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## **Don't let inflation ruin your summer**

Finding ways to be social and have fun this summer doesn’t have to bust your budget! Beyond great restaurants, shopping, and entertainment, Hudson County offers many budget-friendly activities for you and your family to explore this summer and all year round. Read on to check out the exciting things to do and see for free in Hoboken and Jersey City. 

![](/images/pexels-andre-furtado-1263986.jpg)

## **Fitness & Outdoors**

### NJ State Parks, Forest, and Recreation Areas (throughout New Jersey)

From Memorial Day Weekend through Labor Day Weekend, all NJ state parks, forests, and recreation areas will be free of charge for the duration of the summer. To check out the Swimming Schedule or make a camping reservation in one of New Jersey’s State Parks, visit [here](https://nj.gov/dep/parksandforests/index.html). 

### Fitness and Yoga in the Park (Hoboken)

A free sample of classes by local fitness and yoga studios is offered Monday through Thursday at Pier A Park, 7th & Jackson Resiliency Park, Southwest Park, and Under the Viaduct. Wear sneakers and loose-fitting clothing. Bring a mat, if needed, and water. In case of inclement weather, call the fitness or yoga studio for updates. Check out the full calendar [here](https://www.hobokennj.gov/news/mayor-bhalla-invites-hoboken-community-to-free-fitness-in-the-park-concerts-in-the-park-programs). 

### Free Paddle Days at Hoboken Cove Community Boathouse (Hoboken)

At the Hoboken Cove Community Boathouse, locals can enjoy free kayaking and paddleboarding all summer long. There is no minimum age, but each minor must have an adult guardian present. \*Basic swimming ability is required.\*  No reservation is required, just show up! You can find more information [here](https://sites.google.com/hobokencoveboathouse.org/hccb/free-paddle-days). 

### Hudson Pickleball (Hoboken)

Come play and learn pickleball! Pickleball is an easier version of tennis and anyone with any athletic ability can learn and play on the first day. Located at the Southwest Park Pickleball Courts at 64 Harrison Street. Guests can expect free use of paddles during drop-in sessions on Saturdays from 10:00 AM - 11:30 AM.  For more information on the weekly schedule, follow them on [Facebook ](https://www.facebook.com/hudsonpickleball/)and Instagram ([@hudsonpickleball](https://www.instagram.com/hudsonpickleball/)).

## **Arts & Music**

### Concerts in the Park (Hoboken)

The city of Hoboken offers a concert series from June-August. Come enjoy the music of Pete Seeger, Woody Guthrie, Fleetwood Mac, and the Beatles. Click [here for the full schedule](https://www.hobokennj.gov/events/concerts-in-sinatra-park-2022). 

### Summer in the City Concert Series (Jersey City)

Jersey City is hosting the Summer in the City Concert Series in three parks throughout JC. The Berry Lane Park concert series is Thursdays from 6-8 PM. The Liberty State Park concert series is Tuesdays from 6:30-8:30 PM. The North Cove Field concert series is Sundays from 6-8 PM. For the complete schedule, click [here](https://www.jerseycityculture.org/summer-in-the-city-2022-movies-in-the-park-starting-june-10th/).

### Movies Under the Stars (Hoboken)

The city of Hoboken offers free movies every Wednesday at sundown through August. This year’s lineup includes

*   In the Heights

*   *West Side Story*

*   *Sing 2*

*   Encanto

To view the full schedule, visit [here](https://www.hobokennj.gov/news/mayor-bhalla-announces-2022-movies-under-the-stars-lineup).

### Movies in the Park (Jersey City)

Jersey City offers free movies on Tuesdays, Thursdays, and some Fridays at sundown through August. This year’s lineup includes

*   Raya and the Last Dragon

*   Encanto

*   *Space Jam 2*

    *Spiderman No Way Home*.

To view the full schedule, visit [here](https://www.jerseycityculture.org/summer-in-the-city-2022-movies-in-the-park-starting-june-10th/). 

### Jersey City Mural Tour

The Jersey City Mural Arts Program has created 200 murals with 138 participating artists in the past 9 years. Click [here to view the interactive map and plan your own walking tour](https://www.jcmap.org/our-murals)! 

### Reclining Liberty Sculpture in Liberty State Park (Jersey City)

*Reclining Liberty* is a 25-foot-long sculpture styled after the Statue of Liberty and designed by artist Zaq Landsberg. The sculpture recently relocated from Harlem to Liberty State Park. The sculpture is available for viewing until April 2023.

### Water’s Soul Sculpture (Jersey City)

*Water’s Soul* by artist Jaume Plensa stands 80 feet tall and is positioned on the Newport waterfront looking across the Hudson River.\* Water’s Soul \*is open to public viewing between dawn and dusk. The sculpture is located next to Newport Green and right off the Hudson River Waterfront Walkway. For more details about the sculpture, visit [here](https://waterssouljc.com/).

