Author Archives: VP of Marketing and Business Development Jessica

Financial Tips for Pet Owners

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Welcoming a new pet to the family can be exciting, but also very expensive. While there are so many benefits to adopting a pet, it’s important to consider the financial obligations as well. As a pet parent, it is your responsibility to care for your furry family members in sickness and in health. But with a bit of financial planning, you can care for your dog, cat, or critter more comfortably. Here are our recommended cost-saving tips for pet owners.

Find out if you can afford a pet

If you’re desiring a little company around the house, start by creating a budget of all the expenses to consider throughout your pet’s life. According to the ASPCA, a dog will likely cost between $1,500 and $2,000 for the first year, while you can expect to spend around $1,175 for a cat. And that’s only in the first year. You’ll also need to prepare for more expenses as your pet ages, since more serious health conditions can come with hefty bills.

Adopt, don’t shop

There are so many benefits to adopting a pet through your local shelter, including reduced adoption fees. While many organizations still charge fees, they are usually significantly cheaper than adopting through a breeder. By adopting through a shelter, you’re also saving a pet’s life. It’s estimated that more than one million adoptable dogs and cats are euthanized in the United States each year, since shelters can only house so many pets at a time.

Schedule regular check-ups with your vet

It’s much more affordable to prevent an illness than treat one. As a pet owner, it’s crucial to regularly check in on your pet’s health – and that includes scheduling their yearly exams. Don’t skip out on researching local veterinary clinics as well – you might be surprised when you compare fees for preventative care.

Consider pet insurance

While pet insurance might not be right for every dog or cat, it could help you cut costs on emergency vet visits or treating a serious illness. It’s best to start shopping for pet insurance policies while your pet is young and healthy, for the best rates and coverage.

Groom your pet at home

It’s no surprise grooming visits can get pricey over time. That’s why we recommend doing nail trimmings, baths, brushings, and more at home. Your pet’s oral hygiene is important to stay on top of as well, since a lack of dental cleaning can lead to large health concerns and bigger vet bills down the line.

Build a savings account for pet expenses 

Rather than relying on insurance or dealing with expenses as they come, building a savings account dedicated to pet bills can be the best way to fund hefty fees in the future. Start by putting away at least $5 per paycheck into a pet savings account. You’ll be surprised how fast the account grows, and will thank yourself later when the next vet bill comes.

Want to open a new savings account to cover pet expenses? We can help! Visit a First Financial branch or contact us to speak with a representative today.

*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. Some restrictions apply, contact the Credit Union for more information.

 

Budget-Friendly Date Ideas for Valentine’s Day

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Valentine’s Day is approaching fast! Have you planned a date with your significant other yet? If you’re like many Americans still recovering their finances after the holiday season, you’re likely looking for inexpensive date ideas that still show your special someone how much they mean to you. The good news is there are so many low-budget ideas out there that only need a bit of creativity and time to pull off.

Keep reading for four budget-friendly Valentine’s date ideas to try this year.

Cook their favorite meal

Does your partner have a favorite meal they like to eat? Instead of going out for dinner on Valentine’s Day, recreate that meal at home. Not only will you save money by skipping high-priced dinner and drinks, but you’ll also be able to make enough for leftovers. Not to mention you’ll get to avoid crowded restaurants! Try cooking the meal in advance and surprise your significant other with a romantic, candlelight dinner. Make the dish together if you’re looking for an activity to do alongside one another, and if you both enjoy cooking.

Have a movie marathon

Skip the movie theater and buttery popcorn, and opt for an at-home movie marathon instead. Is your special someone a big Harry Potter, Lord of the Rings, or Twilight fan? All the more reason to surprise them with hours of their favorite movies at the comfort of their own home! Plus, you can have endless snacks, soda, and candy that are way more affordable at your local grocery store.

Get crafty together

You don’t have to be a professional artist to enjoy making arts and crafts with your partner! Enjoy the artistic process together by bringing paint-and-sip to your home or creating a memory book of your relationship. No matter what you make together, you’re guaranteed to remember it and have a fun keepsake of your crafty evening together.

Play games

Embark in some friendly competition this Valentine’s Day with a couples game night. Create a scavenger hunt, play your favorite two-person board and video games, or even create your own game. This could be a great way to learn more about your partner and experience something new together – all while on a budget.

No matter what you decide to do on Valentine’s Day, your financial wellness should always be top-of-mind. That’s where we can come in and help! At First Financial, we put our members’ financial needs first by offering useful products and services that are customized to their lives. To get started, call us at 732.312.1500, email info@firstffcu.com, or stop by any of our local branches.

