Author Archives: VP of Marketing and Business Development Jessica

How to Keep Your Business Momentum Going After the Holidays

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The holidays can bring a surge of sales and customer engagement for small businesses, but what happens when the season ends? To maintain momentum and keep customers engaged, it’s essential to have a plan in place for the quieter months. Here are six actionable strategies to help your small business thrive after the holidays.

1. Include Post-Holiday Coupons

The holidays bring in an influx of shoppers, making it the perfect time to encourage repeat business with post-holiday coupons. Consider including discount offers with holiday purchases that are valid through the end of January or February. If you missed the chance during the holidays, send out a special promotion via email or text. This tactic entices customers to return while keeping your brand top of mind during the slower months.

2. Turn Returns into Opportunities

The post-holiday season often means handling returns and exchanges, but these moments can be turned into revenue opportunities. Offer a small discount to customers who make additional purchases while returning items. Organize your store layout to showcase impulse buy products near the return counter, and ensure a positive customer service experience. Happy customers are more likely to return throughout the year.

3. Show Customer Appreciation

The post-holiday lull is the perfect time to thank your loyal customers for their support. Send personalized thank you emails, or offer exclusive discounts to your most dedicated shoppers. Follow up with holiday customers to ask about their experience and introduce new products or promotions. Additionally, encourage satisfied customers to leave positive reviews on platforms like Yelp or Google, boosting your reputation and attracting new clients.

4. Host a January Giveaway

Run a January giveaway to engage customers and generate buzz for your business. Choose a prize that aligns with your customers’ interests or New Year’s resolutions – such as fitness gear, wellness products, or gift cards. Promote the giveaway through social media and email to spark excitement and encourage participation. Giveaways are a cost-effective way to stay connected with your audience and attract new customers.

5. Invest in Your Business’ Growth

Take the quieter post-holiday period to evaluate your business’ strengths and weaknesses. Use this time to invest in growth opportunities such as upgrading equipment, automating processes, expanding your product or service lineup, or partnering with complementary businesses. First Financial offers a range of business loan options to help our Monmouth and Ocean County small business owners. These strategic investments can set your business up for success in the year ahead.

6. Launch a New Product or Service

The new year is a natural time for fresh starts, making it the perfect opportunity to introduce a new product or service. Customers tend to look for something exciting after the holidays, so use this momentum to your advantage. Whether it’s a limited-time offer or a permanent addition, launching something new can reignite interest and drive sales.

Plan for Continued Success with First Financial

Keeping your business’ momentum going after the holidays requires creativity, planning, and a commitment to customer engagement. At First Financial, we’re here to support your business with personalized financial solutions and advice to help you grow and thrive.

For more small business tips, call us at 732.312.1500 or visit a branch today. Don’t forget to subscribe to our First Scoop blog for ongoing insights and guidance!

6 Ways You’re Overspending Without Realizing It

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Overspending can sneak up on even the most budget-conscious individuals. Often, it’s not the big ticket items that derail our finances – but the small or recurring expenses that we overlook. Did you blow your budget this holiday season? By identifying your hidden expenses, you can save more and spend smarter moving forward into the new year. Here are six ways you might be overspending without realizing it — and how to take control.

1. Forgotten Memberships and Subscriptions

Gym memberships, streaming services, or monthly subscription boxes can easily become budget drainers if you’re not fully utilizing them. Many companies rely on automated payments to keep you locked in without noticing. Take time to review your bank or credit card statements for recurring charges and cancel any memberships or subscriptions that no longer add value to your life. With a few clicks, you could save hundreds of dollars a year.

2. Neglecting Utility Efficiency

Utility bills can quickly add up, especially if you’re not mindful of your energy usage. Simple changes like turning off lights when leaving a room, sealing drafty windows, or upgrading to energy efficient appliances can make a big difference. Consider installing a programmable thermostat to save on heating and cooling costs or switching to LED light bulbs for long-term energy savings. A few small adjustments can significantly reduce your monthly expenses.

3. Dining Out Too Often

Eating out might be convenient, but it’s one of the easiest ways to overspend. Instead, try meal prepping or cooking at home. Planning your meals for the week and buying ingredients in bulk can save both time and money. Packing lunches for work or school is another easy way to cut out unnecessary spending. You’ll save money while having more control over the quality of your meals.

