Author Archives: VP of Marketing and Business Development Jessica

Things to Do ASAP in Preparation for Tax Season

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It’s only January, but April 15th (AKA: Tax Day) will be here before you know it. One of the smartest things you can do is begin to prepare everything you’ll need to file sooner rather than later. Here are a few places to start.

Get Your Personal Information Prepared: If the personal information on your tax forms isn’t correct, it can be a nightmare. Be sure you know your Social Security Number and that it appears correctly on your forms, and if applicable – your spouse and children’s Social Security Numbers as well. It’s also a good idea to keep last year’s return nearby in case you need it for reference and to ensure everything matches up.

Organize All Your Documents in One Place: Be sure you have access to all of this year’s income documents that you will need to file your return, and keep them in one spot (a file folder labeled for this tax season or a digital folder on your computer where all the documents are scanned in together). Documents you’ll need are your W-2, and any other sources of income like rental income, dividends, or unemployment. If you’re a homeowner with a mortgage, you’ll also want to have your mortgage interest statement available.

Keep Your Receipts: If you’re a small business owner or self-employed, you’ll need to file a Schedule C with all of your business expenses. Be sure you have kept your business receipts and expenses from the past year, and that you store them all together in a place where you can easily locate them to file this year.

Decide How You’ll File: Now is the time to choose between doing your taxes on your own or if you’d rather pay a professional. Decide now, because as it gets closer to April 15th – tax professionals may get backed up and not be available to file your return on time. If your taxes aren’t overly complicated and you decide to file on your own through TurboTax or H&R Block, First Financial members can save money as well as enter this year’s grand prize sweepstakes once you file!*

Need More Time? File an extension. If you don’t think you’ll have everything ready by April 15th, you can file for an extension with the IRS for October 15th. However, if you owe – you most likely will still need to pay what you’ll owe by the April 15th deadline. Learn more and complete the IRS tax extension form here.

Getting ready for tax season early will simplify the process as it draws closer to Tax Day. For more financial tips and resources, subscribe to our blog or monthly member e-newsletters.

*TurboTax Offer: Visit turbotax.intuit.com for TurboTax product guarantees and other important information. Limited time offer for TurboTax 2023. Savings are on TurboTax federal products only. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties’ trademarks or service marks are the property of their respective owners. H&R Block Offer Void if sold, purchased, or transferred and where prohibited. No cash value. Valid at participating U.S. offices only. A new client is an individual who did not use H&R Block or Block Advisors office services to prepare their 2023 tax return. Discount valid only with or for preparation of an original 2023 personal income tax return. Coupon must be presented prior to completion of initial tax interview. Discount may not be combined with any other offer or promotion. Expires October 15, 2024. OBTP#13696-BR ©2023 HRB Tax Group, Inc. NO PURCHASE NECESSARY. Legal residents of the 50 United States (D.C.) 18 years or older who are members or employees of a U.S. credit union. Ends 4/15/24. To enter and for Official Rules, including odds and prize descriptions, visit https://taxservices.lovemycreditunion.org. Void where prohibited.

 

Essential Tips for Winterizing Your Finances

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Now that we’re past the holidays and into winter, it’s crucial to prepare your finances. The cold months often bring unique financial challenges – such as higher heating bills and recovering from holiday expenses. Here are some essential tips to effectively winterize your finances for a stress-free season.

Preparing Your Home and Car for Winter

A key step in winterizing your finances involves ensuring your home is ready for the colder weather. This includes getting your furnace inspected by a professional to guarantee its efficiency, which can lead to significant savings on heating costs and help avoid expensive breakdowns. Additionally, changing your furnace filters regularly can reduce energy usage and wear on your HVAC system. Implementing smart adjustments like setting a lower temperature on your thermostat during times you are away or asleep, can further reduce your heating bills by up to 10%. Keeping your gutters clean is also crucial this time of year.

