Tag Archives: Credit Union

5 Tips to Lowering Your Energy Bill this Winter

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Close up of home heating thermostat with partial utility bill on wall.

It may officially be a couple weeks away, but winter is coming – and with it come extra expenses on keeping warm. A large part of the country will be experiencing lower than average temperatures this winter, but we can all save money by taking the time now to prepare and weatherproof. Consider these tips to maximize your savings before the snow starts falling.

Keep it cool.

When you get home, leave the sweater on, grab a blanket or light a fire in the fireplace to save some real money. You can save 5% on heating costs for every degree you drop your thermostat in the 60-70 degree range, according to the California Energy Commission’s Consumer Energy Center.

Check for drafts.

The best way to lower your winter energy bill is to reseal your home to keep the cold out. By insulating windows, installing window coverings, and sealing drafts around chimneys, cabinets, and closets, you can find the largest return that doesn’t require any lifestyle changes.

Have your furnace inspected.

The last thing you want is for your heat to go out in the middle of the winter, though arguably you would save quite a bit of money. In most markets you can spend around $100 to get your system inspected by a professional who can identify any duct leaks, intake blockages, mechanical failings, electronic failings and more.

Harness the sun.

At night you should have your blinds and thick curtains closed to prevent the escape of heat, but in the mornings open them up to let in as much sunlight and free, natural heat as possible.

Watch your increased waste.

For most of us, winter means we are spending more time inside. We escape the cold weather with the assistance of our electronics. Though, you should be mindful of all of those idle gadgets as they could be eating up a significant amount of power. The EPA estimates that idle gadgets waste more than 100 billion kilowatt hours of electricity annually, costing consumers $10 billion a year. Make sure you unplug every device that you aren’t actively using to keep the cost low.

Article Source: Tyler Atwell for CUInsight.com, https://www.cuinsight.com/5-tips-lowering-energy-bill-winter.html

 

5 Smart Financial Moves Before the Year Ends

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Three classical shape pawns made of blue glass

When the leaves begin to change colors and the year draws to a close, people think about many things: the football season in full swing, apple picking, maybe even a thought or two about finding your rakes before the leaves start to fall all over your lawn. As the year begins its last act before drawing to a close, here are five things to do to get your finances in top shape for year’s end.

Assess Your Status

Take stock of your overall financial status. Look back on the goals you had for the year; have you met them? Don’t just look at your short-term goals, either. Review your earnings, your long term financial requirements, and your overall level of financial peace. If nothing is adding up, then it might be time to think about making some serious life changes – new job, downsizing, selling assets – to make sure you are meeting all of your financial objectives.

Review your Insurance Coverage

Other than paying your premiums or making claims, you likely don’t think of insurance too often. Now is a good time to review all of your policies and ensure that you are satisfied with your level of coverage. Start with your life insurance policies, and ensure that you have the right coverage for your circumstances. This can change as you age, or get married or divorced. Next, make sure your homeowner’s policy is up to date. Finally, if you have bought or sold any cars over the past year, make certain that you aren’t insuring a car you no longer own – and that you have sufficient coverage on your new car.

Save for the Holidays

Thanksgiving and Christmas are right around the corner, and with them come a plethora of expenses. Holiday gifts, food, travel, and vacation expenses require significant cash outlays at the end of the year; the average household spends nearly $900 on Christmas alone. Start saving money as the nights get colder, so that you are ready when the holiday season rolls around.

Get Ready for Winter

Now is the time to get ready for winter. Ensuring your house is winterized – basement, walls, and attic insulated, windows sealed, everything caulked – can provide substantial savings before the first snow falls. Changing furnace filters will help optimize your home heating and reduce costs, and running your ceiling fans in reverse (clockwise) will make your home heat go a little bit further. The savings from all of these moves add up, and will equate to less money going to utility companies this winter.

Max Out Your Retirement Account

You have until April of next year to maximize the yearly limit on retirement account contributions, but don’t delay making that deposit anymore. Your tax-deferred IRA, 401k, or other savings plan are your post-work future. Verify how much you have contributed thus far for the year, and work to maximize your contribution before the deadline.

Questions about retirement planning? To set up a complimentary consultation with the Investment & Retirement Center located at First Financial Federal Credit Union to discuss your savings goals, contact us at 732.312.1564, email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com, or stop in to see us!*

Fall is the one of the best times of the year to get your finances in order, and to close out the year on a high note. Do a good assessment of your overall financial status; determine what you are doing well, where you are falling short, and decide whether or not major changes are in order. Take time to review all of your life insurance policies, and ensure you have adequate coverage. Winterize your house for savings from energy efficiency, and strive to maximize your retirement account contributions. If you do all of these things, you will close out the fall with peace of mind, and will be ready for whatever the next year holds.

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

Securities and insurance offered through LPL or its affiliates are:

Article Source: Will Lipovsky for Moneyning.com, http://moneyning.com/money-tips/5-smart-financial-moves-for-fall/

 

How to be a Savvy Online Shopper

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Mobile phone in hand

We all know that online shopping is extraordinarily convenient, and with the holiday season coming up – you might be thinking about it more and more. Whether you’re purchasing a gift for a family member, friend or just treating yourself – you can buy virtually anything from your computer or mobile device. The question is though, are you a savvy online shopper? Below are a few helpful tips for getting the most out of your money while making those mobile purchases.

