Category Archives: Holiday and Seasonal Finances

4 Ways to Keep the Grinch from Stealing Your Good Credit

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GrinchDuring the holiday season, we’re more at risk for fraud and identity theft as we head out or online to shop. Theft of your credit cards or identity can be devastating to your credit, not to mention your finances and emotional well-being. Not exactly something we want to happen during this joyous time of year, right? Here are some tips to remember as we are holiday shopping.

1. Shop Safe Online

Be aware that just because you can shop in the comfort and safety of your home doesn’t mean you’re not at risk for identity or credit card theft. Stay safe online by entering your credit card number in as few places as possible – use a payment service such as PayPal; shop at reputable websites with names you know and trust; and avoid clicking on links sent to you in email or banner ads that could take to you websites other than where you intended to go.

2. Keep an Eye on Your Cards

When you’re out shopping at a brick-and-mortar store, keep an eye on your credit cards and make sure store clerks are not allowed to leave your sight with your cards in hand. Also, pick-pocketers are common this time of year, so make sure to keep your valuables safe when you are in public.

3. Check Your Statements

Checking your bank and credit card statements regularly – even as often as every day – is a great habit to start now, if you don’t already do it. This time of year, when you’re more likely to have increased activity on your accounts, it’s especially important to review them carefully and thoroughly. Get signed up for online access so you don’t have to wait for paper statements to arrive. If you see anything questionable, you can act on it right away and resolve any problems. You can also sign up for alerts to notify you whenever a purchase goes through.

4. Check Your Credit Reports & Credit Scores

The end of the year is also a great time to pull your credit report and/or get your credit score and compare it to your last one. Check your credit reports for any incorrect or unfamiliar information, inquiries, or credit accounts. Report any suspicious or wrong information to the creditor and the credit bureau. You can pull your credit reports for free every year from each of the three major credit reporting agencies on AnnualCreditReport.com, and you can see two credit scores for free on Credit.com.

With these four simple steps and by being smart and aware of your surroundings, you can help keep yourself, your identity, and your credit safer from the Grinch. Cheers to a happy holiday season!

 

5 Ways to Whip Your Budget Into Shape for the Holidays

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Безымянный-2Holiday shopping is officially in full swing – but that certainly doesn’t mean you need to go broke over it. Here are just a few financial tips to whip your budget into shape for the holidays without sacrificing gift giving or your other financial goals.

Reflect on last year. If last year’s shopping season was a budget-busting disaster, then now is the time to learn from your mistakes. Take a look at your holiday bills from a year ago and think about whether your financial situation has improved or worsened since then. Be honest with yourself. Are you really up for a repeat spending performance this year? If not, start thinking about how much you can realistically afford to spend, and make sure it’s reflected in your new holiday budget.

Set a dollar amount. And stick to it! While holiday spending often feels essential, it’s easy to get swept away in the shopping frenzy and end up spending more than you can afford. So before you start shopping, use this opportunity to develop a realistic budget where you designate a specific dollar amount for each item or person on your list. Easily create, manage, and stick to your budget using a free online personal finance management tool that can also help you manage your money on the go.

Track receipts. You’ll need them for returns, price adjustments, and to compare against your credit card statement. Knowing how much you spent will keep you honest and help you plan better for future holiday shopping too. Tally the receipts from all holiday expenses, including gifts, postage, meals, entertainment, and decorations. Assess where you’ve spent and once you’ve completed your shopping list, stop shopping!  More mall or web time can amount to more spending.

Limit your use of plastic. Unless you know you’re good about paying off your credit card balances in full each and every month, leave the plastic at home. Only bring cash you’ve set aside for holiday shopping to avoid temptations for unnecessary purchases. If you must use credit this year and know you won’t be able to pay everything off right away, try this approach: Don’t rely solely on credit; make a plan in which you pay your purchases off completely within two to three months; and limit your credit card use to the card in your wallet with the lowest interest rate.

Did you know First Financial has a lower rate VISA Platinum Cash Plus Credit Card, great rewards, and no annual fee? Apply today!*

No emotional purchases. Let’s face it, if you’re stressed out, you might make some unnecessary purchases. Take the emotions out of your holiday shopping, and stick to your original holiday budget. Having your budget in hand and a game plan for who you are buying for and what you want to buy, can help make the daunting task of shopping a bit more manageable. It’s also worth doing a little online research and comparison shopping before leaving the house, so you don’t get caught up on the hype of the holiday sales.