Similarly, preparing your car for winter is essential. This includes checking the battery and engine coolant levels, ensuring your tires have sufficient tread for safe driving in snow and ice, and equipping your car with an emergency kit that includes jumper cables and an insulated blanket. A professional car inspection can also be beneficial for comprehensive winter readiness.

Financial Planning Post-Holidays

After the holiday season is a good time to review and adjust your budget for the immediate future, and review your spending to even better prepare for next year’s expenses. It’s also a good idea to consider implementing a no-spend month in January or February, which can be an effective strategy to recuperate from holiday spending.

Anticipate higher costs in certain budget categories like heating, clothing, and gasoline through the winter months. To balance these increased expenses, it might be necessary to reduce spending in other areas. Utilizing digital resources such as our online budgeting tools, can help you manage your finances during the colder months – or even all year long!

Preparing for Emergencies

Having a well-established emergency fund is crucial for unforeseen expenses like car repairs or furnace replacements. First Financial provides various loan options, including personal loans and lines of credit and home equity loans – which can offer support in emergency situations.

Winterizing your finances involves a proactive and resourceful approach. By ensuring your home and car are prepared for winter, adjusting your budget accordingly, and being ready for emergencies – you can navigate the financial challenges of the colder months with confidence. Remember, First Financial is here to assist you with all your financial needs. Stay warm and financially secure this winter!

For more financial tips and resources, subscribe to our blog.

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

Building a Financial Plan for 2024

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As we approach 2024, financial planning for the new year is crucial. Surveys have found that people who have a plan have overall healthier money habits. Financial planning requires a mix of foresight, strategy, and adaptability. It’s a journey of managing your finances, from immediate needs to long-term aspirations. Here’s how you can gear up for financial success in the new year.

Understanding the Financial Planning Process

Financial planning isn’t a one-time event, but a continuous process. It’s about balancing short-term necessities with long-term dreams, reducing stress, and building a comfortable nest egg. Whether for retirement or creating generational wealth, the process supports your present while paving the way for your future.

Embracing the Framework

This structured approach is adaptable and can be started at any point. Don’t worry if you’ve already embarked on some of these steps – it’s all about progress and adjustment.

  1. Setting Financial Goals – Start by defining your financial goals for the new year and beyond. What do you want to achieve next year? Whether it’s saving for a down payment, paying off debt, or planning a big trip – clarity in your objectives is key.
  2. Planning for Taxes – Tax planning is an integral part of financial health. Explore potential tax credits and deductions. Remember, efficient tax planning can boost your savings substantially.
  3. Building an Emergency Fund – Life is unpredictable. An emergency fund acts as a financial buffer against unexpected expenses. Aim to save enough to cover at least 3-6 months of living expenses.
  4. Managing Debt – Debt management is critical. Create a plan to reduce high-interest debt and maintain a healthy credit score. Consider strategies like debt consolidation, if applicable. Here at First Financial, we have a consolidation loan which can help simplify paying your bills by combining multiple sources of debt into one monthly loan payment.*
  5. Utilizing Insurance – Insurance provides a safety net for life’s unexpected turns. Review and update your insurance policies, ensuring you have adequate coverage for your needs.
  6. Planning for Retirement and Beyond – It’s never too early to think about retirement. If you haven’t already, start contributing to a retirement plan like a 401(k) or an IRA.** Consider increasing your contributions if possible. Also look into other investment opportunities beyond traditional retirement accounts to maximize your financial growth. If you need help getting started, contact the First Financial Investment & Retirement Center.+

Starting Your Financial Planning Journey

Whether you’re crafting the plan yourself or seeking professional guidance, the key is to start. The journey to financial wellness in 2024 involves strategic planning and execution. By following these steps, you can build a solid foundation, giving you the confidence to face financial challenges and achieve your big picture goals.

Embark on your financial planning journey today, and set the stage for a prosperous new year! For more financial tips, subscribe to our blog, get in touch, or stop into your local branch today.

