Category Archives: Saving Money

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.

Save Money on Your Water Bill and Other Utilities This Summer

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Summer brings longer days, warmer weather, and often higher utility bills. With the increased use of water, air conditioning, and overall energy consumption – managing these costs is crucial. First Financial is dedicated to helping you enjoy a cost-effective and comfortable summer. Here are some practical tips to save on your water bill and other utilities this season.

Understanding Summer Utility Costs

Summer utility bills can spike due to increased water usage for gardening, lawn upkeep, washing cars, outdoor activities, frequent showers, and more. Similarly, electric bills rise with the use of air conditioning. By making a few adjustments, you can keep these expenses in check.

Water Saving Tips

  1. Check for Leaks Regularly: Even a small leak can waste significant amounts of water. Regularly check your faucets, toilets, and hoses for leaks and repair them promptly.
  2. Water Wisely: Water your lawn early in the morning or late in the evening to reduce evaporation. Consider using a soaker hose or drip irrigation system, which delivers water directly to the roots, minimizing waste.
  3. Install Water Efficient Fixtures: When it’s time to replace old, inefficient fixtures – opt for water saving alternatives. Low flow toilets, aerated faucets, and high efficiency showerheads can reduce water usage without sacrificing performance. Look for fixtures with the WaterSense label, indicating they meet EPA water efficiency standards.
  4. Use Mulch: Mulching around plants retains moisture, reduces the need for frequent watering, and helps maintain soil temperature.
  5. Don’t Pre-rinse: Instead of pre-rinsing your dishes before putting them in the dishwasher, scrape or wipe them into the trash. Modern dishwashers are designed to handle dirty dishes without the need for excessive water use. Ensure your dishwasher is fully loaded before running it to maximize efficiency. The same goes for your summer laundry – there isn’t really a need to pre-soak your clothing before a regular washing machine cycle.

Energy Saving Tips

  1. Optimize Air Conditioning:
  • Use a Programmable Thermostat: These devices can automatically adjust the temperature based on your schedule, reducing energy use when you’re not home.
  • Clean and Replace Filters: Dirty filters reduce efficiency. Regularly clean or replace them to keep your system running smoothly.
  1. Use Fans:
  • Ceiling Fans: Run ceiling fans counterclockwise to create a cooling breeze, which can make you feel cooler without lowering the thermostat.
  • Portable Fans: Place portable fans strategically to enhance airflow and reduce the need for air conditioning.
  1. Block the Heat:
  • Close Blinds and Curtains: During the hottest parts of the day, close blinds and curtains to block out the sun’s heat.

Long-Term Solutions

  1. Upgrade to Energy Efficient Appliances: Consider replacing old appliances with energy efficient models, which use less water and electricity.
  2. Improve Home Insulation: Proper insulation keeps your home cooler in the summer and warmer in the winter, reducing the need for heating and cooling.
  3. Install Solar Panels: While it is an upfront investment, solar panels can significantly reduce your energy bills and even allow you to sell excess power back to the grid.

Financial Assistance for Utilities

Many states including New Jersey, offer programs to help lower income households with utility costs. Check with local government or your utility provider for available assistance programs.

By implementing these summer utility savings tips, you can enjoy a comfortable and budget-friendly season. Remember, small changes can lead to significant savings.

For more personalized assistance and tailored solutions call 732.312.1500, visit a branch, or explore our services online.

Summer Savings Challenge: Boosting Your Financial Health in 75 Days

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You’ve probably heard of the 75 Hard Fitness Challenge. Now that it’s officially summer – join First Financial in completing the 75 Hard Financial Wellness Edition. In just 75 days, you can substantially increase your savings, cut down on your spending, learn financial wellness tips that will last a lifetime, and create habits that will put your finances in the best shape of your life. Just as the original 75 Hard Fitness Challenge can transform your physical health through daily discipline, our Financial Wellness Edition will transform your financial health with simple and effective daily money habits.

The rules are simple and are done over a period of 75 days:

1. Put any sum of money in a savings account each day.

Building a habit of daily savings, no matter how small – can lead to significant financial growth over time. This practice reinforces the importance of saving and makes it a non-negotiable part of your routine. Easily set up an automatic transfer of any amount from your checking to your savings account every day.

2. Track your spending in a journal or app.

Keeping a daily record of your expenses increases your awareness of spending patterns and helps identify areas where you can cut back. This practice can reveal surprising insights about where your money actually goes. The First Financial Mobile App allows you to view and track your spending 24/7 from anywhere. You can even control transactions by category – gas, restaurants, grocery store, location, and more, to gain a deeper insight into your spending habits.

3. Read 10 pages of any financial wellness book each day.

Investing time in financial education equips you with the knowledge to make better money decisions. By reading 10 pages a day, you can complete several books in 75 days – enhancing your understanding of topics like budgeting, investing, and debt management. Consider starting with classics like “Rich Dad Poor Dad” by Robert Kiyosaki or “The Total Money Makeover” by Dave Ramsey.

