How to Get a Great Valentine’s Gift on a Limited Budget

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Valentine’s Day is … tomorrow. If you are still trying to find a last minute unique gift idea for that special someone in your life and stay in line with the budget that you’re probably still paying off holiday bills from, keep reading! You can still give your Valentine a great day tomorrow without going broke.

The most important word you can remember about Valentine’s Day: Thoughtfulness. You truly don’t have to spend a ton of money on lavish gifts, experiences, or dinner at a fancy restaurant. Don’t underestimate the value of a nice home cooked meal, a homemade card, or an activity you both love doing together.

Go on an Outing this V-Day

Sometimes an experience creates more memories than a big gift or expensive flower delivery. Would you rather buy your true love a giant flower arrangement that more than likely won’t be around to see February 21st, or recall a fun day out together that you can look back on for years to come? Planning an actual activity also shows creativity and effort. Need some lower cost ideas?

  • Go geocaching – this is completely FREE. What is geocaching? This is a real life outdoor treasure hunting game using the GPS device on your smartphone. You will need to find and register locally, and then you’ll be given GPS coordinates to navigate to and find a geocache container that’s hidden at the designated location. Find out more here.
  • Try an escape room – averages about $30 a person. This is a lower cost, fun and adventurous activity to try with your loved one. You’ll need to work together and communicate, and it’ll be an exciting experience you won’t soon forget. Hit the web and find out where the nearest escape room is to you.
  • Wine and paint class – another lower cost activity that is BYOB, and typically under $40 a person. You’ll get to paint together, drink wine, and take home some beautiful artwork! To save even more money, try looking for deals online for a class local to you on Groupon.
  • Go axe throwing – cost also averages about $30 a person. See if there’s a local venue near you for throwing axes and/or darts. These locations are also typically BYOB which will save you some more money as well.
  • Actually see a movie in the theater – when was the last time you went to the movies? These days it seems like most people tend to take advantage of Netflix and other streaming at home movie services. This also is probably one of the cheaper outing options on this list, around $20 per person. Check your local theater and purchase tickets online in advance.

Ways to Save on Flowers

Being that Valentine’s Day is tomorrow – it’s probably going to be tougher to order online now, have them delivered on the actual holiday, and not pay a fortune. If you are in this boat and didn’t preorder, instead of purchasing a whole bouquet – don’t underestimate the gesture of buying just one single long stemmed rose, or try a less expensive flower bouquet instead (think red/pink carnations).

Are you against the idea of buying flowers altogether and spending a great deal of money on something that may not last longer than a few days? How about sending your Valentine a photo of virtual flowers. You can send them anything, they’ll last, and won’t cost you a dime!

But, if you’re still set on buying flowers – look online for deals, or try ordering through a cash back site like Rakuten.

How to Save on Valentine’s Dinner

At this point, it’s probably going to be next to impossible to get a dinner reservation. However, most of the time a home cooked meal is more private, less expensive, and better than dining out.

Do you have an InstantPot? This wonderful kitchen device allows you to cook a gourmet-like meal quickly. If you don’t – hit your local Target or Walmart and pick one up (they range in price with an average of around $50, but you can probably get one on sale or look for store coupons too). All you have to do is find a recipe, purchase your ingredients, close the lid, and push a button. You’ll impress your love and probably have leftovers for the next day also! You can even make dessert in your InstantPot such as cheesecake, the day before. Or if you want to opt for something easier to make the day of that’s still seasonal – try your own chocolate covered strawberries and open a bottle of wine or champagne.

If You Still Insist on Buying a Gift

If you’ve thought about it and you are set on purchasing a thoughtful Valentine’s Day gift but don’t want to spend a fortune, opt for one that includes a photo of the two of you. This is still sentimental, a nice memory, and won’t cost a lot. Simply print out your favorite picture together at your local Walgreens (which you can do almost immediately), put it in a nice frame, and if you have extra time – have it engraved.

Happy Valentine’s Day!

