Financial Literacy Month: Money Advice from First Financial Staff

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April is Financial Literacy Month, also known as Financial Capability Month! To celebrate, the First Financial team is sharing their best money advice to help you build the financial skills you need to meet your goals. Knowledge is power, and the more you know about finances, the better habits you’ll build over time!

What is financial literacy?

Before we begin, let’s talk about what financial literacy is and what it means for your future. Financial literacy is the ability to understand and use money management skills like budgeting, properly using credit cards, investing, and more. Having a strong relationship with money is crucial in being able to navigate through life. For example, the more financially literate you are, the more likely you’ll be able to avoid fraud or debt. The more you understand about credit cards, the less likely you are to rack up charge after charge and lower your credit score.

How to become more financially literate

There are so many ways to build your financial management skills! For one, you can read and subscribe to financial blogs like ours (wink wink). Many credit unions like ours also offer no-cost virtual seminars and publications about various financial topics. If you’re on the go and prefer podcasts, we recommend you take a look at this list for ideas as well! Overall though, working with a financial professional will help you get the guidance you need based on your situation. Be patient—financial literacy is a lifelong journey and we are here to help!

Tips from First Financial employees

Some of our financial experts shared their top money tips they want everyone to know. Our staff’s advice ranges from budgeting and credit card management to everyday savings.

  1. Create a simple budget: “To start your own simple budget, create a list of your total take-home income, your total fixed expenses, your total variable expenses, and your monthly savings. Check back once a month to see if you’re on track or if you need to adjust your budget.” – Issa Stephan, President/CEO
  2. Review your subscriptions: “Take the time to cancel any unused or unwanted subscriptions (like streaming services), and reallocate those expenses into your budget on something you do use – or put the extra money toward any existing debt.” – Julie Brandt-Olivier, Lending Manager
  3. Limit your spending: “Make a budget, set and stick to limits for discretionary spending such as entertainment, travel, and other non-essential items. Always include savings into your budget too.” – Terriann Warn, Chief Financial Officer
  4. Pay your bills on time: “On-time payments have the greatest impact on a good credit score.” – Nancy Culp, Chief Lending Officer
  5. Learn debt repayment strategies: “To eliminate revolving debt on multiple credit cards, focus on paying extra on the card with the highest interest rate. When that debt is eliminated, take that monthly payment and add it to the regular monthly payment of your next card with a balance and high rate, until that debt is eliminated. Repeat as needed.” – Michael Walker, Assistant Vice President of IT
  6. Don’t live beyond your means: With regard to credit cards, don’t live beyond your means. If you can’t afford it, you don’t need it. – Doreen Cutrona, Assistant Vice President of Member Operations

You can find more money advice on our First Scoop blog! Or, if you’re looking for more specific advice based on your situation, call us at 732.312.1500 or stop by any of our local branches. Together, we can increase your financial literacy and help reach your goals!

It’s Time to Spring Clean Your Finances

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Temperatures are beginning to rise and flowers are starting to bloom — spring is here! This season is also the perfect time to declutter your finances, just like you would your home. The change in season presents an excellent opportunity to take a closer look at your financial situation, get organized, and make some necessary variations to improve your financial health. Here are our tips on how to spring clean your finances.

Review your budget

The first step to decluttering your finances is to review your budget. Take a look at your monthly expenses (using our fillable PDF worksheet as a guide) and identify areas where you can cut back. You might be surprised at how much money you can save by canceling subscriptions you no longer use or reducing your spending on non-essential items. This is also a good time to shop around for better deals and discounts on insurance and other utilities.

Consolidate your accounts

If you have multiple bank accounts or credit cards, it can be challenging to keep track of all your transactions. Consolidating your accounts can help you stay organized and simplify your financial life. Consider transferring balances to a single credit card or merging your bank accounts into one. If you’re looking to consolidate credit cards or debt, consider one of our four credit card options that offer low rates and extra benefits.*

Check your credit report

Your credit score plays a crucial role in your financial health, and it’s essential to check your credit report regularly to ensure that it’s accurate. You can request a free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. Review your report carefully and dispute any errors that you find.

Is your credit score on the low side? We’re here to help! Read our blog post on ways to improve your credit score.

Develop a savings strategy

The first step in developing a savings strategy is to set specific financial goals and determine how much you need to save each month to achieve them. Next, automate your savings by setting up a direct deposit from your paycheck or scheduling recurring transfers from your checking account to your savings account. You can also consider using a budgeting app or tool to help you track your expenses and identify areas where you can cut back to free up more money to save.

