Tag Archives: Monmouth and Ocean Counties

Fed Up With Your Bank? Consider a Credit Union

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Last year, credit union membership grew by 2 million people and credit union deposits topped $1 trillion for the first time ever, according to the Credit Union National Association. This was after banks got a bad rap during the financial crisis for their part in risky mortgage lending and for fees that many consumers view as unnecessarily greedy…

Think of credit unions as not-for-profit banks. That’s what they are, although they are not allowed to call themselves by that name. Do they have something to do with credit cards? Only partially. Or unions? No. Are they private clubs that few people can join? No again.

Today anybody can join a credit union. There’s always a way, and yet many people don’t realize that. True, in the old days, you could only join a credit union if your employer offered one. That’s still a great way in, but there are plenty of other ways to join. For example, one credit union runs a charitable foundation in its community and if you donate $25 to the foundation you are eligible to join the credit union. To become a member of First Financial, you must live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties, New Jersey, as well as keep at least $5 in a base savings account with the credit union.*

Why would you want to? Since credit unions are not-for-profit, they can often afford to offer their members lower rates on loans. They are also more flexible in listening to members’ stories rather than just looking at their credit scores. So if you have imperfect credit, but there’s an understandable reason for it, such as an illness in the family, or a recession-related job loss, tell your story and you may still get approved for a loan at a credit union.

What size savings might you find? Here’s one example. After researching interest rates online for a $25,000 car loan, some banks were charging as much as 11.22 percent. The lowest rate found was at a credit union. Over the course of the loan, a lower rate of 4.25% would save you nearly $2,000!** Check out First Financial’s current loan rates to see if you can save money by refinancing or applying for one of our loans.

Go ahead, consider at least adding a credit union like First Financial to your financial strategy. Americans seem to be catching on that credit union membership is a beneficial piece of the financial puzzle.

“Every member of the credit union is an owner,” explains Issa Stephan, President and CEO of First Financial Federal Credit Union. “Money doesn’t go to a few investors, or to rally the stock price. We put what we need in capital as required by the federal government. Everything else goes back to the members through lower rates on loans, higher savings rates, updated technologies and assisting members through hard times. A lot of people lost their jobs and went through difficult times recently, and we use our resources to help our members with integrity and commitment to their long-term financial success.”

Doesn’t this make you interested in trying a credit union? If you’re not a member already, spread the word to family and friends! Call us at 732.312.1500, stop into any one of our branches, or visit us online at www.firstffcu.com to open a membership today!

*Click here to view the article source.

*$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. **Credit worthiness determines your APR.equal%20housing%20lender%20logo-resized-600

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What Kind of Home Buyer Are You?

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You picked your neighborhood, know your price range and are ready to start shopping for a new home. But before you start your hunt, it’s important to identify what kind of buyer you are to avoid wasting time.3D dollar house

For many home buyers, school district, neighborhood and affordability dominate the decision-making process, but knowing your “buyer personality” will help define and focus your search.

For instance, if you want a move-in-ready home but never convey that to your realtor, you can waste time looking at fixer uppers. Or if you care about the environment, you may want to see only green homes, which could require a more specialized agent.

Personality #1: The Move-in-Ready Buyer

These are the home buyers who want to purchase a house that only requires them to move in their furniture and start decorating.

These buyers are not afraid to look at many properties to find the perfect home that won’t force them to roll up their sleeves for improvements or repairs.

Personality #2: The Minimalist Buyer

Minimalist buyers aren’t afraid to make changes to a home as long as they are minor.  This type of buyer is drawn to homes that are structurally sound, but may need some new paint, updated curb appeal or other minor cosmetic changes.

Personality #3: The Fixer Upper Buyer

This group of buyers can see the potential of almost any home and aren’t afraid to buy a home needing renovations.

Sometimes these buyers are first-time buyers looking for a home to put their stamp on something and other times it’s a savvy buyer looking to make money off a property with a repairs and renovations. Either way, a fixer-upper buyer won’t think twice about remodeling the basement, bathroom or even the entire house.

Personality #4: The Life Timer Buyer

The recession has changed the way people view the home buying process, and many first-time home buyers aren’t looking for the starter home – they are seeking out a home they can stay in for 10, 20 or even 30 years.

These buyers tend to have young children, planning a family or have multiple generations living under one roof. They plan to buy a home and stay in it for the long haul.

Life-time buyers may not be at a certain life cycle when they purchase the home but have the ability to plan for the future and purchase accordingly.

Personality #5: The Eco-Warrior Buyer

For this type of buyer, going green isn’t a fad–it’s a lifestyle. The eco-warrior buyer is always looking for ways to conserve natural resources and wants to buy a home that is energy efficient and uses minimal water and electricity.

An eco-warrior also wants a home that is close to work, entertainment and groceries to reduce his/her carbon footprint. Since eco-warriors have very specific requirements whether its geo thermal heating or solar panels, they should go with a real estate agent that specializes in that area.

