Save Money By Taking Your Spring Cleaning to the Next Level

Posted on by
Reply

Springtime is here, and that means it’s time for that beloved annual tradition — spring cleaning. In surveys conducted by the American Cleaning Institute, responses indicate that as many as 91% of Americans and 96% of Millennials engage in spring cleaning, so it seems safe to say we’re all in this together.

As you open the windows and begin your routine of washing, sweeping, dusting, and decluttering, the goal is to spruce up your home’s interior while eliminating things you no longer need. When done correctly, spring cleaning can actually make you happier and healthier. So, it makes sense to be as thorough as possible. This year, while you’re busy cleaning your fixtures and furniture, it might be a good idea to update some common household items to more energy-efficient options. A more efficient home is an investment that can save you money all year long, and we’re pretty sure lower utility bills will boost your mood as well!

Simple Ways to Make Your Home More Energy Efficient This Spring

Energy Saving Power Switch: By completely cutting off all power when an electronic device isn’t in use, these plug-in adapters reduce the costly effects of “vampire energy.” While the term sounds scarier than it should, vampire energy refers to the power that still flows to a device even when it is turned off. These handy switches can be purchased online or in your local hardware store for $10 or less. And with prices that low, your return on investment can be quite substantial.

Low Flow Showerhead: According to a research project conducted by the Alliance for Water Efficiency, the average American shower lasts for just over 8 minutes and uses approximately 17 gallons of water. The average flow rate works out to be roughly 2.1 gallons per minute (gpm). By switching to a low flow shower head that reduces usage to 1.25 gpm, you can save an average of $32 per year per person. For a couple, that means about $64 in savings each year — especially impressive considering that most low flow showerheads can be purchased for $10-15.

Smart Thermostat: The Internet has revolutionized the way we communicate, shop, and even do our banking. Now, thanks to smart products like the Nest Thermostat, it appears that it has also changed the way we save on energy-related expenses. While the initial price of a Nest will set you back approximately $250, the average annual home energy savings of $150 per year means you’ll recoup your investment in less than two years. After that, the savings will continue to add up.

Energy Audits: Not sure where to begin? An energy audit can help! Depending on your location, energy audits can cost anywhere from $250 to $600. And while that might seem like a lot to pay up front, the potential savings can make it worth the investment. During a professional energy audit, efficiency experts utilize specialized tools to identify areas where your home may be using excessive energy, which in turn – can help you pinpoint which improvements will make the biggest difference. To find an energy auditor and prepare for an upcoming audit, check out these helpful tips.

Throughout this article, we’ve talked about a few relatively low cost ways to improve your home’s energy efficiency. But maybe you’re thinking a little bigger this spring. If you need a little more incentive to make big ticket improvements like installing new windows, updating your HVAC system, or adding solar panels, federal tax incentives may provide just the push you’re looking for. Usually available in the form of rebates, these incentives are designed to encourage homeowners to update their home systems to be more energy efficient and sustainable. If you’ve been thinking about making some major energy saving upgrades around your house, don’t forget to see if the upgrades qualify for valuable government incentives. When it comes to saving energy and saving money, every little bit helps!

Tips for Building a Fabulous Wardrobe on a Budget

Posted on by
Reply

It’s Springtime, and one of the most popular seasons to shop for clothes and do some spring cleaning. This includes your closet. One of the first steps is to eliminate anything in your closet that doesn’t fit, flatter, or you simply don’t love.

Is it possible to build an amazing wardrobe on a budget? If you consider the following tips, absolutely.

1. Plan Out Your Ideal Wardrobe

Like any financial endeavor, a successful makeover starts with a plan—in this case, your ideal wardrobe. Make a list of 10-15 key items you’ll need for each season, not counting accessories or activity-specific items. Some prefer 33 items that mix and match into four 3 month mini capsules. Whichever plan you choose, here are two things to consider:

Follow your personal style – what you feel and look good in, your lifestyle needs, and the image you want to project. Think about your favorite clothes and what they have in common.

Choose colors that will blend well with one another. Mostly neutrals tones (black, white, gray, ivory, brown/camel, navy) with a few pops of color will allow you to create the greatest number of outfits with the fewest pieces.

2. Determine Your Shopping and Downsizing Strategy

Seeing what you have and what you need, will allow you to target your shopping. If you can only afford to purchase one new item a month, which items are the highest priority? Take your time making decisions, because you’ll want each new piece to last as long as possible. If you won’t be donating your old clothes, sell them through consignment, a yard sale, or an app like Poshmark – and channel the funds into your new wardrobe.

3. Choose Quality Over Quantity

Many of us mark a successful shopping trip by how far we stretch our money, failing to take into account the quality of the clothing we’ve purchased. Instead of replacing three poorly-constructed items purchased for $100 after a few months, it’s better to purchase one $100 item that will last you much longer. How do you determine quality other than price? Try things on, read reviews, and test things out until you find a handful of brands you can count on for the right mix of quality and value.

4. Go for Timeless, Not Trendy

You’ll probably notice that high-quality pieces tend to be classics — items that will always make you look fashionable, regardless of the current trends. If you want to ‘freshen’ your wardrobe, look through fashion magazines for ideas on how to create new looks with the classics you already have.

