Category Archives: Holiday and Seasonal Finances

Budget Your Way Through the Holiday Season

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The holiday season, while filled with joy and celebration – can also be a time of financial stress. On average, Americans spend around $1,500 between November and December holidays every year. Effective holiday budgeting is essential to navigating this festive period without causing long-term financial stress.

The Importance of Budgeting for the Holidays

Creating a holiday budget is the best way to control spending and avoid financial blues come January. It helps in prioritizing expenses, planning savings, and reducing credit card strain. A well-planned budget can provide peace of mind and keep holiday spending within manageable limits.

Crafting Your Holiday Budget

Select and utilize tools that suit your lifestyle – such as spreadsheets, budgeting apps, or the traditional pen and paper method. This helps in adhering to your spending limits and avoiding impulse purchases. Start by examining your current debt, especially credit card balances. If you’re unable to pay off these balances, it might be wiser to focus on paying down debt rather than indulging in extensive holiday shopping. Handmade gifts are an affordable alternative that your loved ones will surely appreciate.

Estimating and Allocating Your Budget

Begin by estimating your total income for the holiday season. This includes regular paychecks and any additional earnings from side gigs. You can also use last year’s data or a three-month average to help you plan. Next, list all your expenses and deduct regular costs from your projected income to determine your holiday budget. Remember to include any annual payments that fall during the holiday season.

Once you have a clear idea of your available budget, allocate funds to different categories of holiday spending. This could include travel, decorations, hosting holiday meals or bringing food items to various events, and gifts. Prioritize categories according to your needs and preferences.

Smart Shopping and Spending

Creating a detailed shopping list with names, budgeted amounts, and gift ideas can prevent overspending. Use price tracking tools and browser extensions to find the best deals. Maintaining discipline is key to avoiding financial regret later on.

Start Early and Track Your Spending

Don’t leave your shopping until the last minute. That way, you can take advantage of early deals – especially for travel and events. Set a goal for holiday savings and identify potential areas in your monthly budget where you can cut back, such as entertainment expenses. Consider the areas where you can cut back, and allocate those funds to your holiday spending budget or your savings account for post-holiday bills.

Using credit cards can be beneficial – but only when used wisely and repaid promptly. Rewards cards in particular (like our Visa Signature Cash Plus Card), can offer cash back or savings in other areas of everyday spending.* It’s also important to track your spending diligently, using dedicated credit cards or bank accounts and methods like budgeting apps or ledgers.

Post-Holiday Reflection

After the holiday season, take time to review your spending. This post-holiday evaluation will help you identify areas where you might have overspent and can plan more effectively for the next year.

Navigating the holiday season doesn’t have to be stressful. By adopting holiday budgeting strategies, you can enjoy the festivities without worrying about your finances. A little planning, discipline, and smart spending can go a long way in ensuring a joyful and savvy holiday season.

For additional budgeting help or questions, stop into your local branch or contact us today.

*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.

 

Holiday Preparation Tips for Small Business Success

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The holiday season is a crucial time for small businesses, offering immense potential for growth and customer engagement. Effective preparation is key to harnessing this opportunity. Here are some holiday business preparation tips to ensure your small business stands out and flourishes during this bustling season.

Strategic Planning for the Holidays

Strategic planning sits at the heart of successful holiday business preparation. It’s essential to analyze your market, understand competitor strategies, and find unique ways to distinguish your business. This could involve special promotions, events, or exclusive offers designed to draw customers to your location. Selecting the right sales strategies – such as discounts or holiday bundles, can significantly impact your seasonal success.

Enhancing Your Digital Presence

It’s no secret that these days, your online presence can make or break your holiday success. Ensuring your website is user-friendly and ready for increased holiday traffic is vital. Equally important is leveraging the power of social media. Regular posts and engagement on platforms like Instagram or Facebook can drive brand awareness, help with new customer discovery, and boost sales.

Inventory and Supply Chain Management

Effective inventory management is a crucial aspect of holiday business preparation. Review past sales data or industry trends to estimate the amount of stock you’ll need. This approach isn’t just about product quantity; it also involves ensuring you have all the necessary supplies to maintain smooth operations during the holiday rush.

Creating a Festive Shopping Experience

The holidays are synonymous with festivity, and creating a holiday-themed environment can attract more customers. If you have a storefront, consider decorating it and adding seasonal touches to enhance the holiday shopping experience. Collaborating with other local businesses for broader community decorations can also create a more immersive holiday atmosphere.