Related Article: Viral Money Challenges That Help Build Your Savings

The benefits of spring cleaning

By decluttering your finances, you can enjoy immediate financial benefits. Here are some benefits you can expect to see:

  1. Reduced Stress: Financial stress is a common problem that many people face, and it can have a significant impact on your mental health. By decluttering your finances and getting organized, you can reduce stress and improve your overall well-being.
  2. Increased Savings: When you reduce your expenses and sell unwanted items, you’ll have more money to save or invest. Even small changes in your spending habits can add up over time and help you achieve your financial goals.
  3. Improved Credit Score: A clean credit report can improve your credit score, making it easier to qualify for loans, credit cards, and other financial products. By reviewing your credit report regularly and disputing any errors, you can ensure that your credit score accurately reflects your creditworthiness.
  4. Better Financial Habits: Decluttering your finances can help you develop better financial habits – such as budgeting, saving, and investing. By making small changes to your financial habits now, you can achieve long-term financial success.

Spring cleaning your finances is a simple but effective way to improve your financial health. By taking our recommended steps, you can enjoy immediate financial benefits and develop better money habits for the future. Our representatives at First Financial are here to help keep your finances on track. Call us at 732.312.1500 or stop by any of our local branches.

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

*APR varies up to 18% when you open your account based on your credit worthiness. These APRs are 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. See firstffcu.com for current rates.

 

First Financial Member Spotlight: Brian Jackson

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“If you’re looking for a bank where you can feel at home, choose First Financial.”

Welcome back to our First Financial member spotlight – a series featuring some of our valued credit union members who have happily worked with us over the years. Next up is our long-time member, Brian Jackson.

Brian has been banking with us for over 35 years. He was even a member back when we were known as Mon-Oc Teachers Federal Credit Union, 28 years ago! Brian takes full advantage of our membership benefits and has a savings and checking account with us.

Watch the video to learn how we exceeded Brian’s expectations throughout the pandemic and as he works toward retirement!

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.

Financial Considerations When Applying for College

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There are many factors to consider when applying for college. Not only do you have to find the best fit for you personally, but you also have to incorporate what you can afford. This can be a very expensive and stressful process. However, it’s important to consider the financial aspects of college beyond what’s the best cultural fit.

Things to Consider When Applying to Colleges

Application Fees – Most colleges charge an application fee, which can range from $25 to $100 or more. Be sure to factor in these costs when applying to multiple schools.

Financial Aid – Research the financial aid options available at each school you’re considering. This may include grants, scholarships, work-study programs, and student loans.

Cost of Attendance – Look into the total cost of attendance at each school; tuition, fees, room and board, books, and other expenses. Consider how much financial aid you’re eligible for and how much you’ll need to pay out of pocket.

Living Expenses – Whether you want to live off campus or on, it’s going to cost money either way. If you’re planning to live off campus, be sure to factor in the cost of rent, utilities, food, and other living expenses. These costs can vary depending on the location of the school.

Transportation – Consider the cost of transportation to and from the school, including flights, gas, and parking fees.

Part-time Work – If you plan to work part-time while attending school, research the availability of job opportunities on or near campus and the potential earnings.

Repay Student Loans – If you plan to take out student loans, it is super important to consider the repayment options and the impact they’ll have on your future finances. It may not be something you want to think about now, but it’s imperative to have an idea of what you’ll be paying once you graduate.

Related Article: Financial Tips for Teenagers

Thinking about your child’s future is probably already hectic, but we can work together on figuring out the right financial steps to be taken. First Financial has specific ways of helping our members prepare for their kids, teens, and college grads. You might also want to talk to a financial advisor in The Investment and Retirement Center, about 529 college savings plan options.*

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

*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 The Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using The 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 The Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

Fake Jobs, Phony Recruiters: Job Scams are on the Rise

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Finding a new job can be a big undertaking. It’s hard to search through countless job descriptions and submit dozens of applications, so when a promising offer comes along – it’s easy to be excited.

But be careful. Fake postings and phony recruiters make up a growing number of scams, known as job or employment scams.

It can happen through email, social media, and on popular job sites. These scammers are generally after two things: your money and/or personal information. You can protect yourself by knowing what to look for.

