The Digital Economy and the Reinvention of Side Hustles

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Side hustles existed long before the COVID-19 pandemic, typically born out of a need to supplement income as opposed to pursue a passion that previously felt out of reach. Before the emergence of rideshare or grocery delivery platforms, one might have supplemented their income by reselling used items at a garage sale or offering their lawnmowing or pool cleaning services to a small circle of friends or neighbors. The pandemic, coinciding with the growth of platform-centered businesses, created the perfect storm needed to not only propel side hustles back into the spotlight – but shine them in a new light. Not only could you pursue something you are genuinely passionate about, you could also make some money doing it. Although the pandemic is thankfully behind us, one thing remains certain — side hustles are here to stay, and they look much different than ever before.

What is a Side Hustle?

A side hustle is generally viewed as a means of generating extra income outside of your primary job. However, a more modern definition suggests that in addition to that – a side hustle provides flexibility and the pursuit of personal passions. For some, flexibility and pursuit of passion might be immeasurable in comparison to supplementary income — causing side hustles to be pursued out of choice rather than necessity.

And Why are They so Popular?

Many factors have come into play to increase the popularity of side hustles among the general population, such as:

  • Digital Economy and Technological Growth: The definition of digital economy is constantly evolving, but generally refers to humans and technology working together to generate business. For example, ridesharing apps like Uber or Lyft have created a market of people willing to provide an on-demand car service to consumers and becoming connected via an app.
  • Generational and Attitude Shifts: Young workers such as those in Gen Z, are one of the few generations that have increasingly experienced an entirely remote or hybrid school and work environment. Additionally, due to recent economic conditions – many young workers have been faced with a difficult introduction to the job market and have been turning to dynamic workplaces to meet their needs. Lastly, younger generations especially tend to put a greater emphasis on well-being and mental health, which might be better afforded by a side hustle if done the right way.
  • Cost of Living: Let’s face it — living is more expensive than ever before. Especially for those living paycheck to paycheck, a side hustle might be an attractive option to bridge the gap between saving for what you need and saving for what you really want.
  • Identity Builder: Side hustles can act like a tattoo of sorts — offering onlookers an insight into one’s interests and passions. It’s a great conversation starter, too.

2025’s Most Popular Side Hustles

The rapidly growing and advancing of technology and digitization has created many opportunities for individuals looking to bring their passions to the right market. Here are some popular side hustles worth considering if you have skills or passions you’re looking to capitalize on in the new year:

  • Freelancing: Freelancing refers to offering your work or services on a per-job or per-task basis, allowing you to potentially work on multiple projects for multiple clients. Whether you have a knack for writing or a passion for computer code, there could be someone out there requiring your services. Some popular platforms to connect freelancers with clients are Freelancer and Upwork.
  • Platform-Based: There has been a rise in platforms that connect consumers with people offering on-demand services, such as Uber or Lyft for ride sharing, DoorDash or GrubHub for food delivery, and Instacart for grocery transport. There’s even a platform called Rover for those animal-lovers who want to pet sit or walk for fun, and earn a little money while doing it. These platforms afford you flexibility when you work by allowing you to create your own schedule. If providing goods to people is more your thing — Etsy and eBay are platforms that allow you to sell various new, used, or handcrafted items to people around the globe.
  • Content Creation: Many individuals have created a side hustle out of posting relatable content on various digital platforms. You have to find your niche — what type of content you would like to provide your potential audience with. Whether you would like to post relatable content about your family or relationship, or tell the world all the fun facts you have up your sleeve, someone might want to watch your content and certain platforms will pay you to post it. Creating content can help you form partnerships with your favorite brands, too — if they want you to represent their product or service.
  • Affiliate Marketing: Affiliate marketing typically refers to content creators and brands working together to promote products or services. These brands gain access to a representative who promotes their product or service to an audience of people willing to listen. An individual can get paid for affiliate marketing in various ways, one of which is when you refer a member of your audience to the brand you are promoting and it leads to a sale. There are many affiliate programs out there — you just have to do your research and make sure it’s right for you!

First Financial is here to help if you are looking to take your passion-project turned side hustle to the next level. Whether you’re looking to start with the basics, or your business has become more established over the years and you’d like to learn more about financing with a Business Loan – we’re here to support your business every step of the way. If you’re ready to take the next step, don’t hesitate to contact business@firstffcu.com, visit us at a local branch, or call 732.312.1500.

First Financial Member Spotlight: Michael Balsamo

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For more than 20 years, Michael Balsamo has trusted First Financial as his banking partner. As a seasoned realtor with a deep commitment to his clients, Michael values the personalized service and support he experiences every time he walks into a First Financial branch. “Whenever I walk into a branch, everybody says hello and makes me feel like a member of their family,” he shares. With a special appreciation for the Toms River branch, Michael often works closely with Branch Manager Brian Lang and his team, who he says consistently provide “top-notch” service.