Preparing for Staffing Needs

Anticipate potential labor shortages typical of the holiday season. Planning ahead might mean hiring seasonal employees to ensure you have enough hands on deck. Training seasonal staff in various roles not only provides operational flexibility, but also ensures a high-quality customer service experience.

Financial Planning for the Holiday Season

Financial preparedness is a critical component of holiday business preparation. Exploring financial solutions like small business loans can help manage cash flow and cover expenses. Being financially equipped is crucial for a seamless holiday operation.

The holiday season presents a fantastic opportunity for small businesses to showcase their unique offerings and attract a wider customer base. Remember, it’s about creating an unforgettable shopping experience and quality products or services that keep customers coming back. First Financial is here to support your business every step of the way during this busy period. To learn more about business banking with First Financial, email business@firstffcu.com, call 732-312-1500 or visit one of our branches.

Don’t forget this upcoming Saturday, November 25th is Small Business Saturday. Be sure to support small business in your community and shop local!

Money Moves to Make This November

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November, often signifying the year’s closing – brings with it the start of the holiday season. While the excitement of festivity and preparations for family gatherings are at the forefront, it’s important not to lose sight of our financial commitments and goals. As you prepare for Thanksgiving and the upcoming holidays, also prioritize your financial health to ensure a smart start to 2024.

November’s Financial Focus

November isn’t just about preparing for the holidays. Some experts note this time of year as the most apt to evaluate and strengthen your financial status. As we near the end of 2023, consider where your money is going and how you can optimize its growth and security.

Budget Evaluation

Reflect on your journey and the goals you set for the past year. Did you reach any finish lines? Even if unexpected life events nudged you off course, understand that it’s a natural part of life’s rhythm. Making changes to a set plan isn’t indicative of failure, but instead of adaptability. Life is ever-evolving, and your financial strategies should be as well.

Boosting Your Emergency Fund

Now is an opportune moment to replenish or boost your emergency stash. A sound financial cushion, covering at least three months of essentials – can be a lifesaver in unpredictable times. Not only does this help you wrap up the year on a positive note, it also prepares you for whatever 2024 has in store.

Holiday Spending Strategy

The allure of the holiday season often leads to impromptu expenses. By preparing a precise budget for gatherings and gifts, you’re safeguarding yourself against impulse purchases. Prioritize staying on budget, and keep in mind that your overarching goal is to step into the new year debt-free.

Smart Shopping in November

Retail sales can sometimes be deceptive. To guarantee you’re scoring genuine deals, lean on digital tools. Price alert tools and comparison apps or browser extensions can be indispensable for smart shopping. Though Black Friday and Cyber Monday steal the limelight, November is sprinkled with numerous other discount opportunities.

Charitable Contributions

The holiday season often goes hand-in-hand with charitable giving. If you’re considering making donations, now’s the time. Not only does it embody the spirit of giving, but it also paves the way for potential tax write-offs. Examine potential charities with tools like Charity Navigator, ensuring your contribution makes a genuine impact.

Medical Considerations

November is often less hectic for medical professionals, making it a strategic month for appointments. If you have funds tucked away in a medical flexible-spending account (FSA), consider using them before they lapse. For those with Health Spending Accounts (HSAs), there’s less urgency – as these funds should seamlessly roll over into 2024.

Benefits Checks and Balances

As we wind down the year, it’s pivotal to review your 401(k) and other benefits contributions. If you haven’t maxed out, consider upping your contributions. For those over 70½ with funds in traditional 401(k)s or IRAs, be mindful of the Required Minimum Distributions (RMD). The financial advisors located at First Financial are here for our members, and can help you answer these types of questions as the year starts to wind down.*

November is a pivotal month to be financially diligent. With a balanced approach, you can celebrate the holidays while ensuring a financially sound new year. As the holidays unfold, the First Financial team is here to assist you in your financial management. Reach out to us at 732.312.1500 or visit any of our branches.

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*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.

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Summer Garage Sales: What to Buy and Avoid

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Throughout the summer, yard sales are a popular weekend activity for bargain hunters seeking hidden treasures at unbeatable prices. Whether you’re a seasoned yard sale enthusiast or a novice looking to make the most of your budget, it’s important to know what items to buy and what to avoid. Explore the world of yard sales through a money-saving lens, but make sure you consider what you should buy and what to avoid in order to save money in the long run.

