Author Archives: VP of Marketing and Business Development Jessica

Setting Financial Goals as a Couple

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Valentine’s Day is next week, and what better time of year than to sit down with your partner and talk about your financial goals as a couple and make plans for your monetary future?

Talk

The first step in achieving your financial goals together as a couple, is to talk to each other. Communication is one of the most significant components of any relationship, and discussing your finances together is super important. As you’re both talking, you’ll each want to mention the goals you both have for the two of you, your individual financial goals, and be sure to jot everything down or save them on a note in your phone or on the computer.

As you’re discussing, be sure you’re each respectful of what the other is saying. If you don’t understand something, ask questions – but you never want to make your partner feel bad about one of their goals or that it’ll never happen. Your financial situation as a couple is something you’ll both need to communicate about, see what’s realistic and what isn’t, and find ways to achieve your goals together.

Prioritize

Once your financial goals have been agreed upon and written down, it’s time to prioritize the order of how and when to achieve them. An important component of prioritizing your goals together is to decide which ones are must-haves, and which ones are nice-to-haves. For example, if your family is growing and you no longer have the space to live in a condo – buying a single family home would be a must-have goal. An annual cruise vacation is a nice-to-have. You’ll both also want to do the same with your individual goals.

Another part of prioritizing is how long it might take to reach your goals. Short-term goals are typically ones that can be completed in under a year (for instance, buying new appliances for your kitchen). Long-term goals typically take anywhere from 3-5 years or more to accomplish (boosting your retirement savings or renovating your home). Once you’ve prioritized your list, you’ll want to choose the first goal to achieve. There isn’t a right or wrong way to do this, just as long as you both are on the same wavelength.

Plan

Now it’s time to plan out how you’ll achieve your financial goals together. The best way to do this is to be specific about what the goal is, measure the goal and track your progress, decide on a way to attain your goal, be realistic about if it’s possible to achieve this goal, and set a time for when you’d like to have the goal completed by. Once your goals are planned out, you can officially begin to put money aside and start working on achieving them as a couple.

Check in on your progress

Once your plan is set and you’ve begun working on your financial goals, it’s important to keep track of your progress and potentially reconfigure your plan if you need to. You’ll want to do this at least once a month if possible. For example, maybe you both have realized you didn’t save as much money during a certain month and didn’t meet your monthly savings goal – but when you went back and reviewed your expenses, you saw that you went out to dinner or bought takeout several times a week. For the next month, try to plan to eat at home instead of dining out. You can meal prep together and plan all your meals in advance so you don’t get tempted to order out if you both come home too tired to cook one night. It’s okay to make mistakes and readjust your budget together – the most important thing is that you are both monitoring your spending, communicating, and changing your financial habits for the better moving forward.

As always, the team at First Financial can help you better manage your money and reach your financial goals. Call us at 732.312.1500 or stop by any of our local branches.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.

Article Source: CUInsight.com

 

Identity Theft Awareness Week: What to Do If Your Identity is Stolen

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This week is Identity Theft Awareness Week, the perfect time to refresh your knowledge of what to do if your identity is stolen – since fraudsters are getting so creative these days. While it may seem like time to panic, there are plenty of stops in place to not only report the theft – but also return anything that’s been stolen. Here’s a step-by-step guide to help you act quickly, should you ever need to.

Know the scope

Not every security breach classifies as identity theft. Identity theft is specifically when someone uses your personal information to file a tax return, open a bank account, or make fabricated medical claims.

There is no one correct way to verify if you’ve been a victim of identity theft. There are both paid and free credit monitoring programs that can scan your history and alert you to any signs of theft. These sites monitor the dark web and credit reports to look for suspicious activity involving your personal information.

Notify agencies

Once you’ve confirmed your identity has in fact been stolen, you should report it to the Federal Trade Commission (FTC). You can report over the phone at 1-877-438-4338, or online through IdentityTheft.gov. However, you should know that in the case that you need to go to the police for stolen property or report charges to your credit card, they may request an official report. You will only receive an ID Theft Report if you file your case online, not by phone.

Ensure that you also notify any additional agencies such as Medicare’s fraud office if they are your provider and medical fraud has occurred, the IRS if a false tax return has been filed under your identity, or your state’s labor department if your information was used to file a fake unemployment claim.

Alert other relevant companies or agencies

Outside of government entities, you’ll want to alert any relevant companies that could be affected by this event. Notify your health insurance provider if your identity was used for a false medical claim. Contact the fraud department at companies where the thief tried to open an account or apply for a job. In the event that you know the person behind the crime, your name was used in a police interaction, or another company such as a credit agency requires it – file a report through your local police.