As a full-time real estate agent with REMAX Revolution, Michael’s clients depend on him to recommend reliable mortgage solutions, and First Financial is at the top of his list. In addition to mortgage services, Michael finds First Financial’s online banking tools essential for managing his day-to-day transactions. “I pay my bills online, and if I ever have a question, their 800-number support is always helpful,” he says. First Financial’s blend of convenience and reliability allows him to bank wherever and whenever he needs to, making it easy to stay on top of his finances.

Reflecting on his long-standing relationship with First Financial – Michael confidently shares, “I would never think of banking with anyone else. It’s been over 20 years, and I’m never going to leave.”

We’re honored to be part of Michael’s financial journey and are committed to providing him with exceptional service. Be sure to check out his video interview below.

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 First Financial member. Businesses in Monmouth or Ocean Counties and our community partners are also eligible for membership. To join, simply 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.

Recovering From Holiday Spending

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The holiday season is a time of joy and celebration that often comes with financial challenges. Many of us find ourselves overspending on gifts, travel, or festive gatherings – leaving January feeling even more stressful. If holiday expenses have taken a toll on your budget, don’t worry—you’re not alone. Here are some practical steps to help you recover and get your finances back on track in the new year.

1. Make a Debt Repayment Plan

The first step to recovering from holiday spending is to assess the damage. Once you know how much you owe, create a realistic debt repayment plan. Start by identifying how much you can afford to pay toward your debt each month. For instance, if you overspent by $1,000 – aim to pay $200 monthly for five months.

Budgeting is key to achieving this goal. Contrary to popular belief, a budget isn’t about restricting your spending – but rather guiding it to align with your priorities. Use tools like First Financial’s Home Budget Calculator to create a customized plan that helps you regain control of your finances without feeling overwhelmed.

2. Consider Debt Consolidation

If you’re juggling multiple balances, debt consolidation can simplify your finances by combining various debt into one manageable payment. To help you consolidate holiday expenses, First Financial is offering a limited-time Holiday Loan promotion through January 15, 2025. Members can borrow up to $2,500 with rates as low as 9.99% APR and terms up to 24 months.* With same-day approvals and no pre-payment penalties, this loan can help you pay off holiday debt quickly.

If our Holiday Loan isn’t on the right timeline for you, First Financial also offers competitive Personal and Consolidation Loans as well as Personal Lines of Credit. Our representatives can help match you to the option that’s right for your financial needs. Get started by filling out our quick website inquiry form or calling 732-312-1500, Option 4.

3. Utilize Your Cash Back Rewards

If you used a rewards credit card for holiday shopping, now is the perfect time to redeem your cash back. Apply these rewards toward your next credit card bill to lighten the load and ease your financial recovery. Using cash back strategically can take some of the pressure off while you get your spending and saving habits back on track. It’s tempting to hold onto these rewards and let them grow, but don’t be afraid to use them when you need them!

4. Go on a No Spend Diet

For a short-term financial reset, try a no spend challenge. Commit to spending only on essentials like groceries and bills for a month or longer, if you can. Trimming unnecessary expenses allows you to save more and pay down debt faster. Zero discretionary spending is not sustainable long-term, but a no spend month can help you restrain your spending habits in the future.

5. Boost Your Income

If you need extra cash to tackle holiday debt, consider finding ways to increase your income. Pick up additional hours at work or start a side hustle, even a short-term income boost can make a big difference. Popular side gigs include virtual tutoring, pet sitting, delivery driving, or freelance writing. Keep reading our First Scoop blog, we’ll be featuring a post on side hustle ideas in the coming weeks.

Remember, this doesn’t have to be a permanent commitment. A few months of extra income can go a long way toward eliminating unwanted debt and regaining financial stability.

Recover Smarter with First Financial

Recovering from holiday spending may feel daunting, but with a clear plan and the right tools – you can regain control of your finances.

For more tips on money management and reducing debt, call us at 732.312.1500 or visit a branch today. Don’t forget to subscribe to our First Scoop Blog for ongoing financial advice and strategies to keep your finances on track.

*APR = Annual Percentage Rate. APR as low as 9.99%, terms up to 24 months, minimum loan amount is $500, and maximum loan amount is $2,500. Loan payment example: A $1,000 Personal Loan financed at 9.99% APR for 24 months, would have a monthly payment amount of $46.14. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. One holiday loan open per member. Refinance option for prior holiday loan is available, see credit union for details. Maximum dollar amount able to borrow is based on creditworthiness and loan term. 

Financial Resolutions You Can Stick to in the New Year

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The New Year is a time for fresh starts, and what better way to begin 2025 than with resolutions that set you up for financial success? Whether you’re looking to pay down debt, grow your savings, or gain better control over your finances, these actionable resolutions can help you stay on track.