## **Museums & Culture**

### Hoboken Historical Museum (1301 Hudson Street, Hoboken)

Established in 1986, the Hoboken Historical Museum collects and displays artifacts in themed exhibitions on Hoboken history and offers educational programs, lectures, tours, and hosts films and plays. The museum welcomes visitors six days a week, Tuesdays through Sundays. Admission is $5 and free for children. To check out their upcoming events and family programs, visit [here](https://www.hobokenmuseum.org/calendar/).

### Hoboken Fire Department Museum (213 Bloomfield Street, Hoboken)

Visitors can drop by the Fire Department Museum any weekend between 11:00 AM and 4:00 PM. On display is the Ahrens Fox fire engine, circa 1932, that has been fully restored and available for photos, as well as fire gear and memorabilia documenting the evolution of tools and techniques used in battling fires in Hoboken. Admission is just $3 for adults (children under 12 are admitted free).

### Hoboken Public Library (500 Park Avenue, Hoboken)

It’s more than just books! With your library card, you can request free passes to many of the area's museums including the American Museum of Natural History, the Brooklyn Botanical Gardens, and the Guggenheim. The library also offers a variety of free classes and events including cooking classes, improv nights, crafting lessons, and writing groups. Click [here for the full calendar of events](https://bccls.libcal.com/calendar/hoboken/?cid=10293\&t=m\&d=0000-00-00\&cal=10293\&inc=0). 

### Jersey City Public Library (472 Jersey Avenue, Jersey City)

As with the Hoboken Public Library, the Jersey City Public library also offers museum passes and tickets with your library card. They also host events and workshops throughout the year. To access the full event calendar, click [here](https://jepl-cep.bc.sirsidynix.net/).

*Rather than swiping your card this summer, save up for times when it really matters. From fitness classes and watersports, to concerts and movie nights, to museums and art installations, there are plenty of wallet-friendly activities right here in your neighborhood. Save money while also giving some of these unique experiences a try. Let us know if you did - we’d love to hear from you!*


15 Free Ways to Enjoy This Summer in Hudson County!

*This is the third post as part of the Leaving Well series in which we discuss how to go about creating a plan to look after your loved ones well.*

![](/images/pexels-rodnae-productions-7821677.jpg)

Prior to attending Financial Peace University, insurance was a boring topic that I typically did everything I could to avoid. However, the insurance lesson turned out to be my favorite lesson and I continue to learn things and find takeaway items everytime I watch it.

Rather than reinventing the wheel, here is a link to [“What Is Term Life Insurance?”](https://www.ramseysolutions.com/insurance/what-is-term-life-insurance) by Ramsey Solutions.

The only thing I would add to the above article is that you can buy multiple policies to cover different life stages. For example, if your children will be living with you for the next 10 years and you calculate you need $500k for them, and you have 20 years left of your mortgage to pay off and you need $500k for that, you don’t need to buy a $1m policy for 20 years - you may well decide to buy 1 x 20 year policy for $500k and 1 x 10 year policy for $500k.

*Stick around for *[*one more post in this series as we discuss the topic of inheritance*](https://www.getfinhealthy.com/blog/leaving-well-4-good-man-leaves-an-inheritance/)*!*


Leaving Well #3 - Life Insurance

*This is the last post of the Leaving Well Series and I will discuss the subject of leaving an inheritance. The previous posts of this series address issues of how to care for dependents that we leave behind, especially surviving spouses and children. For the purpose of this post, I will shift the focus on the topic of leaving wealth to independent adult offspring as well as grandchildren that already have their material needs met.*

*As an additional disclaimer, please note these are simply guiding principles - God has a plan for you - the only way you’re going to find out what that is, is by talking to Him!*

**![](/images/pexels-kampus-production-7854120.jpg)

### Proverbs Says…

Proverbs 13:22 says “A good man leaves an inheritance to his children’s children” - many well-meaning Christians have read that and assumed it is their duty to pass on wealth intergenerationally.

However, many of the same people don’t know there’s a second half of that verse - and if we would read it in its entirety, I believe we would walk away with a completely different understanding of it.

Proverbs 13:22 (ESV) in its entirety says *“A good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous.”*

It’s got a different meaning now, doesn’t it? I don’t believe the verse is instructional. That is, I don’t believe the writer of Proverbs is saying that you're a good man if you leave an inheritance - if that's true, logically you would be a sinner if you store your wealth for the righteous!

Instead, the verse is part of a series of generalized observations of the world from the writer of Proverbs and it's saying - if you're a sinner, your wealth will be given to the righteous; but, if you're good/righteous - you will *get to *keep your wealth (and pass it on) for generations.

So how, then, should you think about inheritances? If you have managed your finances to the extent that you have money to leave behind, then, what are some of the things to think about as you decide on how much to leave your children (and their children)?

### Principle in Action

Let’s begin by visiting first principles - God owns it all and we’re simply his managers or stewards. This is the guiding principle that we must keep in mind and evaluate against as we approach all aspects of personal finance; and I will call out some of the implications when it comes to leaving money behind intergenerationally.

First implication is we need to shift our paradigm when it comes to inheritances because for most of us, we’re thinking about our relationship with our children (and their children) - instead we ought to be primarily concerned about the relationship between God and ourselves. [We will all have to answer for how we managed His resources when this life ends](https://www.biblegateway.com/passage/?search=Matthew%2025:14-30\&version=nlt).

