Author Archives: VP of Marketing and Business Development Jessica

Smart Strategies for Managing Debt

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Managing debt effectively is key to achieving financial stability and long-term success. If debt is weighing you down, know that you’re not alone — and that there are proven strategies to help you regain control. Whether you need to adjust your spending habits, create a structured repayment plan, or explore consolidation options, taking proactive steps today can set you up for a more secure financial future. Here’s how to get started:

1. Identify the Root Causes of Your Debt

Before tackling your debt, it’s important to understand how you got there. Ask yourself:

  • Are you overspending on non-essentials?
  • Do you lack a clear financial plan?
  • Have unexpected expenses left you struggling to catch up?

Debt is often a symptom of deeper financial habits. Acknowledging the behaviors that led to debt allows you to make meaningful changes. By recognizing these patterns, you can create a plan that pays off what you owe and prevents future debt from piling up.

2. Stop Adding to Your Debt

The first step to getting out of debt is to stop accumulating more. Here’s how:

Stick to a Budget: A well-planned budget helps you manage debt and daily expenses. When you take on debt, you’re using future income to pay for today’s expenses, making it harder to reach your financial goals. Use First Financial’s Home Budget Calculator and our other budgeting tools to take control of your spending.

Build an Emergency Fund: Creating a safety net of 3-6 months’ worth of expenses prevents you from relying on credit cards or loans in times of financial strain.

Get the Right Insurance Coverage: Medical bills, home repairs, or car accidents can derail your finances. Proper insurance — whether health, auto, home, or renter’s insurance, can prevent major unexpected expenses from pushing you further into debt.

3. Develop a Realistic Debt Payoff Plan

Paying off debt requires a sustainable plan tailored to your financial situation. Consider:

  • Your Income and Expenses: Determine how much extra you can realistically put toward debt each month.
  • Your Financial Priorities: Do you have other obligations – such as rent, childcare, or savings goals?
  • Opportunities to Increase Income: Can you take on extra work or reduce expenses to accelerate debt repayment?

Depending on your situation, one of the following common strategies may work to help you pay down debt efficiently:

The Snowball Method: Focus on eliminating smaller debts first for quick wins that keep you motivated.

  1. List out your debts from the smallest to the largest balance.
  2. Make minimum payments on all your debts except the smallest one.
  3. Put all your extra funds toward paying off the smallest debt first.
  4. Once the smallest debt is gone, roll that payment into the next smallest debt.

The Avalanche Method: Prioritize high-interest debts to save the most money over time.

  1. List your debts from the highest to lowest interest rate.
  2. Make the minimum payment on all debts except the one with the highest interest.
  3. Apply any extra funds to the debt with the highest interest rate first.
  4. Repeat the process until all debts are eliminated.

Choose the method that best aligns with your financial situation and motivation style.

4. Consider Debt Consolidation

For those with multiple high-interest debts, consolidation may be an effective strategy. Debt consolidation involves taking out a new loan to pay off existing debt, allowing you to combine payments into one manageable monthly bill — ideally at a lower interest rate.

Benefits of a First Financial Debt Consolidation Loan:

  • Fixed monthly payments
  • Flexible terms up to 60 months
  • No pre-payment penalties

This option works best if you qualify for a lower interest rate than your current debt has, otherwise – you may only be shifting debt rather than reducing it. Apply for a First Financial Consolidation Loan today and simplify your repayment process while saving money on interest.*

Take Control of Your Debt Today

Managing debt doesn’t have to feel overwhelming. We’re here to help you make steady progress toward financial freedom. For more financial resources, advice, and loan options – call us at 732.312.1500, visit your local branch, or explore our services online. Subscribe to our First Scoop Blog for ongoing tips and insights to keep your finances on track!

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. Loan repayment terms range from 12 to 60 months, and APRs range from 10.24% APR to 18% APR. Minimum loan amount is $500. A First Financial Federal Credit Union membership is required to obtain a Personal or Consolidation 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. 