1. Create a Budget You Can Stick to

A well-crafted budget is the foundation of financial health. It helps you track your spending, identify areas for adjustment, and stay focused on your goals – whether you’re saving for a big purchase or paying down debt. Keep your budget realistic – instead of attempting drastic cuts, look for small ways to save, like switching to a less expensive grocery store or canceling unused subscriptions. Use First Financial’s Home Budget Calculator to identify where your money is going and where changes can make the biggest impact.

2. Review Your Credit Report Regularly

Your credit report is a vital tool for understanding your financial health. It details your credit history, including payment records and account balances, and can help you spot errors or signs of identity theft. Take advantage of the free annual credit report available from each of the three major bureaus (Equifax, Experian, and TransUnion) via AnnualCreditReport.com. Keeping an eye on your credit report ensures you’re prepared for any financial goals in the year ahead, like buying a home or securing a loan.

3. Build an Emergency Fund

An emergency fund is your safety net for unexpected expenses, like medical bills or emergency repairs. Aim to save 3-6 months’ worth of living expenses in a separate account from other savings. Start small and contribute regularly to grow your fund over time. A dedicated rainy day fund reduces financial stress, keeps you on track with your money goals, and ensures you won’t have to dip into your savings or investment accounts.

4. Maximize Employer Offered Benefits

Many employers offer financial wellness benefits that go beyond your paycheck. From retirement plans to student loan assistance, these perks can help you build wealth and reduce financial stress. Take full advantage of your compensation package by participating in employer matched retirement contributions, exploring wellness stipends, or accessing provided financial advisors. Every employer is different, but ask around and do some research on what is available to you. A dollar saved today can help secure your financial future.

5. Use a Rewards Credit Card Wisely

Credit cards offer valuable rewards and protections when used responsibly. Opt for a cash back or points-based card and use it for everyday purchases, but try to pay off the balance in full each month to avoid interest charges. First Financial’s Visa Cash Plus Credit Cards provide cash back and uChoose Rewards, which can be redeemed for travel, merchandise, gift cards, and more.* Credit cards can also be a safer choice than debit cards since they aren’t directly connected to a checking account. It can be much easier to recover funds used for fraudulent purchases than if a thief had gained access to your checking or savings account.

6. Consolidate High Interest Debt

High interest debt – such as credit card balances, can hold you back financially. Consider consolidating or refinancing this debt into a personal loan with a fixed interest rate and predictable monthly payments. First Financial offers competitive rates and flexible terms with personal loan options to help you simplify your repayment strategy.** By consolidating your debt, you can save money on interest and focus on paying off balances faster.

7. Reassess Your Insurance Policies

The start of a new year is an excellent time to review your insurance coverage. Changes in your lifestyle, financial goals, or your home’s value may require policy adjustments. From homeowners to auto and life insurance, ensure your coverage meets your current needs. First Financial can help you find options that protect your assets while supporting your overall financial plan.

8. Align Financial Goals with Your Partner

Money management as a couple requires teamwork. Sit down with your partner to discuss individual goals and create a shared financial plan. Regularly review your progress together to ensure your plan adapts to life changes and priorities. Open communication about finances strengthens relationships and ensures you work toward a shared vision for the future.

Make 2025 Your Best Financial Year Yet

Sticking to financial resolutions doesn’t have to be difficult. By setting realistic goals and using the right tools, you can make meaningful progress toward financial stability and success. For more tips or to explore our products and services, call 732.312.1500 or visit a branch today. Don’t forget to subscribe to our First Scoop blog for ongoing insights to help you reach your goals in 2025 and beyond.

*APR varies up to 18% for purchases, when you open your account based on your credit worthiness. The APR is 18% APR for balance transfers and cash advances. APRs 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 Fee. Other fees that apply: Cash advance fee of $10 or 3% of the total cash advance amount—whichever is greater (no maximum), Balance transfer fee of $10 or 3% of the balance—whichever is greater (no maximum), 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, or attends school in Monmouth or Ocean Counties. 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 = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. Personal Loan repayment terms range from 12 to 60 months, and APRs range from 10.24% APR to 18% APR. Minimum loan amount is $500. Loan payment example: A $2,000 Personal Loan financed at 10.24% APR for 24 months, would have a monthly payment amount of $92.51. A First Financial Federal Credit Union membership is required to obtain a Personal 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.

Things to Do on a Budget in Monmouth & Ocean Counties this January 2025

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On behalf of the team at First Financial, we want to wish you and your loved ones a Happy New Year. We hope you take some time to unwind and reward yourself for making it through another busy holiday season with these free or inexpensive activities happening throughout Monmouth and Ocean Counties this January.

