Author Archives: VP of Marketing and Business Development Jessica

Managing Debt Ahead of the Holiday Season

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Holiday music is starting to play on repeat in stores. Neighbors and friends will soon be lighting up their homes with festive decor. Shoppers are beginning to pick up gifts for everyone on their lists. The holiday season is almost here! And while this is an exciting time of the year, it can certainly be stressful on your wallet – especially if you have some lingering debt to pay off.

According to the National Retail Federation, the average person spent around $1,000 during the 2021 holiday season. And with inflation, it’s expected those prices will only go up. That’s why making sure your debt is under control before you start your shopping – will be key for many individuals. Here are our top recommendations for managing debt ahead of the holiday season.

Make and keep a holiday budget

Before you dive into those Black Friday and Cyber Monday deals, it’s best to understand your holiday budget. Not only do you need to consider what you’ll have to buy, but also what you can afford. This is how you can make a holiday budget based on your financial situation:

  • Determine your spending limit: Map out your regular expenses and see what you have left over. The goal is to stay within your means, so that means having a clear picture of your finances.
  • Create a list: Start by categorizing what you need to purchase (this includes gifts and wrapping, decorations, travel, food, etc.), and then build a list of who you need to get gifts for and what the items would be.
  • Research prices: Start looking online for how much these gifts should cost and then see where you can cut back.

Find ways to spend less

It’s easy to talk about finding all the good deals during the holiday season, but when the time comes – you might be tempted to get everything on your list as fast as you can. If you’re on a tight budget though, it will be worth it to put in the time and research. Retail experts say the pandemic has changed the way sales function during the holidays and the best deals won’t come just on Black Friday. Instead, they will happen on an item-by-item basis.

To catch these savings, we recommend downloading price-tracking apps like Honey and ShopSavvy so you don’t miss out. Other ways to save on holiday expenses are to shop at dollar stores for cards, gift wrap, and party supplies. If you plan to get anyone a gift card, you can find discounts on sites like Coingate, Raise, GiftCards.com, CardCash, and Gift Card Granny.

Debt repayment strategies

Before you start shopping, let’s make sure you’re addressing any unpaid debt you may have. The goal is to make sure you don’t put yourself further in debt when purchasing gifts for everyone on your list. Plus, you’ll want to have a plan for paying your holiday expenses off – rather than figuring it all out as you go. These strategies can help you pay off your debt faster.

  • Pay more than the minimum: Only paying the minimum on your credit card statement each month will make debt repayment take much longer. Plus, you’ll end up paying more in interest than what you initially borrowed.
  • Consolidate your debt: If you owe money on multiple credit cards, you should consider consolidating your debt into one credit card or loan with a lower interest rate.
  • The avalanche method: If you do have multiple cards with balances, try using the avalanche method – which focuses on paying off the card with the highest balance first.
  • The debt snowball method: This method will have you start by paying off the smallest debt first. Once paid in full, you would take those monthly payments and put them toward the next smallest outstanding debt.

At First Financial, we offer consolidation loans to streamline paying down debt so you can focus on one bill at a time.* Plus, you won’t have to worry about fees and interest rates from multiple credit cards! Apply online or stop by a branch location to learn more about our loan options. You may even want to consider transferring your other higher rate credit card balances, to one of our credit cards. We offer lower interest rates, plus cash back and rewards credit cards too!**

We wish you a fun, safe, and happy holiday season!

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

 

*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 minimum loan amount is $500. 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.

**APR varies up to 18% when you open your account based on your credit worthiness. This APR is for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and is available 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.

 

 

 

Ways to Save on Home Improvements this Fall

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If you own a home, you know renovations and improvements will eventually be on the horizon. Whether it’s remodeling your home with newer appliances or prioritizing bigger fixes ahead of the colder months, all those repairs will add up – especially if you’re hiring a professional. Some home improvements are necessary for function and some help build equity down the line. No matter what’s on your to-do list, you can look to these tips for managing a home project on a budget.

Focus on building home equity

Don’t just think about saving money in the short term, consider projects that will increase your home’s value and help you avoid unexpected expenses later on. According to Remodeling Magazine’s 2022 Cost vs.Value Report, home improvement projects like garage door replacements, stone veneers, window and siding replacements, and minor kitchen remodels will get you the fastest return on your investment. In New Jersey, there may also be tax benefits and incentives which certain home improvements could qualify for. Of course, there are upgrades you can make throughout your home to save money on utility bills as well.

Don’t put repairs off

We’ve all done it. Putting off an annoying repair is too easy to do – until the issue becomes a major (and expensive) problem. Even more importantly, ignoring repairs can eventually become a safety hazard. Home repairs that involve water, electricity, pests, peeling paint, cracks, and HVAC could end up costing a lot more than if you just took care of the problem initially.

Prioritize routine maintenance

Doing routine maintenance on your home is another way to save on big expenses in the long run. Preventative measures ahead of the cooler months is necessary for the safety and longevity of your home. Ahead of winter, we recommend removing leaves from your gutters, getting your chimney cleaned, installing monitoring devices on your water pipes, and clearing your dryer vents. This helps prevent damages and even house fires.

