Category Archives: Wedding and Marriage Finances

How to Plan a Budget-Friendly Honeymoon

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Are you dreaming of a romantic getaway but worried about the cost? Planning a honeymoon on a budget doesn’t mean sacrificing the magic. With some savvy strategies, you can have the trip of a lifetime without breaking the bank. Let’s explore 12 tips to help make your dream honeymoon a reality without emptying your pockets.

1. Set a Realistic Budget: Outline your essentials and prioritize experiences that matter most to you and your spouse. With a clear budget in mind, you can make informed decisions and allocate funds accordingly to ensure a memorable honeymoon without financial stress.

If the money isn’t readily available, financing can be an option for some couples. Some things in life are non-negotiables – especially things you’ve been dreaming of for as long as you can remember. At First Financial, we know the money just isn’t always there. With our Financial Helper Loan, you can borrow up to $25,000 to help with the costs of your dream honeymoon at a competitive rate.*

2. Embrace Low Season: Off-peak travel not only offers savings, but also provides a chance to immerse yourself in the destination without the crowds. Take advantage of quieter beaches, shorter lines at attractions, more intimate atmospheres, and lower rates during your honeymoon.

3. Quality Over Quantity: A shorter honeymoon doesn’t mean compromising on luxury or adventure. By focusing on quality experiences over an extended timeframe, you can savor each moment of luxury and exhilaration without losing the charm, all while staying within your budget.

4. Discover Affordable Destinations: Explore hidden gems and emerging destinations where your budget goes a little further. These lesser-known locales often offer unique cultural experiences, stunning landscapes, and authentic cuisine without the premium price tag of more popular destinations.

5. Plan and Book Early: Early booking not only secures the best deals, but also allows for greater flexibility and peace of mind. By planning ahead – you can take advantage of promotional offers, secure preferred accommodations, and tailor your itinerary to fit your budget and preferences.

6. Mix-Up Accommodations: Strike a balance between budget-friendly stays and occasional splurges to create a diverse and memorable honeymoon experience. Consider opting for luxury accommodations for shorter stays or unique locations, while saving on one-night stays to stretch your budget further.

7. Consider Group Tours: Small group tours offer the perfect blend of convenience, affordability, and adventure. With expert guides leading the way, you can explore off-the-beaten-path destinations, participate in unique activities, and forge lasting connections with fellow travelers — all while staying within your budget.

8. Research Dining Options: Planning your dining experiences in advance ensures you enjoy delicious meals without breaking the bank. Look for local eateries favored by residents, explore street food for authentic flavors, and consider cooking your own meals using fresh ingredients from markets or grocery stores to save money while still indulging in culinary delights.

9. Consult a Travel Agent: A knowledgeable travel agent can help you navigate the complexities of honeymoon planning while maximizing your budget. From securing exclusive deals and upgrades to providing insider tips and personalized recommendations, their expertise can turn your honeymoon dreams into a seamless and budget-friendly reality.

10. Create a Honeymoon Registry: Customize your honeymoon registry to include specific experiences or aspects of your trip that guests can contribute to. Whether it’s a romantic dinner, a couples’ massage, or a once-in-a-lifetime excursion – allowing loved ones to support your honeymoon fund ensures meaningful gifts that enhance your overall experience.

11. Opt for a Delayed Honeymoon: Postponing your honeymoon allows for additional time to recover from wedding festivities and save money for your dream trip. By choosing a later departure date, you can take advantage of off-peak travel discounts, seasonal promotions, and special offers to stretch your budget further.

12. Utilize Points and Loyalty Programs: By strategically leveraging loyalty programs and cash back rewards – you can enjoy upgrades, discounts, and exclusive perks that enhance your honeymoon experience without increasing your overall budget. The First Financial Cash Plus Credit Card offers customized rewards that can be used on travel experiences and more – with 1% unlimited cash back everywhere.** You can use our credit card for some wedding purchases you were planning on anyway, make your payments on time, and enjoy the fruitful rewards!

As you embark on the journey of planning your dream honeymoon, remember that financial constraints don’t have to dim the sparkle of your romantic getaway. By following these savvy tips, you can craft a budget-friendly honeymoon filled with unforgettable experiences and cherished memories. For more personalized assistance and tailored solutions – call 732.312.1500, visit a branch, or explore our services online.

*APR = Annual Percentage Rate. Rates are subject to change. Maximum loan is $25K and maximum term is 60 months. Not all applicants qualify, subject to credit approval. A First Financial membership is required to obtain a Personal Loan, 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. See credit union for details.

