4 Financial Items to Review this Summer

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Summer is the perfect time for vacations at the beach and weekends at the pool. It’s also a great time for assessing your financial health. Things are generally a bit slower in summer, so use your time wisely and take a minute to review these four important financial items.

Emergency Fund

Before you fork out significant dough for that condo on the beach, make sure you’re not dipping into your emergency reserves. It’s impossible to know what unexpected things may pop up in life, but having a financial cushion is crucial. A general rule of thumb is to maintain about four months’ living expenses in your emergency fund. If you don’t have that, don’t even think about taking a summer vacation.

Credit

How much do you actually know about your credit? Do you know your credit score? Summer is the perfect time before the holiday spending season to research where you stand financially. Equifax, Experian, and TransUnion all offer free credit reports, so do your homework before opening up another credit card.

Retirement Savings

You may not pay much attention throughout the year to contributions to your retirement savings, but summer is a great time for a review. Are you satisfied with how much is being moved from your paychecks to your retirement fund? Is your company matching your contribution? Don’t wait until it’s too late to be in the know. If you are able, contribute as much as you can to your financial future.

General Budget

It can be hard during the busiest times of the year to truly evaluate our spending habits. We move from one workday to the next and do the best we can to budget. During the summer, sit down and give your finances a good look. Are there areas in your life where you can really cut back? If you can make adjustments during the summer months for the rest of the year, you can potentially be putting extra money back in your pocket.

Article Source: Wendy Bignon for CUInsight.com

 

4 Reasons You’re in Debt

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Status.

We’ve all heard of “Keeping up with the Joneses.” It’s that desire to have the things others have that may be too extravagant for your budget. If you go around thinking about the things you feel like you’re missing out on, you’re probably going to put yourself in a financial hole. Take a pause when you feel an impulse-buy coming on, and save yourself a headache later.

Credit cards.

Don’t let your credit cards be in charge (no pun intended). Take hold of your finances and don’t spend money you don’t have. Sure, there are benefits to using credit cards, but they can also be your worst enemy if you’re not careful. Use credit cards to build good credit but once you start racking up debt, it can take a long time to get out from underneath it.

Unforeseen expenses.

Sometimes expenses come out of nowhere. You may feel like you’re doing good, but then your engine fails and you need a new car. Be prepared. Make sure you’re building up an emergency fund, because if you don’t have it when you need it, you’ll end up putting yourself in a deep hole in the blink of an eye.

Life is expensive.

You may think your budget is mapped out and solid (and it may be), but then your best friend gets engaged. The next thing you know, you’re hitting up an ATM machine. Sometimes, you need to spend money celebrating, but plan ahead and you’ll be doing yourself a favor down the road.

Get yourself on track financially with our budgeting guidebook! Need help creating a budget you can stick to? Attend one of our free budgeting seminars during the year or make an appointment with a representative at your local First Financial branch.

Article Source: John Pettit for CUInsight.com

 

6 Ways to Save on Groceries

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Budget and stick to it.

Filet mignon is delicious, but buying too many pricy items could break the bank. There’s nothing wrong with buying what you want, but you have to make it work within a budget that’s comfortable to you. Have the filet one night, and a simple salad the next to enjoy luxuries and a healthy relationship with your money.

Shop sales wisely.

Stocking up on items is a great plan. However, stocking up on items you won’t or can’t use is a waste of money. Also, even if the sale is fabulous, it’s not to your advantage if buying that item now means you break your budget. 15 cans of creamed spinach for $2 is only a steal if you’ll actually eat it.

Switch to store brands.

The quality of store brands varies, but if you’re able to find a product that works for your family for less, you’ll save on every trip to the store. This simple trick will leave more room in your budget for splurges.

Digital coupons.

Many stores now offer savings apps or text coupons. Use them to save on your bill, but use with some caution. Sign up only for those you can regularly use or you’ll be swamped!

Store discount cards.

Discount cards mean savings on everything you buy. For example, Target’s Redcard. Cardholders save 5% on every purchase on everything from grills to electronics to toilet paper. Don’t forget about store savings cards as well – for example, your shopper’s club discount at Shoprite. Those who shop without one of these cards often can’t take advantage of the sales.

Never shop hungry.

We’ve all done it and we’ve seen the consequences to our wallet (and sometimes our waistlines). Even sardines and kale look good when you’re hungry. So instead, eat a snack before you walk down the snack aisle and buy what your brain wants, not your belly!

Check out other money saving grocery shopping tips here.

Article Source: Jennifer Reynolds for CUInsight.com

 

3 Consumer Scams to Be Aware Of

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New twist on an old phone scam:

Phone scams are nearly as old as Alexander Graham Bell, but fraudsters have invented a new trick to beware of. It’s called the “can you hear me” con.