5. Be a Savvy Shopper

While budgeting and saving for quality pieces, don’t forget to look for great deals. Stay aware of what’s in the stores, but wait for end-of-season sales in June/July and December/January. Don’t be afraid to mix in a few cheaper pieces with more expensive ones by shopping consignment and vintage stores, but again — prioritize quality.

6. Take Care of Your Clothes

Paying more for your clothes will make you want to take better care of them. Always follow care instructions exactly, and when in doubt, hand wash and air dry. To avoid ironing disasters, replace your iron with a garment steamer.

And there you have it – creating an amazing wardrobe on a budget!

Article Source: Jessica Sommerfield for Moneyning.com

How to Prevent Your Child from Becoming a Victim of ID Theft

Posted on by
Reply

It probably seems ridiculous to worry about identity theft happening to your children. They don’t have a driver’s license or a credit card in their name – it’s impossible for their identity to be compromised, right?

Wrong. The risk of a minor having their identity stolen is 51 times higher than the risk to an adult. On average, identity theft affects 15 million U.S. residents per year.

Keep reading to learn why minors are considered perfect targets for identity thieves, and how to prevent your child from becoming a victim.

What Kind of Person Would Target a Child?

A smart one. While children lack credit or debit card data that can be stolen, or savings accounts that can be depleted, they do have a credit history that is as clean as a whistle.

Generally, a minor’s credit history is left alone until it is time for them to apply for student or car loans. This gives identity thieves over a decade’s worth of time to target a minor’s information without anyone taking notice.

Then, that exciting bridge into adulthood when your child takes on the responsibility of applying for loans and credit cards is shattered when you realize he or she is denied due to a less than perfect credit history resulting from years’ worth of unpaid debt.

As an adult, you can understand the time it takes to repair a bad credit history. Your child shouldn’t have to go through this “repair phase” when they haven’t done anything to harm their credit in the first place.

Be in the Know – Recognizing the Warning Signs

The following are some tell-tale signs that something is amiss with your child’s identity:

  • Suspicious Preapproved Credit Card Offers Addressed to Your Child – If you begin receiving offers for preapproved credit cards in your child’s name, this could be an alert that there may be a credit file associated with your child’s name and social security number.
  • You are Receiving Calls from Collections Agencies – If you’re contacted by a collections agency trying to collect debt in your child’s name, it’s a red flag that that their information has been compromised and is being used illegally.
  • Your Attempts to Open a Financial Account for Your Child are Denied – If you try to open a student savings account for your child only to realize an account already exists, or the application is denied due to poor credit history – you should take immediate action.

Take a Stand – What to Do if You Suspect Your Child is a Victim of Identity Theft

1. Contact All Three Credit Reporting Agencies

  • Ask that they run a free “Minor Check.” If the check returns no results for your child’s social security number, you can rest easy that no illegal activity is taking place.
  • If the check does return results, ask that all three agencies remove all accounts, inquiries, and collections notices from any files associated with your child’s identity.
  • Ask that a fraud alert be placed on your child’s credit report.

2. File a Fraud Report For Your Child

  • This can be done online through the FTC.
  • The police may need to get involved if the fraud relates to medical services or taxes.

Moving forward, be very selective about who you give your child’s social security number to. This will help to protect your child’s identity and give you peace of mind as you work to build a strong future for your child.

Article Source:  Kara Vincent for Lancaster Red Rose Credit Union

Can Buying Your First Home Actually Hurt Your Credit?

Posted on by
Reply

For generations, owning a home has been considered an integral part of the American Dream. Life without a home of your own, two kids, golden retriever, and a white picket fence just didn’t make sense. Okay, that last part may be a bit of an overstatement, but the fact remains – family members and financial experts have long recommended home ownership as a sensible path to financial stability.

When done correctly, buying a house can be one of the smartest investments you’ll ever make. It will undoubtedly be one of the biggest. As a first-time home buyer, your finances will face the scrutiny of mortgage underwriters, so it’s essential to have all your economic ducks in a row before you even begin applying for a mortgage. And while a smooth financing process is reason enough to be smart with your money, financial stability can also help when your credit takes a hit for five or six months following your big purchase. Wait. What?! Yep. That’s right. Your credit score can, and probably will – drop a bit for a few months after you become a homeowner.

Great for you. Not so great for your credit. Why does buying a house – which, by all accounts, is a wise financial decision – have a negative impact on your credit? The answer isn’t as crazy as you might think. When you apply for real estate financing, mortgage companies pull your credit report to determine whether it makes sense for them to lend you money. In credit industry terms, this is known as a “hard inquiry.” Since these inquiries signal you could be incurring additional debt, they often result in a small, temporary dip in your credit score.

Fortunately, it’s relatively simple to limit the negative impact of hard inquiries. If you’re going to apply for financing with multiple mortgage lenders, do your best to conduct all of your searches within a 30-day window. Because they understand that many people shop for the best rate even though they’ll only secure a single loan, major credit bureaus structure their rating systems to account for multiple inquiries within the same one-month reporting period. While there may still be a dip in your score, grouping your credit pulls will help you minimize the damage. And don’t worry, once you start making payments on time and establishing a positive mortgage history, your credit score should bounce back to where it was before.