**APR varies up to 18% for purchases, when you open your account based on your credit worthiness. The APR is 18% APR for balance transfers and cash advances. APRs 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 $10 or 3% of the total cash advance amount—whichever is greater (no maximum), Balance transfer fee of $10 or 3% of the balance—whichever is greater (no maximum), 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, or attends school in Monmouth or Ocean Counties.

Managing Finances and P2P Payments When You’re in a Wedding Party

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Weddings are a time of great joy. But let’s face it, they can also be a bit stressful – especially if you’re in the bridal party. Being in a wedding party can cost you around $1,000 by today’s standards. Here are a few ways to avoid going into debt once you’ve agreed to be there for your BFF on their big day and the surrounding events:

  • Communicate – Before you agree to be in the wedding party, communicate with the bride or groom about expectations and expenses. If you’re currently struggling financially and don’t think you can afford what might be expected of you, be up front and honest about it.
  • Save up – If potentially being in a bridal party is in your near future, start putting aside some money into savings now – every little bit helps. Once you’re asked and accept, definitely start socking away as much as your budget will allow (even if you have to temporarily forego some of your usual treats like meals out, daily coffee, Netflix, etc. and put that money into wedding savings).
  • It’s okay to say no if you really can’t afford something. If you truly can’t afford to be in a wedding party, it’s okay to say no – just do it as gently and kindly as possible and be completely honest. You can politely decline and if you felt you needed to, still thank them for asking you and send them a small gift or item from their registry. Or if you would like to accept but can’t afford a destination bachelor or bachelorette party which you know is in the works, be up front about that from the beginning.

Once you’ve accepted the invitation to participate in a wedding party, it’s time to start thinking about how you might pay for upcoming expenses. Person-to-person (P2P) payment apps are very popular these days, and can make organizing a bachelor or bachelorette party easier – and gifting for the wedding or bridal shower a breeze. It’s also a good idea to brush up on P2P payment app safety first, before you start planning away.

How to Plan a Bachelor or Bachelorette Party using P2P Payment Apps

Your best friend is getting married and you’ve accepted to being the best man or maid of honor. You’re honored but also a bit nervous, because you want everything to be perfect – including their bachelor or bachelorette party.

Whether the guest of honor decides on a weekend getaway, a staycation closer to home, or a low-key night in, much of the party planning will probably rest with you. Once you’ve been given a list of possible locations, dates, and the invite list, you might want to start a group text or email to the invitees to get everyone on the same page regarding costs and expectations.

Some things to consider, save up for, and communicate may include:

  • Transportation costs: Plane tickets or carpooling to the destination.
  • Accommodation costs: Hotel or house rental.
  • Costs for various activities: Brewery/wine tasting, pool cabana, concert tickets, meals, etc.

Decide up front what the guest of honor will pay for and what the group will cover. It’s important to get everyone’s input because some may have tighter budgets than others, and you don’t want to put anyone in an uncomfortable position. According to a recent survey conducted by Savings.com, 43% of people don’t feel comfortable talking about money or financial status with their friends. This could be why 52% of respondents took on credit card debt and 39% opted out of some parts of the bachelor/bachelorette party due to high costs.

Consider taking an anonymous poll to help determine how much money guests would like to spend. Once that’s decided, how to split bachelor/bachelorette party costs and share expenses should be fairly easy. And that’s where P2P payment apps come in.

When using a P2P app, it’s very important to make sure you know who you are sending money to – since once it’s sent, it can be extremely difficult to get it back (if at all) should it go to the wrong place. Always verify the contact’s user name, mobile phone number or email address prior to sending any P2P payment.

More Ways to Support the Happy Couple with P2P Payment Apps

Shower Gifts: P2P payments make it very easy to split the costs of group gifts for a bridal or wedding shower. Plus, splitting costs with coworkers, friends or other family members is a great way to afford those higher priced registry gifts for the happy couple.

The Perfect Wedding Gift: Is the couple trying to buy a new house or save for a dream honeymoon? Sending the gift of money is a great way to help support their goals, whatever they may be. And when you send them a gift using a P2P payment method, it’ll arrive right away if you’re pressed for time (think as soon as they say their “I do’s” on wedding day – simply open your P2P app, click on their contact and hit send!).

Learn more about how P2P payments like Zelle® work in our short video tutorial.

To learn more about P2P payment scams and ways to protect yourself, visit zellepay.com/pay-it-safe.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Setting Financial Goals as a Couple

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Valentine’s Day is next week, and what better time of year than to sit down with your partner and talk about your financial goals as a couple and make plans for your monetary future?

Talk

The first step in achieving your financial goals together as a couple, is to talk to each other. Communication is one of the most significant components of any relationship, and discussing your finances together is super important. As you’re both talking, you’ll each want to mention the goals you both have for the two of you, your individual financial goals, and be sure to jot everything down or save them on a note in your phone or on the computer.

