Tag Archives: Financial Literacy Month

Financial Tips That Stuck: Advice from First Financial Staff

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April is National Financial Literacy Month, an initiative aimed at instilling individuals and families with the foundation needed to make sound financial decisions. No matter where you are in your financial journey, this month offers the perfect chance to pick up some new financial tips – or reflect on money lessons that have made a life-long impact on you. It is often said that experience can be the best teacher, so we asked our staff: “What is a financial tip that has really stuck with you?” From maximizing the power of credit card rewards to simple budgeting techniques, here are some financial tips that our team swears by – and for good reason.

  1. “Avoid Lifestyle Inflation. When your income increases, resist the urge to upgrade your lifestyle immediately. Instead, direct that extra money toward savings, investments, and especially paying off revolving debt! Having too much revolving debt lowers your credit score considerably.” – Julianne Brandt-Olivier, Director of Lending
  2. “Treat your credit card like a debit card. If you have a rewards credit card, this tip can help you avoid interest charges and overspending while racking up your points or cash back. When you have a debit card, you can only spend what is in your checking account. By self-imposing this same limit on your credit card, you will not only avoid spending more than what you can afford – but you will also reap the benefits of charging purchases you can pay off immediately, to your rewards credit card. This helps your credit card work for you!” – Samantha Colella, Business Development Representative
  3. “Pay the balance on your credit card every week – not just once a month. I have an alarm set for Saturday morning that reminds me to pay off whatever I’ve spent during the week. Making a payment to my credit card weekly keeps me honest as to how much I’m really spending.” –Michelle Comitini, Training Manager
  4. “Live within your means. Don’t spend more than you can afford.” – Nancy Culp, Chief Lending Officer
  5. “Pay yourself first. Think of yourself as a monthly bill. By paying that “monthly bill,” or yourself first – you will always have money tucked away for the future.” – Doreen Cutrona, Assistant Vice President of Member Operations
  6. “Create a budget. Don’t spend it, if you don’t have it. Also, start investing early.” – Sanjiv Dave, Director of Member Services
  7. “If you have debt (and we all do), list the debt in the order of highest interest rate to the lowest. Pay the debt with the highest interest rate off first so that you pay less interest in the long run. This also helps prioritize and keep you on track. It keeps things in perspective and helps you tackle the debt in a methodical and systematic way. When the largest interest rate debt is paid, you can check it off and go right on down the line and feel a sense of accomplishment.” – Eun Sook Kang, Compliance and Risk Specialist
  8. “Work toward eliminating revolving debt. Try to allocate extra funds in addition to your minimum required monthly payment. Apply this extra money to the debt with the highest interest rate. When that balance is paid off, continue to add to the next debt with the second highest interest rate and so on. In this way, you’re attacking the debt that accrues the highest monthly finance charges first, to pay off remaining debt faster.” – Michael Walker, Assistant Vice President of Information Technology
  9. “It might be a bit old school in today’s digital world, but each time I get paid I go over and reconfigure my budget for the upcoming 2 weeks. By writing out the money I have available on paper, my upcoming expenses, and how much I am going to put toward any bills – it helps me keep track of my spending more so than just looking at my account on my phone or in online banking. I still do both of those as well and monitor all my transactions, but actually writing out where my money is going helps me stay on track.” – Jessica Tortorice, Vice President of Marketing and Business Development

At First Financial, our top priority is supporting our members in achieving their financial goals – and we believe in the power of financial education to help achieve them. Subscribe to our First Scoop Blog to receive financial resources and tips right in your inbox.

What is a finacial tip that has stuck with you? Let us know in the comments!

Get in Touch with Your Finances During Financial Literacy Month

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April is Financial Literacy Month and First Financial is here to guide you on getting in touch with your finances with smooth sailing. While financial automation can be a great way to bring ease into managing regular expenses and savings, it also demands a vigilant approach to ensure your financial health remains robust. Here are some important things to keep in mind when automating your finances and areas of consideration when conducting necessary financial check-ups.

Catch Mistakes Early

Automation doesn’t guarantee perfection. Errors in billing amounts or unexpected charges can occur. Regularly reviewing your accounts allows you to spot these discrepancies early, preventing minor issues from escalating into financial headaches. At First Financial, we encourage members to utilize our mobile banking app and card management resources for effortless monitoring of finances.

