Category Archives: Vacation and Traveling Finances

3 Vacation Expenses You’re Forgetting About

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Vacation season is in full swing and it’s time to get packing. Your flight and hotel are booked and you’re ready to go. But before you take your trip, take a careful look at your travel budget. Are there certain expenses you may be overlooking? Be sure to take a look at these three commonly forgotten travel costs so you can plan your vacation budget accordingly.

Airport parking

In most cases, airports don’t require payment for parking until travelers return from their trip and head home. Therefore, once you arrive at the airport and head off to your destination, paying for parking may not be on your radar. It’s important to keep parking costs in mind while you’re enjoying your trip so when it’s time to pay, you still have enough set aside. Also, consider parking in economy lots over more expensive options. Even if you have to park farther away and take a shuttle to the terminal, at least you’ll be saving a few bucks after an expensive getaway.

Tipping

We all know to tip at restaurants, but it’s also proper to tip for other services while on vacation. The American Hotel & Lodging Association gives specific details on who should be given gratuity and how much. Examples of such services that are often overlooked by tippers include housekeepers, concierges, room service attendants, and travel guides.

Extra fees

It can often be difficult to find our preferred bank while traveling. Using ATMs at other banks can cost anywhere from $3-5, which can add up if you’re withdrawing cash multiple times. Instead, before your vacation begins, know where your bank’s ATMs are located or prepare to take out enough cash in advance before you travel. Aside from the cost of ATMs, also consider fees for using Wi-Fi (whether on a plane or in your hotel room) and data roaming charges. There’s nothing worse than using your phone for the internet and messaging only to come home to a massive cell phone bill you weren’t anticipating.

Article Source: Wendy Bignon for CUInsight.com

How to Save for Your Summer Vacation

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There’s no better time than the present to start planning your summer vacation. The sooner you get things planned and booked, the more you’ll save in the end, as prices commonly go up the closer you are to your departure date. What better way to look forward to the months ahead then to plan your vacation and turn your sunny dreams into reality?

Save weekly, not monthly.

Most of us try to put a little money away each month, but when your trip is just a couple months away, you’ll have very little time to save a sufficient amount. Instead, decide how much you need to stash away and begin saving each week to meet your goal. That way your savings plan will stay on the top of your mind weekly until your trip arrives.

Count your pennies.

Who doesn’t find random spare change in pants pockets or under couch cushions? Keep a change jar right by the door and add to it anytime you find yourself with extra change. It may seem like a small idea, but change jars can be more valuable than you think. Every little bit helps and when it’s vacation time, you’ll be happy to have even $15-20 extra spending money.

Spring clean for cash.

Spring is the perfect time to declutter your closet and make some extra cash. Go through your home and be decisive on ridding yourself of things you don’t actually need. Take part in a community yard sale (a great way to make side cash and get to know your neighbors better), or take detailed photos and post items for sale online. Check out  PoshMark and thredUP for easy and innovative ways to sell your gently used clothing.

Trim the fat.

When an extra expense like summer vacation is on the horizon, it’s time to really sit down and cut out anything unnecessary (and pricey) from your life. Do you watch programs from your streaming device and rarely watch cable? Cancel your cable television subscription if that’s the case. Do you find yourself taking walks at the park or going on a hike as opposed to running on the treadmill at the gym? If so, cancel that gym membership and stay outdoors. Take a close look at last month’s expenses and don’t hesitate to trim the fat – you’ll be glad you did when you’ve reached your savings goal and find yourself on a beach under a palm tree.

If you didn’t reach your savings goal – apply for a vacation loan from First Financial! Our summer personal loans also feature rates as low as 10.24% APR, flexible terms up to 60 months, and no pre-payment penalties.* Apply now!

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. Personal Loan repayment terms range from 12 to 60 months, and APRs range from 10.24% APR to 18% APR. Minimum loan amount is $500. Loan payment example: A $2,000 Personal Loan financed at 10.24% APR for 24 months, would have a monthly payment amount of $92.51. A First Financial Federal Credit Union membership is required to obtain a Personal Loan or Line of Credit, 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. 

Article Source: Wendy Bignon for CUInsight.com

 

3 Tips for Saving Money While Traveling Abroad

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The Doge's Palace and Cathedral of San Marco, Venice, Italy

Here are three tips on how to manage your money when traveling overseas, while still having an unforgettable journey.

Set a daily budget while planning your itinerary.

When traveling abroad it’s important to make the most out of your trip, especially if you are not there for much time. Everyone knows the value of having a game plan for things you want to do and see, but alongside that, it’s a good idea to set a daily budget. Consider how much you will spend on each meal, activity and attraction. If you do your research, you can find out ahead of time how much certain sites will cost you. This way, you’ll see what you can afford to do in advance.

Shop wisely for food and gifts.

Make a list before traveling of the items you want to purchase when on your trip. If you want to buy gifts for others, set an amount you are willing to spend on each person. Additionally, if you plan to buy drinks or snacks to keep with you or in your room, avoid purchasing them at busier sites such as train stations or near tourist attractions. Look for local markets or shopping marts, so you can buy things at a lower price and shop at stores where locals typically get their essentials.

Explore different means of transportation.

Sure, it may be quicker to hail a cab and be on your way, but first consider the cost. If you are in a city, check out their different forms of public transportation and compare the cost of each. Additionally, when going from city to city, you may find that if you take trains that make frequent stops, rather than a direct trip, it brings the cost down significantly. Therefore, although the cheaper way to travel may not always be the fastest, if you plan for the extra time, you’ll have more money in your pocket, and every little bit helps, especially when traveling abroad.