To digress, this is one of the primary reasons I wouldn’t advocate that everybody sell all of their possessions and give it away (unless there is clear and personal guidance from God) because to do that without prayer, counsel and confirmation would simply be abdicating our responsibilities as His manager.

Second implication is that if you have not trained your children, and/or if your children have not trained their children to be wise and faithful stewards of money - my strong recommendation is not to leave them a large amount in inheritance. Firstly because large amounts of money would likely curse them over the long term. Secondly - to the extent God has entrusted you to manage His resources well, I urge you to not let your last act of stewardship in this life be misappropriating those resources by entrusting it to a poor steward, undoing all of previous good stewardship during your life!

I understand doing that may be a lot harder because some of your children may already be financially on the edge, including living paycheck-to-paycheck and carrying large amounts of debt. You, as their parent, may feel that they are the ones that need extra help. Or you may feel guilty because you feel responsible for not teaching them to be good stewards.

But I submit to you that money will not correct a lack-of-wisdom/character issue - it will probably make it worse. And God often works through circumstances, allowing people to experience hardship so that they come back to Him. In many circumstances, giving an inheritance may actually hinder what God’s trying to do in their lives!

Instead I would encourage you to spend your time teaching them to understand and live out stewardship from a Biblical perspective. If they are already grown up and have an income, having that conversation may be more awkward and difficult - but that is all the more reason to do it! You are not alone - we, as the church, are here to help, including providing the classes & materials to help people learn this.

### So my hope for you is this…

I hope that you will develop children and grandchildren wise in stewardship, living generously, sold out for God and the people around them, because passing wealth onto them would be an excellent way to ensure that God’s resources continue to be well managed!

Even better, I hope for you that, during your estate planning conversation with those same children, they would tell you that they’re doing well and already have their plan in place because of how you’ve taught them. Instead of receiving a financial inheritance, they want you to have fun building your own legacy and give it away. And so your last act of stewardship will be to use all of it to mobilize ministries that have blessed your heart and for causes that break your heart. 

And when you finally meet God and give an account for how you’ve managed His resources, He will say to you “[well done, my good and faithful servant!](https://www.biblegateway.com/passage/?search=Matthew+25%3A21\&version=NLT)”.



Leaving Well #4 - A Good Man Leaves An Inheritance… Right?

[*In the previous post*](https://www.getfinhealthy.com/blog/leaving-well-1-stuff-happens/)*, I outlined some of the reasons for ensuring you have an estate plan. In this post, I will address how to do it.*

*Full disclosure - I am not an attorney nor a licensed estate planning professional and would encourage you to find a professional to get your plan created. The notes below are some lessons learned that were helpful to my family as we went through the process of creating a plan.*

*Note we have also not taken tax into consideration. Federal Estate Taxes currently apply to estates over $12.06m (at time of writing) and so the vast majority of Americans won’t need to take it into account. New Jersey, however, is one of a few states that has an \**[*\*Inheritance Tax \**](https://www.nolo.com/legal-encyclopedia/new-jersey-inheritance-tax.html)*that you may wish to consult.*

**![](/images/pexels-pixabay-39691.jpg)

### Important Notes:

*   Laws are very state-specific - check your professional is licensed for your state and understands any nuances that might apply to your situation. If you move to another state, check whether you need to update your plans.

*   Beneficiaries on accounts matter - don’t assume your will will supersede your named beneficiaries. Quite the opposite - if you have named beneficiaries on your accounts (such as life insurance policies, 401k accounts etc), the transfer of the assets to the beneficiaries will happen BEFORE the will.

*   Your employer may offer free / subsidized legal services, including estate planning.

*   As part of your will, you will need to name an executor - this is a person responsible for executing the will. 

*   Usually this is a trustworthy and savvy person in your immediate circle; but can also be a professional. 

*   The executor is able to pay him/herself a reasonable cost of doing this so they can be compensated for the role.

*   I strongly suggest that you talk to them and get their agreement to ensure they have the time and understand what they’re signing up for; and so that you can choose an alternative if your first choice is not able to do it. For example, you may want the person to focus on looking after your children (see below).

If you’re married and you die first, the process is relatively straightforward for your spouse - s/he will get access to the assets and there will be no issue in terms of guardianship for children. (If you have children from previous relationships, I would recommend you consult a professional to talk through what this means for your situation.)

With that, I will recommend you spend the bulk of the planning and discussion time planning for the scenario where you and your spouse die at the same time; leaving dependent surviving children.



### Picking a guardian

Aside from an executor, you will name guardian(s) to look after your children. Note the guardian and the executor don't have to be the same person. There may be benefits in them being the same person but there are also circumstances when you may want them to be different people.

For some of you, this will be an easy choice. I’m an only child and my wife’s brother’s family have been close to us and involved in our children’s lives since they were born. My in-laws have children of their own and we trust their values, their lifestyles and, most importantly, their faith and so it was an easy choice to leave our children to them.