 

 

Starting a Business: Financial Advice for Entrepreneurs

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Starting a new business can be stressful no matter how seasoned of an entrepreneur you are. There are many factors to consider when planning to launch and maintain a business, especially when it comes to finances. Whether you’re planning to launch a new tech start-up, restaurant, or consulting firm, there are steps you should take to ensure the long-term financial success of your business.

Create a Business Plan

Before sharing your business idea with potential partners, investors, or employees, make sure you have a business plan first. A plan will be crucial to guiding you through the first few years of your business journey. The process of writing a business plan will help you understand industry risks, start-up costs, and other key elements to sustain your idea. The U.S. Small Business Administration (SBA) has helpful resources for building a business plan.

Track and Organize Your Finances

Think of a balance sheet as the foundation of your finances. This sheet provides a snapshot of your business financials and helps you keep track of your assets, liabilities, and equity. As a business owner, it’s important to organize your financial records so it’s not a hassle to track expenses down the line. Entrepreneurs can use a balance sheet to help separate financial data into categories, thus making the information easily accessible for you and your business partners.

Spend Wisely

Does your business need a large office space and new furniture right away? Depending on the type of business, fancy decor can likely wait. First, plan on buying exactly what’s needed and then keep track of future wish-list items. The same goes for products you’re selling – no need to have hundreds of items available in stock unless you know that product is in high demand.

Now think about the services you’ll need to help get your business started. It’s important to consider the value a service adds to your business and if it saves you time. For example, entrepreneurs may want to outsource their logo design to a professional. If the business owner has design skills, they could save money by creating a logo in-house. However, if hiring a designer saves you hours, then the extra investment might be worth it.

Plan for Tax Season

Tax season will look very different for new entrepreneurs. New business owners will need to plan ahead for taxes both in financial preparation and budgeting to avoid overlooking any tax obligations. Everything from choosing between an LLC and an S-corporation to the timing of hiring employees and purchasing equipment – will impact your taxes. It’s also recommended you save money each year to use toward tax payments. Overall, it’s a good idea to consider hiring a CPA to assist with filing business tax returns.

Work with a Professional

It’s always recommended new business owners work with professionals to help map out financial considerations. At First Financial, we can not only provide loans and accounts to eligible businesses, but we also offer business services to help entrepreneurs kick start their professional dreams.

Ready to get started? Call our Business Development Department at 732-312-1500 or email business@firstffcu.com with any questions.

Top Reasons to Join First Financial Federal Credit Union

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When it comes to banking, it’s always better to work with a financial institution that has your best interest in mind. At First Financial, we don’t have customers, we have members. Meaning, our community is fully owned and operated by our members. Simply put, we care about you and putting your financial dreams first.

If you’re considering switching banks or are interesting in joining First Financial, here are some of the top reasons to become a member.

Better rates and lower fees

What exactly is a credit union? It’s like a bank, but better. At a credit union, you belong to and own part of the financial institution. And since we’re a not-for-profit, we don’t pay our stakeholders as other banks do. Instead, our profits go back to you in the form of lower interest rates and helpful products. We work with our members to provide customized loans and personalized services too. Whether you’re shopping for auto loans, starting a savings account, opening a credit card, or buying a home, we’re here to help!

Exclusive member promotions

At First Financial, we reward our members with promotions and deals that help them save on loan payments, tax filing, mortgages, and more. Additionally, we offer virtual seminars aimed at educating individuals on financial management and retirement. This is all part of our promise to make your financial wellness our first priority!

Community matters to us

We’re proud to be part of the Monmouth and Ocean County communities and actively support area businesses, individuals, and families through a variety of initiatives. The First Financial Foundation, for example, assists charitable organizations through classroom grants, scholarships, and more. We’re also committed to supporting our community by participating in donation drives and fundraisers.

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 members can sign up too. To get started, call us at 732.312.1500, email info@firstffcu.com, or stop by any of our local branches.

Tips for Recovering Your Finances After the Holidays

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If you overspent during the holidays this year, you’re not alone. According to a survey, 36% of consumers went into debt during the holidays, owing up to an average of $1,249. Regardless of how much you owe, there are steps you can take to help recover your finances after the holidays are over. Here’s what we recommend for building your finances back up after an expensive holiday season.