Planning to travel outside of the United States? First Financial offers Foreign Currency Exchange! Foreign currency exchange allows you to exchange our currency for another country’s currency when planning to travel abroad.* Give us a call at 732.312.1500, email info@firstffcu.com , or stop into any branch to learn more about foreign currency exchange today.

*You may purchase Currency Price Protection (CPP) for an additional $10.00 in order to protect the purchase rate of transaction. The protected dollar amount may vary based on selection of currency. There is also a purchase/shipping cost for $14.50 per transaction.

Article Source: Wendy Bignon for CUInsight.com

10 Tips for Vacationing on a Budget

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065_tropical_sunset_21. Avoid peak season.

It’s no secret that as summer or holidays approach – travel costs, such as airfare and hotel lodging often go up in price. Consider taking your trip during an off-season month, such as September or October, as opposed to summer or the peak holiday months. The prices associated with your vacation may be considerably less, and better yet, your destination might be less crowded. All of this will help you travel on a budget.

2. Consider alternative lodging locations.

If your vacation takes you to a large city, it could be more cost effective to stay outside the city limits. The hotel rates, in some cases, can be much lower. Consider smaller hotel chains or bed and breakfast accommodations with fewer amenities to save money during your time off.

3. Try public transportation.

One of the best ways to get the local flavor of your vacation spot is to take public transportation. Plus, taking public transportation is also an excellent way to save money. Whether you go by bus, subway or train, you’re not burdened with car rental, gas, or parking costs. Plus, you get to see more sights because you’re not behind the wheel driving.

4. Avoid the trendy eateries.

Food can eat up a large portion of your vacation budget. Avoid the cost of high-priced meals by seeking out and going to lesser-known restaurants. Read up on local spots and plan ahead to make reservations at restaurants that are within your budget.

5. Watch the currency.

When planning a trip abroad, look into the currency exchange rate of the country you will be visiting as compared to American dollars. Try to plan your trip when the dollar is trending strong. This will give you more bang for your buck with hotel accommodations, food and local events.

6. Limit the souvenirs.

It’s nice to have a reminder of your travels, whether in the form of a t-shirt or baseball cap. Just be mindful of places in your destination where these items can cost far more than their usual amount.

7. Seek out friendly advice.

Do you have a relative or friend who’s been to where you’re vacationing? If so, ask for some advice, such as are there any inexpensive accommodations or restaurants that are within your travel budget?

8. Stay closer to home on your vacation.

Instead of vacationing abroad, where you could be subject to higher airfare, and unpredictable currency fluctuations, consider staying in the U.S. There are many national attractions. Plus, if you travel within the U.S., you won’t have to budget for the expense of renewing or obtaining a passport!

9. Take a road trip.

If you do stay close to home, an entertaining and cost-effective vacation could simply entail getting in your car. You’ll be able to travel at your own pace without the hassle of hurrying to airports or connecting flights. Just remember to be mindful of the fluctuating price of fuel as that could affect your travel budget.

10. Consider a staycation.

How well do you know your own state, or even your own city? A cost-effective and fun vacation idea could simply be a trip around your own city. With all the money you save by not taking a flight or renting a car, you could stay in a fancy hotel with all the amenities and pampering imaginable — just a few miles from your own home.

First Financial’s Summer Savings Account is ideal for those who are looking to save up for summer expenses or a vacation as well as employees who get paid 10 months out of the year. This account allows you to have money available for summer expenses during July and August and you have the ability to choose the amount of money you’d would like to have deposited each pay period through direct deposit or payroll deduction.*

You can elect to have your money transferred into a First Financial Checking Account in two different ways: Either 100% of funds can be transferred on July 1st, or 50% will be transferred July 1st, and the other 50% August 1st. This account can be opened at anytime – stop into any branch, or call us at 732.312.1500.

*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. 

Summer Vacation Scams: Possible Hazards of Hoteling

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Customers paying at the hotelBooking a hotel stay for a summer vacation? Before you check in, check out how scammers can try to take advantage of travelers.  Always be aware and on the lookout for possible scams!

The late night call from the front desk.

You think you’re getting a late night call from the front desk telling you there’s a problem with your credit card and they need to verify the number, so you read it to them over the phone. But it’s really a scammer on the line. If a hotel really had an issue with your card, they would ask you to come to the front desk.

The pizza delivery deal.

In another scam, you find a pizza delivery flyer slipped under your hotel door. You call to order, and they take your credit card number over the phone. But the flyer is a fake, and a scammer now has your info. Before you order, make sure you check out the business (ensure it’s a franchise or reputable), or get food recommendations from the front desk.

The fake Wi-Fi network.

You search for Wi-Fi networks and find one with the hotel’s name. But it turns out it’s only a sound-alike and has nothing to do with the hotel. By using it, you could give a scammer access to your information. Check with the hotel to make sure you’re using the authorized network before you connect. Read more tips on using public Wi-Fi networks.

Other things to be cautious of when staying at or booking a hotel stay:

  • Always lock your car, and don’t leave anything valuable in your vehicle and/or visible.
  • Try to park your car as close to the front office of the hotel as possible.
  • Don’t leave anything valuable in your room unless there is a secure way to do it (like an in-room safe).
  • Check your credit card statement after your stay to make sure it’s accurate.
  • Be weary of hotel booking websites – there have been instances of advertisements claiming that for booking a hotel room you can receive a complimentary gift card from a known retailer. When clicked on, the scammers will oftentimes ask for a credit card number and more personal info.

Haven’t booked your trip yet? If you’re thinking of getting a vacation rental, take a moment to read up about rental listing scams. And check out these other travel tips, including tell-tale signs that a travel offer or prize might be a scam.