It’s also a good idea to notify your credit card company to shut down affected accounts and freeze your credit report too. This means that anyone attempting to access your credit report will be blocked, and credit bureaus won’t share it with anyone who requests it. Additionally, you’ll want to put a fraud alert on your credit reports with the main three credit reporting agencies: Experian, Equifax, and TransUnion.

Take steps to prevent future theft

Now that you know your information is accessible, you’ll want to take extra precautions to prevent repeated ID theft.

Sign up for your free annual free credit report and if you are a First Financial member, you can also register your debit and credit cards within our mobile app to receive purchase alerts for all transactions or easily turn off one of you cards in an instant if you need to. You may be offered a free account with a credit monitoring service when you report a stolen identity, which you should definitely utilize. If that’s not the case, both free and paid accounts are available through various companies like Credit Karma or CreditWise.

You’ll also want to keep a tighter lock on any accounts with personal information stored. Start using a password manager to ensure your passwords are difficult to crack and enable two-factor authorization whenever it’s offered. Additionally, begin monitoring your identity more closely by making a habit of reviewing your credit report and bank statements.

Identity theft is not a joke! Stolen information gives criminals the ability to strap you with long-term damage, if not taken care of quickly. This Identity Theft  Awareness Week and every week, stay on top of your security, be alert for phishing scams, shred documents with sensitive information, and be smart about where you share your personal details. For more information on what to look out for or if you suspect your identity has been stolen, contact Member Services at 732-312-1500 or visit one of our branches.

Take further identity theft precautions and stay in the know about ID theft scams by subscribing to First Financial’s monthly newsletter.

First Financial Business Member Spotlight: Mount Springs Ministries

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“First Financial genuinely cares about helping my business, it’s like being part of a family.”

We’re back with another business member spotlight – this time featuring a non-profit organization whose mission is to give back to our local community. Mount Springs Ministries, located in Neptune, NJ – helps those in need by providing food, home appliances, and paying toward rent. The organization has been able to support various individuals and families through donations from the community, local businesses, and by paying out of their own pocket.

Shortly after Mount Springs Ministries began their work, local community members heard about the organization and reached out to help support. “These people were genuinely concerned about how they can make my organization better,” Robert Turner of Mount Springs Ministries shared.

Robert initially came into First Financial for a personal account and then opened a business account for his non-profit organization. Not only was Robert pleased with the service, but he was excited to work with a credit union that truly cares about his business and the work he’s doing for the local community.

Learn more about Robert’s warm and friendly experience banking with First Financial in the video below.

Help support Mount Springs Ministries:

P.O. Box 2072

Neptune City, NJ 07754

848-298-1748 or 804-481-5940

How to join First Financial

If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ, you’re eligible to become a member. Businesses in Monmouth or Ocean Counties and our community partners are also eligible for membership. To join, all you have to do is open a savings account with $5. It’s that easy! Once you’re a member, your immediate family can also sign up. To get started, call us at 732.312.1500, email info@firstffcu.com, or stop by any of our local branches.

How to Avoid Winter Utility Scams

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In a recent blog, we shared ways to spend less money on winter utility bills. This week, we’re focusing on winter utility scams. Just this fall, PSE&G released an alert that scammers were impersonating their representatives, noting 1,000 of their customers in 2022 reported being a victim of a scam. That’s why it’s so important to be aware of the warning signs and develop strategies to avoid any future scams from happening to you.

What is a utility scam?

A utility scam is when someone pretends to be your utility company to take your money. It can look like a call from your gas, electric, or water company threatening to cut off your service if you don’t pay a bill immediately. It could be an individual impersonating a utility company employee at your door saying they need to repair equipment and that you have to pay on the spot. It could also be someone calling for your information to process a bill.

How to avoid a utility scam

Knowing the signs is the first step in avoiding a scam. If you ever feel uneasy about an email, phone call, or visit from your utility provider – trust your instincts. Chances are you’re getting contacted by a scammer. Here are signs of a winter utility scam to look out for.

  • Threats of disconnecting your service if a bill is not paid for within the hour
  • Requests of an immediate payment through a payment app, gift card, or even Bitcoin
  • Requests for personal or card information
  • In person demands for payments and high pressure door-to-door sales
  • Offers of products or services with drastic, too good to be true savings

Do your research! If you see an offer from a utility company, search them online with words like “scam” or “reviews.” It’s also recommended that you get any offers or savings in writing before accepting or signing a contract.