Experience a little short-term pain for a long-term gain. From the opportunity to build equity to the satisfying sense of home ownership, there are a variety of excellent reasons to leave the renting life behind. A temporary dip in your credit score shouldn’t scare you away. If you entered the homebuying process with your finances in order and you resist the temptation to rack up additional debt as you furnish your new home, your credit rating should be just fine in the long run. And let’s be honest, you’ll probably be so busy remembering the new route to work and rearranging your living room furniture, that six months will pass before you’ve had a chance to think about your credit score anyway.

If you’re just beginning your home search and in the Monmouth or Ocean County area, your local First Financial Federal Credit Union branch is a fantastic place to start. In addition to reviewing your current financial situation, our representatives can also help you determine how much house you can afford and which mortgage program is right for you. We may even be able to help you get prequalified, which can give you the extra leverage you need when you do find that perfect house. If you have questions about the mortgage process or don’t know how to get started, we are here for you. Contact the Loan Department at 732-312-1500, Option 4 or learn more about First Financial mortgages on our website.

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

 

8 Ways to Save at the Grocery Store Without Coupons

Posted on by
Reply

Grocery shopping can be a hassle, and having to take time to cut coupons can make it even worse. Here’s how you can shop without coupons and still save money.

1. Pick the right store.

Try comparing stores by shopping for identical items and figure out which store has the best value. Keep in mind the distance you travel to each store, because that can add up too.

2. Stock up on sale items.

When there’s a sale, buy anything you can freeze or that has a long shelf life. If it’s an item that goes on sale often, buy enough to last you until the next sale. Compare your store’s weekly ads and plan ahead.

3. Take advantage of loyalty programs.

Some stores require a loyalty card to get sale prices, so definitely sign up for one. It only takes a few minutes and you may even get other discounts as you use it.

4. Check the unit price.

Occasionally, buying in bulk will save you money. However – at a lot of grocery stores, the smaller quantity packages actually cost less per ounce.

5. Don’t buy prepared foods.

You may think having to wash and cut fruit and vegetables is an inconvenience, but it’s also a great way to save money. You may enjoy the ease of using already prepared food, but you’ll pay for that benefit. Buy the ingredients uncut, and create your meals. You’ll pleasantly be surprised to see how much you can save.

6. Don’t waste anything.

Make sure you’re not buying anything you haven’t already planned on eating. If you buy on impulse, you may end up buying something that will eventually just get thrown away. Map out meals and snacks and don’t get anything you don’t really need.

7. Cook the right amount.

Don’t make more food than you need. If you follow the recipe on a package, you may cook too much food, especially if you’re only cooking for 1 or 2 people. Sometimes leftovers are good to have, but a lot of times they end up in the trash can. Make sure you figure out the correct serving size and adjust your purchases accordingly.

8. Shop less.

This one is easy. The more you shop, the more impulse buys you’ll make. Look at your store’s sale schedule and shop only as often as you have to.

 Article Source: John Pettit for CUInsight.com

4 Ways to Identify a Tax Scam

Posted on by
Reply

Tax filing season is of course a busy time of year. It’s also a busy time of year for scammers. According to a recent Federal Trade Commission report, of the $1.48 billion total reported fraud, consumers lost nearly $488 million to imposter scams in 2018. Fraud schemes range from debt collector calls or emails claiming you haven’t paid your taxes, to someone posing as an official from the IRS or local law enforcement agency threatening arrest, suspension of your driver’s license or some other penalty if you don’t immediately wire funds to pay your taxes. The scams have become increasingly sophisticated and hard to detect.

Here is what you need to know about the IRS and tax scams:

The first contact from the IRS is through regular mail delivered by the United States Postal Service. The IRS does not initiate contact with taxpayers by email, text message or social media channels. Even if they call you to set up appointments or discuss an audit, you would first receive notification by mail. Only after mailing an official notification of an audit can an auditor/tax examiner follow up by phone. Forward any suspicious emails to the IRS at phishing@irs.gov. Alleged IRS or tax debt collection calls should be reported to (800) 366-4484. 

Payments to the IRS are only payable to the United State Treasury. They do not accept payment in the form of prepaid debit cards, gift cards, or wire transfers.

IRS agents will NEVER demand that you pay taxes without giving you the opportunity to question or dispute the amount they say you owe. They must advise you of your rights as a taxpayer. They CANNOT threaten to bring in local police, immigration officers or other law enforcement agencies to have you arrested for not paying your taxes. The IRS also has zero authority to revoke your driver’s license, business license, or immigration status.

If an IRS representative calls or comes to a home or business unannounced to collect a tax debt or as part of an investigation, they will always provide two forms of official credentials: a pocket commission and an HSPD-12 card. You have a right to see the credentials and can call the IRS to verify the identity/information on the representative’s HSPD-12 card.

The moral of the story: be aware, do your research, and don’t become a victim of a tax scam this tax filing season!

Article Source: Myriam DiGiovanni for Financialfeed.com