Assess Your Finances

The first thing you’ll want to do is assess your overall financial situation. This includes fully understanding your monthly budget and determining your short and long-term financial goals. Then create a spreadsheet of your expenses, debts, payment due dates, and interest rates. If you’re new to budgeting, our make a budget worksheet is a great place to start.

Cut Unnecessary Expenses

Once you’ve fully mapped out your budget, you should have a better understanding of where you spend your money most. You’ll likely notice there are expenses from products or services that you don’t need or even use. When paying off debt or building savings, it’s best to trim down your expenses as much as you can. For example, you can cancel any underused subscriptions that you might have forgotten about. You can also try cutting back on frivolous expenses like dining out, Starbucks coffee, or delivery services. If the purchase is for something non-essential, see if you can find a less expensive version or cut it from your budget entirely.

Evaluate Credit Card Usage

Take an inventory of all the credit cards you’re using and evaluate if they have any rewards or annual fees. If you’re using cards with high fees or you’re carrying debt across multiple accounts, consider consolidating your debt with a balance transfer to a low-rate credit card. This way you can pay down your balance without the extra interest. It’s also recommended you find room in your budget to pay more than the minimum monthly payment. This will not only help you pay down the debt faster but will help your credit score, too.

Start Planning For Next Year

It’s never too early to start planning for the year ahead. Start by putting away $50 a month toward holiday gifts for the end of the year. Before you know it, you’ll have enough funds to cover gifts for your family and friends. Make a list of the people you’re buying gifts for now, and potential ideas to see how much you’ll need to save up for. Some items will likely be cheaper to buy out of season, which will help with your overall holiday budget for next year.

Whether you need assistance with debt repayment, creating a budget, or even opening an account, First Financial can help! Visit one of our branch locations or contact us to speak with a representative today.

 

Ways to Manage Price Inflation and Increasing Costs

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You’ve most likely noticed increasing prices as you check out at the grocery store and fill up your gas tank lately. Last month, consumer prices on goods took a huge jump and increased by 7% from the previous year. This is the highest inflation rate our country has seen in 40 years!

Here are some ways you can manage the current inflation environment and help your bottom line at the same time:

Shop Your Cabinets and Pantry First. Before you hit the store – check your cabinets, pantry, and shelves to see what non-perishable items you already have at home. This will allow you to see what you have already bought previously, shorten your grocery list, and save you some money on your food shopping bill. This also goes for checking toiletry items and cleaning supplies you already have at home, as well as look in your freezer too. It’s easy to forget what you may have already purchased and didn’t realize you had!

Meal Prep. Planning your meals ahead and making a grocery list based on the ingredients you’ll need for the week, will allow you to (hopefully) stick to the list in front of you and not buy extras. Try not to deviate from your list, oftentimes these additional purchases end up spoiling before you get a chance to use them and then end up in the garbage can.

Reduce Waste. This goes hand in hand with meal prepping. Plan out your meals and ingredients for the week ahead. Try to find recipes and ingredients that you can use in multiple meals. For example, say you purchase and cook a whole chicken on Sunday. Use the leftovers for lunches for the week ahead by making a grilled chicken salad on Monday, chicken noodle soup on Tuesday, and a chicken burrito bowl on Wednesday.

Try Using Store Brand Products. Most of the time, you’re going to pay more for a name brand product. While in the store, comparison shop. Typically, you’ll find that the generic store brand is cheaper and is essentially the same exact item.

Buy in Bulk. When you can and if you have the storage space, it’s usually cheaper to buy items in bulk. Think toiletries and household cleaning supplies, pasta, rice, cereal, etc. If you don’t have the space or need that much at the moment, see about splitting the items and costs with a friend or family member.

Cut Back on Meat. Meat tends to increase one’s grocery bill. Try going meatless once or twice a week if you can, and switch to less expensive protein alternatives on those days like beans, lentils, and cheese.

Save on Produce. Try to buy produce that’s in season, which will be cheaper – or buy from your local farm market. Also buying frozen fruit and vegetables will help you save money too.

Try to Save on Gas Prices. Can you carpool to the office or work from home at all? If not – look into signing up for a fuel rewards program, use a credit card that offers cash back on gas purchases, or download a comparison app to see which gas stations near you are the cheapest.

Share. Instead of making large purchases during these times, for items that you probably won’t use every day – see if you can share with or borrow from a friend or family member for expensive tools, appliances, or equipment.

While it may seem that prices and cost of living continues to increase, the suggestions above can certainly help you save some hard-earned money these days. Don’t forget to review this list before you visit the store next!

Article Source: The Penny Hoarder