Category Archives: Holiday and Seasonal Finances

Tips for Avoiding Impulsive Holiday Spending

Posted on by
Reply

It’s that time of year again. If you’re prone to swiping your credit card or blowing your budget in December, knowing a few ways to curb your impulse spending can help you get through to the New Year with your finances unharmed.

Understand why you buy. For the majority of non-essential purchases, most consumers make the decision to buy based on emotion. The product conjures up a positive feeling that is compelling enough to make you want to open your wallet. Stopping to examine the reason why you buy can help you determine if it’s a wise purchase and if it’s absolutely necessary.

Don’t shop hungry. Below normal blood sugar can impair your judgment.  Being hungry can cause you to be cranky, emotional, and more impulsive. Eat a balanced meal before leaving the house and always carry water and healthy snacks before going out shopping.

If you are easily swayed by the opinion of others, shop alone. Although, if you have little willpower when it comes to overspending, take along an accountability partner and discuss your spending limits and budget before you walk into the store.

Use a prepaid card. If you know you’re inclined to overspending, determine your budget and put the funds on a prepaid debit card allocated for holiday gift purchases. Leave your other cards at home and take only your driver’s license and enough money for gas and meals. When the prepaid card is empty, you need to be done shopping.

Shop online. Some consumers do better sticking to a budget when shopping online. Using a prepaid card or connecting through your PayPal account, you can safely do a lot of holiday shopping online. This allows you to thoroughly research products at your leisure without the pressure of other hurried shoppers, crowds, or a relentless salesperson. You also have the ability to review your shopping cart extensively and remove any unwise purchases without embarrassment before you buy. If you are shopping online, remember to research online coupon codes to get the best deals too!

Walk around the store with your items for awhile before purchasing and see if you really still want them by the time you are ready to check out.

When considering the cost of an item, think of how many hours of work it will take you to earn the full purchase price. If you would be willing to work a 40-hour work week without pay in return for receiving that item you’ve been eyeing, it may be a good purchase. Otherwise, walk away.

Freeze your credit cards for the month of December. When all else fails and you don’t want to give in to using your credit cards – put them in a cup of water and stick them in the freezer until the holiday shopping season is over. Do not defrost them before the new year.

Call your financial institution and request a lower daily spending limit on your debit or credit cards. This may be a great budgeting option if your bank or credit union offers it.

You don’t have to buy a gift for everyone you know. Be frugal with your gift list. Write down the people who you absolutely have to buy for: your kids, nieces and nephews, and so forth. Do you really need to buy individual gifts for all your co-workers? If so, try to make the spending limit minimal. Perhaps you can also suggest doing Secret Santa gifts with co-workers or if you have a large family as well. This way you only need to buy a gift for one person and there is typically a spending limit. Another idea for co-workers or a group of friends is not to exchange gifts and just all get together for a meal or night out instead.

The usual tips of don’t wait until the last minute and make a shopping list and stick to it always apply, but for many impulsive shoppers – this isn’t enough to control the spending behavior. If none of these tips will help you break your impulsive spending habit, your best solution may be to make a list and let someone else do the holiday shopping for you within the set budget and funds you provide them with.

Article Source:  Jamie Simmerman for Moneyning.com

3 Money Saving Tips for the Upcoming Holiday Season

Posted on by
Reply

Have you started to think about this year’s holiday shopping? Before you know it, Thanksgiving will be here – along with Black Friday and Cyber Monday, two of the biggest holiday shopping days of the calendar year. Even though Halloween was only a few weeks ago, this year’s holiday season will soon be in full swing, and here before you know it. If you’re in need of some extra cash for gifts this year, here are few tips to get you started.

Get ahead: If you’re buying something big and on the costly side, shopping on Black Friday or Cyber Monday may be your best bet. If you have a smaller list, start looking for deals as soon as possible. Take your time and don’t buy anything until you’ve done your research and found the best price. In December, you probably won’t be able to use this method. Whether you’re shopping for gifts, food, or holiday decorations – look early and find the best deals. They’re out there!

Pay in cash only: A digital wallet like Apple or Google Pay makes it easy to pay with your phone passcode when you’re in a store or even online. Venmo makes it simple to share money between friends and family. Amazon allows you to buy everything you need with the click of a button at any time. With all of this digital payment technology, even if you lock up your credit cards – your phone can still be a culprit for out-of-control spending. If you’re not usually the cash type, it’s time to become that way at least for the holiday season. Using cash is often a wake-up call for your spending habits. Set a dollar amount for your holiday budget, take out the cash, and when it’s time to spend it you will realize how strict you’ll instantly become.