As you’re discussing, be sure you’re each respectful of what the other is saying. If you don’t understand something, ask questions – but you never want to make your partner feel bad about one of their goals or that it’ll never happen. Your financial situation as a couple is something you’ll both need to communicate about, see what’s realistic and what isn’t, and find ways to achieve your goals together.

Prioritize

Once your financial goals have been agreed upon and written down, it’s time to prioritize the order of how and when to achieve them. An important component of prioritizing your goals together is to decide which ones are must-haves, and which ones are nice-to-haves. For example, if your family is growing and you no longer have the space to live in a condo – buying a single family home would be a must-have goal. An annual cruise vacation is a nice-to-have. You’ll both also want to do the same with your individual goals.

Another part of prioritizing is how long it might take to reach your goals. Short-term goals are typically ones that can be completed in under a year (for instance, buying new appliances for your kitchen). Long-term goals typically take anywhere from 3-5 years or more to accomplish (boosting your retirement savings or renovating your home). Once you’ve prioritized your list, you’ll want to choose the first goal to achieve. There isn’t a right or wrong way to do this, just as long as you both are on the same wavelength.

Plan

Now it’s time to plan out how you’ll achieve your financial goals together. The best way to do this is to be specific about what the goal is, measure the goal and track your progress, decide on a way to attain your goal, be realistic about if it’s possible to achieve this goal, and set a time for when you’d like to have the goal completed by. Once your goals are planned out, you can officially begin to put money aside and start working on achieving them as a couple.

Check in on your progress

Once your plan is set and you’ve begun working on your financial goals, it’s important to keep track of your progress and potentially reconfigure your plan if you need to. You’ll want to do this at least once a month if possible. For example, maybe you both have realized you didn’t save as much money during a certain month and didn’t meet your monthly savings goal – but when you went back and reviewed your expenses, you saw that you went out to dinner or bought takeout several times a week. For the next month, try to plan to eat at home instead of dining out. You can meal prep together and plan all your meals in advance so you don’t get tempted to order out if you both come home too tired to cook one night. It’s okay to make mistakes and readjust your budget together – the most important thing is that you are both monitoring your spending, communicating, and changing your financial habits for the better moving forward.

As always, the team at First Financial can 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.

Article Source: CUInsight.com

 

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.

Wedding Planning Ideas on a Budget

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Are you planning a wedding and looking to cut costs? You’ve come to the right place! One of the biggest factors of planning a wedding is figuring out what you can afford, and how you can stay within your budget. In 2019, the average wedding cost was reported at $38,700, with expenses primarily associated with the ceremony and reception. However, wedding costs greatly vary based on location and size.

Don’t let this take away from your excitement – planning an affordable wedding is very much within reach if you play your cards right. Here are our helpful tips for planning a wedding on a budget.

Save for Your Wedding

When it comes to making any big purchases, it’s best to start the process by building your savings first. The longer you save for your wedding, the better. Ideally, couples should start saving before they even get engaged. While that may sound odd, it’s important to start to save for bigger purchases down the line, even if you’re not yet ready to get married or buy a home at the moment.

Based on your income and budget, you can determine how much to put into your savings account per paycheck. Even starting small will make a big difference once it’s time to begin wedding planning!

Create a Wedding Budget and Stick to it

More than a quarter of couples in the U.S. report going into debt to pay off their weddings. However, building a realistic budget and sticking to it can significantly lessen the chances of that happening.

Start by determining the type of wedding you want and how many guests you would like to have. Then write out a list of essentials for your wedding like the venue, attire, photographer, music, food, rings, gifts, and more. Research how much these expenses could potentially cost, and prioritize what you need versus what you want. This breakdown will help you understand the total investment and identify where to cut costs.

Choose a Venue You Can Afford

The wedding venue may end up being the most expensive part of your special day, but luckily there are plenty of options for every couple. If the standard large wedding hall exceeds your budget limitations, here are some additional venue options to consider:

  • A spacious backyard
  • A rustic barn
  • A music or art gallery
  • A small destination wedding at an all-inclusive resort
  • A public park or outdoor gazebo
  • A restaurant

Make sure to compare the prices of each option before making a final decision on the venue. Some may have limits on the number of guests who can attend, or the type of caterers you can work with. These factors should be considered as well.

Time Your Wedding Wisely

Wedding costs will vary depending on the time of year. January through March is considered off-season in the wedding industry, so you’ll likely find the lowest costs around that time. Some venues also offer discounts for events booked on Fridays, Sundays, or mid-week. Though keep in mind, weekday weddings may be difficult for your guests to attend.