So why not take a different approach this year? By following some of these tips ahead of time you’ll be able to balance your gift giving and still avoid that holiday debt hangover.

To save for holiday shopping next year, check out First Financial’s Holiday Savings Club Account – don’t put yourself into debt over holiday spending, save ahead and come out on top (and not in debt)!**

  • Open at any time
  • No minimum balance requirements
  • Dividends are posted annually on balances of $100 or more
  • Accounts automatically renew each year
  • Deposits can be made in person, via mail, payroll deductions, or direct deposit
  • Holiday Club funds are deposited into a First Financial Checking or Base Savings Account

*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.

**A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. 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 Bronze Tier. Click here to view full Rewards First program details, and here to view the Tier Level Comparison Chart. Accounts for children age 13 and under are excluded from this program.

Article Source:

Holly Perez of Money.usnews.com, http://money.usnews.com/money/blogs/my-money/2014/11/20/5-ways-to-whip-your-budget-into-shape-for-the-holidays

How to Avoid Gift Card Fraud This Holiday Season

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gift cardGift cards will be the most requested gift this holiday season for the eighth consecutive year, the National Retail Federation reports. Unfortunately, this also creates an opportunity for fraudsters who want a piece of an industry worth hundreds of billions of dollars per year.

Just ask James Bregenzer, 32, of Chicago, who purchased a $500 airline gift card as a Christmas gift a few years ago for his mother – who was planning a trip to Disney World. After he brought the gift card home from the grocery store where he purchased it, he noticed the PIN area on the back of the card was scratched off, so he called the airline. “I asked if there was any way they could exchange my gift card for a new one, use it to purchase a new one or otherwise protect my purchase with the potentially compromised PIN,” he said.

The airline said there was nothing it could do for him and suggested he use the gift card immediately while it still had its $500 value, but his mother didn’t know her travel dates yet, and he wanted to save the gift for Christmas. Sure enough, when she tried using the card just a week later, it had a zero balance.

Watch Out When Buying or Redeeming

Gift card fraud can happen when a gift card is purchased or redeemed, according to Pete Kledaras, chief risk officer at CashStar, a gift card platform that works with hundreds of major retail brands. Thieves can purchase a physical or digital gift card using a stolen credit card or simply steal the gift card number and PIN and leave the physical gift card. In the latter case, thieves will typically use the balance themselves. “Once cards are stolen, there are any number of ways that thieves can turn that into money for themselves,” Kledaras says. “They can re-sell them, or they can go into the store and purchase physical goods that they can sell.”

Another example of gift card fraud is when a thief tries to return stolen merchandise, and the retailer issues a gift card as a refund. “The criminal is getting $75 cash back from an item that they never purchased in the first place,” says National Retail Federation spokeswoman Kathy Grannis. Then the schemer might turn around and sell that gift card for cash.

To make sure you don’t become a victim of gift card fraud this season, follow these tips:

For the Giver

  • Only buy from trusted sources. Gift card resale markets offer gift cards for less than the face value of the card, but not all of them guarantee the stated value. For example, if the original purchaser still has the gift card and PIN, he or she may be able to use the gift card online even after selling it. Or, if the retailer discovers the gift card was purchased using a stolen credit card, it can cancel the gift card. To avoid these potential issues, Kledaras recommends buying directly from the retailer issuing the gift card. “If you want to buy a Best Buy gift card, it’s best to buy it from Best Buy,” he says.
  • Watch for signs of tampering. In the past, Grannis says thieves would walk into stores and write down the numbers of the gift cards on display. “Since that was first discovered, large retailers have taken steps to remove any opportunity for criminals,” Grannis states. If a card is not in plastic casing, make sure the PIN hasn’t been scratched off. Digital gift cards are also becoming increasingly popular and don’t have potential for physical tampering.

