Author Archives: VP of Marketing and Business Development Jessica

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.

How to Save on Back-to-School Shopping

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Back-to-school shopping has looked a bit different over the past few years. Between the COVID-19 pandemic and inflation, school supply prices have continued to be on the rise. According to The National Retail Federation, the average family expects to spend $864 on school supplies, which is $15 more than last year and $168 more than before the pandemic. This means families need to be a bit more savvy and budget for back-to-school shopping this year.

Here’s how you can save money and spend less on school essentials:

Shop online and compare prices

Instead of driving to different department stores for supplies, try searching online and comparing prices that way. By shopping online, you can find sale items easier and pick and choose where you want to buy from. Plus, you’re less likely to get distracted by your kids and any of the items they are likely to find in different aisles along the way. Keep an eye out for online back-to-school deals from retailers like Amazon, Walmart, and Target ahead of the school year.

Find coupons and wait for deals

It may seem time consuming, but searching for coupons is an effective way to save money during the school shopping season. Coupon browser extensions like Honey, RetailMeNot, and Coupert make it easy to find all the best deals and will even apply them automatically. This time of year there are also major sales on electronics and clothing that you should take advantage of. If you’re not finding savings, consider waiting for the post-shopping season sales that usually happen in late September or early October after the school year has already started.

Also, check out this list of New Jersey back-to-school shopping deals from local retailers before the new school year begins.

Buy in bulk

When it comes to items like pens, notebooks, staples, and paper – buying them in bulk can get you the biggest bang for your buck. It’s typically always cheaper to purchase in bulk compared to by unit, especially if you have a large family. It’s even better if you can apply a coupon or find a sale on bulk items during your next shopping trip.

Shop with a credit card for rewards

Did you know you can get rewarded for your back-to-school shopping? Sure, finding deals is crucial – but you can also get value back for the money you spend. Earn 3% cash back or double rewards on back-to-school shopping through 9/30 on all First Financial Visa Cash Plus Credit Card purchases.*

Don’t have our Cash Plus Card? Apply today.

Don’t let back-to-school shopping overwhelm you! There are plenty of ways to spend less this year if you play your cards right. That’s why we’re here to help – our team can give recommendations based on your financial situation and even help you apply for a First Financial credit card. 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.

*A First Financial membership is required to obtain a Visa® Cash Plus Credit Card. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. APR varies up to 18% for the Visa Cash Plus Card 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.

 

How to Get Dorm Room Essentials on a Budget

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One of the most exciting parts of college is decorating your dorm room. Whether you have a single, double, or triple room, you can still make your space uniquely you – even while on a budget. While there are many dorm room essentials you’ll need, there are always inexpensive options and tricks that can help bring out your personal style.

Here are our top ways to shop for your dorm room while on a budget.

Make a realistic shopping list

Before you start putting together a shopping list, confirm the room dimensions, bed size, and included furnishings. This will help you avoid purchasing any unnecessary items or incorrect sizes. See our handy shopping checklist below and evaluate what you already have, what you don’t actually need, and what you can potentially share with your roommate.

  • Bath & bedding: A comforter, throw blanket, sheets, pillows, pillowcases, mattress pad (you’ll thank us later for this one), bath towels, washcloths, shower shoes, shower caddy, bathrobe, shower cap, heating pad.
  • Health & beauty: Shampoo, conditioner, hair styling products, deodorant, hairdryer, brush, body & face lotion, sunscreen, toothbrush, toothpaste, floss, mouthwash, q-tips, portable makeup holder, your preferred makeup essentials, nail clippers, loofah, razor, shaving cream, first aid kit, pain relievers, cold & flu medications, sanitary products.
  • Laundry & clothing: Laundry basket, detergent, softener, bleach, dryer sheets, lint brush, iron or steamer, ironing board, luggage.
  • Storage: Clothing hangers, shoe rack, storage for under your bed, desk organizer, hanging closet organizer, cube organizers, trash can.
  • Decor: Sticky wall mounts and adhesive hooks, rugs, floor lamp, desk lamp, step ladder, bed riser, fan, additional seating, bulletin board, picture frames.
  • School supplies: Backpack, laptop protective case, calendar, pens, notebooks, sticky notes, highlighters, stapler, extension cord, markers, computer mouse, whiteout, tape, scissors, index cards.
  • Electronics & appliances: Computer or laptop, TV, speakers, gaming system, tablet, HDMI cord, coffee maker, microwave.

Keep in mind that not all of these items are necessary for your dorm room and many of these you may already have. For your more common dorm room essentials, check larger department stores or online retailers like Amazon. This way you can compare prices and find bigger savings.