For some of you, this may not be an obvious choice either because you feel like you have zero choices; while for others you have too many viable options. How to pick guardians is beyond the scope of this article - but we would be happy to [talk through the situation and pray with you ](https://www.getfinhealthy.com/checkup/)as you make it.

### How will you distribute money & assets?

There are 2 schools of thought as you think about how much of your assets to give to the guardians of your children.

The first is to pay the chosen guardians’ cost of raising your children until adulthood and leave the rest of the assets to your children when they reach a certain age (which could be 18, 21, college graduation or even older such as 25 or 30).

The second approach is to give most, or all, of the financial assets to the guardians and allow them to make the decision - understanding that your children will essentially be joining their family and so they ought to be trusted at a financial level too.

Much of this will depend on the relative amount of assets between you and the guardian(s) you’ve chosen to look after your children as well as their family situation.

On the one hand - if you’ve chosen your sister and she’s a billionaire that never had kids and wants to pay for your children - you may well be able to set aside everything for your children when they reach a certain age or life stage as a gift to them.

On the other hand, if your sister has children of her own and is living paycheck-to-paycheck, you may well set all of them up for failure if you choose the previous approach. In that scenario, your children will essentially become their cousins’ new siblings but will be considerably richer, inherit a trust fund while your sister’s family struggles financially - this does not make a healthy dynamic to an already difficult situation.

For my family, as mentioned earlier, we have planned for my in-laws to take care of our children should God decide to take us both home first. Although they are doing well with their finances, the reality is we will leave a large amount of assets, including the life insurance policies, relative to their current net worth. We don’t want our children to become clients of their uncle/auntie’s guardianship services - instead we want our children to join their family and set that family up for success and not let finances be a burden; including giving the parents the financial ability to step out of the workplace for a while to focus on the new situation. Therefore we have carved out a relatively small amount for our children to receive at the age of 25; but the rest will be entrusted to the guardians to manage.

As a separate note, don't forget parents / non-children dependents. For my family, knowing that some of our older family members are likely to need help from us, we also ensured that we would leave behind some assets to help them.

### Communicate this well ahead of time

Once your estate plan has been decided, I would encourage you to spend some time talking through the plan with all of the parties involved - this includes the individuals that are part of the plan and, just as importantly, the parties that are not part of the plan. That is, if you choose for your sister to look after the children but not your spouse’s brother - I would suggest telling both parties! During the conversation, it would also be worth explaining the financial side of the will and would be a way to demonstrate love and care for them that you have covered all the angles.

\*\*

*Much of the series so far assumes that you will have life insurance to pass on - stick around for our next post on Life Insurance.*

Need to talk? Book your [GetFinHealthy Check Up](https://www.getfinhealthy.com/checkup/).


Leaving Well #2 - Creating the Plan

My wife immigrated to the US from Korea when she was 14yrs old, along with her parents and younger brother. About a year after they arrived, and while they were still getting settled into the new country, culture and language, my wife’s father was killed in a car accident. The offending driver, who caused the accident, fled the scene and was never found.

The father-in-law I never met was the patriarch and only earner of the family and, because they were still new to the country, they had not settled enough to have bought life insurance. What was already a traumatic experience was made far worse as the surviving family members ran down their savings in a matter of months and spent the next 7yrs in poverty, always being behind on rent and utilities and only by God’s grace were they able to get out of poverty; my wife and brother-in-law having had to grow up far too early and endure wholly avoidable hardships that no children should have to endure.

Fast forward to a couple of years ago - I lost one of my closest aunts to cancer. Her fight against cancer and subsequent death were in themselves heart-breaking, but what made it significantly worse was the legal battle afterwards; as her loved ones fought in court, with each party believing they knew how to best honor her wishes. The legal battle lasted for more than a year, costing hundreds of hours of time, tens of thousands in legal fees and some relationships may never recover.

Although death and (lack of) estate planning has not impacted me directly, some of the closest people in my life have seen up close how much of a difference it can make.

![](/images/pexels-gelgas-airlangga-401213.jpg)

I understand death is not a pleasant topic to talk about. I come from an Asian culture in which discussing death is tantamount to wishing death on your family member. However, as believers of a God that defeated death - it should not scare us!

Instead, we need to get into the mindset that we live in the temporary and could be called to go home and, in the case of my wife’s late father, that can happen at any time. And if that were to happen, the best way we can love the ones that we leave behind is to get all the logistical and financial stuff in a good place so they can focus on healing, looking after each other and moving forward.

For those of you that have assets and children, I cannot be clearer or more direct - for their sake, **GET IT DONE**!

Others of you may be reading this and thinking “I’m young, healthy and have no dependents, liabilities or much in the way of assets - I don’t need this.”. If that’s you, please consider these additional factors:

*   Without a will, you will die [*intestate*](https://trustandwill.com/learn/intestate), which means the courts, according to state laws, will be responsible for distributing your assets. This process can take months and incur many fees, not to mention a lot of time - are you okay with your surviving loved ones having to navigate that process?

*   The average funeral in NJ will cost in the range $7,000 - $12,000. Who will cover your funeral costs? Can they afford it?

*   Will your loved ones be left wondering what you would want to happen?

*   Will your lack of an estate plan cause any of your loved ones to fight over anything?