What to Buy at a Yard Sale

Musical Instruments -Yard sales can be a goldmine for music enthusiasts. Look out for gently used instruments that are still in good condition. Consider testing them out or researching their value beforehand to ensure you’re getting a fair deal.

Kids’ Clothes – Children outgrow their clothes quickly, so purchasing second-hand items at yard sales can save you a bundle. Look for gently worn kids’ clothes, ensuring they are clean and free from stains or tears.

Kitchen Supplies – Yard sales often offer a wide range of kitchen supplies – such as cookware, utensils, and appliances. Take advantage of these deals to upgrade your kitchen without breaking the bank. Check for functionality and cleanliness before purchasing.

Picture Frames – Decorating your home can be expensive, but yard sales offer an affordable way to find unique picture frames. These can add a personal touch to your living space while saving you money.

Wooden Furniture – Well-made wooden furniture can last for years, be simple to spruce up, and you can find some real gems at yard sales. Look for sturdy pieces with minimal damage, and don’t be afraid to negotiate the price.

Sports and Exercise Gear – Stay active on a budget by browsing yard sales for sports equipment and exercise gear. Items like bicycles, tennis rackets, golf clubs, and weights can often be found at significantly reduced prices.

Books – Bookworms rejoice! Yard sales are a great place to find books at a fraction of their original cost. Dive into a wide variety of genres and expand your library without breaking the bank.

What Not to Buy at a Yard Sale

Open Puzzles and Games with Lots of Parts – While puzzles and games can be a fun addition to your leisure time, it’s best to avoid open boxes with potential missing pieces. Incomplete sets can be frustrating, so opt for sealed boxes or items where you can ensure all the parts are intact.

Electronics and Appliances You Can’t Test – Yard sales often feature electronic devices and appliances, but it’s a challenge to verify their functionality on the spot. Unless the seller allows you to test the item, it’s safer to skip these purchases to avoid potential disappointment and aggravation later on.

Mattresses and Plush Items That Can Carry Pests – While you may find seemingly good deals on mattresses or plush items like stuffed animals, be cautious. These items can harbor pests, such as bedbugs or dust mites. To ensure a hygienic purchase, it’s best to buy new when it comes to bedding and plush items.

Cosmetics – Personal care items like cosmetics should be purchased new to ensure safety and hygiene. Yard sale cosmetics may have expired or have been improperly stored, which can lead to skin irritation or even infections.

Cribs and Car Seats – Safety should always be a top priority, especially when it comes to items for infants and young children. Yard sale cribs and car seats may not meet the latest safety standards or could have hidden defects. It’s best to purchase these items new to ensure the utmost protection for your little ones.

Bike Helmets – Protective gear, such as bike helmets – should always be purchased new to ensure optimal safety. Helmets that have been previously used may not provide adequate protection in the event of an accident.

Non-stick Pans – Non-stick pans can wear down over time, potentially exposing harmful substances. It’s advisable to invest in new, high quality non-stick cookware to avoid any health risks.

Running Shoes – Athletic shoes form to the shape of the wearer’s feet over time. To provide proper support and prevent any foot-related issues, you should always purchase them new.

Yard sales can be a fantastic way to save money while finding unique and useful items. By knowing what to buy and what to avoid, you can make the most of your summer yard sale adventures. Remember to inspect items thoroughly, negotiate prices when appropriate, and prioritize safety when it comes to certain purchases. Happy bargain hunting!

At First Financial, your financial well-being is our top priority. We are dedicated to offering you resources and tools to assist you in reaching your financial goals. To begin your journey, stop by one of our local branches or dial 732.312.1500.

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It’s Time to Spring Clean Your Finances

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Temperatures are beginning to rise and flowers are starting to bloom — spring is here! This season is also the perfect time to declutter your finances, just like you would your home. The change in season presents an excellent opportunity to take a closer look at your financial situation, get organized, and make some necessary variations to improve your financial health. Here are our tips on how to spring clean your finances.

Review your budget

The first step to decluttering your finances is to review your budget. Take a look at your monthly expenses (using our fillable PDF worksheet as a guide) and identify areas where you can cut back. You might be surprised at how much money you can save by canceling subscriptions you no longer use or reducing your spending on non-essential items. This is also a good time to shop around for better deals and discounts on insurance and other utilities.