Find secondhand items

Thrifting isn’t just great for finding one-of-a-kind clothing items, you can snag some cool furniture, art, and decor, too. It’s also a great way to shop sustainably while being easier on your wallet. Stores like Goodwill and The Salvation Army resell donated furniture while also reinvesting in their own communities through job training programs and more. You can find thrift stores near you through The Thrift Shopper’s directory.

Source online marketplaces

You can spend hours looking through Poshmark or Facebook Marketplace for home goods, clothing, and unique finds. Some sites even let you negotiate a better price, especially if you’re bundling multiple items. Make sure to check with your college, since many universities also have an online marketplace just for students.

Share items with your roommate

You probably don’t need two TVs or Keurig machines in one small space. Before you dive into shopping, touch base with your roommate on what they plan on bringing and what you can share. Dorm rooms are limited in space, so having duplicates of everything is unnecessary.

Get crafty with DIY decor

Did you know you can download digital versions of famous art for non-commercial use? That means you can download, print, and frame your favorite artwork from museums like The Metropolitan Museum of Art for your dorm room. If you want to get a bit creative, you can also upcycle old magazines to make wall art or use string to make a geometric photo display. With time and inspiration, you can make your own decorations that will help you feel at home in your new space.

No matter what your budget is, making your dorm room your home-away-from-home is still within reach. Enjoy this milestone in your life, but don’t forget to stay safe and be responsible for how you spend your money as well. If you’re looking for more college-friendly financial tips, check out our blog, What We Wish We Knew About Money in College.

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

 

What We Wish We Knew About Finances in College

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Being on your own for the first time is one of the most empowering feelings. Whether you’re living in a dorm, an off-campus apartment, or are commuting from home – college life will give you your first taste of independence. And while adulthood may sound glamourous, there’s certainly more responsibility to manage – and that includes your finances.

One of the most important factors of growing into adulthood is how you manage your money. Those habits you make now will have a lasting impact on your financial wellness down the road. Here’s what we wish we knew about money management when we were in college.

Start building credit, but avoid credit card debt

You might be thinking more about classes right now, but after you graduate college – your credit score will have an even bigger impact on your life. Your credit score essentially determines your creditworthiness to lenders when you apply for a credit card or a loan. So, if you have a low score, it will be far more difficult to buy a car or even secure housing in the future.

Start by working on building your credit now. You can do this by applying for a credit card and having your parents added as authorized users (or vice versa). At First Financial, we offer a Visa® First Step Credit Card that’s specifically designed to build or establish your credit.*

Having a credit card is crucial for building credit, but you need to also make sure you’re paying it off in full each month. It can be easier than you think to pile on credit card debt. Some people use their cards like they’re free money, but in reality – you should only be making purchases that you can afford. Otherwise, paying your balance will become more difficult and interest will quickly add up.

Check out our blog post on credit card tips for beginners to learn more.

Always have an emergency fund

Part of adulting is having a back-up plan for when things go wrong. And most of the time, that means having a lump sum of emergency funds in case you have a large medical expense or car repair. As you get older, saving money will become increasingly important – so getting in the habit now is a great way to set yourself up for success.

Open a separate savings account and deposit a small amount of money into it regularly from any paychecks or gifts you receive. The amount you choose should be based on what you can afford. Even starting with putting away $25 per paycheck is a great, because it will add up overtime. The goal is to eventually allocate 20% of your paycheck to your savings, but everyone has to start somewhere!

Utilize student discounts

Companies know college students are on a budget, and many create affordable deals and memberships just for them. Don’t overlook how much money you can save by asking for a student discount. Trust us – you’ll miss it as soon as those perks go away! Many services like Amazon Prime, Hulu, Amtrak, and more offer discounted subscriptions and fees for students. Even insurance companies may offer lower rates for those in high school or college full-time.

While it’s important to balance your classwork while managing your money, you should also prioritize fun and safety. College goes by faster than you think – and the more you learn and enjoy yourself during these years, the better!

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

*APR varies up to 18% for the Visa First Step Credit Card 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. No late fee will be charged if payment is received within 10 days from the payment due date. 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.

 

Don’t Get Scammed While Back to School Shopping

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It’s that time when all you parents out there are probably shopping online, trying to get the best deals on school supplies and clothing for the upcoming academic year. While you’re busy shopping and trying your best to save money, be on the lookout for scams. Continue reading about some of the most common ones that are out there.

