Category Archives: Saving Money

A Budget-Friendly Guide to Home Redecorating

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Home renovations and redecorating can transform your space without breaking the bank. With strategic planning and creative solutions, you can achieve your home improvement goals while staying within budget. Keep reading to find out how!

Research and Planning

  1. Find the Right Financing: Before diving into your home renovation project, explore financing options to fund your endeavor. Consider First Financial’s Home Improvement Loan, offering great rates and flexible terms to help you realize your vision affordably.*
  2. Create a Budget: Set a realistic budget for your project, considering expenses like materials, labor, and any unforeseen costs. Stick to your budget to avoid overspending and financial strain. Utilize First Financial’s wide range of tools and resources like our Budgeting Guide and Home Budget Calculator.
  3. Develop a Detailed Plan: Outline the project scope and create a timeline for completion. Research design ideas and gather inspiration to ensure a successful outcome.
  4. Research Codes and Acquire Permits: Obtain necessary permits and familiarize yourself with local building codes to ensure compliance and avoid costly mistakes.
  5. Do Your Own Demo: Save on labor costs by tackling demolition work yourself, prioritizing safety with proper gear and precautions.
  6. Price Matching: Compare prices on multiple retailer websites prior to making a purchase. Many big box stores will price match what you find online in store, so you can snag a great deal and avoid shipping and handling costs.

Doing It Yourself (DIY)

If you plan to tackle your home renovation project all on your own, follow our budget-conscious tips below.

  1. Search for Free Materials: Acquire items for free through friends, family, or online listings to minimize costs and maximize savings.
  2. Find Duplicates: Look for budget-friendly alternatives that mimic high-end materials or furnishings to achieve your desired look without overspending.
  3. Improve Existing Furniture: Refresh old furniture with painting or refinishing. Add new hardware or upholstery for a custom look without breaking the bank.
  4. Update Smaller Fixtures: Upgrade fixtures like cabinet hardware, lighting, and doorknobs to make a big impact on a budget. Changes like these make a huge difference without necessitating a full demo.
  5. Shop Second Hand: Explore thrift stores, flea markets, and online marketplaces for unique finds at bargain prices. You may discover hidden gems that not many other people will have.
  6. Utilize Paint: Give your space a makeover with a fresh coat of paint and easily DIY this on your own. Sometimes a fresh new color is all you need to transform a space.
  7. Declutter: Clear out unnecessary items to refresh a room instantly. Donate or sell items you no longer need to create a clean, inviting space.
  8. Mix and Match: Embrace mismatched furniture and decor to add character to your space and avoid the expense of purchasing pricier pieces. Experiment with different styles, textures, and colors for a unique look.
  9. Swap Party: Host a furniture and decor swap party with friends and family to exchange items and refresh your decor for free. It’s a fun way to acquire new pieces while also decluttering your home.
  10. Do Projects in Pieces: Tackle renovation projects one at a time to manage costs effectively and plan better. Break down projects to secure better deals and complete them efficiently.

By following these tips and leveraging resources like First Financial’s Home Improvement Loan and budgeting tools, you can redecorate your home for less without sacrificing style or quality. Happy decorating!

For more personalized advice and solutions – call us at 732.312.1500, visit a branch, or explore our services on our website at firstffcu.com. Don’t forget to subscribe to our First Scoop blog for more financially savvy insights and tips.

*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. 1 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. 2 Lien position and appraisal valuation may affect the maximum loan amount. 3 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. 4 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. 5 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.

Timeless Ways to Live Frugally

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Sure, we might be living in 2024 – however, there are ways to live economically that will never go out of style. Last month we gave you some frugal habits you might enjoy – but keep reading to find out even more simple, yet effective ways to live frugally.

Cook at Home with What You Have: Cooking at home instead of going out to eat or buying takeout, will undoubtedly save you money. Not to mention, it can become a fun family activity that’s inclusive of everyone in the household and something that you can all look forward to doing. It’s also a good idea to use simple recipes with fewer ingredients, as well as plan your meals around what you already have in your fridge, freezer, and pantry before going out to the store for additional ingredients. Use any refrigerated food that will go bad quicker, first. Waste not, want not!

Declutter and Organize: Getting rid of clothing items you no longer use and posting them on apps like Poshmark and Mercari, or books and furniture no longer needed and selling these items at a yard sale – can bring in a little bit of income that you can put into your savings account or use to pay a utility bill. In addition, organizing and going through what you already have may save you from purchasing a new item when you either can’t find the original – or think you don’t already have it.