4. Not Using Your Credit Card to Your Advantage

If you’re using a credit card, make sure you’re maximizing its rewards. Different cards offer perks like cash back, travel points, or discounts at certain retailers. Take note of where your card offers the highest rewards and use it strategically for those purchases. Be sure to redeem your rewards before they expire. The right credit card can turn everyday spending into meaningful savings. First Financial’s VISA credit cards offer cash back and our Cash Plus Cards offer uChoose Rewards redeemable on travel, merchandise, gift cards, and more!* With three options to choose from, you can easily find the perfect fit for your lifestyle.

5. Falling for Fees

Hidden fees, such as processing charges on tickets or unexpected service fees at hotels, can inflate your spending without you even noticing. To avoid these, carefully review the terms before making a purchase or signing a contract. If a fee seems unreasonable, don’t hesitate to contact customer service to ask for clarification — or even request a waiver. Comparing options to avoid businesses known for high fees can also help you keep costs in check.

6. Paying Unnecessary Bank Fees

Bank fees like overdraft charges, account maintenance fees, or ATM surcharges are common, but they’re also avoidable. Start by reviewing your accounts for any hidden costs, then explore alternative accounts with lower or no fees. At First Financial, we offer checking and savings account options designed to help you keep more of your money where it belongs — in your pocket.** Explore our range of options today to find the account that best suits your needs.

Save Smarter with First Financial

By addressing these common overspending habits, you can take control of your budget and redirect those savings toward your financial goals. At First Financial, we’re here to help you make the most of your money with personalized advice and cost saving account options.

For more tips on saving and managing your finances, call us at 732.312.1500 or visit a branch today. Don’t forget to subscribe to the First Scoop blog for ongoing insights and strategies to keep your finances on track.

*Your First Financial Visa® Cash Plus Credit Card will earn cash back based on your eligible purchase transactions. The cash back will be applied to your current credit card balance on a quarterly basis and be shown cumulatively on your billing statement. Unless you are participating in a limited time promotional offer, you will earn 1% cash back based upon eligible purchases each quarter. 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.

**$5 in a base savings account is your membership deposit and is required to remain in your base savings account at all times to be a member in good standing. All credit unions require a membership deposit. 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.

Year End Tax Planning Tips

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A main reason people get so anxious around tax time is that they’ve delayed so many important things: Like organizing their paperwork. Contacting their accountant. And taking advantage of opportunities that could lessen their tax burden.

While you’re on your own for tackling the first two, we can help you with the last point – taking advantage of opportunities that could lessen your tax burden. In fact, there are a number of things you can do that could potentially reduce next year’s tax obligations. Let’s take a look.

First, let’s look to losses. If you think your investments will produce capital gains – whether short or long-term – you can offset these with capital losses.

For assets that you hold less than a year, any gains – considered short-term – these are taxed at ordinary rates from 10% to 37%. You can offset these with short-term losses.

For assets that you hold longer than a year – considered long-term – any gains are taxed at a top rate of 20%, which you can reduce by … you guessed it … long-term capital losses.

Now, if your losses are greater than your gains, good news: You can deduct up to $3,000 in capital losses against your ordinary income on that year’s tax return and carry forward any unused losses to future years.

Because of this, you might want to avoid short-term gains, since these are taxed at higher rates. To do so, if you believe you will have a short-term gain for the year, try to either offset it with a short-term loss or consider holding the asset for at least a year, when they will become long-term assets and taxed at a lower rate.

This requires that you review your portfolio regularly and estimate your gains and losses. Most capital gains and losses are triggered when you sell the asset, offering you control over the event. However, others — mutual funds, for instance — are difficult to predict as they are made up of a number of assets. If you find assets that have performed poorly, consider using them to offset your gains, as it will reduce your capital gains tax.

Keep in mind that it’s beneficial to elect a loss before a gain, because you can carry over unused losses to future years, whereas capital gains are taxed in the year that they occur.

As tax laws change often and are complex, consider speaking with a tax professional to help you manage your tax burden. 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. 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.

LPL Financial does not offer tax advice or services.

This material was prepared by LPL Financial, LLC

Tracking #1-05363580

Tips for Buying Thoughtful Holiday Gifts on a Budget

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The holiday season is a time to show appreciation and love through gift-giving, but that doesn’t mean you have to overspend. With a little creativity and planning, you can give meaningful presents while sticking to a budget. Follow these tips to make your holiday shopping both memorable and affordable.

1. Set a Budget and Plan Ahead

Start your holiday shopping by setting a clear budget. Decide how much you can afford overall, then allocate specific amounts for each person on your list. Focus on spending more on close family members and keeping gifts for extended family or friends more modest. Early planning allows you to take advantage of sales and avoid last minute overspending.

2. Time Your Shopping for the Best Deals

Shopping at the right time can make all the difference. Look out for major sales events and retailer emails that offer significant discounts. Additionally, end-of-season sales can be a great opportunity to find hidden treasures at reduced prices. If you shop early, you can also avoid the stress of shipping delays during the holiday rush.

3. Create DIY Gifts

DIY gifts can be a heartfelt and budget-friendly way to show you care. Consider making:

  • Homemade candles or soaps with customized scents and colors.
  • Baked goods like cookies, cakes, or brownies can never go wrong during the holidays.
  • Knitted or crafted accessories like scarves or mittens to share the warmth of the season.
  • Write down your favorite recipes to craft a custom cookbook that can be passed down for generations.

These gifts offer a cost effective solution while also showing the thought and effort you put into them.

4. Shop Secondhand for Unique Finds

Thrift stores and online marketplaces are treasure troves for one-of-a-kind and affordable gifts. Look for vintage jewelry, home decor, or gently used books with character. Grab a nice wicker basket and fill it with items that remind you of the person you’re shopping for or create themed baskets like ‘pasta night’ and fill it with cookbooks, cooking tools, olive oil dispensers, and so on. Shopping secondhand is also an eco-friendly way to celebrate the holidays while staying on budget.

5. Personalize Your Presents

Personalized gifts make even simple items feel special. Custom photo calendars, engraved ornaments, monogrammed bags, or mugs with a favorite quote can leave a lasting impression without breaking the bank. Adding small, personal touches to affordable and useful items can make any gift more meaningful.

6. Stay Organized and Stick to Your Plan

Keeping track of your purchases and sticking to your budget is key to avoiding overspending. Use a spreadsheet or budgeting app to log each gift and its cost. Take advantage of discounts, free shipping, and promotional deals wherever possible. Sticking to a detailed shopping list will help you limit impulse buys and keep your finances on track.

Celebrate Thoughtfully Without Overspending

The holidays are about showing gratitude and love, not how much you spend. By following these tips, you can give meaningful gifts while maintaining financial stability. At First Financial, we’re here to help you make smart financial decisions during the holidays and year round too.

For more financial tips, subscribe to our First Scoop blog for ongoing advice and inspiration!

Amazon Scams to be Aware of this Holiday Season

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The holiday season is a time of joy and giving, but it’s also a peak time for scammers to target unsuspecting shoppers. With online shopping surging during this period, Amazon scams have become a growing concern. These scams aim to trick you into providing sensitive information or making unauthorized payments. By understanding the most common scams and learning how to avoid them, you can keep your finances and personal information safe this holiday season. 

Common Amazon Scams:

1. Order Confirmation Scams

These scams often involve unexpected, fake communications about unauthorized purchases. Scammers alert you of an unauthorized purchase, urging you to act quickly by clicking a link to confirm or cancel the transaction. They may attempt to convince you to share payment information and login details, or even purchase gift cards to resolve the issue.

2. Tech Support Scams

Scammers create fake websites offering “tech support” for Amazon devices or services, luring victims to call a fraudulent number. They may request remote access to your device or ask for sensitive information. Always go directly to the help section of Amazon’s website when seeking help. If you use a search engine, use caution. Legitimate Amazon links contain Amazon.com such as Amazon.com/support.

3. Prime Membership Scams

These scams falsely claim that your Prime membership is at risk or you owe a large membership fee. Scammers may request payment details or bank information to “reinstate” your membership. Amazon will never ask you to provide payment information for products or services over the phone.

Visit the Message Center on the Amazon website or mobile app to review authentic emails from Amazon. To verify your Prime membership status or make payments, log in to your Amazon account, then go to Your Account and select Prime.

4. Account Suspension/Deletion Scams

These scams claim your Amazon account will be suspended or deleted unless you take immediate action, such as providing login credentials or clicking a suspicious link. Always remember that Amazon will never ask you to disclose your password or verify sensitive personal information over the phone or on any website other than Amazon.com.

How to Spot and Avoid Scams:

Go Directly to the Source

Amazon will never ask for your password or sensitive information via phone or email. Check your account status by logging into Amazon directly and reviewing notifications in the Message Center.

Verify All Communications

Legitimate Amazon messages are stored in your account’s Message Center. Always check within your account if you receive suspicious emails, texts, or calls claiming to be from Amazon.

Beware of Urgency Tactics

Scammers often try to create panic or urgency, pressuring you to act quickly. Legitimate companies rarely demand immediate action.

Use Official Channels

Always make payments or update account details through the Amazon website or mobile app. Never enter sensitive information into third-party websites or unsolicited links.

Secure Your Login Credentials

Never share your password or sensitive information over the phone or through email. Enable two-factor authentication for an extra layer of security.

Monitor Financial Activity

Regularly review your bank and credit card statements for unauthorized charges. Contact First Financial immediately if you notice anything unusual or believe you have been a victim of fraudulent activity on your First Financial accounts.

Report Suspicious Activity

If you encounter a scam, report it directly to Amazon using their self-reporting tool or contact their customer service team.

If you think you’ve been targeted by a scammer, visit Amazon’s Identifying a Scam webpage. Amazon has partnered with the Better Business Bureau to provide consumers with a searchable Scam Tracker. This enables you to search for suspicious communications reported by others via email, URL, phone number, and more. Scams are constantly changing and adapting as consumers become aware of new tactics – visit Amazon’s Latest Scam Trends page which is updated monthly with new scams and details you should know.

Stay Safe This Holiday Season with First Financial

At First Financial, we’re committed to helping our members protect their finances and personal information during the holiday season and beyond. By staying informed about common scams and following best practices, you can shop online with confidence. For more financial tips or to report suspicious account activity on your First Financial account, call us at 732.312.1500 or visit a branch today.

 

Your Year End Financial Checklist

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Aspects of Your Financial Life to Review as the Year Closes

The end of the year can remind us of last-minute things we need to address and the goals we want to pursue. Here are some aspects of your financial life to consider as this year leads into the next.

Keep in mind that this article is for informational purposes and is not a replacement for real-life advice. Contact a tax or legal professional before modifying your tax strategy. The ideas presented are not intended to provide specific advice. Also, tax rules are constantly changing, and there can be no guarantee that the rules will stay the same for any period of time.

Investments & Retirement Strategy: If you aren’t already, you may want to consider contributing the maximum to your retirement accounts and review any existing retirement accounts from work. If you are eligible to make any catch-up contributions, it may be a great time also to consider making that decision.

Taxes: It’s a good idea to consider checking in with your tax or legal professional before the year ends, especially if you have questions about an expense or deduction from this year. Also, it may be prudent to review any sales of property as well as both realized and unrealized losses and gains. Look back at last year’s loss carried forward. If you’ve sold securities, gather up cost-basis information. As always, bringing all this information to your financial professional is wise.

Charitable Gifting: Plan charitable contributions or contributions to education accounts and make any desired cash gifts to family members. Such gifts do not count against the lifetime estate tax exemption amount as long as they stay beneath the annual federal gift tax exclusion threshold. Besides outright gifts, you can explore creating and funding trusts on behalf of your family. The end of the year is also an excellent time to review any trusts. Using a trust involves a complex set of tax rules and regulations. Before moving forward with a trust, consider working with a professional familiar with the rules and regulations.1

Life Insurance: The end of the year is an excellent time to double check that your policies and beneficiaries are up to date. Don’t forget to review premium costs and beneficiaries and consider whether your insurance needs have changed. Several factors could impact the cost and availability of life insurance – such as age, health, the type of insurance purchased, and the amount purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, you may pay surrender charges, which could have income tax implications. Before implementing a life insurance strategy, you should consider determining whether you are insurable. Finally, remember that any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

Life Events

Evaluate any significant life changes in the last year:

  • Marital status
  • Moving
  • Changing jobs
  • Buying a home
  • Starting a business
  • Inheritance
  • Gifts
  • Additions to the family

All these circumstances can financially impact your life and how you invest and plan for retirement and wind down your career or business. While it’s likely that you have discussed these matters with your financial professional already this year, don’t forget to bring them up in your review.

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.

1. IRS.gov, September 15, 2023