Look for home improvement loans

There are many strategies when it comes to funding your home project, like building a savings account over time. Sometimes though, there’s an emergency or unexpected expense that you might not have the savings for. That’s when a home improvement loan becomes a good option. At First Financial, we offer home improvement loans with great rates and a fixed monthly payment.*

Regardless of what your goals are or what projects you need to accomplish, the team at First Financial is here to help with financial advice, savings account options, and loan decisions. Contact us to get started, or stop into your local branch to speak with a representative today.

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

*Available on primary residence only. A First Financial membership is required to obtain a Home Improvement Loan and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth of Ocean Counties. See credit union for details. Rate will vary based off of applicant’s credit rating. Not all applicants who apply will be approved, subject to underwriting guidelines and credit approval. Lien position and appraisal valuation may affect the maximum loan amount. Not all applicants will qualify for maximum Loan to Value (LTV) ratio. It will be based off of creditworthiness, property type, occupancy, lien position, and loan amount. Rates will be affected by LTV or combined LTV if there is another lien on the property. Loan amounts over $7,500.00 will be required to give First Financial FCU a security interest in their property. Rates will vary based off of lien position and whether the loan is mortgage secured or unsecured. For mortgage secured Home Improvement loans First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and are required to be paid back by member to FFFCU.

How Scammers Use Social Engineering to Steal Money & How to Spot Them

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As scams become more prevalent, they are also more sophisticated – making them harder to detect. Scammers often employ what is known as “social engineering” to manipulate people into revealing sensitive information.

It’s all about the psychology of persuasion. These scammers take advantage of human nature, aiming to lower your defenses so you’ll act on impulse rather than reason.

Let’s look at some examples of how social engineering uses the powers of persuasion to steal personal information and money:

Pretexting

Building a solid pretext or a fabricated scenario is an important aspect of social engineering. Hackers often research their victims in advance to get a sense of the victim’s personal and professional life to help establish the right pretext with which to approach a victim. This information can easily be found by a simple internet search or reviewing social media activities.

Pretexting is typically the first step in a broader scheme to steal from you. The scammer then pretends to be someone you trust, possibly a representative from your financial institution or a government worker offering loan forgiveness. It often starts with a friendly “hello” and a convincing story that leads the victim to hand over sensitive information that can be used to steal money or commit identify theft.

Baiting

Baiting uses the false promise of an enticing item, such as a monetary reward or free movie download, to trick the unsuspecting consumer into opening a file or providing sensitive information – like their login credentials. Instead of the attached file being the movie or other reward, it is actually infected with malware that will encrypt or take control of the individual’s data, allowing the attacker access to their personal information.

Phishing

Phishing is one of the most common types of social engineering attacks, typically in the form of emails or text messages that look like they are from a reputable source, like your financial institution – informing you of an urgent matter that needs your immediate attention. The message may include a link to a fake website that looks legitimate and suggests that you must provide personal information in order to remedy the urgent issue. This can result in the scammers gaining access to your accounts or learning important details about your identity.

How to Combat this Psychological Manipulation

Knowledge is key. Now that you know what to look for, follow these tips to help protect yourself:

  • Delete requests for personal information or passwords. No one should contact you for your personal information. Not even your financial institution.
  • Disregard offers for help or requests of help from those you don’t know. Especially if unsolicited.
  • Avoid tempting offers. Though it may be difficult to pass on what appears to be a great offer, don’t just dive in. If it seems too good to be true, it probably is. If you’re really interested, take a step back and do some research. Confirm that the company is legitimate by researching reviews. If they are reputable, call the company allegedly offering the deal to ensure the offer came from them and not a scammer pretending to be them.
  • Verify contacts. Scammers usually imitate legitimate companies by mimicking their names in emails or using caller ID spoofing. You can check their authenticity by looking at the domain name of an email address or hanging up on an unsolicited caller, verifying the legitimate phone number, and calling back.

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

 

 

 

Inexpensive Halloween Costume Ideas

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Let’s face it – no one wants to buy an expensive Halloween costume they’ll only wear once. Sure, it might be easier to quickly put one together on the day of – but all those costume pieces can really add up. Plus, store-bought costumes can sometimes be of lesser quality and expensive at the same time. If you’re looking for cheap Halloween costume ideas for you and your family, we’re here to help. Here are some budget-friendly tips to get you inspired.

Consider a DIY costume

Put those artistic skills to good use by making your own costume this year! There are many ideas out there that you can work off of, no matter your skill level. While making a costume from scratch is a bigger time commitment, you’ll be extra proud of your finished product. Here are some themes to get you started.