*   If your parents co-signed for your private student loans, did you know they can still be on the hook for it even in the event you die under some circumstances?

Want to get a plan in place? Please check out [our next post ](https://www.getfinhealthy.com/blog/leaving-well-2-create-plan/)as we discuss things to think about as you’re crafting your estate plan!

Need to talk? Book your [GetFinHealthy Check Up](https://www.getfinhealthy.com/checkup/).


Leaving Well #1 - Stuff Happens

*“Truly I tell you, anyone who will not receive the kingdom of God like a little child will never enter it.”” ‭‭Mark‬ ‭10:15‬*

I am the father of 2 daughters and one of the joys of parenting is occasionally having these “ah ha” moments when I realize how God designed our relationship with Him as I interact with my kids.

A couple of years ago, I got to experience one of these moments.

From a young age, we had tried to instill the value of work in our kids by giving them a ‘wage’ for their household chores and then teaching them how to handle the money by giving, saving and spending. This means that both kids usually have some money in their ‘account’ with the Bank of Mom and Dad and they’re able to spend that money when we go out.

On this occasion, I was on a father-daughter date with my youngest. The weather was hot and we were discussing something good that had happened in her life. I don’t recall exactly what the event was (but it wasn’t particularly significant). At that moment, I wanted to have a bit of fun with her and so made a dramatic announcement “Let’s celebrate - ice cream for everyone!”

She loves ice cream and so her face immediately lit up - but the follow-up surprised me.

![](https://lh3.googleusercontent.com/tB7EHgs9hXHSNJvfmIhTLUZSQCGPABUBwlnzHxJqENY15ESazfqix2vSg94qiohkUVKRhOiJXWStPxIS4xLRwpKhAd9VL6VshVkPo3ovScyQ6OOfE7kHlEmUyV2Eo2zbnd9baE7QdnpvcYo-Sw)

She asked me “Daddy, can we use my money?”

I proceeded to give her a pep talk, assuring her I had enough money to buy ice cream, explained the concept of opportunity cost and how she could save the money for something more important - like college.

She acknowledged everything I said but simply said “I know – but can we use my money?”

It took me a while to understand that she just wanted to be a bigger part of this celebration. She innately understood the joy of giving and simply wanted to participate to the fullest by giving – even though she knew I didn’t need it. Later her face beamed when the family enjoyed their ice cream because she was, in her way, part of making it happen.

At Hoboken Grace we talk about the different facets of giving – one of which is partnering with God on His mission. We also try hard to emphasize giving isn’t because we want something from you - it’s because we want something for you! Some of the most positive experiences of my faith journey have been during the act of giving and I don’t want you to miss out!

As part of God’s beautifully designed economy and church it is true that, mechanically, money flows from those that give into the church budget, which then gets used to accomplish the mission of helping people find their way back to God.

The danger of that is it is tempting to start thinking that God needs our money. Untempered, it could even feed a spirit of pride that Jesus often warned us against. But if we step back and really think about it - it’s, at best, foolish. God is the creator of the universe, the economy and owns it all already. As Dave Ramsey says “if God really needs your money, He’ll take it and there’ll be a greasy spot where you were sitting.”

Instead, I hope you will think about giving to the mission like a child that understands the joy that comes from giving. And I hope you will experience that joy as we see God honored and lives changed - knowing that you had the privilege to participate fully!


Why We Give - Dad, Can We Use My Money?

## Introduction

We are officially three weeks past Tax Day 2022. Over 63 million Americans are expected to receive a refund from the IRS this year. The average refund is $3,226, which is an 11.5% percent increase from 2021.

A refund from the IRS indicates that you have overpaid in taxes the prior year. And while a refund is better than an end of year tax bill and you might like the feeling of getting a big check from the IRS, it means that you have essentially lent money to the government at a 0% interest rate. If you are carrying debt that carries a balance, you could have been using that money to get out of debt and saving yourself significant amounts of interest. If you are already debt free, you could have been investing that money instead!

Taking the time to check your withholdings after each tax season is important for two reasons. First, it protects you against having too little tax withheld and facing an unexpected tax bill and underpayment penalty. Second, it gives you the opportunity to adjust your tax withheld up front, resulting in a bigger monthly paycheck.

***So, this month, we want to give you the tools to make these adjustments and be better prepared for next year's tax season!***

## How to Calculate your Tax Withholdings

The IRS provides a Tax Withholding Estimator to estimate the federal income tax you want your employer to withhold from your paycheck. You can access the calculator here: <https://www.irs.gov/individuals/tax-withholding-estimator>

![](/images/irs%20tax%20calculator%20screenshot.png)

### ***How Does It Work?***

The tool will project the total amount of taxes being withheld now and compare it to an estimate of your tax obligation for the year in order to determine if you are having too much or too little withheld. The tool will then help you adjust your withholding accordingly.

#### What Will You Need

*   Paystubs for all jobs (spouse too)

*   Other income info (side jobs, self-employment, investments, etc.)

