Dear Chelo: No. New Jersey is located in Climate Zone 4, and the minimum insulation for basement walls according to the International Residential Code is R-10. R-20 will save you money, however. According to a report published by the U.S. Department of Energy, the annual savings with R-20 basement insulation in a 1,500-square-foot home ranged from $280 per year in Washington, DC to $390 per year in Buffalo, New York, assuming that natural gas costs $0.72/therm. So it would be smart to install R20 now. Foam board provides ~R5 per inch, so you would need to install a 4" thick layer.
Another key point: Polyisocyanurate foam board like Tuff-R should NOT be installed below grade, because it absorbs water. You should use XPS foam board instead, e.g. Foamular: Owens Corning Model # 24DD, Home Depot Internet # 100320335 Store SKU # 528022 We use XPS for all exterior applications because it does not absorb water.
If you can install insulation INSIDE your basement, here are four tips:
(1) Install 2" outside and 2" inside. The outer layer will block moisture from getting to the exterior side wall. The inner layer will help to block moisture transmitted by the concrete that is drawn up from the foundation. Install a poly vapor barrier first, against the concrete wall, then 2" of foam board, then build your stud wall in front of the foam board. Be sure to carefully seal all of the edges and joints in the foam board, to block air leaks. The 'Windows and Doors' version of Great Stuff foam works well; it remains flexible after it cures, to stop cracks as things expand and contract.
(2) If you have sufficient ceiling height, also install 1" on the floor, to create an insulated "cocoon" linked to the foam on the walls. Be sure to seal all of the joints and edges carefully with a thick coat of DAP 230, to block air and moisture leaks.
(3) If there is any possibility of moisture in the basement, however, start with a layer of Dri-Core panels -- which have a rubber layer and small channels on the bottom that allow moisture to trickle toward a drain. See: DRIcore Model # CDGNUS750024024, Home Depot Internet # 202268752 Store SKU # 361018. DriCore recently saved a wood floor in a home we remodeled along the shore in Massachusetts. Water leaked in around a window during a downpour, ran down the wall - and under the DriCore panels. The wood floor did not need to be replaced.
(4) If you insulate the interior of your basement, be sure to read up on "fire blocking" -- an essential step that many people overlook. You must install fireblocking to fill the gap at the top of the basement wall, and every 10' along the wall. Every penetration in the framing, e.g. for electrical lines or pipes, must also be sealed. Do a search for "How to Firestop Your Basement" by Contractor Kurt -- a great resource. Two tips: (a) Do NOT use any "fire block foam" product to seal gaps and penetrations; it will ignite at just 240 degrees F, before your wood studs! Use fire stop sealant, e.g. 3M Model # CP-25WB+, Home Depot Internet # 100166701 Store SKU # 163096 (b) Roxul rock wool is a great solution to pack and insulate the gap at the top of the wall, and fill the horizontal gap along the wall. It is much denser than fiberglass, molds kind of like clay and stays where you put it. We also stuffed it into the end of floor joist bays to insulate the rim joist. See: Roxul Model # RXCB351525, Home Depot Internet # 202090820 Store SKU # 974419
I hope this is helpful.