Subscribe to email alerts – When you visit an online shop, you will often be asked to sign up for their recurring emails. Although no one likes a clogged inbox, take advantage of the discount offered for subscribing (which usually ranges from 10-20%). Email blasts are required to include an unsubscribe option, therefore after you use the promo code provided you can remove yourself from the list if you want to.

Check out online consignment stores and private shopping clubs – Groups like Zulily and Gilt Groupe are free to join and are great resources for finding high-end items at discounted prices. Local consignment stores often have an online shopping option, download the Poshmark app on your mobile phone to buy and sell items, and Facebook also supports many private shopping groups selling high-end items in your local area.

Download retailers’ mobile apps – Companies like 1-800 Contacts will offer customers a percentage off for downloading and ordering through their mobile app. Even a small amount off your purchase can help, and like the email blasts – after you take advantage of the offer provided you can always delete the app from your device if you decide to.

Discover a cheaper way to wander – Don’t automatically assume you can’t travel just because you are on a tight budget. Sign up for alerts from Airfarewatchdog. When you input your ideal travel destination, they will notify you of the best deals available. VRBO and Airbnb have a large selection of affordable accommodations for your next trip, and Living Social offers daily cost-effective updates on unique events, excursions, and experiences in your local area.

Article Source: Wendy Bignon for CUInsight.com, https://www.cuinsight.com/savvy-online-shopper.html  

5 Tips for a Frugal Fall

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fall-into-savingsFall is here and with it comes crisp weather, football, and changing leaves. For many, it is the best time of the year; for others it is the onset of a stressful, and often expensive holiday season. So, here are five tips for a more frugal fall:

Don’t go to the gym – Yes, you read that correctly. Cancel or freeze that gym membership and exercise outdoors. Enjoy the cooler weather while you go for a run (or walk) around your neighborhood, plan a hike, or take a bike ride around town.

Break out the crockpot – Spend time gathering ingredients for a hearty crockpot meal. Enjoy quality time at home with family and friends. Chances are that crockpot will produce leftovers, which will save you even more in the end!  Look for easy recipes on Pinterest.

Winterize your home – Make your home as energy efficient as possible in preparation for the colder months ahead. Seal off drafty windows or doors, shut vents in rooms that aren’t being used, and change the direction of your ceiling fan to draw cooler air up and force warm air down.

Get outside – During hot summer months, indoor activities (such as going to the movie theater or shopping) are a must, which can often come at a steep price. As the weather cools down, do research on things to do outdoors in your community (many of which are free or for a small fee). Visit a pumpkin patch, check out a corn maze, or do some apple picking at a local farm. Don’t forget to check out our monthly Things to Do on a Budget in Monmouth and Ocean Counties blog series!

Start a holiday fund – Saving even a small amount for those upcoming holiday purchases can make a big difference. It can be quite stressful to think of extra expenses on the horizon, but planning ahead can ease that stress and help you enjoy all the fun that comes within these last months of the year.

The perfect way to save for your holiday expenses is by opening a Holiday Club Account right here at First Financial! No need to put yourself into debt over holiday spending – simply save ahead and come out on top (and not in debt)!*

  • Open at any time
  • No minimum balance requirements
  • Dividends are posted annually on balances of $100 or more
  • Accounts automatically renew each year
  • Deposits can be made in person, via mail, payroll deductions, or direct deposit
  • Holiday Club funds are deposited into a First Financial Checking or Base Savings Account

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. Some restrictions apply, contact the Credit Union for more information.

Article Source: Wendy Bignon for CUInsight.com, https://www.cuinsight.com/5-tips-frugal-fall.html

 

Need to Lower Your Grocery Bill? Bring Some Old Fashioned Frugality into Your Kitchen

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Couple shopping in supermarket

Does it feel like your grocery bill keeps growing? Maybe you’re eating healthier or haven’t been as diligent about shopping sales ads and using digital coupons, rewards cards, or rebate apps. Or maybe, too many convenience foods are creeping into your kitchen.

Convenient prepared foods – even their healthy versions – are convenient. It’s nice to have pre-cut, pre-mixed, prepared foods for the times our schedules get a little hectic, but they can quickly become an excuse to get lazy about food preparation — and jack up the grocery bill.

Back in the ‘olden’ days, people didn’t have the option of prepared breads, sauces, dressings, or meals-in-a-box. They used basic staples to make everything they needed. It’s time to bring some old-fashioned frugality back into our kitchens. Here’s how we can do it.

Stop Buying Pre-Cut Veggies!

It’s easy to want to buy baby-cut carrots because, well who wants to peel and cut a bag of whole carrots when you can buy them ready made? Stop to realize the price difference between the two – roughly 50 to 60 cents per pound. Ouch! It only takes about five minutes to peel and chop a bag of carrots. Also keep a lookout for pre-cut vegetables that are on sale. Reduced-price chopped veggies might be past their prime for snacking, but they’re great for throwing in a quick stir fry.