First Financial Business Member Spotlight: Nino’s Bistro Express

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We’re thrilled to once again shine the spotlight on Nino’s — featuring their latest expansion, Nino’s Bistro Express in Neptune, NJ! Following the success of their original Nino’s Coal Fired Pizza in Brick Township, owner Anthony Schifilliti and his son Joey, saw an opportunity to bring their well-loved menu to Monmouth County. With a focus on high-quality food at a faster pace, Nino’s Bistro Express is all about delivering an elevated and efficient dining experience.

Bringing Nino’s to Monmouth County

“We named it Bistro Express because we wanted it to be fast and accessible,” says Joey. Expanding to a new location is no small feat, but with a state-of-the-art kitchen and a streamlined approach, Nino’s Bistro Express ensures customers get the same incredible flavors they’ve come to love — just quicker! “People are getting high-quality food at a faster pace. It’s a win-win.”

Banking That Moves as Fast as Nino’s

For the Schifilliti family, First Financial has been the go-to financial institution that makes business banking seamless. “First Financial has always been the easiest for us. It’s always been the most accessible, whether it’s through the employees or online banking,” Joey shares.

One of the biggest advantages? Personalized service that makes banking effortless. “When I go to a branch with my dad, they call us by our first names,” he says. “When payroll time comes around and my dad needs quick transfers, First Financial gets it done the fastest every time.”

For small businesses like Nino’s, having a financial partner that values efficiency and personal relationships makes all the difference. At First Financial, that’s exactly what we’re all about.

Visit Nino’s Bistro Express

Whether you’re in the mood for pizza or another fan-favorite dish, you can enjoy the same quality that made their Brick location a success — now on Rt. 66 in Neptune, NJ. Visit their website for hours, menu, and ordering information.

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, and once you’re a member – your immediate family can also sign up.

To get started, head to firstffcu.com, call us at 732.312.1500, email info@firstffcu.com, or stop by any of our local branches.

Investing for the Future

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Building a retirement portfolio takes patience and diligence. Your goal is simple: accumulate enough wealth to sustain you through your post-retirement years.

Easier said than done, right?

The key is to take the steps that will help you save enough to support your lifestyle standards. Here are a few things you can do to make sure that your plan is on track.

First, check in and check in often. It may have been several years ago when you first crunched the numbers and arrived at your bottom-line figure for what you’ll need to retire. Revisit those numbers regularly to guard against any large changes, as well as to adjust to any market volatility.

Calculate your Social Security income, any pension money, accumulated savings, and personal investments, and determine whether together they can cover your living expenses. Account for swings in the market, estimating any projected gains conservatively. If you find that your number is coming up short, talk to a financial professional who can help you reconfigure or rebalance your portfolio, as needed.

Next, manage your inflation risk and the impact it can have on your investments. That doesn’t mean replacing everything with less risky assets, but it does mean you should consider moving some of your equity investments into fixed income and cash, reserving enough growth-oriented investments that together will have the potential to help you sustain significant losses.

Develop an estate plan that preserves your assets for future generations. This can get complicated if you have a lot of assets, and you’ll benefit from consulting with an attorney who specializes in this area. They can help you draft a trust and various types of insurance tools to help protect your assets from estate taxes.

Finally, revisit your financial plan and goals with a financial professional regularly, addressing any potential problems before they impact your savings.

Questions about this topic? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534.  You can also email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

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:

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial, LLC

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6 Ways to Celebrate Valentine’s Day on a Budget

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Valentine’s Day is about celebrating love — not emptying your wallet. Whether you’re looking to make new traditions, get creative, or simply rethink how you celebrate – there are plenty of ways to make the day special without overspending. Here are six affordable and meaningful ways to show your love this Valentine’s Day.

1. Start a Meaningful Tradition

Instead of opting for the usual romantic dinner out, create a tradition you and your partner can look forward to each year. The key is finding something meaningful and cost-effective. Have a game night with your favorite board games, visit a museum together, or spend the day volunteering for a cause you both care about. Traditions you both look forward to create lasting memories without the price tag.