For the Recipient

  • Register your gift card. Some retailers, including Crate and Barrel and Starbucks, allow gift card holders to register their gift cards and protect the balance in case the card is ever lost or stolen. Not all merchants have this option, but if yours does, it’s a good idea to register the card just in case.
  • Treat gift cards like cash. Many states prohibit gift cards with expiration dates, but it’s still a good idea for the recipient to use the card sooner rather than later. This helps not only to prevent fraud, but also to avoid losing or forgetting the gift card. “It’s like having cash sitting on a table,” Kledaras says, “and you want to use it before something happens to it.” In fact, advisory company CEB estimates that over a billion dollars in gift cards were unredeemed in 2013. So it’s better to get the value out of the gift card now than later, when the retailer may be out of business or you misplace the gift card.

4 Ways to Save on Your Holiday Shopping Now

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Art Img 7 TipsIt is hard to believe, but the holiday shopping season is here. If you’re like most families, holiday shopping can be a strain on the budget. Many shoppers also fear looking cheap when passing out gifts, which can lead to over-spending and blowing the budget.

According to the American Research Group, Americans on average spend $801 on Christmas shopping. That kind of number will have a big impact on a budget. If you’re looking for ways to cut down the cost of holiday shopping and still get great gifts, these tips will help.

Start now:

The best way to save money on holiday shopping is to start early. There is a belief that the best deals are available around Black Friday, the day after Thanksgiving, and that is not always the case. Instead of waiting, be on the lookout for even bigger deals that might be hitting stores sooner. The ever expanding influence of online shopping has moved many retailers to begin pushing major holiday campaigns back as early as Halloween, if not earlier. The added benefit is being able to avoid the craziness that Black Friday shopping brings.

Check out the Dollar Stores:

It might not be too common, but shopping at discount or Dollar stores can be a great way to shave some spending off of your gift budget. You might not find your gifts there, but you can probably save on other holiday-related items, such as wrapping paper, gift bags and decorations.

While they might not have good options for a traditional gift, Dollar stores can be a great option for gag gifts, office Christmas parties and white elephant gift exchanges. Beyond that, Dollar stores are a useful alternative for party favors or decorations for parties you may be hosting. Since many of those items will likely be thrown away anyway, there is no point in spending more than you need to.

Shop at stores that match prices:

Price matching has become increasingly expected as many brick and mortar retailers deal with the presence of online shopping. While not every store offers price matching, it can be a great way to save money when added to your shopping strategy. The trick is to know the terms and conditions of the given retailer you’re shopping at. Some will match any retailer while others will not match online-only retailers.

If you have a smartphone, bring it with you when you go shopping. There are many apps available now, from Amazon to others, which allow you to scan the item to see what is charged for it elsewhere. Add that to your arsenal to save money while shopping. Lastly, make sure to check the retailer’s site itself to make sure it’s not offering a cheaper price online than in-store. If you find a discrepancy, you can always ask for a price match, or at least allow a free shipping option.

Watch the daily deal sites:

Like the Dollar store option, daily deal sites may not be commonly thought of as options for gift shopping but they can be a great way to save money. Many daily deal sites regularly sell significantly reduced deals for national retailers that can be great options for presents. They might also give you ideas for items that you can then go track down in local stores.

The problem with daily deal sites is they have a limited window in which you can get the deal. This can definitely pose a problem when shopping for that special someone. However, there are options available if you missed out on the deal you were looking for. CoupRecoup, for example, allows those who have bought deals they’re unable to use to sell them. This can be a great way to potentially score a deal on an item you were looking for.

The holiday shopping season can be a stressful one, especially on a tight budget. By using some simple tips like the ones mentioned above you should be able to shave some money off your holiday shopping budget, and maybe even have some leftover for yourself.

Check out First Financial’s Holiday Savings Club Account – don’t put yourself into debt over holiday spending, save ahead and come out on top (and not in debt)!*

  • Open at any time
  • No minimum balance requirements
  • Dividends are posted annually on balances of $100 or more
  • Accounts automatically renew each year
  • Deposits can be made in person, via mail, payroll deductions, or direct deposit
  • Holiday Club funds are deposited into a First Financial Checking or Base Savings Account

*A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. 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. Accounts for children age 13 and under are excluded from this program.

Click here to view the original article source written by John Schmoll of U.S.News.

Help – I spent too much on the holidays and I’m still paying for it months later!