Plant a Garden: With spring coming soon, it’s the perfect time to learn how to experiment with growing your own vegetables and herbs. If successful, you can go right into your backyard and pick your own – rather than purchase them at the grocery store. Not to mention, spending time outdoors in the fresh air and learning a new hobby can be therapeutic.

Canning: Learning how to can and preserve your own food in glass jars is another old-fashioned way to save money by making your own sustenance. This skill will allow you to store fruit, vegetables and make flavorful jams and sauces that could last you months at a time. Certain items like making your own jelly, can even be given as gifts. You’ll need to initially invest in some supplies, but over time the initial cost will make up for itself.

Buying Secondhand Clothes or Swapping: Checking out your local thrift store or an estate sale might score you some real bargains on quality pieces. Another idea to save money on clothing that won’t cost you a dime, is to trade or swap them out with a friend or family member. Find someone who is the same size, and borrow some new items for your wardrobe to expand it without having to buy anything new.

As you can see, these ways to live frugally will never expire. Your great-grandparents and your grandparents experienced them – as well as your ancestors before that. They’re proven to stand the test of time and can be passed down to future generations, which is a win-win in financial literacy for all.

For more money-saving tips and insights into managing your finances, don’t forget to check out our website and subscribe to our monthly e-newsletter.

Frugal Habits You Might Actually Enjoy

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Frugality often conjures images of cutting coupons and scrimping on every penny. However at First Financial, we believe that frugal living can be both enjoyable and enriching. It’s not just about saving money; it’s about making smarter choices that align with your values and lifestyle. Let’s explore some fun frugal habits that can brighten your life and bolster your finances.

1. Smart Streaming

We all love our TV time, but do we need multiple streaming services? Assess your subscriptions and keep only what you truly enjoy. This simple act can save you a surprising amount each month, and you’ll hardly feel the pinch. Plus, it frees up time to explore other interests.

2. Cooking at Home

Forget the notion that cooking is a chore. Transform it into a fun and creative adventure. Experiment with new recipes, bond over family cooking sessions, and relish the joy of homemade meals. Remember, an average American spends about $3,639 annually on eating out. Imagine the savings when you start packing your lunch for work!

3. Gardening

Gardening isn’t just for green thumbs. It’s a peaceful, therapeutic hobby that rewards you with fresh, organic produce. You’ll cut down on your grocery bills, eat healthily, and maybe even find a new passion.

4. Thrift Shopping

Think of thrift shopping as a treasure hunt where you uncover hidden gems at a fraction of the cost. It’s not just economical; it’s a thrilling quest for unique finds. You’ll be surprised at the joy of discovering something special in a thrift store, and how little it costs.

5. DIY Projects

Do-it-yourself projects are not just about saving money; they’re about expressing your creativity and adding a personal touch to your home. Whether it’s refurbishing an old piece of furniture or crafting home decor, these projects can be immensely satisfying and a great way to de-stress.

6. A No-Spend Challenge

Ever tried a no-spend month? It’s an exciting challenge that forces you to be inventive with what you have. Plan your expenses, stick to necessities, and discover the joys of simple living. You might just find new hobbies that are cost-free and fulfilling.

7. Affordable Fun

Fun doesn’t have to be expensive. Explore the outdoors, enjoy free community events, or host a movie night at home. You’ll find that these activities can be just as enjoyable as their pricier counterparts, if not more.

8. Budget Travel

Traveling doesn’t always require a hefty budget. Plan your trips wisely, look for deals, and consider budget-friendly accommodations. It’s about the experience, not the expense.

Frugal living doesn’t mean giving up the things you love. It’s about making informed, value-based decisions that will enrich your life. For more money-saving tips and insights into managing your finances, don’t forget to check out our website and subscribe to our First Scoop blog.

Save Money and Energy This Winter with These Utility Tips

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As winter continues, managing utility costs becomes a priority for many households. There are several effective strategies to further reduce these expenses. First Financial is committed to helping you navigate these colder months with useful winter utility savings tips.

Understanding High Winter Utility Costs

In colder climates, gas and electricity bills tend to spike during winter due to increased heating needs. Factors like inflation and global events also contribute to these rising costs. However, by implementing a few smart strategies, you can significantly lower your bills.