Spotting a Job Scam

Fake jobs that appear too good to be true. In some cases, a scammer may post an opening appearing to be from a real company, promising a tempting salary and great benefits for little experience. Do an online search of the company, the hiring manager, or the recruiter to determine the legitimacy of the job.

Requests for money. If your potential employer asks you to send them money upfront for things like training or equipment, immediately withdraw your application. A legitimate employer will never ask you to pay for a job.

Recruiters asking for compensation. If you are approached by a recruiter asking for compensation in exchange for helping you find a job, there’s a strong chance the alleged recruiter is really a scammer.

Requests for personal information. Job applications tend to require information like your name, contact information, and work experience – but it shouldn’t go much deeper than that. Companies that require a background check will typically wait until much later in the interview process before asking for personal information like a Social Security Number. Similarly, never provide your banking information for setting up direct deposit until after you are hired. A legitimate company will not ask for those details on a job application.

Urgency to hire immediately. Beware of potential employers who show a sense of urgency to hire you immediately or within the same week of the application. They may want you to “seal the deal” by sending money or personal information. This urgency is to get you to act on emotion before you realize the company or job is fake. If the interview process does not include an in-person or on-camera interview, that should also be considered suspicious.

Key Takeaway

To protect yourself from a job scam – research the company and role, and reject any offer that asks for money or sensitive information upfront or promises great pay for little or no professional experience. When it comes to job scams, remember to slow down and ask questions.

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.

 

 

 

Tricks for Trimming Your Monthly Expenses

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As we go through life, our expenses tend to increase over time. From rent to groceries to utilities, it can feel like we’re constantly shelling out money each month. Fortunately, there are many ways to cut back on expenses and save some money. Here are some of our top tricks for trimming your monthly expenses.

Create a budget

Creating a budget is one of the most important steps you can take to trim your monthly expenses. Start by listing out all of your monthly expenses – such as rent, utilities, groceries, and transportation costs. Then, determine how much you’re spending in each category and see if there are any areas where you can cut back.

For example, you may be able to reduce your grocery bill by meal planning and buying in bulk. Or, you may be able to save on transportation costs by carpooling or taking the train or bus instead of driving your car.

Negotiate bills

Many people assume that their bills are set in stone, but that’s not always the case. If you’re looking to trim your monthly expenses, try negotiating your bills with your service providers. This can include your cable or internet provider, your phone company, or even your landlord.

Ask for discounts or promotions that may be available, or see if you can switch to a lower-cost plan. You may be surprised at how much you can save just by simply asking.

Cut back on subscriptions

From streaming services to gym memberships, we often sign up for subscriptions that we don’t use regularly. Take a look at your monthly subscriptions and see if there are any that you can cancel or put on hold. Even a few dollars saved each month can add up over time.

A good way to track your monthly expenses and subscriptions is by using an app that keeps all of your spending and account information in one place. Our First Financial mobile banking app makes managing your finances easier through real-time tracking, account alerts, and full control of your finances on-the-go.

Cook at home

Eating out can be expensive, especially if you do it frequently. By cooking at home, you can save money on food and reduce your monthly expenses. Plan your meals ahead of time, buy ingredients in bulk, and cook in large batches to save time and money.

Use coupons and discounts

Coupons and discounts can be a great way to save money on your regular purchases. Look for coupons in your local newspaper or online, and take advantage of discounts offered by stores and service providers. There are also coupon browser extensions out there that make it easy to find deals on items when you’re shopping online.

Shop around for better deals

Don’t settle for the first deal you find on a product or service. Shop around and compare prices to find the best deals. This can include everything from groceries to insurance to clothing. Shopping for second-hand items can also help you spend less—consider browsing at a local consignment store for clothing or searching online for gently used electronics and other items.

Cut back on energy usage

Reducing your energy usage can not only help you save money on your monthly bills, but it can also be better for the environment. Simple steps like turning off lights when you leave a room, using energy-efficient light bulbs, and turning down your thermostat can all add up to significant savings over time. Check out our blogs on reducing expenses in the winter and summer energy bills for more seasonal insights!

Trimming your monthly expenses may take some effort, but the savings are worth it. By following these tricks, you can cut back on your expenses and save money each month. And, by putting those savings into a savings account, you can start building your nest egg for the future.*

No matter what life brings, the team at First Financial can help you better manage your money and reach your financial goals. Call us at 732.312.1500 or stop by any of our local branches.

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 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.