January 3

LuminoCity Holiday Lights Festival (Freehold) – If you’re looking for a last-minute way to enjoy the end of the holiday season, LuminoCity’s Holiday Lights Festival will be at Freehold Raceway Mall from 4:30pm-10:30pm through January 5th. As the sun sets, you can walk through a whimsical holiday light display inspired by Alice in Wonderland. Ticket prices vary by date and time slot, along with age group of the participant. For more information and to reserve your tickets, click here and scroll down to “Winter Festival New Jersey.”

January 5

Fun Bags Cornhole Goes Country (Toms River) – Bring your friends and family down to Fun Bags Cornhole Lounge for a night of cornhole and line dancing from 6pm-9pm. Beginners are welcome, with beginner line dancing lessons starting at 6pm. Tickets are $12 per person in advance of the event, and $13 per person at the door. The event is BYOB for anyone ages 21 or older. Click here to read more information and reserve your tickets.

Winter Hootenanny in the Pines (Waretown) – Albert Music Hall will be welcoming the new year in a musical fashion beginning at 2pm. The lineup features six bands that are set to perform over the course of the afternoon. There will also be a food booth, gift shop, 50/50 drawing, and more. Tickets are $10 for adults and $1 for children under age 12. Please be advised that Albert Music Hall is a cash only venue. You can find more information here.

January 12

Parlor Games for Wintry Weather (Holmdel) – Learn how to elevate your next game night with some oldie-but-goodie games, including backgammon, checkers, and dominoes—and some 19th century favorites, too—at Historic Longstreet Farm from 12pm-2:30pm. The event is free for all to attend. For more information, click here and scroll to the ‘Upcoming Free Events’ section.

January 13

Pine Barren Bonfires (Freehold) – Break out your winter coat and enjoy a night under the stars at Turkey Swamp Park from 6pm-8pm. The full moon will light up the park as you sit around the bonfire playing games and making s’mores. The cost is $15 per family of four, and it is kindly requested that payment is made with cash or check. More information can be found here.

January 16

Monmouth Park Corporate Center Pop-Up (West Long Branch) – Whether you’re looking to get out of the office or explore what local vendors have to offer, Building A at the Monmouth Park Corporate Center transforms into a bustling market the third Thursday of every month from 11am-4pm. With a variety of vendors selling everything from sweet treats to housewarming gifts, and free admission – you can’t go wrong. You can find more information here.

January 18

Ladacin Plunge (Manasquan) – If you missed an opportunity to welcome in the new year by plunging into frigid waters, you have another chance at Ladacin’s Plunge – beginning at 10:30am. Starting at Leggett’s Sand Bar & Restaurant, there will be a procession to Manasquan Main Beach and a plunge into the icy cold waters of the Atlantic, followed by a buffet at Leggett’s. Registration is $25 and can be done before or the day-of the event. You can learn more here.

Penguin Awareness Day at Jenkinson’s Aquarium (Point Pleasant Beach) is a day dedicated to celebrating the world’s penguins. Between 11am-4pm, your general admission ticket includes crafts, activities, and keeper chats that will teach you about all the 18 species of penguins. Tickets are $12 for children ages 3-12 and $18 for those ages 12 and older, while children under 2 are free. Click here for more information.

January 24

Friday Night Oldies (New Egypt) – If you’re looking to get groovy on a Friday night, look no further than Oldies Night at Laurita Winery from 7pm-10pm. The Strictly 60s Band will take you on a trip down memory lane with sounds of the 60s, and you can enjoy the tunes over dinner and wine (for those over 21 years of age). Tickets are $15 for those looking to enjoy the music, and there are appetizers, dinner, and dessert that can be purchased for an additional charge. To view the menu and purchase tickets, click here.

January 25

Showcase @ The Hotel: Dance Party (Freehold) – Bring the dancer in your life to the American Hotel for a night of dancing from 7:30pm-10:30pm. This fundraiser benefits Downtown Freehold directly to keep the town beautiful and bring members of the community together through free events. Pre-sale standard tickets are $25 per person with a two-item purchase, and pre-sale VIP tickets are $35 per person with a two-item purchase. You can learn more about this dance party that’s sure to get you up on your feet here.

January 26

Hot Cocoa Tours (Holmdel) – If you and your plus-one can brave the crisp winter air, head down to Historic Longstreet Farm from 10am-11:30am for a look into 19th-century farm life. Your morning will begin with a guided tour of the farm and end with hot cocoa and a winter treat in the kitchen. The cost is $10 per person, and children ages 3 and under are free to come along. For more information, click here and scroll to the ‘Upcoming Free Events’ section.

The beginning of January signals that the days start getting longer, the sun starts shining longer, and a new year full of opportunities is here. We hope you, your friends, and your family find ways to enjoy the best parts of January. Happy new year!

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!