What to do if you encounter a scam

If you’re contacted by a fake utility company (or suspect you were), contact your current service provider, report it to the Federal Trade Commission (FTC), and contact your state attorney general. It’s also recommended that you let others know about the scam so they can avoid it too. If you’ve already paid a scammer or gave them your personal information, contact your bank immediately. The FTC also has a handy guide for victims of a scam with advice and resources.

You can count on First Financial to go above and beyond to help you avoid fraud and protect your finances. If you ever see something suspicious, you can always contact one of our financial experts to help you determine if the offer, website, or service is legitimate. Contact our member services department at 732-312-1500 or visit one of our branches.

Get scam savvy and look out for fraud trends by subscribing to First Financial’s monthly newsletter.

Social Media Quizzes Can Lead to Phishing Attacks

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We’ve all seen the quizzes, games, and survey questions asked on social media such as what was your first car, your pet’s name, your high school mascot, which character are you most like, and so on.

Personality tests, surveys, and online quizzes ask seemingly innocent questions, but the more information you share online over a public forum like Facebook – the more you risk it being misused. Scammers could do a lot of damage with just a few answers that give away your personal information, especially details that are often used as answers for online security questions.

This type of scam is called phishing, which is the fraudulent practice of sending emails or other messages that appear to be from reputable companies in order to get individuals to reveal their personal information.

What can scammers do with the answers to your online quiz questions?

  • Use your quiz or survey answers to try and reset your online accounts and passwords.
  • Potentially gain access to your bank account once they have the answers to your security questions that you have posted online.
  • Hack into your social media accounts by being able to answer security questions from online quiz responses, and then send malware links to your followers with another shared “quiz.”

Here are some ways you can protect your personal information on social media:

  • Maintain strong passwords and use multi-factor authentication when logging into your social media and online accounts.
  • Keep your social media profiles private – anyone can see what you are posting if you have a public page, and you won’t know who’s looking. Also refrain from listing your personal contact information and where you live on your social media accounts.
  • Steer clear of online quizzes and questions, or don’t answer them truthfully using the same answers you would use in online banking or other related account security questions.
  • When online accounts do require security questions, treat these answers like you would with other secure account passwords. Do not share this information with anyone.

If you suspect an online quiz might be a phishing scam, report it to the FTC at https://reportfraud.ftc.gov/#/

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.

Article Source: FTC.gov

Ways to Spend Less Money This Winter

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If you’re a homeowner, you probably already know staying warm in the winter can be costly. Heating your home itself can make up more than 40% of a utility bill. On top of that, natural gas inventories have dropped this year, causing prices to increase by 300%. Staying warm is important, and luckily there are tricks to cutting those costs without having to completely turn off your thermostat.

Winterize your home

To avoid cold drafts and heat from escaping, winterizing is essential. Don’t get stuck wondering where the cold air is coming from – get ahead of it with this checklist:

  • Seal your windows and install thermal curtains
  • Get a weatherstrip seal to cover door gaps
  • Clean or change your furnace filter
  • Ensure your attic is properly insulated
  • Caulk gaps you find around your windows or on the walls
  • Install a programmable thermostat

Prevent winter damage

Without proper maintenance and preparation, homeowners risk having pricey damage to their homes. Severe winter conditions like snow and ice can lead to strain on your roof and gutters, plumbing problems, flooding in the basement, cracks in the foundation, and even potential fires. This can lead to heavy repair fees and long-term issues. Here’s what you can do:

  • Clear your gutters
  • Hire a chimney sweep
  • Clean your dryer vents at least once annually
  • Install monitoring devices on your water pipes

Use heat alternatives

If you plan on lowering the heat to cut costs, make sure you’re stocked up on blankets, slippers, warm pajamas, and heating pads. A space heater is a good alternative if you’re warming a small area as well. During the day, you’ll want to take advantage of the natural sunlight and keep the curtains open (but close them when the sun goes down).

Cook at home & buy in bulk

Save money on dining out and cook cozy meals at home like soups, pasta dishes, stews, or pot pies. Not only will these meals warm you up, but they’ll also keep the kitchen toasty from using the oven or stove. When getting ingredients for these meals, it’s best to buy in bulk from membership stores. This way you can save on your grocery bill and spend less on gas by reducing the amount you’re driving to the store.

Choose an inexpensive resolution

The post-holiday season is the time of year when many people choose a New Year’s resolution to start fresh. However, many tend to buy into expensive membership programs that they slowly stop using. If your goal is to get fit, try at-home workouts instead of joining an expensive gym (especially if you’re not really going to use it). Are you looking to break your record on good reads? Get a library card and borrow books instead of buying new ones.

No matter what winter brings, the team at First Financial can help you better manage your money and reach your financial goals. Call us at 732.312.1500 or stop by any of our local branches.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.