Tap into Your Network

Do you have a photographer, DJ, or hairstylist in your friend group or network? Consider utilizing their services. Going with a vendor you know, may also help you secure a bit of a discount! If you need help with cooking food or setting up decorations, relatives or friends could also help in exchange for a wedding gift.

Try DIY Wedding Decor and Favors

Head over to Pinterest for inspiration on trendy DIY wedding decor ideas. Then visit your local dollar store to see what affordable items you can use for your reception like vases, jars, candle holders, table cloths, ribbons, and more. Since flowers can get pricey, try substituting for greenery instead.

Wedding favors for your guests can easily get overlooked. Rather than overspending on customized wedding swag, try handmaking gifts your guests will appreciate like candles, chocolates, jams, and more. Plus, it will be fun to make the favors together with your soon-to-be spouse!

Want to open a new savings account or apply for a personal loan to cover wedding expenses?* Visit a First Financial branch or contact us to speak with a representative today.

*A $5 deposit in a base savings account is required for credit union membership prior to 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.

 APR = Annual Percentage Rate. Rates are subject to change. Maximum loan is $25K and maximum term is 60 months. Not all applicants qualify, subject to credit approval. A First Financial membership is required to obtain a Personal Loan, 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. See credit union for details.

How to Plan the Wedding of Your Dreams on a Budget

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You’re engaged, congratulations! We’re sure you’re over the moon with stars in your eyes and visions of wedded bliss. You’ve probably been thinking about this day for as long as you can remember. You’ve got your Pinterest boards, a planning notebook, and you’re ready to hit the ground running. But, have you actually put a price tag on any of those ideas and visions?

$35,329

That’s the average cost of a wedding in the U.S. And that doesn’t even include the honeymoon! After hearing this sky-high number, you’re probably ready to simplify the process, save money, and elope. However, it’s absolutely possible to have the wedding of your dreams without spending well over what you can afford and without going into debt for years to come after the honeymoon. Prioritizing your must-haves, creating a strict budget, and allocating your money accordingly will go a long way in planning for your big day. So, let’s get started!

What’s important to you?

Before you can create a wedding budget, there are a few things you need to decide. First, determine what kind of wedding you want. What do you see when you think of your big day? A country club reception? An elegant downtown loft? A backyard barbecue?

Once you answer this question, have the budget talk with everyone contributing to the wedding. When you start talking money, make sure you talk about more than the total amount you’ll spend. For instance, break down the wedding budget into categories – ceremony, reception, decorations, etc., and decide what you’ll spend in each category.

Now that you’ve taken this step, you’ll need to determine the most and least important items on your checklist. Is there anything you can cut out altogether? Sit down with your fiancé and determine what you both REALLY want and let that vision guide your budget.

Track your spending.

Leave some room in your budget. No matter how down-to-the-penny it may be, unexpected expenses are going to pop up. Your budget will evolve over the planning process, so be prepared by giving yourself a little bit of a cushion.

If you hop on the web and search “wedding budget worksheet,” you’ll find a ton of different options. Find what works best for you. This could look like an Excel spreadsheet, a Google Doc, or one of the hundreds of templates available on wedding planning websites. Regardless of your template, tracking your spending throughout the entire process will be imperative. You’ll be able to ensure you’re staying well within the lines of your budget. Plus, it serves as a great guide or list to see what you’ve paid for, how much you’ve spent, and how much you have left to cover.

There are apps. Use them!

There are a few fantastic wedding-related apps that are either free or inexpensive. Use them! Most apps have the option to create free wedding websites, invitations, and save-the-dates. Get started with these suggestions:

  • Zola: Zola has everything you need in one place. They even have a great selection of templates for you to design your wedding website for free! Your website is crucial for keeping your loved ones informed by sharing information about travel arrangements and relaying the important details of your big day. You can also build and manage your registry, design and order invitations or save-the-dates, and review your guest list.
  • Thumbtack: Photographers, DJs, bands, or florists – no matter what service you’re looking for, Thumbtack will have it. This app allows you to browse services in your geographic region to compare prices, check out reviews, and even talk directly to the vendor.
  • WeddingHappy: Are you a list maker? If so, WeddingHappy is the app for you! It is the ultimate to-do list. It’s a great app that will help you manage your wedding-related tasks, payments coming up, and vendors you’re working with.

Your wedding day will be one of the most amazing days of your life! Don’t let money and budget-related stress take that away from you and your significant other. There are many options out there to make this day incredible – no matter what your budget is.

Once you have a set budget, financing your big day might be an option that comes up for you. Stop in and talk to us! At First Financial, we have a variety of financing options such as personal loans, lines of credit, and low-rate credit cards – that could help you with the cost of your wedding. Let us help you make your big day one you’ll never forget!