Article Source: Rick Broida for cnet.com

How to Actually Save Money Every Month

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It’s easy to stop pulling out your wallet every so often, but in actuality it’s our recurring expenses that typically get us into debt. Many people often ignore monthly expenses because they are subconsciously used to just paying the usual bills each month. However, there are a few areas that when you eliminate them or find ways to cut them down – you can actually save yourself some money on a monthly basis.

Take note of the following bills – can you cut any of these out completely or down?

  • Cell Phone. First look to see if there are any items you can cut from your monthly plan that will save you money on your bill. If not, consider switching carriers – there are often plenty of deals out there. Something else to look into is a prepaid cell phone plan. This may not work for everyone, but many have had success with saving a lot of money on their monthly cell phone bill this way and only using their mobile phone when they truly need it.
  • Home Phone. Is this something you actually use, or can you get away with just using your cell phone as your monthly bill? If you are still paying your cable company for a land line and you don’t use it – find out if eliminating this can add some savings back into your bank account each month.
  • TV. More than likely you probably pay way too much for your favorite shows through your cable provider. Have you sat down and looked at what you can still watch through avenues such as Hulu or Netflix for a fraction of the cost?
  • Gym Membership. Do you actually go to the gym and use your membership? If you do go daily, this would probably be one bill worth keeping. However – if you rarely go and continuously pay money each month, this may be one membership to consider cancelling and instead jog outdoors when the weather is nice or run at your local park instead.
  • Other Subscriptions. Included in this category would be newspaper or magazine subscriptions, warehouse shopping clubs, meal prep services, and so forth. How many subscriptions do you really need? Be honest with yourself. Are you paying a lot more for groceries by using a meal prep service? Really take a good look (and a calculator) at how much you are spending per month in this category and cut out as much as possible.
  • Utilities. Make sure your lights and electronics are off and unplugged whenever you aren’t in the room or using them. Open the windows and use fans during interim seasons when you don’t need the air conditioning yet. Besides helping your utility bills, these actions also help the environment.
  • Medications. Always ask to switch your prescription medications to the generic brand when possible. This will save you a lot of money. Also when you can, see if you can purchase a 90 day supply of maintenance medications. Usually this is a cheaper option instead of going to the pharmacy every 30 days for monthly refills, and more convenient too.
  • Vehicles. In the nicer weather, you will save money by washing your own car at home instead of going to the car wash. Also look for coupons and deals online before you take your car for regular maintenance such as oil changes or tire rotations, there is usually always one available.
  • Insurance. Call around and see if you can find a better deal and pay less. This includes car insurance, homeowner’s insurance, renter’s insurance and the like.

Things to try:

  • Don’t Bring Your Credit Card Out for 1 Month. At first, you will probably feel restricted but this exercise will help you realize what you are spending money on. Which most of the time it’s probably an impulse purchase or an item you don’t truly need. When you pay with cash, you’ll often find you are more conservative with your purchases.
  • Pretend You’re Broke. Try this for 30 days – live on ramen noodles like your college days, and so on. This will show you that the salary you work hard for now should not be wasted on things that aren’t absolutely necessary.
  • Add Up Your Monthly Subscription Costs. As mentioned previously, jot down how much you are paying out in subscriptions every month. Even something that’s $40 a month adds up to nearly $500 a year. That’s a lot of money.
  • Check Your Statements. Watch out for those monthly automatic payments. Review all your monthly purchases and really scrutinize what you are buying. It always adds up to more than you think.

Need some help creating a monthly budget? Check out our easy fillable PDF budgeting worksheet!

Article Source: David Ning of Moneyning.com

How to Navigate Charitable Contributions and Tax Deductions

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We all know the saying, “It’s better to give than to receive.” Giving makes us feel good, right? And we usually don’t think about what’s in it for us.

But, what about charitable giving? Depending on the amount of your charitable contributions, you could be in for a sizable tax benefit. As a matter of fact, if you factor your charitable donations into your budget, it will allow you to be more generous and lead to strategies that could improve your financial planning long term.

With tax season in full swing, let’s take a look at some benefits of charitable giving and what can be deducted.