  • Bag of ice costume: Use plastic bags to create the look of a bag of ice and make it into a family-friendly “ice ice baby” costume.
  • Butterfly costume: Whether you choose to create wings with fabric or by painting cardboard cutouts, you can certainly generate something unique.
  • Operation board game costume: Use felt fabric to create shapes inspired by the board game and then glue them to the costume.
  • Bat costume: Cut a black umbrella in half and use it as wings. Make sure to wear all black and add in ears as well.
  • Spooky ghost: Use white sheets and cut out eyeholes, or use white makeup and gauze to make yourself look extra eerie.
  • Mummy costume: Wrap yourself from head to toe in toilet paper and bandages to achieve this look.
  • Bob Ross and Happy Little Tree: You might have to buy some art supplies for this one, but the rest of this couple’s costume is pretty simple to put together.

Work with what you have

Sometimes the inspiration comes directly from your closet. Chances are, with a little creativity, you can put together a costume based on what you already have. Use some of these ideas for encouragement or take an inventory of your closet and see what you can come up with.

  • Lumberjack costume: If your closet is stocked with flannels, this look will be easy for you to achieve.
  • Hippie costume: Got some 70’s inspired clothes in your wardrobe? Create a hippie-inspired costume and add in some temporary butterfly or flower tattoos.
  • Nerd or gamer: Go the traditional route with glasses and suspenders, or dress up like a gamer with headphones and a game controller.
  • ‘Men in Black’ costume: You’ll need a black suit and sunglasses to look like you’re walking out of the popular Will Smith movie.
  • Bread winner costume: Got a few loaves of bread around and some old trophies or medals? Together they can make a truly ‘punny’ costume.
  • Brawny man costume: All you’ll need is a fresh roll of paper towels, a red flannel, and jeans!

Rely on costume makeup

Not all costumes need accessories to make a statement. Sometimes it’s the makeup that brings a costume to life. Don’t worry, you don’t need to be a professional makeup artist to achieve some of these looks. You can make it as simple or as detailed as you’d like!

These looks can be easily achieved with a bit of makeup:

  • Any animal costume (cat, dog, mouse, deer, etc.)
  • A skeleton costume
  • Pop art character
  • Zombie costume
  • Alien costume
  • A (haunted) doll

No matter what you decide to wear or how you’re celebrating, we hope everyone has a safe and happy Halloween! Want more budget-friendly tips? Subscribe to First Financial’s monthly newsletter for all the latest financial resources and advice.

Financial Steps to Take After a Divorce

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Going through a divorce not only takes an emotional toll, but can also leave a strain on your finances. Between legal fees and income changes – there’s a lot to adapt to, plan for, and consider. After updating your insurance and legal documents, there are financial steps to take after a divorce to maintain your independence and security. Here’s what we recommend, if this is something you are going through and are trying to best prepare to embark on your next journey in life.

Close your joint accounts

You may have already done this, but if not – be sure to immediately close all your joint accounts. Leaving unused accounts open can lead to fees. And even worse, sharing an account with an ex-spouse leaves the opportunity open for racking up a bill and potentially leaving you responsible for it. Leaving your joint account open is not worth the risk of potentially hurting your credit score and financial health.

Open new accounts

After a divorce, it’s time to start fresh. That means opening a new credit card, checking, and savings account in your name exclusively. With new accounts, comes more opportunities to make better financial habits. We recommend taking this time to consolidate any potential credit card debt, and making the commitment to pay your balance on time and in full each month.

At First Financial, we offer credit cards and checking accounts that fit a wide range of financial needs. Whether you’re looking for a card with extra perks, low rates, or one to help build or re-establish your credit, we can help!

Adjust your budget

Mastering budgeting is an empowering journey. As you change from two incomes to one, you’ll want to get a full idea of your expenses and cash flow – especially if you have children. Start by creating a list of essential expenses including housing costs, food, transportation, clothing, internet, cell phone, insurance, and more. Use our fillable PDF budgeting worksheet as a resource. Then add up your monthly income and deduct your expenses. The amount left over should be used toward building your savings and/or for any less essential purchases or entertainment.

Rebuild your savings

Speaking of savings, now is the perfect time to rebuild your emergency fund. Once you have a good idea of your budget and cash flow after covering expenses, you’ll be aware of how much to devote to a savings account. The typical rule of thumb is to dedicate 20% toward savings and future investments, but you’ll also need to be realistic based on your new financial situation.

First Financial not only offers various savings accounts to our members, but we can also advise you on additional financial considerations to make after your divorce.* You can have peace of mind knowing our team is putting your financial needs first, no matter what financial situation you might be going through. Contact us to get started, or stop into your local branch to speak with a representative today.

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

*A $5 deposit in a base savings account is required for credit union membership before opening any other account/loan. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

First Financial Member Spotlight: Lauren Griffin

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“First Financial knows their members. And that really makes a huge difference.”

Welcome to our First Financial member spotlight – a series where we feature some of our personal and business credit union members who we’ve happily worked with over the years. Next up is Freehold/Howell Branch member, Lauren Griffin.

Lauren initially came to First Financial when she was a new teacher looking for good rates and a safe place to put her money. After a positive experience obtaining a car loan, Lauren continued her membership with checking and savings accounts. Watch the video to learn more about her experience with us!

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.