Author Archives: VP of Marketing and Business Development Jessica

6 Tips to Save Money While Owning a Pet

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Owning a pet can bring immense joy, but it can also come with heavy financial responsibilities. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), the first year of dog ownership costs around $3,221, with an average annual expense of $1,391 every year after. Cat owners can expect to spend about $1,904 in the first year and $1,149 each year after. These costs can increase quickly, especially when unexpected medical expenses arise. However, with thoughtful planning – you can provide excellent care for your pet while staying within your budget. Here are six tips to help you save money on pet care.

1. Adopt, Don’t Shop

If you’re looking to add a pet to your family, consider adopting from a shelter as a cost-effective and compassionate option. Adopting a pet gives a homeless animal a loving home while also saving you money. Adoption fees are typically much lower than costs from a breeder, and many adopted pets come fully vaccinated and spayed or neutered, greatly reducing your initial costs.

2. Choose the Right Veterinarian

Finding the right veterinarian is crucial for your budget and your pet’s health. Take the time to research and compare costs from different vets in your area. Ask about the price of routine checkups, vaccinations, and emergency services. Don’t hesitate to ask for recommendations from other pet owners and switch vets if you find a more affordable or suitable option. A good vet will prioritize your pet’s health while offering fair prices.

3. Invest in Preventative Care

Preventative care is key to avoiding costly medical issues down the road. It may sound counterintuitive, but spending money upfront can prevent excessive costs in the future. Scheduling regular checkups, vaccinations, and dental cleanings can help prevent more serious health problems that could lead to expensive treatments and emergency visits at a premium cost. Some veterinarians offer wellness plans that cover routine care for a monthly fee, which can help you budget for these expenses. Alternatively, look for low-cost clinics in your area that provide discounted services through veterinary schools or non-profit organizations.

4. Shop Smart for Pet Medications

Just like human medications, the price of pet prescriptions can vary widely depending on where you purchase them. Before buying, compare prices from different sources including your vet, local pet stores, and online retailers like 1-800-PetMeds, PetCareRx, and Chewy. You may also find good deals at Costco or on Amazon. Remember to ask your vet if there’s a generic version of the medication that could save you money.

5. Buy Quality Pet Food

Similar to preventative care, investing in high-quality pet food can save you money in the long run. A nutritious diet leads to better health, reducing the likelihood of expensive vet visits. Look for food subscriptions from online retailers like Chewy, where you can often save by setting up automatic deliveries. Prioritize your pet’s health with a balanced diet and regular exercise to avoid preventable health issues.

6. Get Creative with Pet Toys

You don’t need to spend a fortune on pet toys to keep your furry friends entertained. Pets are often just as happy playing with simple items like cardboard boxes or other safe household objects as they are with store bought toys. If you want to buy new toys on special occasions, consider shopping at discount stores or wholesale clubs, where you can find quality toys at a lower cost.

Navigate Pet Ownership & Budgeting with First Financial

Caring for a pet doesn’t have to break the bank. By adopting smart strategies, you can enjoy pet companionship without straining your budget. For more personalized financial advice and tips on saving money and managing your budget, call us at 732.312.1500, visit a branch, or explore our services online. Don’t forget to subscribe to our First Scoop blog for more valuable insights on saving money and achieving your financial goals.

Summer 2024 Newsletter

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We hope you had a fabulous summer season and are soaking up the last week of fun in the sun before Labor Day!

In a continued effort to go green, we’re publishing our quarterly member newsletter electronically – it can also be found on our website and social media sites. Paper copies will be available in our branches.

The Summer First Edition Member Newsletter features the following articles:

To view a copy of the newsletter, click here.

Enjoy the rest of your summer!

6 Ways to Save Money on Back-to-School Shopping

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The back-to-school season arrives quickly each year, often catching parents and their budgets off guard. Preparing for back-to-school shopping can also be a challenge in the current economic climate. The National Retail Federation predicts that in 2024, parents will spend an average of $875 on back-to-school shopping for younger students and around $1,365 for college students. These significant costs emphasize the need for careful planning and smart shopping strategies to ease the financial burden of this season.