2. Give the Gift of Time

A thoughtful gesture often means more than any store bought present. Instead of chocolate or flowers, take something off your partner’s to-do list. Has your significant other been stressing over a task they keep putting off? Surprise them by getting it done. Whether it’s cleaning the house, tackling a home project they’ve been asking for, or taking over dinner duty, these small acts of love can make a big impact — and best of all, they don’t cost a thing.

3. Boost Your Savings Together

Rather than spending money on gifts that won’t last, consider putting that money into a savings account for something meaningful. Whether you’re dreaming of a vacation, a new home, or another major milestone, redirecting your Valentine’s Day spending into a shared savings goal can be a powerful way to invest in your future together. It’s a lasting way to celebrate love while staying financially smart.

4. Make Your Date a Gift

Turn your date into something memorable and useful. Sign up for a pottery class and make something your partner will actually use — a mug for their morning coffee, a dish for their jewelry, or a keepsake that holds sentimental value. Not only do you get to enjoy quality time together, but you’ll also leave with a personalized gift that lasts longer than roses or candy.

5. Redeem Your Credit Card Rewards

If you have unused credit card rewards, now is the perfect time to cash them in. Many people accumulate rewards but forget to use them. Whether it’s for dining, experiences, or gifts – using your points now ensures you’re getting the most value and not allowing those rewards to expire. Holding onto your rewards might seem like a good idea, but their value will remain the same while the cost of goods and services will continue to rise. Spending your rewards sooner rather than later ensures you maximize their benefit.

6. Skip It or Take a Rain Check

One of the easiest ways to save money? Agree to skip Valentine’s Day altogether. But before making that decision, talk with your partner to ensure you’re on the same page. If Valentine’s Day isn’t important to either of you, why not focus on celebrating your anniversary instead? Love should be celebrated every day, not just once a year.

If skipping isn’t an option, consider postponing the celebration. February 15th — when Valentine’s Day chocolate and gifts go on sale, might be the perfect day to celebrate. Delaying the holiday just one day can save you money while still keeping the romance alive.

Celebrate Love Without Overspending

Valentine’s Day doesn’t have to come with a hefty price tag. With a little creativity and planning, you can make the day just as special without going over budget. Whether you start a new tradition, invest in your future, or simply spend quality time together – these budget-friendly ideas will help you celebrate love in a more meaningful way.

For more financial tips and money-saving strategies, call us at 732.312.1500 or visit a branch today. Don’t forget to subscribe to our First Scoop Blog for more insights to keep your finances on track year-round!

Celebrating 89 Years: Why Banking with a Credit Union is the Right Choice

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“We thank our valued members for their continued support, loyalty, and membership with us over the past 89 years. Our commitment to serving their financial needs is our top priority today and everyday.” -Issa Stephan, President/CEO (pictured above).

Today marks an exciting milestone for First Financial Federal Credit Union — we’re celebrating 89 years of service! Since we were founded back in 1936, we’ve remained committed to providing members with financial solutions that prioritize their needs. As we honor our history, we also recognize why credit unions like ours continue to be a great choice to help manage your financial future.

A Brief History of Credit Unions

The concept of credit unions dates back to 1849 when Friedrich Raiffeisen established the first cooperative lending institution in Germany, designed to provide financial access to underserved communities. By 1900, word had spread all the way to Quebec, Canada, where Alphonse Desjardins founded the first cooperative financial institution in North America. The concept was soon adopted by Pierre Jay, the Finance Commissioner of one of America’s great pioneer states – Massachusetts.

In the United States, credit unions gained traction in the early 20th century, leading to the passage of the Federal Credit Union Act in 1934, by President Franklin D. Roosevelt – which allowed for the creation of federally chartered credit unions nationwide. Over the years, credit unions have grown into trusted financial institutions that continue to put people over profits, offering their members a community-focused alternative to traditional banking.