Strategic Heating Tips

  • Close off unused rooms: Limit heating to areas in use to save energy.
  • Block drafts from doors: Use simple items like towels to block drafts and retain heat.
  • Cook at home: Warm your home while preparing meals.
  • Lower thermostat settings: The U.S. Department of Energy suggests keeping your thermostat at 68 degrees F and reducing it by 7-10 degrees for eight hours daily.
  • Smart thermostat use: These devices adjust heating based on your preferences, reducing energy use.
  • Weather stripping: Seal doors and windows to prevent heat loss.
  • Window insulation: Thick curtains and insulation kits can significantly reduce heat escape.
  • Attic insulation: Proper insulation in the attic can lead to substantial energy savings.

Efficient Use of Space Heaters

Space heaters are a cost-efficient alternative to central heating systems. For instance, running a 1,500-watt space heater for eight hours in a standard room costs about $1.60 per day. This is considerably lower than the average monthly gas and electric bill of $180. However, it’s crucial to use space heaters safely. The Consumer Products Safety Commission advises that smart space heater use includes always plugging them directly into a wall outlet and avoiding leaving them on while sleeping or when you aren’t in the room.

Long-Term Heating Solutions

For those looking to invest in their homes, improving insulation and upgrading windows are effective ways to reduce heating bills. Although these solutions may require an upfront investment, it can pay off in the long run in terms of energy savings and comfort. It’s often beneficial to consult and use professionals, especially when considering major home improvements.

Financial Assistance for Utilities

Beyond these tips, remember that financial assistance is available. Many states including New Jersey, offer programs funded by the federal government to help lower-income households with energy costs.

By implementing these winter utility savings tips, you can enjoy a cozy and economically efficient winter. Remember, small changes can lead to significant savings. First Financial is here to support you in finding financial solutions that work for your lifestyle all year round.

For more information, contact a First Financial representative or visit your local branch.

Summer Garage Sales: What to Buy and Avoid

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Throughout the summer, yard sales are a popular weekend activity for bargain hunters seeking hidden treasures at unbeatable prices. Whether you’re a seasoned yard sale enthusiast or a novice looking to make the most of your budget, it’s important to know what items to buy and what to avoid. Explore the world of yard sales through a money-saving lens, but make sure you consider what you should buy and what to avoid in order to save money in the long run.

What to Buy at a Yard Sale

Musical Instruments -Yard sales can be a goldmine for music enthusiasts. Look out for gently used instruments that are still in good condition. Consider testing them out or researching their value beforehand to ensure you’re getting a fair deal.

Kids’ Clothes – Children outgrow their clothes quickly, so purchasing second-hand items at yard sales can save you a bundle. Look for gently worn kids’ clothes, ensuring they are clean and free from stains or tears.

Kitchen Supplies – Yard sales often offer a wide range of kitchen supplies – such as cookware, utensils, and appliances. Take advantage of these deals to upgrade your kitchen without breaking the bank. Check for functionality and cleanliness before purchasing.

Picture Frames – Decorating your home can be expensive, but yard sales offer an affordable way to find unique picture frames. These can add a personal touch to your living space while saving you money.

Wooden Furniture – Well-made wooden furniture can last for years, be simple to spruce up, and you can find some real gems at yard sales. Look for sturdy pieces with minimal damage, and don’t be afraid to negotiate the price.

Sports and Exercise Gear – Stay active on a budget by browsing yard sales for sports equipment and exercise gear. Items like bicycles, tennis rackets, golf clubs, and weights can often be found at significantly reduced prices.

Books – Bookworms rejoice! Yard sales are a great place to find books at a fraction of their original cost. Dive into a wide variety of genres and expand your library without breaking the bank.

What Not to Buy at a Yard Sale

Open Puzzles and Games with Lots of Parts – While puzzles and games can be a fun addition to your leisure time, it’s best to avoid open boxes with potential missing pieces. Incomplete sets can be frustrating, so opt for sealed boxes or items where you can ensure all the parts are intact.

Electronics and Appliances You Can’t Test – Yard sales often feature electronic devices and appliances, but it’s a challenge to verify their functionality on the spot. Unless the seller allows you to test the item, it’s safer to skip these purchases to avoid potential disappointment and aggravation later on.