To help you prepare without overspending, here are six tips to make back-to-school shopping more budget-friendly.

1. Assess What You Already Have

Begin by taking a comprehensive inventory of what you already own. Check last year’s supplies and clothing to see what can be reused. Thoroughly search desks, drawers, and closets for items that can be repurposed or that don’t need replacing (notebooks, pens, pencils, etc.). By identifying what you already have, you can avoid duplicate purchases and buy only what is necessary. Additionally, go through your child’s wardrobe to determine which clothes and shoes still fit, reducing the need for a full wardrobe replacement.

2. Set a Realistic Budget

Establishing a clear budget before you start shopping is crucial. Review your child’s school supply list and set a spending limit that covers all the essential items. To avoid overspending, base your budget on regular prices rather than sales, giving yourself a buffer for unexpected expenses. If the projected total exceeds your budget, prioritize essential items and seek alternative options for items that may not be as crucial.

3. Conduct Thorough Research

Maximize savings by comparing prices across different retailers and planning your shopping around sales events. Keep an eye out for student discounts offered by many retailers, which can provide significant savings on tech, clothing, and supplies. Additionally, explore and take advantage of online only deals and subscribe to retailers’ newsletters for exclusive discounts and promotions. Sift through your emails for coupons you may have missed – we’ve all signed up for store emails that we’ve forgotten about, and you may just have additional discounts in the palm of your hand.

4. Explore Alternative Shopping Options

While popular retailers like Amazon, Target, and Walmart are convenient, consider alternative options such as dollar stores, discount outlets, and wholesale clubs. These stores often offer substantial savings on school supplies without sacrificing quality. Wholesale clubs can be especially advantageous for large families. Bulk shopping doesn’t make sense for your family? Ask other parents if they’d be interested in splitting the cost of bulk purchases among a larger group.

5. Opt for Refurbished or Gently Used Items

Save money on electronics by purchasing certified refurbished models from reputable sellers. These products often function just as well as new ones, but come at a fraction of the price. Additionally, explore thrift stores for gently used clothing, backpacks, sports equipment, and other supplies. This can be a cost-effective way to provide your child with stylish outfits and necessary items while staying under budget.

6. Plan for Future Needs

Consider planning for next year’s needs during current sales. Anticipate items your child will need and purchase them during off-season sales or special promotions. For example, remember to take advantage of Memorial Day and 4th of July sales for clothing or tech items you know your child will need next year. This proactive approach can spread expenses and reduce financial stress in the future.

First Financial is Here for You

Navigate back-to-school season with confidence and ease the financial burden by implementing these strategies. First Financial is here to help you make informed purchasing decisions and ensure a stress-free start to the new school year.

For personalized financial advice, call 732.312.1500, visit a branch, or explore our services online. Don’t forget to subscribe to our First Scoop blog for more valuable insights and money-saving tips.

Protecting the Financial Future of Your Family with a Will

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Parents may not like to dwell upon their untimely deaths, but creating a will now will help ensure your family’s finances in the future.

A will is a legal document that specifies how to distribute your assets and investment accounts to your family and others should you unexpectedly die. Check out our short video, When do you need a will? If you have any questions after watching the video, complete the online form and our Financial Advisor will reach out to you. It’s important to understand what a will can do as you plan for your family’s future.

You need a will to work your will. Dying intestate (without a will) turns important decisions over to a state probate court judge who will follow standard procedures to distribute your wealth. A will allows you to name your beneficiaries and the amount they inherit, which might be very different from what the state considers to be standard.

Your will can specify a guardian for your children. In today’s society, many parents are single with no obvious candidate to assume guardianship of your children should you suddenly die. You can designate a guardian in your will rather than leaving the decision to the state. Naming a guardian protects your children from state custody and ensures a trusted person looks after your children’s future.

Use your will to establish trusts when you die. Your will can be used to create trusts that start upon your death. Using trusts, you can address specific concerns – such as caring for a special needs child, managing your investment portfolio, or preventing a child from misusing a bequest setup for college expenses. You can fund your trusts from various sources – such as life insurance policies, and set the conditions for distributing the money.