*   Most recent tax return

The tool will ask for your filing status, your income & withholding, and any adjustments, deductions, or tax credits you claimed or intend to claim in 2022. After you have entered your information, the Estimator will provide your results for the year ahead to determine how to complete Form W-4 so you don't have too much or too little federal income tax withheld. The entire process can be completed in under 15 minutes!

### How to Adjust Your Withholdings

If the Tax Withholding Estimator determines that you are withholding too much or too little, you need to make adjustments to your W-4 form. The link to the 2022 Form W-4 is available here: <https://www.irs.gov/pub/irs-pdf/fw4.pdf> . However, we recommend that you contact your employer to see if they use an automated system to submit Form W-4. Submit the revised form to your employer, and be sure to check your next paycheck to ensure that the changes have been applied.

### State Income Tax Calculator

Although there isn’t an official calculator for state income taxes, there are several available on the Internet that will, based on your circumstances, estimate how much you should withhold each pay period. You can use a similar process as above to adjust your state allowances to ensure you’re withholding the right amount. Note that NJ does not allow many deductions, including charitable contributions!

Here is an example of a calculator we found on the Internet: https://investomatica.com/income-tax-calculator/united-states/new-jersey

## What to Do with Your New Monthly Income

If you identified that you were withholding too much in 2021 and adjusted your withholdings accordingly, you have increased your monthly tax home pay. So, what should you do with that additional income? Follow the Baby Steps! <https://www.ramseysolutions.com/dave-ramsey-7-baby-steps>

Baby Step 1: Save $1,000 for your starter emergency fund.

Baby Step 2: Pay off all debt (except the house) using the debt snowball.

Baby Step 3: Save 3–6 months of expenses in a fully funded emergency fund.

Baby Step 4: Invest 15% of your household income in retirement.

Baby Step 5: Save for your children’s college fund.

Baby Step 6: Pay off your home early.

Baby Step 7: Use your increasing wealth for radical generosity!


## Need More Help?

If you are looking for more guidance with a specific situation, we are here to help. Schedule a FinHealth Checkup here: <https://www.getfinhealthy.com/checkup/>


Boost Your Paycheck in 15min!

## Try Something Different

18 months ago, both my wife and I were looking for new cell phones and plans. I think we were pretty typical cell phone users - she was on a 2yr device payment plan for a phone she had bought in-store and we were on a family plan.

Had we continued on that path, buying the latest phones with the basic unlimited plan we would have ended up paying about $180/month for 2 lines and 2 new phones (paid over 2yrs) - a total cost of $4,320 for 2 people for 2 years.

However, instead, we made some tweaks to our approach and have been able to save about 50% and pay ~$2,200 over 2yrs instead!

Here are some tips and tweaks that we decided to make to help save more than $1,000/yr! *Disclaimer: this is not an exhaustive review/discussion of the topic covered below; merely my own personal experience!*

\*\*![](https://preview--getfinhealthy2-1d5a8.stackbit.dev/images/pexels-pixabay-163069.jpg)

## 1 - You might not need the best new phone!

The iPhone debuted 15 years ago in 2007 and has, since then, gone through more than a dozen upgrade cycles. As is typical with technology devices as they mature, newer generations of phones aren’t always worth the premium - so pay attention to what is better and assess whether you’re willing to pay the extra for that.

And if you decide you’re willing to live with 1 or 2 generations old technology, you could save hundreds of dollars. Here are some examples, at the time of writing:

*   iPhone 13 (the latest): $799

*   iPhone 12 (slower CPU, same screen): $600 for a ‘mint’ condition used model

*   iPhone SE3 (same CPU as iPhone 13, worse camera, smaller screen): $429

*   iPhone 11 (slower CPU, worse camera, no 5G): $400 for a ‘mint’ condition used model

## 2 - A lightly used phone can be just as good

As hinted in the previous tip, you can save money by purchasing a lightly used phone. My friends and I have consistently purchased lightly used devices on eBay.com as well as Swappa.com and had positive experiences each time.

If you choose this option, especially with Apple devices, we suggest paying strong attention to the battery health (ensuring it’s over 95%) as well as the pictures of the actual device you’re purchasing so that you’re aware of any nicks & scratches before you buy.

## 3 - Look at how much data you actually need

Spend some time to dig into how much data you’re really using. If you’re like me and spend most of your time at home or in the office where there is wifi access, you may find that you don’t need unlimited data plans. I have discovered that I only ever use 3-5GB/month.

If, after research, you discover that your teenagers are the biggest data users - good for you! You will have a fantastic parenting opportunity - because managing a data cap is a great opportunity to teach and give them a way to learn to budget and how to live within their means!

## 4 - Use an MVNO / Switch to prepaid

Cellular coverage and quality has dramatically improved over the last 15yrs, especially in places like the NY metro area. In more rural areas, you may well need to be with a specific carrier that has coverage, but for the majority of us that live and spend the majority of the time here in Hoboken, my experience has been that the carriers do not differ all that much.

Traditional cell phone providers in the US now consist of Verizon, AT\&T and T-Mobile (which merged with Sprint in 2020).

MVNO stands for “Mobile Virtual Network Operator” and are providers that rent the use of the traditional carriers’ infrastructure to provide cell phone service. This is analogous to living in Hoboken and choosing to purchase electricity from a provider different to PSEG.