Figured out what type of buyer you are and ready to take the next step? Apply for a First Financial Mortgage today!*

You can also subscribe to our Mortgage rate text message service by texting “firstrate” to 866-956-9302, and receive instant notification when our mortgage rates change.**

*A First Financial membership is required to obtain a mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.  Subject to credit approval. See Credit Union for details.

**Standard text messaging and data rates may apply.

Article Source: http://www.foxbusiness.com

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Important Money Talks to Have with Your Spouse

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Two piggy banks fall in loveWhen you say “yes” to tying the knot, you’re doing more than joining hearts and lives, you’re also joining finances. Gulp. For better or worse, if you don’t communicate openly about money matters and work as a team, your marriage can end up in hot water.

Whether you’re married or about to walk down the aisle, here are five money conversations you should have with your spouse:

1. Create your personal financial blueprint: Few newlyweds are fortunate enough to have significant assets to invest and plan for. But with a relatively blank financial slate, two people can chart their vision; make concrete goals, and together gain knowledge to create financial security going forward.

Initiate the discussion by throwing an acquaintance or neighbor under the proverbial bus: “Mark and Pam sure have beautiful cars/clothes/jewelry, etc. Kind of makes me think that they will be forced to work forever to keep up with the interest payments alone!” Newlyweds should seek to educate themselves on financial matters by attending area adult education courses (preferably free ones) and reading financial books (borrowed from the library). Saving and investing that first $10,000 will provide a calm far greater than any 10-day cruise ever could.

2. Before the stork arrives, create a will: A will is needed to name a guardian of your minor child. It is often this difficult decision that causes people to put off creating a will. Without a will, the court will have the final say as to who raises your child in the event of your death.

Initiate the discussion by asking your spouse for their opinion on choosing a guardian. Try not to react negatively if you disagree with his response: “Your mother? That is a lovely thought – she certainly did a fine job with you (psst…go for bonus points). Do you think though, that it might not be an imposition on her because of her health issues, etc.” If you hit an impasse, you can also suggest co-guardians.

3. How should we grow our savings?: Ideally, this endeavor becomes a hobby for you as well as a goal-oriented pursuit. Investigate the retirement planning options that your employer may offer. Don’t have that option? Sit with a knowledgeable financial professional who will discuss various investment class options with you.

The Investment and Retirement Center located at First Financial can do just that! If you would like to set up a no-cost consultation with the Investment & Retirement Center located at First Financial Federal Credit Union to discuss your retirement and investment goals, contact them at 732.312.1500.*

Initiate the discussion by saying something like, “We work hard for our money and I’d like to brainstorm with you and a financial advisor as to how we can make the most of it.”

4. Long term care planning: A slower than expected economic recovery coupled with increased life expectancies and ever-increasing costs of medical care has made relying on government funded long term care resources unrealistic.

Initiate the discussion by encouraging your spouse to sit down with a long term care insurance professional. What you are looking for here is a maximum daily benefit that coincides with the cost of care in your area. Don’t be seduced by the 5 percent inflation protection, because the actual cost of care increases approximately 12 percent per year.

5. Insure your estate planning: You’ve done your will, powers of attorney, and health care advance directives, but how can you be sure that your surviving spouse won’t remarry and potentially lose those assets in a subsequent divorce?

Initiate this conversation by pointing to a real life example, if possible: “Isn’t it tragic that Marvin (widower friend) disinherited his adult children in favor of his home care companion? Yes, dear, I know that you would never do this, but what if either one of us developed a dementia-related illness down the road? All bets are off at that point.  Let’s at least sit down with an attorney and see what the options are (i.e. post-nuptial agreement or trust) before we make any decisions.”  

Working together to discuss and come up with a plan for these important money related topics that is right for both of you, will be the key to a happy “financially communicative” marriage.

*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.

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Article Source: http://www.foxbusiness.com

Turning Your Customer Database into Business Growth

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There are several ways to build your business, but you must know what’s strategic for your particular business, and you must execute this well.

Loyalty cards can be effective because they draw your customers into your business with discounts and/or rewards programs, and will keep them coming back. Many of the cards are able to do more than just earn loyalty through discounts. They can help businesses understand the buying habits of their customers and market to them more effectively.

Social media can also be a very beneficial tool, and allows you to engage your customers. In one innovative promotion we saw, a store invited customers to comment on the store’s Facebook page about their experiences with the store, and those who did were automatically entered into a sweepstakes competition. In another, a restaurant invited customers to post photos of their meals and comment on them for a chance to win a prize. There is almost no limit to what a business can do using social media. A clothing store could invite customers to post photos of themselves in their new outfits. It’s the sort of thing that can generate energy and buzz, and the best part is that the customers do most of the work for you!

Email is also very effective if you use it correctly. You don’t want to constantly invade your customers’ inboxes, but when you have something that is truly of value to them, email lets you get it to them directly. You can offer them coupons and promo codes for birthdays, anniversaries or other special occasions – or even just for the season at hand.

Speaking of promo codes, there’s no reason not to add them onto the back of your business cards as well. You hand them out all the time, after all. Give recipients an easy way to try out the experience of doing business with you.