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. Personal Loan repayment terms range from 12 to 60 months, and APRs range from 10.24% APR to 18% APR. Minimum loan amount is $500. Loan payment example: A $2,000 Personal Loan financed at 10.24% APR for 24 months, would have a monthly payment amount of $92.51. A First Financial Federal Credit Union membership is required to obtain a Personal Loan or Line of Credit, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. 

**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.

+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:

Post-Holiday Strategies for Small Businesses

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The holiday season – with its bustling sales and promotions, often leaves small businesses facing a unique set of challenges once it subsides. How can your business bounce back and maintain momentum after the holidays are over? Here’s a comprehensive guide to post-holiday business strategies that can rejuvenate and propel your small business forward going into the new year.

Managing Finances After the Holidays

If your business took on debt to finance holiday sales, developing a robust repayment plan is crucial. Use your holiday earnings wisely to pay down debt, while keeping enough reserves to manage operational costs during slower months.

Inventory Management

After the holiday rush, your business likely has excess inventory – or you’re totally wiped out. It’s crucial to reassess and realign your inventory strategy. Consider discounting surplus holiday items or bundling products to clear stock. Additionally, analyze your upcoming needs in the new year to make informed purchasing decisions. Effective post-holiday inventory management can significantly reduce waste and improve cash flow.

Encouraging Product Returns
Encourage customers to return holiday gifts in exchange for store credit or discounts on other items. This strategy clears inventory and provides an opportunity to impress customers with your service, potentially turning returns into future sales.

Fostering Customer Loyalty

Post-holiday periods are excellent for strengthening customer relationships. Enhance your loyalty programs and engage with customers through various channels, including social media and email. This continued engagement helps in building a loyal customer base that returns even outside of the holiday season.

Pricing Strategy

The end of the holiday season is an opportune time to reevaluate your pricing strategy. It’s usually a good idea to revert to pre-holiday pricing to boost margins. Alternatively, continuing sales or bundling products can help move any excess stock. The key is to balance profitability with inventory turnover, guided by data from previous quarters.

Learning from the Holiday Data

Analyzing holiday sales data often provides valuable insights. Identify which products were hits or misses, assess the effectiveness of your promotions, and understand your sales channels’ performance. This analysis not only helps in strategizing for the next holiday season, but also in making immediate post-holiday adjustments.

Conducting Industry Research

Use the post-holiday period to conduct in-depth research on market trends, customer preferences, and competitor strategies. This research can inform your strategies, helping you stay ahead in your industry.

Revitalizing Marketing Efforts

Shift your marketing focus from holiday themes to addressing your audience’s current needs and challenges. Utilize customer feedback and sales data to refine your marketing strategies. Remember, a well-planned marketing approach can help capture new clients and retain existing customers.

Innovating with New Products and Services

Introducing new products or services after the holidays can keep customer interest alive. This move can also set you apart from competitors who might be slowing down their offerings at this time.

Enhancing Your Mobile Presence

With the growing dominance of mobile commerce, improving your mobile shopping experience can significantly boost post-holiday sales. Ensure your website is mobile-friendly and strongly consider developing a mobile app for an enhanced customer experience, as customers are 3 times more likely to convert when shopping via an app than on the web.

The period following the holidays presents a unique opportunity for small businesses to reset, reassess, and rejuvenate their operations. By implementing these post-holiday strategies, you can set your business on a path to sustained success and growth in the new year.

First Financial is here to support you and your business. To learn more about business banking with First Financial, email business@firstffcu.com, call 732-312-1500 or visit one of our branches.

Identify and Defend Against Military Scams

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Being away from home on a deployment is a challenging time for military members and their families, and some will try to take advantage of this situation – making things even more stressful. A military scam begins when a scammer gains access to deployment, relocation, or public information. Then they use this data to try to convince their targets – armed services members or their loved ones, to send money right away.

Fake charities, phony debt collectors and government agency imposters often target members of our armed forces and their families. Here’s what you need to know about military scams and how you can help protect yourself and your loved ones.

Common Military Scams and Tactics

A scammer may call, email, or text an urgent request for money via a wire transfer or digital payment platform. These schemes can take many forms, including:

• Fake debt collectors with urgent notices.