Examples of MVNO include Cricket, Boost, Metro by T-Mobile (formerly MetroPCS), Straight Talk, Mint etc..

It is often possible to make significant savings by switching to an MVNO. For the last 18 months, I have personally used a combination of Red Pocket and Mint Mobile and have been generally happy with their services. 

My old plan: Verizon (not including monthly payment for device): $60/month

Tried: Red Pocket 22GB plan (using T-Mobile network): $40/month

Tried: Mint Mobile 10GB plan (using T-Mobile network): $20/month (prepaid 12months in advance)

If you don’t wish to make such a drastic change, you can often find savings by switching to the prepaid plans on your existing carrier. For example, a close family friend switched to an AT\&T Prepaid Plan that includes 8GB/month for $300/yr; instead of paying $60+/month for an unlimited plan.

#### Some caveats / further notes on MVNOs:

International roaming does not typically work with MVNOs (I have been lucky when I’ve traveled abroad that my friends have had roaming!) When my wife, who had also switched to an MVNO, went to London for a week for work and needed cell coverage, she simply purchased a prepaid SIM when she landed and was online for a week for only $20.

MVNOs do not typically have friendly device unlock policies - even if you pay sticker price for a phone upfront! Unless there is a very compelling deal, I would suggest buying an unlocked phone from the manufacturer (Apple/Google/Samsung etc) rather than an MVNO.

Many cable providers have gone into the MVNO business, promising discounts on bundling TV/Cable/Internet/Home Phone. I looked at the Optimum deal and was tempted but in the end, even after the discount, it wasn’t as good a deal as the one I found (Mint) and signing on with them would have meant committing to the cable company and hindering my ability to negotiate my Internet bill (which will be a future GetFinHealthy challenge)!

## 5 - Do the math on trade-in offers

Phones, after a couple of years, tend not to be worth very much. For example, I discovered that Apple valued our 2yr old phone at $20; which had cost $700 when bought new.

Carrier trade-in offers can sometimes make a good deal during promotion season or when you’re willing to switch providers. Check the fine print and make sure that your old device qualifies for a good trade-in and make sure you actually want to buy the phone that’s on offer - as I mentioned before, don’t pay extra for a model that you don’t need just because it’s got an extra discount because you’d still pay more than you wanted!

Also trade-in offers tend to only come from the traditional cellular providers - so factor in the premium you would be paying when you do the math. After crunching the numbers, I almost always found that buying an unlocked device and using an MVNO was cheaper - however, if you want to stick with a traditional carrier and want the latest phone, the trade-in option might be great!

## 6 - Employer discounts

If you work for a large corporation you may well be eligible for a discount. My wife’s former employer gave us a 15% discount on the line rental for our previous provider (Verizon). It wasn’t a large enough discount for us to stay, but had we stayed there was no reason not to take advantage of it!

## 7 - Talk to GetFinHealthy

If you want help with your specific situation or want to discuss your ideas on making this blog better - contact us!





7 Ways to Save $2000 on Cell Phone Bills

Welcome to GetFinHealthy

Let's do this!

New Financial Peace University (FPU) classes launch soon! Every course is designed to provide support no matter what your current income or financial health is. FPU will empower you to take control of an area of life that has a big impact on your day-to-day and long-term goals.

So, register today and let’s engage money from a new perspective to find financial freedom. Classes are offered in-person and online with different time options to fit your schedule.

We sat down with Vinny Hu, Director of Financial Health & Stewardship, to learn more about what to expect from the classes.

### What is FPU and what makes it different from other finance classes?

Financial Peace University is a 9-week class that goes through finances from a very practical and Biblical perspective. The class is unique in that it has up-to-date financial information but really focuses on the habits, behaviors and relationships that are often missing from other classes.

For example, we go through budgeting and introduce accountability as a single person, as well as how to discuss money without having a fight with your spouse! We also cover other essential topics such as debt management, insurance (what to buy and what not to), investments and estate planning.

### Who should take it?

We have found the class to be useful for everybody – from those that are struggling as well as millionaires! It is not uncommon for us to see
many households have a “turnaround” (debt payment and savings) of thousands of dollars just within the 9 weeks of the class!

### How much does it cost?

There is a $60 cost to the class that goes directly to the company that creates and maintains all of the materials. That said, we don’t want finances to prevent people from taking it, and so if cost is a barrier please do reach out to vinny@hobokengrace.com to discuss how we
can help.

### When does it start and how do I sign up?

We have 4 offerings this January at different times of the week with both online as well as in-person options available. The first class starts on Monday 1/24 so sign up soon!


Taking The Stress Out of Money

When I first heard about FPU, I was immediately intrigued – a Biblical way to manage my money? Sign me up. I wasn’t in debt and I’d always considered myself responsible with money, I just never really had a plan. My budget was whatever felt convenient at the time and I was haphazardly saving for this elusive thing called retirement — a far away place and time that everyone told me I needed to prepare for, without telling me how. So when I took FPU, I was ecstatic to find out that it was a proven, step-by-step plan for budgeting and wealth building.