Cut back everywhere: Whether it’s cutting back on going out to eat or dropping the thermostat a few degrees, having a few extra dollars to spend will be a pleasant surprise when you’re making your shopping list over the next few weeks. Maybe even think about shutting down your Hulu or Netflix accounts for a month or two while you’re shopping for the holidays and paying off holiday bills. You will be so busy you probably won’t even think about them and you’ll save money that you can use on gifts in the process.

Happy Holidays!

 Article Source: John Pettit for CUInsight.com

Last Minute Halloween Costumes on a Budget

Posted on by
Reply

Halloween is almost here and that means your time to find a costume is limited. If you are like many Americans, a Halloween costume is something that seems to slip to the bottom of the list every year. Whether you are putting together a last-minute fix for your child or a low-key costume for the neighborhood party, we have a few options for you.

Stick with the classics.

Everyone knows Charlie Brown. While his dreary disposition may not seem like the ideal inspiration for a fun Halloween costume, it is important to remember that Charlie always keeps it simple. Stock up on the following materials and create your own Peanuts ghost costume. You’ll need:

  • 1 white bed sheet
  • 5 sheets of black cardboard paper
  • 1 pair of scissors
  • 1 container of glue

Punny is priceless.

Everyone knows someone who doesn’t like to dress up. If you are that person, you’re in luck, this one’s for you. This costume commandeers the style of our Canadian friends and relies heavily on denim (also known as: the Canadian tuxedo). Grab your favorite pair of jeans, a denim jacket or shirt, and one “HELLO MY NAME IS” name tag. Fill out the name tag with the name “Jean” and you’re good to go. As a bonus, this costume will definitely keep you warm even on a cool October night. Costume supplies:

  • 1 pair of jeans
  • 1 denim top
  • 1 “HELLO MY NAME IS” name tag
  • 1 marker
  • Denim shoes or hat (optional)

Kick it old school.

Style is always changing and with decades of life experience comes decades of outdated apparel lining the back of your closet. Dig into your closet and revitalize one of your favorite old-school looks. From the bell-bottoms and big collars of the 70’s to the big hair and bright colors of 80’s – your Halloween costume is probably hiding in your closet, you just have to find it. This one’s easy – you’ll need:

  • Willingness to relive past fashion mistakes (and have fun with it!)

At the end of the day, Halloween is about having fun. Keep the stress and the cost low this year and handle the whole process in-house with these easy last minute costume ideas. Happy Halloween!

Ways to Make Back to School Shopping Happy and Frugal

Posted on by
Reply

Summer is winding down and the school season has arrived. Whether it’s for new clothes, backpacks, technology or books, the back to school season is one where there is a ton of shopping. Furthermore, no one ever wants to disappoint their children, so this is a time when you can really break the bank without even realizing it. If you are stressing about how you can frugally (and happily) get your kids back to school, keep reading!

1. Check Out Bargains All Year

Stocking up is always a great way to save money, and back to school supplies are no different. Throughout the year, school supplies are constantly sold at a discount. If you spend some time to stock up when things are on sale, all you need to do is bring those supplies out in August and give them to your kids.

2. The Dollar Store is Your Friend

This is one of the best kept back to school shopping secrets. A lot of the time, you can even find name brand merchandise for a dollar. Don’t underestimate hitting up your local dollar store before you shop for school supplies anywhere else.

3. Do Everything Online

Shopping online is convenient and frugal. Not only can you buy things for less, it also gets delivered to your door. Plus, many merchants offer free shipping too (depending on what you spend). If you plan in advance, this is probably the easiest way to shop.

4. Shop Late

There are always last minute deals and back to school time is no different. If you can wait on the items you need to buy, you might just be rewarded.

5. Shop Alone

Kids can be amazingly talented at wanting more than you can afford. In order to resist the temptation to satisfy them, shop alone. This way, they won’t be tempted by all the advertising in the stores and you can zip through and buy only what you actually need.

6. Shop Around

Sound shopping advice tells us to always compare prices. You can most likely find a place where the item you’re looking for is being sold for less, so be sure to check all sources first.

