of which are available here at First Financial!

  • Home improvement loans: This type of loan is an unsecured personal loan that doesn’t need to use your home as collateral to qualify. Lenders will use your credit score to determine your interest rate and qualifications.**
  • Home equity loans: Similar to a home improvement loan, home equity loans are paid out in a lump sum that you can repay overtime in regular fixed monthly payments.***
  • Home equity line of credit (HELOC): A HELOC is a secure loan backed by your home allowing you to qualify for lower interest rates. Our HELOCs have a maximum borrow amount of $75,000 and an LTV of up to 70%, and allow you to advance from your approved credit line as you need it. ++

Use a credit card

For smaller home improvements, credit cards with a lower interest rate may be a good option, especially if you can find a card with added perks. At First Financial, we offer 4 credit card options that each have benefits like a 10-day grace period and no annual fees.+ Our Visa Platinum and Signature Cash Plus cards, for example – offer UChoose Rewards on all purchases that are redeemable for travel, merchandise, gift cards, and cash back.

If you’re still unsure what would be the best route for financing your home improvement project, you can rest assured knowing our financial experts are happy to give you advice based on your situation. Contact us to get started, or stop in to your local branch to speak with a representative today!

 

*A $5 deposit in a base savings account is required for credit union membership before opening any other account/loan. 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. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

 **Available on primary residence only. A First Financial membership is required to obtain a Home Improvement Loan and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth of Ocean Counties. See credit union for details. Rate will vary based off of applicant’s credit rating. Not all applicants who apply will be approved, subject to underwriting guidelines and credit approval. Lien position and appraisal valuation may affect the maximum loan amount. Not all applicants will qualify for maximum Loan to Value (LTV) ratio. It will be based off of creditworthiness, property type, occupancy, lien position, and loan amount. Rates will be affected by LTV or combined LTV if there is another lien on the property. Loan amounts over $7,500.00 will be required to give First Financial FCU a security interest in their property. Rates will vary based off of lien position and whether the loan is mortgage secured or unsecured. For mortgage secured Home Improvement loans First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and are required to be paid back by member to FFFCU.

 ***First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and the borrower(s) will be required to pay back closing costs in full to FFFCU. A First Financial membership is required to obtain a Home Equity Loan, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See FFFCU for details or visit firstffcu.com for all current rates. Rates for financing up to 80% of Appraised Value less other Mortgages.

 +APR varies from 11.15% to 18% for the Visa Simply First Platinum Card and from 13.15% to 18% for the Visa Signature Cash Plus, Visa Platinum Cash Plus and Visa First Step Cards when you open your account based on your credit worthiness. These APRs are for purchases 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 Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties.

++ LTV= Loan to Value Ratio. Rates will vary with the market based on Prime Rate and may change quarterly. Subject to credit approval. Available on primary or secondary homes only. A First Financial membership is required to obtain a home equity line of credit, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. Subject to underwriting guidelines. See credit union for details.