Mattresses and Plush Items That Can Carry Pests – While you may find seemingly good deals on mattresses or plush items like stuffed animals, be cautious. These items can harbor pests, such as bedbugs or dust mites. To ensure a hygienic purchase, it’s best to buy new when it comes to bedding and plush items.

Cosmetics – Personal care items like cosmetics should be purchased new to ensure safety and hygiene. Yard sale cosmetics may have expired or have been improperly stored, which can lead to skin irritation or even infections.

Cribs and Car Seats – Safety should always be a top priority, especially when it comes to items for infants and young children. Yard sale cribs and car seats may not meet the latest safety standards or could have hidden defects. It’s best to purchase these items new to ensure the utmost protection for your little ones.

Bike Helmets – Protective gear, such as bike helmets – should always be purchased new to ensure optimal safety. Helmets that have been previously used may not provide adequate protection in the event of an accident.

Non-stick Pans – Non-stick pans can wear down over time, potentially exposing harmful substances. It’s advisable to invest in new, high quality non-stick cookware to avoid any health risks.

Running Shoes – Athletic shoes form to the shape of the wearer’s feet over time. To provide proper support and prevent any foot-related issues, you should always purchase them new.

Yard sales can be a fantastic way to save money while finding unique and useful items. By knowing what to buy and what to avoid, you can make the most of your summer yard sale adventures. Remember to inspect items thoroughly, negotiate prices when appropriate, and prioritize safety when it comes to certain purchases. Happy bargain hunting!

At First Financial, your financial well-being is our top priority. We are dedicated to offering you resources and tools to assist you in reaching your financial goals. To begin your journey, stop by one of our local branches or dial 732.312.1500.

Don’t miss out on valuable money tips! Subscribe to our First Scoop blog for more insightful advice.

Financial Tips for Your Backyard Makeover

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Summer is just around the corner, and now is the perfect time to spruce up your backyard. However, before you dive into your backyard makeover project – it’s essential to consider your budget and financial goals. With that in mind, here are some financial tips for your backyard makeover.

Set a budget

The first step to any home renovation project is setting a budget. Determine how much money you can realistically afford to spend on your backyard makeover, and stick to it. It’s easy to get carried away with all the different options available, but keeping your budget in mind will help you make more informed decisions about which projects to prioritize.

Prioritize your projects

Once you’ve set your budget, it’s time to prioritize your backyard makeover projects. Start by making a list of all the improvements you’d like to make and then rank them based on importance. Consider factors such as the condition of your backyard, what the project would be used for, and what would add the most value to your home. This will help you focus on the most important projects and ensure you don’t overspend on unnecessary ones.

Consider DIY projects

Another way to save money on your backyard makeover is by tackling some of the projects yourself. Not only will this save you money, but it can also be a fun and rewarding way to spruce up your backyard. If you’re handy with tools and have some experience with home improvement projects – consider taking on tasks such as painting, constructing garden beds, building a fire pit, and more.

Shop around for deals

Before you start buying materials for your backyard makeover, do some research to find the best deals. Look for sales at local home improvement stores or search online for deals on materials such as pavers, plants, and outdoor furniture. You can also consider buying gently used items from local buy-and-sell groups or garage sales.

Consider financing options

If your backyard makeover project is more extensive than you initially thought, you may need to consider financing. At First Financial, we offer a variety of loan options to assist you in financing the backyard of your dreams.

  1. Home improvement loans are unsecured and don’t need to use your home as collateral to qualify. Lenders will use your credit score to determine your interest rate and qualifications.*
  2. Home equity loans are similar to home improvement loans in that they are paid out in a lump sum that you can repay over time in regular fixed monthly payments.**
  3. A home equity line of credit (HELOC) is a secured 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. ++
  4. Credit cards with a lower interest rate may be good for smaller home improvements, especially if you can find a card with added perks. We offer four credit card options with benefits like a 10-day grace period and no annual fees.+ Our Visa Cash Plus cards, for example – offer UChoose Rewards on all purchases that are redeemable for travel, merchandise, gift cards, and cash back.

By setting a budget, prioritizing your projects, considering DIY options, shopping around for deals, and exploring financing options – you can make your backyard makeover dreams a reality without breaking the bank. If you need help determining the best financing path for your home improvement project, feel free to ask our financial experts for advice. Call us at 732.312.1500 or stop into your local branch to get started.

Happy renovating!

*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 up to 18% when you open your account based on your credit worthiness. This APR is 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.