4. Do not take on any new debt.

Avoiding new debt during this 75 day challenge, helps you focus on managing and reducing existing debt while living within your means. This rule encourages mindful spending and prioritizes saving over borrowing. For example, instead of financing a new gadget – this is your opportunity to save up and pay for it in cash, avoiding unnecessary interest.

5. Set a daily spending limit.

Establishing a daily spending limit keeps your expenses in check and prevents impulsive purchases. This habit helps you stay within your budget and ensures you have enough funds for essential expenses and savings goals. For instance, if your daily limit is $20 – you’ll be more selective about your purchases and focus on what you truly need.

6. Cook dinner at least 5 days a week.

Cooking at home is often more cost-effective than dining out, and allows for healthier meal choices. By preparing your own meals, you can save a significant amount of money each week. Plan your meals, shop with a list, and meal prep to make this task easier. Preparing a large batch of soup, pasta, or meat and rice bowls can provide dinners for several days – reducing the temptation to order takeout. Plus, purchasing the ingredients in bulk can be more cost-effective too.

Embracing our 75 Hard Financial Wellness Edition can lead to profound improvements in your financial health. By committing to these six simple rules over the next 75 days, you’ll develop positive financial habits that can last a lifetime. We hope you’ll join us on this journey this summer, and we can’t wait to hear about your financial transformations. Get started today!

For more personalized assistance and tailored financial solutions call us at 732.312.1500, visit a branch, or explore our services online.

A Budget-Friendly Guide to Home Redecorating

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Home renovations and redecorating can transform your space without breaking the bank. With strategic planning and creative solutions, you can achieve your home improvement goals while staying within budget. Keep reading to find out how!

Research and Planning

  1. Find the Right Financing: Before diving into your home renovation project, explore financing options to fund your endeavor. Consider First Financial’s Home Improvement Loan, offering great rates and flexible terms to help you realize your vision affordably.*
  2. Create a Budget: Set a realistic budget for your project, considering expenses like materials, labor, and any unforeseen costs. Stick to your budget to avoid overspending and financial strain. Utilize First Financial’s wide range of tools and resources like our Budgeting Guide and Home Budget Calculator.
  3. Develop a Detailed Plan: Outline the project scope and create a timeline for completion. Research design ideas and gather inspiration to ensure a successful outcome.
  4. Research Codes and Acquire Permits: Obtain necessary permits and familiarize yourself with local building codes to ensure compliance and avoid costly mistakes.
  5. Do Your Own Demo: Save on labor costs by tackling demolition work yourself, prioritizing safety with proper gear and precautions.
  6. Price Matching: Compare prices on multiple retailer websites prior to making a purchase. Many big box stores will price match what you find online in store, so you can snag a great deal and avoid shipping and handling costs.

Doing It Yourself (DIY)

If you plan to tackle your home renovation project all on your own, follow our budget-conscious tips below.

  1. Search for Free Materials: Acquire items for free through friends, family, or online listings to minimize costs and maximize savings.
  2. Find Duplicates: Look for budget-friendly alternatives that mimic high-end materials or furnishings to achieve your desired look without overspending.
  3. Improve Existing Furniture: Refresh old furniture with painting or refinishing. Add new hardware or upholstery for a custom look without breaking the bank.
  4. Update Smaller Fixtures: Upgrade fixtures like cabinet hardware, lighting, and doorknobs to make a big impact on a budget. Changes like these make a huge difference without necessitating a full demo.
  5. Shop Second Hand: Explore thrift stores, flea markets, and online marketplaces for unique finds at bargain prices. You may discover hidden gems that not many other people will have.
  6. Utilize Paint: Give your space a makeover with a fresh coat of paint and easily DIY this on your own. Sometimes a fresh new color is all you need to transform a space.
  7. Declutter: Clear out unnecessary items to refresh a room instantly. Donate or sell items you no longer need to create a clean, inviting space.
  8. Mix and Match: Embrace mismatched furniture and decor to add character to your space and avoid the expense of purchasing pricier pieces. Experiment with different styles, textures, and colors for a unique look.
  9. Swap Party: Host a furniture and decor swap party with friends and family to exchange items and refresh your decor for free. It’s a fun way to acquire new pieces while also decluttering your home.
  10. Do Projects in Pieces: Tackle renovation projects one at a time to manage costs effectively and plan better. Break down projects to secure better deals and complete them efficiently.

By following these tips and leveraging resources like First Financial’s Home Improvement Loan and budgeting tools, you can redecorate your home for less without sacrificing style or quality. Happy decorating!

For more personalized advice and solutions – call us at 732.312.1500, visit a branch, or explore our services on our website at firstffcu.com. Don’t forget to subscribe to our First Scoop blog for more financially savvy insights and tips.

*Available on primary residence only. A First Financial membership is required to obtain a Home Improvement Loan and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth of Ocean Counties. See credit union for details. 1 Rate will vary based off of applicant’s credit rating. Not all applicants who apply will be approved, subject to underwriting guidelines and credit approval. 2 Lien position and appraisal valuation may affect the maximum loan amount. 3 Not all applicants will qualify for maximum Loan to Value (LTV) ratio. It will be based off of creditworthiness, property type, occupancy, lien position, and loan amount. Rates will be affected by LTV or combined LTV if there is another lien on the property. 4 Loan amounts over $7,500.00 will be required to give First Financial FCU a security interest in their property. Rates will vary based off of lien position and whether the loan is mortgage secured or unsecured. 5 For mortgage secured Home Improvement loans First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and are required to be paid back by member to FFFCU.