Plan payments for debt and taxes. Your will can lay out how to repay any remaining debt and taxes. You also can use your will to make charitable gifts and thereby reduce the size of your estate. In some cases, this will lower or eliminate the burden of estate and/or inheritance taxes upon your family.

Setting up a will is worth your time. When you consider the advantages provided by a will, the effort going into creating one is a small price to pay. Contact the First Financial Investment & Retirement Center by calling 732.312.1534 and together we can review your financial portfolio. We can answer any questions you may have about your finances before you meet with a qualified attorney to create your will.

You can also email the financial professionals in the Investment & Retirement Center at mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

 Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial, LLC

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5 Things You Can Do to Live Below Your Means

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Living within your means is one thing, but living below your means is a completely different challenge. Successfully living below your means opens doors to significant savings and debt reduction so you can one day reach financial freedom. According to a recent CareerBuilder survey, 78% of U.S. workers live paycheck to paycheck, and over a quarter do not save any money each month. These alarming statistics highlight the importance of financial discipline, especially when planning for the future.

Living below your means is a crucial step toward financial stability. While it may seem daunting, it is achievable with the right strategies. Here are five practical tips to help you live below your means and take control of your finances.

1. Dissect Your Discretionary Spending

Understanding exactly where your money goes is the first step to controlling it. Start by analyzing your discretionary spending, which includes non-essential expenses like entertainment, dining out, and hobbies. Scrutinize every transaction to identify patterns and pinpoint areas where you can cut back.

Use statements, credit card bills, and other financial records to track your spending habits. With First Financial’s Online Banking, you can view all your spending in one place. You might find that certain purchases like frequent takeout meals, are unnecessary. Recognize these spending patterns and make adjustments, such as cooking at home more often – to save money.

2. Create an Effective Budget and Stick to It

A well-planned budget is your roadmap to financial success. Now that you have pinpointed unnecessary expenses, you can put together a budget that includes only the necessities. Begin by determining your total income from all sources. Next, track your monthly expenses and categorize them into fixed (i.e. rent and utilities) and variable (i.e. groceries and entertainment) costs. This budget should ensure that your spending is well below your income and that some portion each month is placed into savings and/or used to pay down debt.

The key is to find a system that helps you manage your spending and stay on track. First Financial offers various tools and resources, including an in-depth home budget calculator and a simplified budgeting worksheet, to assist you in this process.

3. Pick Up a Side Hustle

Sometimes, cutting expenses isn’t enough to balance your budget. In such cases, increasing your income can make a significant difference. Consider picking up a side job that leverages your skills and interests.

With the internet, opportunities for freelance work – such as writing and graphic design, or tutoring, are abundant. Identify what you’re good at and explore how you can turn it into an additional income stream. A side hustle not only helps you cover expenses, but also provides a financial cushion for savings.

4. Pay Down Debt

Debt can be a significant barrier to financial freedom. Focus on paying down your debt systematically to avoid high interest and late fees. Prioritize high-interest debt first, while making minimum payments on others, to reduce the overall interest burden.

Maintaining timely payments helps you keep more money in your pocket, which can be redirected toward savings or other financial goals. An effective budget and financial plan can assist you in managing this balancing act.

5. Stay Aware of Lifestyle Creep

Lifestyle creep occurs when your spending increases along with your income. Avoid this pitfall by remaining conscious of your spending habits, even as your financial situation improves.

If you pay off debt or receive a raise, resist the urge to immediately upgrade your lifestyle. Instead, revisit your budget and consider how the extra funds can be used to bolster your savings or pay down other debt. Making thoughtful adjustments ensures that your financial growth is sustainable and aligned with your long-term goals.

Let First Financial Help

Living below your means is not about depriving yourself, but about making smarter financial choices that lead to long-term stability and peace of mind. By successfully living below your means, financial freedom is possible.

For personalized financial advice and more tips on managing your finances, call 732.312.1500, visit a branch, or explore our services online.