Learn How to Make Things from Scratch

The term “from scratch” is scary to some people because it evokes images of slaving over the stove. In reality, there are dozens of items we use on a regular basis that don’t take much time – or skill – to make from scratch. Not only will this help you stay within your grocery budget, but you’ll enjoy fresher, less preservative-packed foods. Take a look in your fridge and pantry and write down staples you use on a regular basis. Can you learn how to make some of these just from watching a few YouTube videos or looking on Pinterest? Here are some suggestions:

■ Dressings – most contain five or less basic ingredients you probably already have on hand and take only a few minutes to whip up.

■ Sauces – these may require a little more time simmering, but still easy.

■ Hummus and other dips.

■ Oat and almond flour — just blend oats or almonds.

■ Bread – no-knead breads are easy to make even if you’re not into baking.

■ Cereal, granola, protein and energy bars.

Preserve In-Season Bounty

Produce is at its best and cheapest in the summer and fall, but then January rolls around. The word “preserve” elicits visions of canning and pickling, but the modern alternative is simple – prepare and freeze. You might be surprised at some of the things you can freeze. Most vegetables and fruits keep well frozen, and you can also freeze trays of fresh herbs in olive oil, broth, and egg whites or yolks.

Re-grow It

Don’t have time for a garden? No problem. Scallions, celery cores and herbs can all be grown and re-grown right in your windowsill.

Bring Back the Sunday Roast

Save money on meat by buying tougher, cheaper cuts and slow-roasting them in broth, herbs, and spices for a few hours. Plus, if you start the roast early, you won’t have to wait for dinner.

Just because we have so many convenient, prepared foods at our fingertips doesn’t mean we have to use them. Bringing back a few old-fashioned practices into your kitchen will shave your grocery bill and revitalize your enjoyment of fresh, homemade ingredients at the same time.

Happy cooking (and saving)!

Article Source: Jessica Sommerfield for Money Ning, http://moneyning.com/shopping-smart/need-to-lower-your-grocery-bill-bring-some-old-fashioned-frugality-into-your-kitchen/

Simple Steps to Save on Home Heating Costs this Fall

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Family Relaxing Indoors Playing Chess And Reading Book

The air is getting crisper every morning and the leaves are starting to change color and drop. It means that fall is truly here. You probably don’t want to think about what season is coming next, but it’s a good idea to get an early start to slashing the upcoming “w” word’s energy bills. Here are some simple things you can do now that will pay off in the colder days to come.

Clean, Service or Upgrade Your Heating System                                                       

One of the simplest and cheapest things you can do to maximize your furnace’s efficiency is to replace the air filter – now, and then every 30 to 45 days. Make it easy for yourself by setting mobile calendar reminders. If your furnace hasn’t been serviced by a professional in a few years, that’s also a good idea too. Just like other pieces of equipment, heating systems need a ‘tune up’ every now and then. Finally, if you’re due for a new furnace, take advantage of federal tax credits (up to $500) by purchasing one that meets the Department of Energy’s efficiency standards. Upgrade to solar, wind, geothermal or fuel-cell technology, and you’ll be reimbursed 30% of the cost, including installation (you’ll need to fill out Tax Form 5695 when the time comes).

Install a Programmable Thermostat (and Lower It)

It makes sense not to waste heat when you don’t need it. Even the cheapest programmable thermostat can save up to $150 a year, so invest the time and money to install one. Lowering the temperature 10 to 15 degrees during the sets of eight hours you’re at work and sleeping at night could lower your bill as much as 10%. Even lowering it one degree during the day correlates to a 2% decrease in heating costs.

Keep the Heat – Curtains, Leaks and Upgrades

Keeping the curtains on south-facing windows open during the day helps heat your home naturally with sunlight, while closing them at night keeps out chilly air. Besides weather-proofing windows, look for other places your home is leaking energy: worn weather strips, mail slots, around pipes and wire holes, through unfinished spaces, and in the attic – where the majority of heat rises and then escapes. Caulk, weather strip, and insulate everything you can. Replacing old insulation, roofing, windows and doors with more energy-efficient counterparts will ultimately save the most, especially since you can recoup the expense by claiming that energy tax credit (10% of the cost up to $500, or a specific amount from $50 to $300).

Enjoy the Fireplace

Fall is the perfect time to take advantage of a natural fireplace if you have one, not only for the ambiance – but for the energy savings (as long as you remember to close the damper between uses). Lower the thermostat to between 50 and 55 degrees and close surrounding doors to keep the area toasty. The energy savings only work if your fireplace is a traditional log burning one. If you turn on a gas fireplace, you aren’t really saving anything by turning that on instead of the heater since both units typically run on gas.

Increasing your heating efficiency and lowering your energy bill really isn’t that hard, and just think what you could do with that extra wiggle room in your budget: debt repayment, retirement savings, college savings, or just some short-term savings goals (maybe even holiday spending).

Take a few steps while it’s fall, and you’ll be thankful the rest of the winter!

Article Source: Jessica Sommerfield for Money Ning, http://moneyning.com/frugality/simple-fall-steps-to-save-on-home-heating-costs/