Of course, so much of modern communication is now happening in the mobile environment, it also makes sense to communicate with people on their mobile devices. Again, you have to be careful because they may not respond well if they’re constantly receiving promotional texts from you. But there’s a right way to do it, says Derek Johnson, CEO of SMS marketing software Tatango.

It’s all about getting permission to capture customers’ information, and then making sure they understand how you’ll use it. And of course, quantity is not what gets results. Quality is – and that means useful, relevant messages that offer value to the customer, including worthwhile discounts, deals and other offers the customers have already told you they want.

Finally, customer referral programs offer a win-win, as you can reward customers with discounts when they refer a friend – and of course, you get a new customer in the process.

Customer referral programs can keep your customer focused on promoting your business. Referring a friend can not only benefit the customer but also the business as well.  If they tell their friends and offer them an incentive, customers will be more engaged and more likely to keep spreading the word.  The business will make more money as a result.  It is a win-win for everyone.

Your customer database is a tremendously valuable asset! But like any asset, you have to use it wisely and effectively to get the value out of it.

Have a question about business planning, products, or services? Contact Business Development or leave a comment below.

 

Back to School Shopping: 10 Ways to Save Your Money

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back-to-school1First Financial gathers some easy tips and advice in order for you to save on back to school shopping:

  1. Coupons and Coupon Codes: It’s all about the bargains. When shopping online, don’t forget about coupon codes that you can apply to your cart. Also, remember to look through newspapers and your junk mail to cut out coupons for various items that might be on your checklist.
  2. Get Ahead: Most clearance items go on sale after the season has ended. Take advantage of this opportunity and buy items for the fall and winter even though it may be spring or summer, you’ll be able to save money and use it for the following year.
  3. Use Your uChoose Rewards: All First Financial VISA® Platinum Cash Plus Credit Cardholders are eligible to earn uChoose Rewards on all purchases, which can be redeemable for merchandise, gift cards, and more. For more information login to your uChoose Rewards Account.
  4. Outlet Shopping: Many people forget that large retailers have factory outlet stores. Outlets are great for special deals and markdowns on your favorite brands without paying full-retail price.
  5. Leave the Kids at Home: Parents, you know all about the guilt-trip. Don’t be pressured to buy certain things and wind up spending more money than you have to!
  6. Use Your Smartphone: They’re called “smart” for a reason. For example, the Google Shopper app enables you to scan an item’s barcode and then it shows the prices for the same product at different stores in your area so you can get the best bargain.
  7. Utilize Social Media: While you’re poking around on Facebook and Twitter, make sure you “like” or follow your favorite stores and brands. They often post different deals, coupons, and promotions that are going on.
  8. Sharing is Caring: Buy in bulk and split it amongst the kids, or save it for later on in the school year.
  9. Don’t Forget About eBay and Amazon: Use these sites to your advantage; your kids don’t need the latest and newest technology, they need something that works and is fitting for them. Frequently, these sites will sell items new or barely used for a great price.
  10.  Maybe Hand-Me-Downs are Good: Do a little “summer cleaning” and go through your kids’ closets and see what could be passed on to another sibling.

If you need additional assistance paying for back to school supplies and clothing, First Financial offers one of the lowest credit card rates around. To learn more about First Financial’s VISA® Platinum Cash Plus Card and apply today, please visit our credit card page.

Creative Business Strategies to Drive Summer Sales

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Summer is certainly a time when people get out of the house, so owning a local business presents a chance to get them into your store. What’s more, our area tends to attract additional population during the warm parts of the year – so there is more business to be had! A good strategy could be the difference between attracting them to your space and watching them go to a competitor.

What are some effective ways to attract customers during the summer months?

If your business is in a strip mall, you might consider joining with your fellow tenants to host a summer block party – complete with games, prizes, coupons, and gift cards. Maybe a guest could win $5 off their next visit to your store in a spin-the-wheel game.

People are drawn to spectacle, and there are lots of low cost ways to create them. A well-planned spaghetti eating or hot dog eating contest can generate traffic via word of mouth, not to mention possible media coverage. This is a great fit for a restaurant, but it might work for other businesses as well.

Other businesses can come up with concepts that fit their particular specialty. A salon can generate attention by staging special makeover nights, while a printing company can offer free wedding invitations – something that is sure to find plenty of takers during the summer months.

Any special event that attracts an audience is also an opportunity to build your mailing or email list, or to find new Facebook fans and Twitter followers, so it’s important when people show up for an event to get their contact information. That might be accomplished through raffle entries, with a charitable component as a possible incentive for people to participate.

There are also usually plenty of events already being planned, such as city street fairs or Chamber of Commerce events where individuals can sign up and participate – often at less cost and with less preparation required than you would need to stage your own event. Within the context of these events, you can often do something creative that helps people to remember your business.

Summer brings the crowds to shopping districts, but it’s your creativity that will bring them through your door – and keep them coming back!

Have a question about business planning, products, or services? Contact Business Development or leave a comment below.