Maintain Awareness of Spending

It’s easy to let automation lead to an out-of-sight, out-of-mind attitude toward your finances. However, this approach can cause you to lose track of where your money is going and lead to unnecessary spending – deviating from your financial goals. First Financial offers budgeting tools and resources that help you stay on top of your spending habits, ensuring you’re always aligned with your financial aspirations even when you’re not actively thinking about them.

Strategic Financial Planning

Automation should enhance, not hinder your ability to plan for the future. Regular check-ins with your personal financial plan and budget will allow you to adjust as needed, keeping you on track toward your long-term goals. Whether you’re saving for retirement, planning a major purchase, or building an emergency fund – our planning resources are designed to support your journey toward financial stability and success.

Conducting a Financial Check-Up

Don’t overlook the value of a comprehensive financial check-up. First Financial’s suite of online tools and personalized advice from our team can guide you through this process, ensuring your financial well-being is always at its peak.

Key Areas to Review:

  • Net Worth: Start by evaluating your current net worth to understand where you stand financially. Compare it with past assessments to gauge your progress or identify areas needing attention.
  • Financial Plan: Revisit your financial goals and the plan you’ve laid out to achieve them. Are you on track? Adjustments may be necessary to realign with your objectives.
  • Insurance Coverage: Review your insurance policies thoroughly. Ensure you have adequate coverage for your assets while also identifying opportunities to optimize premiums.
  • Investments: Examine your investment portfolio. Check if your asset allocation aligns with your risk tolerance and financial goals. Look for ways to reduce fees and improve returns.
  • Spending and Saving Habits: Assess your spending patterns and saving practices. Ensure they’re aligned with your financial priorities and adjust where necessary, to meet your goals.

By regularly performing these checks, you’ll maintain a strong pulse on your financial health and adapt more effectively to life’s changes. First Financial is here to support your financial check-ups and to help you navigate your financial journey with ease and confidence. Remember, your financial well-being is our top priority. Let’s make this Financial Literacy Month a milestone in your journey toward financial empowerment! For more personalized financial assistance call 732.312.1500 or visit a branch today.

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!

Tips for Improving Your Financial Literacy

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April is Financial Literacy Month, so we’re sharing our top tips for improving your financial wellness. Whether you’re new to managing a budget or are looking to save for a big future purchase, these tips will help you achieve your goals while maintaining a reasonable financial balance.

What is financial literacy?

Financial literacy refers to the knowledge and use of financial management skills, including budgeting, investing, saving, etc. By having an understanding of finances, you’ll be able to make better financial decisions. Achieving financial literacy is a lifelong process that requires continuous learning and management, and we’re here to help!

Here are our best tips for improving your financial literacy.

Learn how to budget

Don’t let the idea of creating a budget scare you. If anything, successfully building and maintaining a budget can be empowering. Start by creating a list of essential expenses including housing costs, food, transportation, clothing, internet, cell phone, insurance, and more. Then, write down how much you spend on each. From there, you’ll need to add up your monthly income and deduct your expenses. The amount leftover should be used toward building your savings and/or for any less essential purchases.

Improve your credit score

Maintaining a good credit score is an important part of your financial future. Without a good score, you’ll have difficulty securing a loan or mortgage down the line. Here’s what you can do over time to better your credit:

  • Pay your bills on time
  • Pay off or pay down your credit cards
  • Don’t close any open credit cards, but slow down opening new credit card accounts
  • Contact a financial expert – like us!

Open a savings account

Whether you need an emergency fund, money for retirement, or to pay a large expense – having a savings account is essential. You can start by dedicating a certain amount of your paycheck toward your savings. While it’s recommended to keep 20% of your income for savings and debt repayment, you’ll need to evaluate what works within your budget and when you’ll need the funds. Even if you’re starting small, you’ll be surprised how quickly the account can grow!

Want to open a savings account?* We’re here for you! Contact us or stop into your local branch to speak with a representative today.

Subscribe to financial newsletters

Stopping at the library and picking up some financial literature might not be everyone’s cup of tea. So, starting with digestible, yet informative articles is ideal. That’s why we recommend subscribing to newsletters (like ours!) with timely resources that cover a wide range of financial topics. The First Financial monthly e-newsletter delivers helpful tools and financial advice right to your inbox, so you can focus on achieving your monetary goals. You can sign up at the bottom of our website homepage, by entering your name and email address.

Talk to a financial professional

If anything, it’s always helpful to speak directly with a financial expert who can give you advice based on your individual situation. Contact us to get started or stop into your local branch to speak with a representative today!

 

*A $5 deposit in a base savings account is required for credit union membership before opening any other account/loan. 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.