That Altruistic Feeling

Whether we donate to them or not, we all have causes near and dear to our heart. If you’re an animal lover, ASPCA commercials probably tug at your heartstrings. If helping kids is where your passion lies, then charities like St. Jude’s and Shriner’s Hospital probably resonate with you. Regardless of where your loyalties lie, we all love the feeling of helping other people. Scientific studies have even shown that charitable giving activates pleasure centers in the brain.

Tax Benefits

Charitable donation deductions actually allow you to lower the amount of taxable income. Of course, you can’t donate to just any organization. In order for donations or gifts to qualify, they have to be recognized tax-exempt organizations. Typically – religious organizations, veterans’ organizations, and community organizations qualify as being tax-exempt.

Have you made any donations to state, federal, or local government for public purposes, such as to rehab a public park? You can deduct those donations. You can also deduct any expenses you incur as a volunteer for a qualified organization or if you donate a qualified vehicle.

What Does this Mean for You?

Let’s be honest. Taxes, deductions, and tax law can be overwhelming and difficult to understand if you don’t speak that language. It’s always a good idea to sit down with a qualified financial planner to come up with a plan for donating to charities. Your financial planner can help you figure out what types of donations will work for you and your future plans. They can also help you find organizations that share the same goals and ideals as you. Also, if you want to make charitable giving a recurring activity this year, look at setting aside money in a First Financial Special Savings Account.+ That way, you can save smaller amounts at a time to make it easier to give back instead of one lump sum all at once.

No matter which way you decide to give or which charity you choose to give to, giving back to organizations that do good – feels good. Additional information about charitable giving and tax deductions can be found by contacting the Investment & Retirement Center located at First Financial Federal Credit Union.* If you have other questions about charitable giving and how it may impact you this tax season, contact the Financial Advisors located at First Financial or click here.

*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 The Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using The 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 The Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

+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. 

Five Budgeting Tips You Can Live By

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It’s hard to make budgeting decisions. It can be difficult to keep an eye on your short-term and long-term financial goals when you’re busy with everyday life. But putting together and following a spending plan can work wonders on your finances. Here are five tips you can use starting today.

1. Budget until there’s nothing left.

If you love spreadsheets, zero-sum budgeting might be the right move for you. It’s budgeting so every single cent is accounted for.

Try creating buckets for specific expenses — housing, transportation, food, and entertainment. After assigning amounts to these costs, stash what’s left over in savings.

When you sit down to put together your monthly budget, you can make categories for your big expenses and then create line items for smaller costs. Smaller expenses would include activities such as eating out or shopping.

The goal is to stay on top of your money from the beginning to the end of the month. Then repeat.

2. Get your loved ones involved.

Money management is a tough subject for most couples. However, avoiding money talks causes bigger issues that go beyond banking. That’s why you may want to work with your partner to decide on monthly spending — as a team. Discuss your short-term and long-term financial goals as a couple. Look over what you’ve got in your account(s) and go from there. But don’t forget about your individual needs. Both of you may also want to have cash for items or activities that bring you happiness. And if either of you is a big spender, have an honest talk about what you might be able to realistically cut back on.

3. Take advantage of technology.

Do you like using mobile apps? There are some great ones that exist for tracking your spending. Online banking apps also help you with automatic bill pay and lots of other features. You can view your cash in and cash out with ease and really get a handle on what money you’re spending. We’re all busy and any way technology can help is a plus. Of course, if you’re more comfortable keeping track of your expenses with pen and paper, that works too.

4. Give yourself time to adjust.

People who embrace budgeting for the first time often struggle. While getting over this is key to success, you shouldn’t expect to become a money pro right out of the gate. Understand that you’ll need time to adjust and that small setbacks are bound to happen when following a budget. Also, keep in mind that you might have to change your plan from time to time. An approach that worked last year might not work this year due to changes in your personal life or career. Don’t be afraid to switch things up if necessary.

5. Think about today and tomorrow.

Kick off budgeting with short-term goals like paying your credit card minimums or saving for a new car.

But don’t forget far-off goals and life events too. If you were to pass away, some of your everyday expenses stick around, like student loan debt and mortgage payments. You need to make sure your loved ones won’t be left without the cash needed to cover these costs. Getting life insurance is a good way to do this. This coverage, which insurers offer as part of term or whole-life policies, can cover some of your expenses and spare your family from having to pay out of pocket.