Timeless Ways to Live Frugally

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Sure, we might be living in 2024 – however, there are ways to live economically that will never go out of style. Last month we gave you some frugal habits you might enjoy – but keep reading to find out even more simple, yet effective ways to live frugally.

Cook at Home with What You Have: Cooking at home instead of going out to eat or buying takeout, will undoubtedly save you money. Not to mention, it can become a fun family activity that’s inclusive of everyone in the household and something that you can all look forward to doing. It’s also a good idea to use simple recipes with fewer ingredients, as well as plan your meals around what you already have in your fridge, freezer, and pantry before going out to the store for additional ingredients. Use any refrigerated food that will go bad quicker, first. Waste not, want not!

Declutter and Organize: Getting rid of clothing items you no longer use and posting them on apps like Poshmark and Mercari, or books and furniture no longer needed and selling these items at a yard sale – can bring in a little bit of income that you can put into your savings account or use to pay a utility bill. In addition, organizing and going through what you already have may save you from purchasing a new item when you either can’t find the original – or think you don’t already have it.

Plant a Garden: With spring coming soon, it’s the perfect time to learn how to experiment with growing your own vegetables and herbs. If successful, you can go right into your backyard and pick your own – rather than purchase them at the grocery store. Not to mention, spending time outdoors in the fresh air and learning a new hobby can be therapeutic.

Canning: Learning how to can and preserve your own food in glass jars is another old-fashioned way to save money by making your own sustenance. This skill will allow you to store fruit, vegetables and make flavorful jams and sauces that could last you months at a time. Certain items like making your own jelly, can even be given as gifts. You’ll need to initially invest in some supplies, but over time the initial cost will make up for itself.

Buying Secondhand Clothes or Swapping: Checking out your local thrift store or an estate sale might score you some real bargains on quality pieces. Another idea to save money on clothing that won’t cost you a dime, is to trade or swap them out with a friend or family member. Find someone who is the same size, and borrow some new items for your wardrobe to expand it without having to buy anything new.

As you can see, these ways to live frugally will never expire. Your great-grandparents and your grandparents experienced them – as well as your ancestors before that. They’re proven to stand the test of time and can be passed down to future generations, which is a win-win in financial literacy for all.

For more money-saving tips and insights into managing your finances, don’t forget to check out our website and subscribe to our monthly e-newsletter.

Frugal Habits You Might Actually Enjoy

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Frugality often conjures images of cutting coupons and scrimping on every penny. However at First Financial, we believe that frugal living can be both enjoyable and enriching. It’s not just about saving money; it’s about making smarter choices that align with your values and lifestyle. Let’s explore some fun frugal habits that can brighten your life and bolster your finances.

1. Smart Streaming

We all love our TV time, but do we need multiple streaming services? Assess your subscriptions and keep only what you truly enjoy. This simple act can save you a surprising amount each month, and you’ll hardly feel the pinch. Plus, it frees up time to explore other interests.

2. Cooking at Home

Forget the notion that cooking is a chore. Transform it into a fun and creative adventure. Experiment with new recipes, bond over family cooking sessions, and relish the joy of homemade meals. Remember, an average American spends about $3,639 annually on eating out. Imagine the savings when you start packing your lunch for work!

3. Gardening

Gardening isn’t just for green thumbs. It’s a peaceful, therapeutic hobby that rewards you with fresh, organic produce. You’ll cut down on your grocery bills, eat healthily, and maybe even find a new passion.

4. Thrift Shopping

Think of thrift shopping as a treasure hunt where you uncover hidden gems at a fraction of the cost. It’s not just economical; it’s a thrilling quest for unique finds. You’ll be surprised at the joy of discovering something special in a thrift store, and how little it costs.

5. DIY Projects

Do-it-yourself projects are not just about saving money; they’re about expressing your creativity and adding a personal touch to your home. Whether it’s refurbishing an old piece of furniture or crafting home decor, these projects can be immensely satisfying and a great way to de-stress.

6. A No-Spend Challenge

Ever tried a no-spend month? It’s an exciting challenge that forces you to be inventive with what you have. Plan your expenses, stick to necessities, and discover the joys of simple living. You might just find new hobbies that are cost-free and fulfilling.

7. Affordable Fun

Fun doesn’t have to be expensive. Explore the outdoors, enjoy free community events, or host a movie night at home. You’ll find that these activities can be just as enjoyable as their pricier counterparts, if not more.

8. Budget Travel

Traveling doesn’t always require a hefty budget. Plan your trips wisely, look for deals, and consider budget-friendly accommodations. It’s about the experience, not the expense.

Frugal living doesn’t mean giving up the things you love. It’s about making informed, value-based decisions that will enrich your life. For more money-saving tips and insights into managing your finances, don’t forget to check out our website and subscribe to our First Scoop blog.