7. Second Hand is Not Second Class

Go to garage sales and see if you can pick up items for less. You just might find something very useful for the school year.  Another idea is to organize a back to school exchange program.  Do you live in a neighborhood with a lot of kids? Get all the parents on board and list out available items and see if other parents can take advantage of what someone else bought previously and is no longer using. If you can work out a deal where you can all trade amongst each other, it’s a win-win situation.

If you need additional help paying for back to school supplies and clothing, First Financial offers some of the lowest credit card rates around. To learn more about First Financial’s VISA® Credit Cards and apply today, please visit our credit cards page.*

*APR varies up to 18% when you open your account based on your credit worthiness. These APRs are 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.

Article Source: David Ning for Moneyning.com

Create a Back to School Shopping Plan That Won’t Break the Bank

Posted on by
Reply

It’s that time of year again!

Summertime is winding down. Teachers are prepping to return to their classrooms and start decorating. School supply lists are starting to surface. A new school year is right around the corner.

According to the Huntington Backpack Index, the amount parents paid in back-to-school supplies was estimated as follows:

  • $637 elementary school kids
  • $941 for middle school children
  • $1,355 for high school students

There’s no way around it – school shopping is expensive. But, it doesn’t have to be. Much like financial planning, saving on back-to-school shopping requires a plan as well. With the right planning and preparation, back-to-school shopping doesn’t have to break the bank.

Take inventory

Before you go shopping and buy tons of supplies, take inventory of your house. Check drawers and cabinets to see what supplies you have that can be used again. Look at backpacks, lunchboxes and even school clothes from last year to see what can be kept and what needs to be replaced. From there, make a list and determine what your child needs and what you have.

Get the school’s supply list

Generally, retailers like Target and Walmart usually have copies of local supply lists divided by grade, school, and district. Those lists are usually also available online before they’re in the store. Check the lists, do a little research regarding prices, and make a budget accordingly. You can even check with your child’s teacher to make sure you’re getting the most important items.

Don’t forget about discount stores and couponing

Do you want to save some real money? Purchase things like notebooks, pencils, and paper at discount stores or even your nearby dollar store. If you’re into couponing, you can save some big bucks there as well. Poke around the internet and see where the deals are before you hit the stores.

If you want to see actual savings, don’t go into back-to-school shopping without a plan. Rather than charging up your high interest credit card, talk with us about one of our credit card options or a low interest personal loan that works for you. You might be amazed at the savings you find.

Back-to-school shopping doesn’t have to be overwhelming or expensive. For help or questions about savings, check with any of our First Financial staff members. Stop by a branch or contact us today.

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. A First Financial Federal Credit Union membership is required to obtain a 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. 

5 Ways to Save on Your Child’s Back to School Apparel

Posted on by
Reply

Although it seems like summer just started, it’s already time for parents to start budgeting and planning their family’s back to school purchases. One big purchase that comes with going back to school is buying new clothes. Here are a few tips to help you save money.

Consignment

Does your city or town hold a big consignment sale in September or October? Get online and do some research to see if there is one near you. If not, search for a local consignment shop. You may be able to find a great back to school wardrobe or backpack at a fraction of the cost.

Don’t Buy Everything New

All of the clothing styles your kids are begging you to buy will probably go on sale by mid-October. If you can, wait for clothing to go on sale or clearance or a good store deal. For example, maybe your clothing budget for back to school is $100 for each child. Instead of spending all of it upfront, try splitting it up over the next few months to keep an eye out for better prices. Don’t forget that the holiday season is also a great time to ask for clothes for your kids too.

Coupons and Clearance

Many stores will also allow you to stack coupons on top of sale or clearance items. Some examples of stores that allow this are JCPenney, Target, Old Navy, and Kohl’s.

Hit Up Garage Sales

This is a great time of year to look for a garage sale in your local area. Try to find a yard sale that sells your child’s size. Search Craigslist the day before to screen which garage sales near you will be worth checking out.

Try Saving Money on Uniforms

If your child wears uniforms for school, then you already know they can be costly. It’s hard to find uniforms on clearance because they are usually made just for one particular school. Try getting in contact with parents of children older than yours, to ask them if you could buy their children’s outgrown uniforms. You can also ask the school if they have any uniforms that were donated and available for purchase. If there is not a system in place, think about starting one. Many parents would be thankful for the savings break.

Want to earn cash back on all your back to school purchases this year? Apply for a Visa Signature Cash Plus Credit Card from First Financial! You’ll earn 1% cash back, no restrictions.*

*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.

Article Source: Ashley Eneriz for Moneyning.com