3 Ways to Consolidate Debt

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Debt can be overwhelming, but there are definitely ways you can consolidate. The idea of putting all of your debt in one place, with one simple monthly payment can be a big relief.  So, what are your best options for consolidating your debt? Here are three to consider, that you may not have thought of.

A balance transfer credit card: If you’re looking at this option, you’ll want to first make sure that you find a card that will have a high enough limit to contain all of the debt you want to consolidate. If you can find a card with a zero percent introductory rate, this is ideal for paying off debt. If you have $3,600 in debt, and zero percent interest for 18 months – you can pay $200 a month for 18 months, and be completely debt free without paying a cent of interest. However, be advised that if you continue to use this card and rack up even more debt and you don’t pay it off in time – that interest rate could potentially sky rocket at the end of 18 months, and you could really dig yourself into a hole (which is what you were trying to get out of in the first place). This option only works if you stick to your plan, don’t use this card, and continue to pay off your debt during the introductory period.

You also want to transfer your existing balance(s) to a credit card that doesn’t have a balance transfer fee. First Financial has 3 great Visa Credit Card options that have no annual fee either!* Learn more here.

A home equity loan: After the introductory rate on a balance transfer credit card ends, the interest rate can be pretty high – as mentioned above. A home equity loan uses your home’s appraised value and what is still owed on your mortgage, and will provide you with a lump sum that you will agree to pay back over a set fixed rate term (this type of loan is also called a second mortgage). The main benefit of a home equity loan, is that the interest rate will be much lower. You will want to be careful if you go this route – if you default on the loan, you could put your home at risk.

To learn more about First Financial’s home equity loans and lines of credit options, and apply online 24/7 – click here.**

A personal loan: If you don’t like the idea of risking your home (or any other form of collateral), perhaps a personal loan might be the best option for you. If you have a good credit score, you’ll receive a favorable interest rate that is often lower than a credit card’s. If you think this may be a good option for you, ask your local credit union about any debt consolidation loans they have available.

First Financial’s personal loans have a fixed monthly payment, flexible terms, and are a great way to save money instead of opting for the high cost of retail financing.+ Get started here.

*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.

**First Financial 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 the borrower(s) will be required to pay back closing costs in full to FFFCU. A First Financial membership is required to obtain a home equity loan, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See FFFCU for details or visit firstffcu.com for all current rates. Nationwide Mortgage licensing System & Registry ID # 685814

+APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. A First Financial Federal Credit Union membership is required to obtain a Personal Loan, 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: John Pettit for CUInsight.com

3 Important Car Buying Tips

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Are you looking to buy a new ride before the end of the year?  Here are three important factors to consider before you sign your name on the dotted line.

Needs vs. wants: What do you plan to use your new ride for – commuting, weekend trips? These are just a few questions you should consider.  A smart car might get incredible gas mileage during your long commute, but really lacks in terms of cargo space. You may be able to get a bag of groceries home, but what about that 6-foot ladder you need? Don’t forget about things like Bluetooth connectivity and heated seats also. Weigh all your options before getting too excited about what car looks the coolest.

Monthly payments vs. total price: You love the lower monthly payments, but are you really considering how much a new car is going to cost you by the time you’ve paid it off in six years? Maybe you’re a big fan of the total price you’re getting, but you know the monthly payments are going to take some sacrifice in your budget. Is that something you really want to endure? Have you also factored in other costs like insurance, gas, oil changes, tires, and preventative maintenance? Take your time and make a list so you get a better idea of the true cost of your new vehicle.

Know your car before you buy: Do some research and see how other owners are feeling about their purchase.  Always take a test drive, and try riding through parking lots. How does it ride? Is it only smooth on smooth roads? What’s it like going over a speed bump? When it comes time to buy, it shouldn’t be a mystery and you should feel comfortable with your decision – this is a big purchase you will be using daily over at least the next several years.

In the market for a vehicle? If you’re just starting to shop, get preapproved and if you’re ready to make the purchase – apply for an auto loan online 24/7. We have quick approval decisions and same day closings!

APR = Annual Percentage Rate. Not all applicants will qualify, subject to credit approval. Additional terms & conditions may apply. Actual rate may vary based on credit worthiness and term. A First Financial membership is required to obtain a First Financial auto loan and is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See credit union for details. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan.

Article Source: John Pettit for CUInsight.com

3 Things Kids Should Know About Money

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With another school year about to get into full swing, money management is an important lesson your children can be taught right at home.

Your kids probably don’t have a deep knowledge about money and how to manage it. What they do know, they’ve probably learned from watching you. Here are some basics that all kids should learn about finances.

It has to be earned: As you were probably told when you were young (and possibly in a snarky tone), “money doesn’t grow on trees.”  While that’s only partially true (cash is made from paper and paper is actually made from trees), money is not free.  An allowance in exchange for doing chores is a great way to teach your kids about earning money.

It must be saved: An easy way to get your kids to learn how to save is to give them a goal. Whether it’s a video game system or a new toy they have been asking for, don’t just give your kids whatever they want. Have them save up for the item, and for something more expensive like a video game system – give them a savings goal and have them pay for at least a good portion of it.

It should be spent: While it’s important to save your money, it’s also important for kids to understand that money is meant to be spent. You have to spend money in order to live your life. But when learning to spend, they should learn how to spend wisely. Teach your kids about coupons, sales, and generics brand items. Saving and spending may seem like opposites, but spending wisely is also a great way to save!

Need a great way to teach your children to save? Open a First Step Kids Savings Account! Available for kids up to age 18, there are no minimum balance fees, and dividends are posted quarterly on balances of $100 or greater.* Get your kids on the path to savings today, we’re here to help!