Consolidate your accounts

If you have multiple bank accounts or credit cards, it can be challenging to keep track of all your transactions. Consolidating your accounts can help you stay organized and simplify your financial life. Consider transferring balances to a single credit card or merging your bank accounts into one. If you’re looking to consolidate credit cards or debt, consider one of our four credit card options that offer low rates and extra benefits.*

Check your credit report

Your credit score plays a crucial role in your financial health, and it’s essential to check your credit report regularly to ensure that it’s accurate. You can request a free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. Review your report carefully and dispute any errors that you find.

Is your credit score on the low side? We’re here to help! Read our blog post on ways to improve your credit score.

Develop a savings strategy

The first step in developing a savings strategy is to set specific financial goals and determine how much you need to save each month to achieve them. Next, automate your savings by setting up a direct deposit from your paycheck or scheduling recurring transfers from your checking account to your savings account. You can also consider using a budgeting app or tool to help you track your expenses and identify areas where you can cut back to free up more money to save.

Related Article: Viral Money Challenges That Help Build Your Savings

The benefits of spring cleaning

By decluttering your finances, you can enjoy immediate financial benefits. Here are some benefits you can expect to see:

  1. Reduced Stress: Financial stress is a common problem that many people face, and it can have a significant impact on your mental health. By decluttering your finances and getting organized, you can reduce stress and improve your overall well-being.
  2. Increased Savings: When you reduce your expenses and sell unwanted items, you’ll have more money to save or invest. Even small changes in your spending habits can add up over time and help you achieve your financial goals.
  3. Improved Credit Score: A clean credit report can improve your credit score, making it easier to qualify for loans, credit cards, and other financial products. By reviewing your credit report regularly and disputing any errors, you can ensure that your credit score accurately reflects your creditworthiness.
  4. Better Financial Habits: Decluttering your finances can help you develop better financial habits – such as budgeting, saving, and investing. By making small changes to your financial habits now, you can achieve long-term financial success.

Spring cleaning your finances is a simple but effective way to improve your financial health. By taking our recommended steps, you can enjoy immediate financial benefits and develop better money habits for the future. Our representatives at First Financial are here to help keep your finances on track. Call us at 732.312.1500 or stop by any of our local branches.

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

*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. See firstffcu.com for current rates.

 

Ways to Spend Less Money This Winter

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If you’re a homeowner, you probably already know staying warm in the winter can be costly. Heating your home itself can make up more than 40% of a utility bill. On top of that, natural gas inventories have dropped this year, causing prices to increase by 300%. Staying warm is important, and luckily there are tricks to cutting those costs without having to completely turn off your thermostat.

Winterize your home

To avoid cold drafts and heat from escaping, winterizing is essential. Don’t get stuck wondering where the cold air is coming from – get ahead of it with this checklist:

  • Seal your windows and install thermal curtains
  • Get a weatherstrip seal to cover door gaps
  • Clean or change your furnace filter
  • Ensure your attic is properly insulated
  • Caulk gaps you find around your windows or on the walls
  • Install a programmable thermostat

Prevent winter damage

Without proper maintenance and preparation, homeowners risk having pricey damage to their homes. Severe winter conditions like snow and ice can lead to strain on your roof and gutters, plumbing problems, flooding in the basement, cracks in the foundation, and even potential fires. This can lead to heavy repair fees and long-term issues. Here’s what you can do:

  • Clear your gutters
  • Hire a chimney sweep
  • Clean your dryer vents at least once annually
  • Install monitoring devices on your water pipes

Use heat alternatives

If you plan on lowering the heat to cut costs, make sure you’re stocked up on blankets, slippers, warm pajamas, and heating pads. A space heater is a good alternative if you’re warming a small area as well. During the day, you’ll want to take advantage of the natural sunlight and keep the curtains open (but close them when the sun goes down).

Cook at home & buy in bulk

Save money on dining out and cook cozy meals at home like soups, pasta dishes, stews, or pot pies. Not only will these meals warm you up, but they’ll also keep the kitchen toasty from using the oven or stove. When getting ingredients for these meals, it’s best to buy in bulk from membership stores. This way you can save on your grocery bill and spend less on gas by reducing the amount you’re driving to the store.

Choose an inexpensive resolution

The post-holiday season is the time of year when many people choose a New Year’s resolution to start fresh. However, many tend to buy into expensive membership programs that they slowly stop using. If your goal is to get fit, try at-home workouts instead of joining an expensive gym (especially if you’re not really going to use it). Are you looking to break your record on good reads? Get a library card and borrow books instead of buying new ones.

No matter what winter brings, the team at First Financial can help you better manage your money and reach your financial goals. Call us at 732.312.1500 or stop by any of our local branches.

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