How to learn more about life insurance

Life insurance may seem complicated, but it’s not that hard once you know the basics. Of course, we are happy to help all of our members. Learn more here, and you can also use our TruStage Life Insurance Calculator to compare different types of insurance and learn more about your options.

TruStage® Insurance products and programs are made available through TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company and other leading insurance companies. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution.

Corporate Headquarters 5910 Mineral Point Road, Madison WI 53705

Article Source: © Copyright 2020, TruStage. All Rights Reserved.

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How to Prepare for Tax Season

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We’re in the midst of prime tax season. Have you filed your taxes yet? If not, or if you are unsure of how to be best prepared – keep reading! Being organized can help you reach your financial goals as well as make the filing process easier for both you and your tax professional.

What items should you bring with you when you have your taxes done?

  • A valid photo ID
  • A social security card or verification letter, or individual TIN (Taxpayer Identification Number) for all family members.
  • W-2 forms for all jobs worked the previous year
  • Form 1099-G for unemployment compensation, if applicable
  • Any childcare provider information from the previous year paid (name, address, tax ID number, and total paid).
  • A copy of last year’s state and federal tax returns
  • Any banking/mortgage interest statements, federal loan documents, retirement statements, and organizations you made charitable donations to with the amount donated.
  • Form 1095-A, B, or C and any affordable health care statements or health insurance exemption certificates.
  • Bank account information and a voided check (for receiving your return via direct deposit).

If you are married and filing jointly with your spouse, you will want to make sure you and your spouse are both present at the appointment so you can each sign your joint return. Depending upon your individual financial situation, there may be other documents you will need to bring with you. If you have questions about other items you think you may need to bring to your annual tax appointment, contact your tax preparer in advance.

How do you make the most of your tax return?

  • If you are getting a return back, it’s a good idea to have it deposited to your bank account with direct deposit. There is no cost to do so, it arrives faster than a check, and will be right there in your bank account for when you need it.
  • It’s always a good idea to save for the future – every little bit helps!
  • Do you have outstanding revolving credit card debt? Pay it down with this year’s tax return.
  • Another good use of your tax return is to save for retirement in an IRA account.

If you have additional questions, it’s a good idea to consult with your tax professional during your appointment. Staying organized and prepared is the best way to get through tax season, and should you receive a return – saving the money for a rainy day, your financial future, or to pay off debt is never a bad idea. Happy filing!

Article Source: Consumer Financial Protection Bureau

How to Stay Out of Debt this Year

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Are you one of those people who continually carries debt into the new year? Let this be the year you really say goodbye to lingering debt. Here are a few tips for not racking up any new debt and paying off previous debt.

Forget about any extra money: It’s a new year, so more than likely your paycheck just got a little bump. If you do have some extra money in your paycheck due to a new year’s pay raise, do something productive with your extra cash before you can spend it on things you don’t truly need. Set your new year’s budget as if you are still making the same salary as last year. Put the extra money into your 401k or into your emergency fund. Another idea is to open a new savings account that will help you save for trips or entertainment plans for the year ahead that you’d normally put on a credit card.  Even if you only got a small raise, over time it all definitely adds up.

Set goals and keep them: Money goals are key to keeping your finances on track. Your budget is probably your most important money goal. You know how much you make, and if you haven’t set a strict annual budget for yourself yet in the new year – it’s time to map out your monthly bills and truly stick to your spending allowance. Automating bills and direct deposit right from your paycheck is an easy way you can help yourself stay on track.

Stop using your credit card: Of all the cards in your wallet, your credit card should be the one you reach for last. If you’d like to see your debt disappear in the new year, you’re going to have to start telling yourself no. Sure, shopping is fun – but how often are things that aren’t necessities worth having more debt over?

If you need help creating a budget this year, check out our easy budgeting worksheet. For more tips on managing your credit and reducing debt, view our credit management and debt reduction guidebook.

Article Source:  John Pettit for CUInsight.com