*As of 7/2/2020, the First Step Kids Account has an annual percentage yield of 0.03% on balances of $100.00 and more. The dividend rate may change after the account is opened. Parent or guardian must bring both the child’s birth certificate and social security card when opening a First Step Kids Account at any branch location. Parent or guardian will be a joint owner and must also bring their identification. A First Financial Membership is open to anyone who lives, works, worships or attends school in Monmouth or Ocean Counties.

Article Source: John Pettit for CUInsight.com

Ways to Make Back to School Shopping Happy and Frugal

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Summer is winding down and the school season has arrived. Whether it’s for new clothes, backpacks, technology or books, the back to school season is one where there is a ton of shopping. Furthermore, no one ever wants to disappoint their children, so this is a time when you can really break the bank without even realizing it. If you are stressing about how you can frugally (and happily) get your kids back to school, keep reading!

1. Check Out Bargains All Year

Stocking up is always a great way to save money, and back to school supplies are no different. Throughout the year, school supplies are constantly sold at a discount. If you spend some time to stock up when things are on sale, all you need to do is bring those supplies out in August and give them to your kids.

2. The Dollar Store is Your Friend

This is one of the best kept back to school shopping secrets. A lot of the time, you can even find name brand merchandise for a dollar. Don’t underestimate hitting up your local dollar store before you shop for school supplies anywhere else.

3. Do Everything Online

Shopping online is convenient and frugal. Not only can you buy things for less, it also gets delivered to your door. Plus, many merchants offer free shipping too (depending on what you spend). If you plan in advance, this is probably the easiest way to shop.

4. Shop Late

There are always last minute deals and back to school time is no different. If you can wait on the items you need to buy, you might just be rewarded.

5. Shop Alone

Kids can be amazingly talented at wanting more than you can afford. In order to resist the temptation to satisfy them, shop alone. This way, they won’t be tempted by all the advertising in the stores and you can zip through and buy only what you actually need.

6. Shop Around

Sound shopping advice tells us to always compare prices. You can most likely find a place where the item you’re looking for is being sold for less, so be sure to check all sources first.

7. Second Hand is Not Second Class

Go to garage sales and see if you can pick up items for less. You just might find something very useful for the school year.  Another idea is to organize a back to school exchange program.  Do you live in a neighborhood with a lot of kids? Get all the parents on board and list out available items and see if other parents can take advantage of what someone else bought previously and is no longer using. If you can work out a deal where you can all trade amongst each other, it’s a win-win situation.

If you need additional help paying for back to school supplies and clothing, First Financial offers some of the lowest credit card rates around. To learn more about First Financial’s VISA® Credit Cards and apply today, please visit our credit cards page.*

*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.

Article Source: David Ning for Moneyning.com

3 Ways to Cut Back on Your Food Budget

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If you’re spending too much money on food, the easy remedy is to eat out less. If you’ve already done that, then you may be looking for ways to cut back on your grocery bill. If you’re having trouble figuring out how to spend less at the grocery store, here are a few things to think about.

Only buy food: It can really be convenient to get all your shopping done at one place, and if you’re buying groceries at Walmart or Target, you might be on to something. But if you’re using your local grocery store as the place you always buy shampoo or soap, you might be throwing money away. Even though you may have to make an extra trip, you can save money by getting those household items elsewhere.

Don’t shop so often: Every time you go to the grocery store, it can be tempting to grab an extra item or two that isn’t on your shopping list. If you’re shopping once or twice a week, those extra purchases can add up quick. Try to do your grocery shopping no more than once a week, make a list, and stick to it.

Pay attention to unit prices: If you buy a 24 pack of bottled water each week, check out that 36 pack instead. You may not think you have room for it, but buying those extra 12 bottles could save you money when you look at the unit price. However, unlike shopping at bulk stores like Costco, you can’t always count on the higher count items being cheaper at your local grocery store. Pay attention to what’s on sale, check those unit prices, and compare to get the best deal.

Happy shopping (and saving)!

Create a Back to School Shopping Plan That Won’t Break the Bank

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It’s that time of year again!

Summertime is winding down. Teachers are prepping to return to their classrooms and start decorating. School supply lists are starting to surface. A new school year is right around the corner.

According to the Huntington Backpack Index, the amount parents paid in back-to-school supplies was estimated as follows:

  • $637 elementary school kids
  • $941 for middle school children
  • $1,355 for high school students

There’s no way around it – school shopping is expensive. But, it doesn’t have to be. Much like financial planning, saving on back-to-school shopping requires a plan as well. With the right planning and preparation, back-to-school shopping doesn’t have to break the bank.

Take inventory

Before you go shopping and buy tons of supplies, take inventory of your house. Check drawers and cabinets to see what supplies you have that can be used again. Look at backpacks, lunchboxes and even school clothes from last year to see what can be kept and what needs to be replaced. From there, make a list and determine what your child needs and what you have.

Get the school’s supply list

Generally, retailers like Target and Walmart usually have copies of local supply lists divided by grade, school, and district. Those lists are usually also available online before they’re in the store. Check the lists, do a little research regarding prices, and make a budget accordingly. You can even check with your child’s teacher to make sure you’re getting the most important items.

Don’t forget about discount stores and couponing

Do you want to save some real money? Purchase things like notebooks, pencils, and paper at discount stores or even your nearby dollar store. If you’re into couponing, you can save some big bucks there as well. Poke around the internet and see where the deals are before you hit the stores.

If you want to see actual savings, don’t go into back-to-school shopping without a plan. Rather than charging up your high interest credit card, talk with us about one of our credit card options or a low interest personal loan that works for you. You might be amazed at the savings you find.

Back-to-school shopping doesn’t have to be overwhelming or expensive. For help or questions about savings, check with any of our First Financial staff members. Stop by a branch or contact us today.

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. A First Financial Federal Credit Union membership is required to obtain a loan, 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.