Do your research. Are you clicking and adding to cart on a new website you’ve never used? Before you actually make a purchase, do a quick online search for the merchant’s name. See if anything comes up that mentions a multitude of complaints or lists any scams associated with the company name. You can also check the company’s social media sites to see reviews and comments, as well as look on the Better Business Bureau’s website. If you are browsing around a website and see misspelled words or unclear sentences, this is another indicator that it may be a fraudulent website.

Take precautions with online ads. Don’t think that scammers can’t purchase ads on social media sites. If you see something too good to be true, or that follows the website criteria we just mentioned – it’s best to shop elsewhere.

Review the price and availability. Are you looking for something in particular that you can’t seem to find anywhere else, but seeing it available at a great price on an unknown website or ad? Be leery of this. It could be a trap to lure you to the fraudulent website, and pay for merchandise you’ll never receive – or be able to get your money back.

When checking out, make sure the web browser is secure. How to know a website is legitimate and secure? The web address and payment page URL will begin with https:// and you should see a lock icon at the top. Also, if paying via PayPal through the merchant’s website is an option – take it. This protects your card information and also would help with reimbursement to you should there be any issues with your purchase.

Shop with a credit card. When you can, it’s always better to shop online with a credit card. This protects you if there is a dispute for charges you didn’t approve. If you use a debit card, the funds actually get deducted from your bank account and while you can still file a dispute and get your money back – it may take awhile. Credit cards typically also offer higher daily purchase limits. Read more about our advice on this topic in our credit vs. debit guidebook.

Check the fine print. Before purchasing, be sure to review the merchant’s return policy to make sure you can return items you purchase, if there are any restocking fees, or if you’ll need to pay for return shipping. You’ll also want to read any additional fine print details and see how long shipping might take, as well as where your order is shipping from. Will tracking information be provided and notifications, once your items have shipped?

What do you do if you were scammed? Hopefully you either paid with a credit card or through PayPal. If so, you’ll want to call your credit card company right away, and with PayPal you can open a case online. You should also report the fraudulent website to the Better Business Bureau and FTC websites.

This back to school season, stay safe online and prevent fraud from happening to you! Questions about a scam involving any of your First Financial accounts? Contact us right away.

Article Source: News12.com

Tips for Saving on Summer Energy Bills

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Ah, summertime. The time of year when air conditioners are on full blast and families are flocking to the pool or beach. If you haven’t already noticed how hot it’s been this season, then you certainly will when you receive your next energy bill. You don’t need to have a hefty bill just to stay cool. Here are our tips for saving energy in your home this summer while keeping costs down.

Stop hot air from entering your home

You might not realize it, but there’s likely pesky hot hair leaking into your home through windows. About 30% of a home’s heating energy is lost that way. You can stop this from happening by installing window coverings like drapes, shades, plastic films, shutters, awnings, or storm windows.

Heat is also able to make its way into your home through cracks. You may want to consider hiring a weatherization expert to assess your home for air tightness. In the meantime, you can caulk, weatherstrip, and seal air leaks in doors, windows, plumbing, floors, ceilings, and areas where electrical wiring comes through walls. Keep in mind that air sealing is a temporary solution to reduce heat flow and proper insulation will eventually need to be applied.

Adjust your energy use

Rethinking the way you use energy in your home is easier than you think. From lighting and water use, there are so many small adjustments you can make that can have a big impact on your final bill. Here are a few to get you started:

  • Switch to LED lighting – it uses 75% less energy and lasts up to 25 times longer!
  • Take advantage of natural daylight, but keep the curtains closed to avoid getting too hot.
  • Wait to use energy until “off-peak” hours such as early mornings or later at night.
  • Ensure all devices are unplugged when not in use.
  • Wash full loads of dishes and clothes in bulk for better efficiency.
  • Doublecheck that your refrigerator and freezer doors are sealed airtight and try limiting the number of times you open them.

Keep your cooling system up-to-date

Aside from getting regular maintenance, there are other ways to ensure your cooling equipment is running as efficiently as possible.

  • Regularly clean or replace your air conditioner filter or coil.
  • Move your air conditioner away from lamps, TVs, and other appliances that can cause the thermostat to sense heat and run longer than necessary.
  • Ensure furniture and other objects are not blocking airflow from your cooling system.
  • Consider a programmable thermostat that will automatically be set warmer when you’re away and cooler when you’re home.
  • Avoid setting your thermostat at a colder setting than normal when you first turn on your air conditioner.
  • Utilize fans and ventilation in rooms with extra humidity, like your bathroom or kitchen.

Saving energy isn’t just a summer consideration – it’s something that can be done all year long. Getting into good habits now will help you reduce waste, improve efficiency, and save money. In the meantime, we hope you’re able to stay cool and enjoy the beautiful weather this summer. Don’t forget to stay hydrated, too!

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