• Donation requests from fraudulent charity organizations that claim to help members of the military.

• Fees for grant applications from government agency imposters.

• A person pretending to be or representing a deployed service member in desperate need of money.

In reality, the criminal is trying to create a sense of urgency or tug on your heartstrings to get you to respond with emotion.

Ways to Avoid These Scams

Any time you receive a request for money or personal information, take a moment to evaluate the situation and make sure there are no red flags. This includes doing research on any organization or company that you’re not familiar with. If something seems off, dig in and ask questions. A legitimate debt collector or charity will take the time to answer any questions and provide you with documentation.

Also consider the payment method they are asking for. Wire transfers and digital payment platforms often can’t be reversed once the payment has been sent, so if the requestor is demanding these forms of payment – it’s more than likely a red flag.

If a loved one sends a text message from a number you don’t know, and they say they need money quickly, ask them a personal question that only they would be able to answer. This is an effective way to verify their identity and protect against imposters. You may also want to check in with your family and friends to see if others have received similar communication. When it comes to your finances, always slow down and ask yourself questions.

At First Financial, our goal is to help protect our members from scams and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.

To learn more about scams and ways to protect yourself, visit zellepay.com/pay-it-safe.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Protect Your Identity (and Money) this Holiday Season

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The holiday season is a delightful time of cheer, but it also brings an increased risk of identity theft and financial scams. Findings from Norton show that 34% of adults report taking larger risks in regard to online transactions during the holiday season. At First Financial, we’re dedicated to helping you navigate this bustling period safely. Here are some essential strategies to protect your finances and personal information while you enjoy the season’s festivities.

Embracing Safe Online Shopping Practices

As you embark on your holiday shopping, especially online – remember the importance of secure transactions. Prioritize shopping on trustworthy websites, signified by ‘https’ in their URL and a padlock icon. These symbols indicate a higher level of security, crucial for protecting your sensitive data. Additionally, avoid the pitfalls of public Wi-Fi when shopping; these networks can be hotspots for data theft. It’s also wise to stay alert to the risks of unsolicited emails and social media links. Instead of clicking on these, it’s safer to directly type the retailer’s address into your browser.

Monitoring Accounts and Understanding Financing

Keeping a close eye on your bank and credit card statements is essential this time of year. Regular monitoring helps you spot and report any unauthorized transactions quickly. Also, take the time to understand the terms of any financing or subscription services you sign up for. Being aware of the details can help you avoid unexpected charges and ensure that your holiday spending remains within budget.

In Store Shopping: A Blend of Caution and Awareness

When shopping in physical stores, your wallet and personal information need safeguarding. Keep your wallet and ID in secure, hard-to-reach spots to deter theft. Pay attention to the ATMs and payment terminals you use; look out for any signs of tampering – like skimming devices, which are a red flag. Additionally, ensure all your personal devices are secured with strong passwords and touch ID features, adding an extra layer of protection in case they are lost or stolen.

Gift Card Purchases: Vigilance is Key

Gift cards are popular during the holidays, but they require careful consideration. Before buying, inspect each card for signs of tampering and always keep the receipt. Be wary of online offers for free or discounted gift cards, as these can often be scams. When purchasing virtual gift cards, ensure the website and company are legitimate to avoid falling prey to fraud.

Being Informed: The First Step to Security

Doing your homework before diving into holiday shopping pays off. Researching products, comparing prices, and being aware of sales can save you not just money, but also protect you from scams. Be cautious about sharing personal information for coupons or discounts; such tactics are often used by scammers to gather data.

This holiday season, let’s embrace the joy and spirit of giving, armed with the knowledge and tools to protect our identity and finances. By staying informed and cautious, you can enjoy the season without the worry of falling victim to scams.

First Financial is here to support you in your financial journey, during the holidays and beyond. Subscribe to our blog, get in touch, or stop into any branch to learn more about safeguarding your finances. Let’s make this a joyful and secure holiday season!