I’ve since taken FPU four times — and not because this program is difficult to understand or hard to follow. Actually, it’s quite the opposite. FPU is built on baby steps, with each step representing a milestone in your financial journey. As I move through the steps, I find something new to focus on, something that’s more relevant to my life now.

I also keep taking FPU because it gives me the freedom to say yes to God. There have been many times I’ve felt the nudge to do something bold but couldn’t because of money. We often feel nudges — to move, to give, to quit a job, to downsize, to upgrade, to take that trip, to start that company. I now live a life free to follow the path God intended for me and can say yes to Him every time.

Thirdly, I keep taking FPU because I don’t deserve it. Let me clarify: I don’t deserve a new pair of shoes just because I’m upset I lost a big client. I don’t deserve to drive a Porsche because I work so hard during the week. I don’t deserve to buy a house because I’m tired of apartment living. I don’t deserve anything I haven’t earned! I’ve learned this, and yet I still find myself walking down the shoe aisle. Like everything else that is Christ-like, living financially free is not the norm. People will convince you that you deserve to feel good, regardless of the consequences. Taking FPU provides a community of people who are living against the grain alongside you. It’s a place to share your struggles and the triggers that make you want to spend, spend, spend. FPU keeps me accountable, and reminds me why it’s so important that I tell my money what to do, not the other way around.

If you’ve taken FPU in the past, chances are you’ve already put what you learned into practice. But taking the class a second — or third or 
fourth — time enables you to go even further, building upon step after step. The first time I took FPU I learned how to budget. The second time I figured out what an emergency fund should be. The third time I completed my emergency fund, and now I am learning how to invest for retirement. It’s a concept that is no longer elusive to me at all, and something you should absolutely prepare for. Let FPU show you how…


Why I Took FPU Four Times (When I Wasn’t Even in Debt!)

When I first started exploring Hoboken Grace’s website, the “Next Steps” page was surprising. Amid Bible studies, premarital classes and
upcoming retreat information was a section on Financial Health. There was a nine-week course that teaches God’s way of managing your
personal money matters and I discovered that the team was available to anyone in the church for quick financial advice – even
in the face of a foreclosure or bankruptcy crisis.

I thought churches want your money. They tell you to tithe – giving the church a percentage of your income. They offer local emergency
shelter and food to those in need, and funds to the latest mission projects. But emergency financial advice to church members who are in
crisis? That level of commitment requires training, patience and love – and a willingness to walk the journey alongside advice that’s given. I’d never heard of such a thing at a church.

Financial planning seems like a cold and boring subject that makes you scrimp to put money away for a rainy day. Keeps you from buying the
car you really want. Tells you to have a modest stay-cation instead of putting those Bahamas airplane tickets on your credit card. But I began
to feel an odd warmth around the idea of taking the class and signed up for the Sunday afternoon class.

Each session involved a video of a conference presentation by the author of the program. A dynamic speaker, he told about how he and his wife became bankrupt early in their marriage, and fought their way back from debt by reading the Bible and looking at God’s instructions on how to manage your money.

There was a question and answer session, then a breakout into small groups with a discussion leader. We moved into another room, sat around a table facing each other, and the tone of the discussion changed. It began to feel more like a Bible study or prayer group. We were asked a few questions about our personal reactions to the lesson, and how we felt we could improve our finances by applying the spiritual guidelines presented. Everyone seemed a little sheepish to be there.

But slowly, the discussion opened up. The conversation became more authentic and people told their stories, revealing a great deal about
their personal lives. They talked about what they valued, how they saw themselves, what role money had played in their relationships, how their parents had handled finances, how they were tripped up by purchases they couldn’t afford and how they wanted to change. It seemed this course might really get through to some of the deeper issues around finances, relationships and a spiritual desire to change.

I still don’t have all of the concepts working in my life, but I’m making more steps to get better at it, and doing it in a church gives it a deeper impact. Trading shopping tips and encouraging others to stay on their budgets, while not passing judgment on individual financial choices, can be another aspect of a supportive spiritual community.

After working with the information I learned last year, I’ve changed some of my patterns with money, but intend to sit in on a few of the classes again. Hopefully, this will get me back in the mindset of thinking about money as part of my church experience and open up some new financial discussions with others at Hoboken Grace.


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15 Free Ways to Enjoy This Summer in Hudson County!

Leaving Well #4 - A Good Man Leaves An Inheritance… Right?

Leaving Well #3 - Life Insurance

Welcome to GetFinHealthy

15 Free Ways to Enjoy This Summer in Hudson County!

Leaving Well #3 - Life Insurance

Leaving Well #4 - A Good Man Leaves An Inheritance… Right?

Leaving Well #2 - Creating the Plan

Leaving Well #1 - Stuff Happens

Why We Give - Dad, Can We Use My Money?

Boost Your Paycheck in 15min!

7 Ways to Save $2000 on Cell Phone Bills

Welcome to GetFinHealthy

Taking The Stress Out of Money

Why I Took FPU Four Times (When I Wasn’t Even in Debt!)

Financial Advice.. At Church?

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