The Story of First Financial

First Financial’s roots trace back to 1936 during the Great Depression, when a group of Asbury Park schoolteachers came together to form Monmouth County NJ Teachers Federal Credit Union. Under the leadership of Harold “Pop” Shannon, the credit union expanded to include employees of the Monmouth and Ocean County Boards of Education. Over time, our membership grew to include municipal employees, hospital workers, and small businesses – leading to several name changes to reflect our evolving community.

In 2003 we became a community credit union – serving anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. In 2006 we adopted our current name, First Financial Federal Credit Union – continuing our tradition of providing excellent financial services while keeping our members’ best interests at heart.

Why Bank with a Credit Union Instead of a Traditional Bank?

Credit unions are typically not-for-profit, member-owned financial institutions – which means they can offer higher interest rates on savings, lower fees on loans, and generally more personalized service compared to the shareholder profit of banks.

  • Fewer Fees & More Flexibility – Credit unions prioritize service over profit, meaning you’ll encounter fewer fees and more flexible account options.
  • Lower Loan Rates – Because credit unions are member-owned and not-for-profit, they return earnings to members in the form of lower interest rates on loans.
  • NCUA Insurance Protection – Just like banks are insured by the FDIC, federally insured credit unions are backed by the National Credit Union Administration (NCUA). Member deposits are protected up to $250,000, ensuring financial security and peace of mind.

Exclusive Member Benefits at First Financial

When you partner with First Financial, you gain access to exclusive member benefits that increase the more you bank with us. Our members enjoy:

  • Referral Programs
  • Savings on Tax Services
  • Sweepstakes Opportunities
  • Relationship Banking Discounts
  • Notary Services
  • Reduced Loan Rates
  • No-Cost Financial Consultations
  • And so much more that you won’t find at a traditional bank!

Join Us in Celebrating 89 Years of Member-Focused Banking

For 89 years, First Financial has been dedicated to serving our members and the local community. As we celebrate this milestone, we invite you to experience the credit union difference firsthand. If you’re not already a member, now is the perfect time to make the switch and enjoy the financial advantages of banking with a credit union. For more information on our services or to become a member, call us at 732.312.1500 or visit a branch today!

*A First Financial membership 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 to establish membership prior to opening any account/loan. See credit union for details.

Managing Money as a Couple

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It’s February, and Valentine’s Day is right around the corner. While this might be the month to celebrate love, it could also be a good time to go over your finances with your Valentine. When you marry or share a household with someone, your life changes—and your approach to managing your money may change as well. The good news is it’s usually not so difficult.

At some point, you will have to ask yourselves some money questions—questions that pertain not only to your shared finances but also to your individual finances. Waiting too long to ask (or answer) those questions might have some consequences. It’s also good habit (even if you’ve been together for a long time) to review these questions annually as well.

How do you propose setting priorities? One of your first priorities should be simply setting aside money that may help you build an emergency fund. But there are other questions to ask. Should you open joint accounts? How should you title assets that are owned by both of you?

How much will you spend and save? Budgeting can help you arrive at your answer. A simple budget, an elaborate budget, or any attempt at a budget can prove more informative than you realize. A thorough, line-item budget may seem a little over the top, but what you learn from it may be truly eye-opening.

How often will you check up on your financial progress? When finances affect two people rather than one, statements can become more important. Checking in on these details once a month (or at least once a quarter) may keep you both informed, so that neither one of you have misconceptions about household finances or assets. Arguments can be avoided when money misunderstandings are resolved through check-ups.

What degree of independence do you want to maintain? Do you want to keep some money separate? Some spouses need individual financial “space” of their own. There is nothing wrong with this approach.

Can you be businesslike about your finances? Spouses who are inattentive or nonchalant about financial matters may encounter more financial trouble than they anticipate. Watch where your money goes, and think about ways to pay yourself first. Set shared short-term, medium-term, and long-term objectives.

Communication is key to all this. Watching your progress together may well have benefits beyond the financial, so a regular conversation should be the goal.

If you still have questions, or you’d like more information on how to best manage your finances as a couple – we’re here to help. You can call or email the financial professionals in the First Financial Investment & Retirement Center at 732-312-1534, mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

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:

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.