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tighten belt on dollar conceptIf the holidays have left your budget overstretched, there are ways to recover (even if 3 months have passed) … you just need to act as quickly as you can.

While it might be tough to admit it (case in point: you’ve ignored the debt you racked up over the last few months), the first step to reducing your post-holiday debt is realizing and prioritizing it.

Beverly Harzog, author of Confessions of a Credit Junkie, says the best way to start a re-payment plan is to go after the debt on the highest interest rate card first and once that is paid off, go after the next one and so on and so on.

If you overspent this holiday season and know you won’t be able to pay off your credit card bills when they arrive next month, you need to adjust your spending habits ASAP.

Consumers should look at their spending categories and aim to shave small amounts off of each area (even if it’s $5 or $10 to start). Making many small cutbacks will be less painful than trying to find an extra $1,000 all at once to help pay off the credit card balance.

If you put a lot of your holiday gift spending on a high-interest rate credit card, Harzog recommends transferring the balance to a credit card with a lower interest rate. Even if you can reduce the interest rate just a little bit, it will help pay it down faster.

If you are facing significant debt, it might be time to find new ways to generate extra income that is earmarked solely to paying off the debt. If you don’t want to get a traditional part-time job, review your talents and skill set to find alternative ways to make money, whether it’s giving piano lessons, fixing computers, catering, or doing web design.

Ed Gjertsen, Vice President at Mack Investment Securities, recommends the seven-day cash challenge to break an overspending habit. With this challenge, you estimate how much money you spend each week and then take out that amount of cash at the start of the week and see how long it lasts.

“When people do this, by Wednesday or Thursday they are usually out of money,” he says. “They don’t think of all the times they swipe that card. It gives them a reality check of how much they are spending.”

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Affordable Holiday Gift Ideas

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holiday-shopping-womenWant to buy for everyone on your holiday list, but don’t want to go broke while doing so? Here are some tips to keep your holidays fun yet affordable!

  • Make a list. Many people spend as they go, buying presents when they see them and end up surprised when the bills arrive in January. You can avoid this problem by creating a list in advance of who you plan to buy gifts for, and you should budget for each. Then, check this total against your holiday savings to decide if you need to adjust your spending.
  • Be creative. As you begin your shopping, remember that thoughtfulness really does count. Instead of searching for one expensive present, you may be able to save money, and give the perfect gift, by putting together a number of small items that relate to a loved one’s special interest. Someone who truly loves chocolate, for example, might appreciate a small basket full of treats you’ve chosen for them. Anyone with an interest in sewing or crafts could probably use a gift bag with a fresh stock of supplies for the new year. By putting together a lot of inexpensive items, you may be able to save money and show how much you care.
  • Hit the kitchen. If you are a good cook, or you simply have a foolproof recipe, gifts of food are inexpensive and very popular. Whether you give a mixture of great holiday cookies or your grandmother’s prize-winning banana bread, your friends and family are sure to welcome the effort. In fact, you might not need to cook at all. If you’re fortunate enough to have some great family recipes that have received compliments over the years, write them out on attractive cards and tie them with a festive ribbon. These great gifts will spread the joy of delicious cooking throughout your circle of friends.
  • Good deeds are gifts, too. Many of the people on your list may value a favor done for them more than any expensive present. Couples with young children would probably be delighted if you offer to babysit so they can have some time together. You can surprise a friend with a very busy schedule by promising to do the weekly shopping for a month. Present each recipient with a beautiful card describing the good deed to be performed. Such efforts cost nothing more than a few hours of your time, but they are greatly appreciated.
  • Check your list twice. First, plan and purchase all you need for the lower-cost presents recommended here. Then, when you move on to higher-priced presents, keep an eye out for sales and comparison shop to get the best prices. You may find you can get the items on your list for less.
  • Consult your financial planner. These ideas will help limit your spending during the busy holiday season. Your local financial planner can offer great advice on how to manage your money throughout the year. Be sure to turn to him or her for answers to all your financial questions. Financial planners promote personal and professional financial security all year round. If you would like to set up a no-cost consultation with the Investment & Retirement Center located at First Financial Federal Credit Union to discuss your brokerage, investments, and/or savings goals, contact us at 732.312.1500 or stop in to see us!*

*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: