Financial Planning and Money Management for Seniors

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Navigating the financial landscape in retirement can be challenging. In the transition to living on a fixed income, understanding how to manage money becomes crucial for maintaining a comfortable lifestyle. First Financial is dedicated to helping those approaching or in retirement, gain the financial literacy and planning needed to fully enjoy it. Here are some key areas of focus for managing finances as a senior.

Creating and Managing a Budget

A budget is essential for anyone looking to manage their finances wisely, especially for seniors. It’s all about understanding where your money is going each month – and First Financial’s online budgeting resources can help. By tracking your spending, you can identify areas where adjustments can be made. This could mean finding more cost-effective insurance options or reducing utility bills. It’s also wise to allocate a portion of your income to savings, preparing you for unexpected expenses without worrying about where you’ll need to take that money from.

Digital Finance Management

The digital era offers convenient solutions for managing money and paying bills. Electronic banking tools such as the First Financial Mobile App and online bill payments can help avoid late fees and reduce the need for physical trips to a branch or the post office.

However, it’s crucial to stay vigilant by regularly checking bill accuracy and keeping online security measures up to date. It’s also important to watch out for digital banking scams, which often target seniors. If you’re unsure about a message you’ve received that appears to be from your bank or something isn’t sitting quite right – trust your instincts, don’t give out any personal information, and call your financial institution directly using the number on the back of your card or from their website.

Earning Additional Income

Retirement doesn’t mean the end of earning potential. Many seniors find joy and additional income in turning hobbies into part-time jobs or consulting in their prior field of expertise. It’s important to consider how this extra income might affect your overall financial plan, including taxes and healthcare costs. Consulting a tax professional can help you navigate these considerations.

Document Organization and Protection

Keeping financial records and personal documents secure yet accessible is important for seniors. It’s advisable to store essential documents in a safe place at home and consider a safe deposit box for irreplaceable items. Digital copies of important documents can also provide an additional layer of security and accessibility.

Enhancing Financial Literacy

The journey to financial literacy involves continuous learning and adaptation. Seniors can benefit from resources provided by federal agencies and consumer protection groups, which offer valuable information on managing finances, understanding banking products, and safeguarding against fraud.

Financial literacy is a vital tool for seniors aiming to live their retirement years to the fullest. By understanding how to budget, manage digital finances, and make informed decisions – senior adults can enjoy peace of mind and financial stability. First Financial is here to support you every step of the way with resources and guidance tailored to your unique needs. For more tips on managing your finances and preventing fraud all year long – subscribe to our blog. If you’d like to speak with a financial advisor in the First Financial Investment & Retirement Center, call 732-312-1534 or visit a branch near you.

Integrating Technology into Your Small Business Finances

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These days, using technology in your small business finances is not just a luxury — it’s a necessity. One recent study by Deloitte found that digitally advanced small businesses not only generate double the revenue per employee, but also experience significantly higher revenue growth, job creation, employment advancement rates, and are more likely to have engaged in exporting activities over the past year compared to those with low digital engagement. Here are some practical ways to harness the power of technology in your small business finances, ensuring you stay ahead in the competitive market while maintaining efficiency and security at the core of your operations.

Adopting Various Digital Payment Methods

In today’s market, offering a wide range of digital payment methods is crucial for business growth. Including options for credit and debit card payments, mobile transactions, and digital currencies meets customer expectations and expands your market reach effectively.

Choosing the Right POS Systems

A sophisticated Point of Sale (POS) system is indispensable for managing sales, tracking inventory, and understanding customer preferences. Selecting a system that suits your specific business needs can drastically improve your operational efficiency and strategic planning.

Setting Up Your Online Presence

Given the surge in online shopping, establishing an online presence through an e-commerce platform is essential for tapping into wider markets and monitoring online sales activities. This approach allows small businesses to thrive in the digital age without specifying particular platforms.

Streamlining Financial Management

Robust financial management is key to the success of any business. Cloud-based accounting software simplifies essential financial tasks such as bookkeeping, payroll, and tax preparation while offering real-time access to your financial health.

Leveraging Customer Data

The ability to analyze customer behavior through financial technology offers invaluable insights. This data aids in refining marketing efforts, enhancing customer relations, and ultimately driving loyalty and repeat business.

Prioritizing Cybersecurity

Ensuring the security of business and customer data is paramount. Implementing technological solutions with advanced security features, including encryption, multi-factor authentication, and fraud detection, is crucial for maintaining the integrity and trustworthiness of your business.

Incorporating technology into your small business finances is crucial for maintaining a competitive edge and enhancing efficiency. From facilitating various payment methods through merchant services, to ensuring cybersecurity – technology can simplify business operations, enhance customer experiences, and secure your business’ financial future.

To learn more about our business Merchant Services options, check out our business services webpage. You can also reach out to our Business Development Team via email at business@firstffcu.com to get more details about which options might make the most sense for your business. We’re happy to help answer any questions you might have and assist with ways to streamline and expand your small business!

Caring for Aging Parents

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The cost of care for the elderly continues to rise. If you have aging parents who need assistance, there are important considerations and resources that can help them grow older gracefully.

First, let’s consider the various living options. Depending on their independence, your parents may be able to continue living in their current home. However, you may need to make safety modifications, which can get expensive. For instance, a first-floor bathroom, grab bars in hallways in bathrooms, and an emergency response system may be necessary.

If they need assistance with meals, Meals on Wheels is free for anyone over 60 years of age.

You might also consider an in-home aide if your parent needs additional personal assistance.

Some families choose to move an aging parent into their own home. If your parent has dementia or other health issues, adult day care can be helpful, as it allows them to socialize with other adults.

If your parents are independent and can care for themselves, they may be eligible to enter a continuing-care retirement community, where they can become eligible for future nursing care, if it becomes necessary. Consider purchasing long-term care insurance, which can help pay for nursing home costs or the cost of an in-home aide.

If your parents need the more comprehensive care provided by a nursing home, research the options extensively. You may need to reserve a space far in advance, as waiting lists are often long at popular facilities.

Just as you consider the various living options for your parents, so too, should you research the financing options for long-term care, which can be a tremendous burden for many adults.

Medicare will only pay the full cost of professional help if a physician certifies that your parent requires nursing care and if the services are provided by a Medicare-certified home health care agency. Even in such a case, Medicare will pay for nursing home care for the short-term only, with benefits restricted to low-income individuals with limited assets.

Tax considerations can help offset some of these costs, as you can claim a federal tax credit up to $3,000 off the cost of in-home care or day care.

No matter your current situation, developing a financial plan can be an important step in providing adequate support for your parents’ future well-being. Consult with a financial professional if you need help reviewing your plan or options.

Questions? 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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Ideas for Winter Activities on a Budget

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Winter is in full swing, bringing colder weather and the perfect excuse to try new activities. It can be difficult to find things to do that don’t break the bank, but First Financial has some suggestions so you don’t have to spend a lot to enjoy this season! Here are some budget-friendly ways to make the most of winter, from outdoor adventures to cozy nights at home.

1. Try Snowshoeing

If you’re in an area that gets a lot of snow, check if your local library lends out snowshoes. It’s a great, low-cost way to explore snowy landscapes and get some exercise.

2. Join Community Groups

Look into activities at your local library or rec center. They often host free or inexpensive events and clubs that can be fun and social.

3. Start a Book Club

Gather some friends and create a book club. It’s a cost-effective way to share stories and spend time together.

4. Get Cooking or Baking

Use the colder months as a reason to cook or bake more at home. It’s cheaper than eating out and can be a lot of fun, especially when you try new recipes.

5. Watch a Matinee

Matinee movies are cheaper than evening showings. It’s a great way to see the latest films without paying full price.

6. Visit Museums

Some museums offer free or discounted days. It’s an affordable way to enjoy art, history, or science. Our area has some really great museums for a variety of interests, like the Ocean County Historical Museum, Vintage Automobile Museum of New Jersey, Monmouth Museum, and Insectropolis!

7. Volunteer

Find a volunteer group that matches your interests. It’s a fulfilling way to spend time and meet people without spending money.

8. Host Game Nights

Invite friends or family over for board games. It’s an inexpensive way to enjoy each other’s company and have fun at the same time.

9. Go Ice Skating

Ice skating can be affordable, especially if you find a rink with low admission and rental fees. It’s a classic winter activity that’s always a lot of fun.

10. Pick Up a New Craft or Hobby

Thrift stores often have brand-new or lightly used craft supplies at a lower price. It’s an affordable way to start a new hobby and keep busy during longer nights.

You don’t need to spend a lot to enjoy winter. With these simple and affordable activities, you can still have a great time this season. At First Financial, we’re here to help you manage your money wisely while also having fun. Check out our tools for managing your finances on our website, and subscribe to our blog for more monthly tips on saving money.

Winter 2024 Newsletter

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Happy February and we hope your 2024 is off to a great start!

In a continued effort to go green, we’re publishing our quarterly member newsletter electronically – it can also be found on our website and social media sites. Paper copies will be available in our branches.

The Winter Newsletter features the following articles:

To view a copy of the newsletter, click here.

Wishing all of our members a great first quarter of the new year!

First Financial Employee Spotlight: Michael Walker

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At First Financial, our employees are a crucial part of our business. We’re proud to feature Michael Walker, our Assistant Vice President of IT – whose dedication over the past eight years has significantly advanced our technological capabilities. Michael’s passion for his work and his commitment to our members’ needs, stands at the heart of his contribution. Check out our employee interview and learn all about Michael and his invaluable work here at First Financial.

What was your background/work or education experience in your field before you began working at the credit union? Curious about the capabilities of personal computers, I enrolled as a Computer Science major at Medgar Evers College–CUNY in New York City. While meeting my degree requirements, I took positions as a Computer Sales Representative and Systems Engineer. Years later, I moved to corporate IT Systems Management working largely for notable public relations firms. Along the way, I’d enhance my educational training by obtaining a Certification in Business Technology from New York University as well.

Can you walk us through one of your most important tasks and explain why it’s significant for our members? Our backend computer processes are the digital “face” of First Financial. Members depend on our technology to safeguard, manage, and grow their financial resources. In turn, the most important task for me is to ensure that our systems remain state-of-the-art, secure, available, and reliable while meeting the needs and expectations of our membership.

What personal values do you bring to your role here at the credit union and how do you see these values reflected in the work of First Financial? I was taught by my parents to always do a thorough job and exhibit pride in my work. Therefore, I always take personal ownership of the solutions I deploy when meeting the needs of our members. First Financial exhibits these values by engaging in more personal relations with our members than what is possible at other financial institutions. This ownership of their interests results in a better and more personalized banking experience for our members.

How do you personalize your service to meet the diverse needs of our members?Our IT staff has frequent opportunities to observe feedback on our technology solutions and we act upon them. We request useful changes from our developers and we communicate important changes so that our members know in advance what to expect. Most of all, we know our members come first and as such, we always work with an urgency to keep their satisfaction high.

What’s the best thing about being part of the team at First Financial? First Financial is truly a family environment. We care about one another and there is never a hesitation to jump in and assist different departments when the need calls for it. Every area’s contributions to the organization are known and recognized.

In your opinion, what sets First Financial apart from other financial institutions?As a credit union, we came to be with a desire to help our local community with the financial resources they needed. We are invested in our community, they are not just a number. We know our members by name and their goals become our goals.

What’s something unique or surprising about you that members or other co-workers might not know? Through childhood hobbies such as building model cars and electric trainsets, I’ve been exposed to schematics and technical diagrams my entire life. What I’ve always excelled at, is making the complex understandable for folks not drawn to such topics.

What message would you like to share with the members of First Financial? My job doesn’t end when I leave the office at the conclusion of the work day. Your experience with First Financial matters to me in countless ways. I am constantly thinking about ways to improve your experience with us, technologically and otherwise.

If you could give one piece of financial advice to our members, what would it be?Use your money wisely to invest in life experiences rather than on things with a short-term impact. In time, you’ll find that life experiences that warm the heart and solidify bonds were the best investments you ever made, and they create the most lasting memories.

Michael represents the heart and soul of what our employees stand for at First Financial: dedication, innovation, and genuine care for our members. His efforts ensure that not only are our systems reliable, but also that our members always feel supported. This interview offers one small window into Michael’s position and the large role he plays within our organization.

Want to join the team at First Financial? Check out our careers webpage and apply online for current employment opportunities.

Subscribe to our First Scoop blog and keep an eye out for more stories and updates from us, as we continue to highlight the amazing people who make First Financial stand out.