Scammers will call your phone and ask if you can hear them, but if you answer yes, they’ll record you and use it as “proof” that you signed up for whatever fraudulent service they’re offering.

The safest thing you can do if you receive one of these calls is to simply hang up, or if you don’t know the number – don’t answer it in the first place.

When heart meets wallet – dating scam:

Nothing says I love you less than an empty bank account, yet that might be your fate if you go looking for love in all the wrong places.

According to the FBI, scammers are preying on people’s hearts and wallets in a new growing trend called romance scams. It starts off simply enough — you meet someone through the service that seems a likely match and contact is made. Things intensify quickly. It seems like a dream romance. It’s not.

Beware of anyone you meet through online dating services who asks for financial gifts or favors (even if he or she is the “love of your life.”) This could be a play to get access to your checking account.

These scammers will leave you broke and broken hearted if you’re not careful. Use your head and be a bit suspicious. If it seems too good to be true, it probably is.

Don’t fall for the bait with phishing:

The chairman of Hillary Clinton’s presidential campaign, fell for a phishing scheme when he reportedly received an email from Google asking him to verify his account.

Unfortunately, the email wasn’t from Google, but was from a scammer — a scammer who now had all the info he needed to hack this Google account.

Software like Photoshop makes it easy for even a mediocre hacker to convince you that they are with a trusted organization like Google, your bank, or another company who handles sensitive matters for you.

Before you give over info, even basic info – remember the painful lesson learned: email isn’t secure. Never share sensitive information over email.

Article Source: Jennifer Reynolds for CUInsight.com

4 Budget Friendly Summer Date Night Ideas

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Summertime is upon us and that means the kids are out of school. We find ourselves spending a lot of time (and often, money) making sure they are happy and entertained during the summer months. It’s important that we don’t forget about ourselves in the process. Even if you’re not a parent, finding time for your relationship with your significant other is essential to a healthy partnership. Below are four ideas for fun summer date nights that won’t put a hole in your wallet.

Catch a baseball game.

Even if you’re not in a big city that boasts a professional baseball team, check out MiLB.com to discover a minor league team near you – like the Jersey Shore BlueClaws. Tickets to minor league games are less expensive and the snacks and drinks are typically more budget friendly as well.

Check out the night sky.

How often do you and your partner take time to gaze at the night stars? Summer is the perfect time to grab a blanket and get outdoors. You don’t need a pricey telescope to find those constellations in the sky. Check out this free Star Tracker app and explore the universe from your own backyard.

Enjoy some ice cream.

There is nothing like a cold treat when it’s hot outside. Instead of a date night at an expensive restaurant, opt for a dessert date instead. That way you’re still out together enjoying something delicious, but for a $10 price tag instead of $100.

Have a game night indoors.

Get inside and away from the heat and be a kid again. Have a game night with all your favorite board games. The games and snacks won’t cost much and the winner’s bragging rights are priceless.

Article Source: Wendy Bignon for CUInsight.com

5 Ways to Save on Common Household Expenses

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You’re probably always looking for ways to save at home, right? Sure, you can take drastic measures like living in a tiny house, but there are far easier ways to save money. Here’s a look at a few ways you can easily save a few bucks on your common household expenses.

Bundle up.

We’ve all got internet, and some of you have yet to cut the cord on cable services. If you plan on keeping it around, the least you can do is bundle up your services. If you’re paying two different companies for those services, that’s crazy! Check out allconnect.com and find a bundle package that’s available in your area.

Clip those coupons.

This doesn’t sound complicated, and for good reason. Even if your grocery bill is smaller than most, remember that you don’t have to be a family of five to save money at the checkout. Check out the weekly ads at your grocery store and keep those coupons that come with your receipt.

Cancel that gym membership.

That gym membership sounded good around New Year’s but now you’re only going a few times a month – if that. You can save that money and buy a bike and some dumbbells, or even just a new pair of running shoes. Only keep your gym membership if you’re truly committed.

Find cheap entertainment.

Sometimes local theaters have discounted movies on certain nights, or maybe your town has free movies in the park in the summertime. If you don’t have those options where you live, head to the Redbox and make it a double feature for way cheaper.

Make coffee at home.

You’ve probably heard this one before. You like your Starbucks coffee and don’t want to settle for making your own. Grab a Keurig and buy some K-Cups – you can even by Starbucks K-Cups. That 3-4 dollars per day will really add up. In fact, if you start putting that cash away every day, you’ll be pleasantly surprised to see what you’ve got a year from now. Next year’s summer vacation may be paid for!

Article Source: John Pettit for CUInsight.com