You Could Win a $50 Visa Gift Card in Our “Keep the Love Alive” Valentine’s Day Contest!

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Keep the love alive! Post your comment on our Facebook page telling us what you love most about First Financial and why you’re a member. If you have any questions, call us at 866.750.0100 or email info@firstffcu.com.

Good luck!

*To be entered, “Like” and leave a comment on our Facebook page and telling us what you love most about First Financial and why you’re a member on or before 2/9/15 at 5pm. The winner will be randomly selected from the entries and notified by the Marketing Department on 2/10/15. Winner will be able to pick up their gift card in a First Financial branch or receive it via mail. No purchase necessary to enter or claim prize. You must be 18 years or old to enter. One entry per person.

FREE “Building Your Business Dreams: Important Financial Planning & Budgeting Basics” Seminar this February 2015

Business AnalyticsAs a business owner, you need to understand that despite the explosion of technology, offerings, and competition in the marketplace, you still need to be able to set yourself apart. Sometimes you get your head wrapped around having a successful business that you don’t spend enough time planning and building a business that is built off of your passion, core need in the marketplace, and true value that your customers need. As a result of that, your business is never on solid ground and performance is not optimized.

During this seminar, you will learn:

  • How to create a workable budget as well as a financial plan for your business
  • The process and gain the confidence you need to have a sustainable and profitable business that fulfills your dreams
  • How to create the value your customers REALLY want

Join us on Thursday, February 5th at 8:30am for our seminar, “Building Your Business Dreams: Important Financial Planning & Budgeting Basics” presented by Jack Gottlieb, President of The Total Solutions Group, LLC. The seminar will be held at First Financial’s Corporate Office located at 1800, Rt. 34 North, Building 3, Suite 302, Wall, NJ. Space is limited – register below.

Register Now!

Jack Gottlieb is the President of The Total Solutions Group, Inc. a strategic consulting, training and coaching firm committed to driving a sustainable increase to an organization’s results, value proposition and culture. Jack brings 14 years of proven high level success along with the collective capability of his team and advisory board. Jack has also been one of the highest ranked speakers at various state wide SHRM (Society of Human Resource Managers) Annual Conferences as well as the New Jersey Organizational Development Annual Conferences for the past 7 years. Jack also serves on the Executive Board Collegiate Empowerment which is an educational firm committed to driving systemic change and impact for Colleges and Universities. Jack also is actively involved with two universities. The first is Kutztown University where he is one of the key leaders of the College of Business Advisory Board to support their efforts in further development and expansion. The second is with Rider University with their Center for the Development of Leadership Skills.

10 Huge Mistakes to Avoid When Trying to Save Money

downloadAddressing the issue of saving money is the most fundamental, yet neglected, aspect of personal finance in the U.S. today. According to a 2012 survey by Credit Donkey, almost 50 percent of Americans don’t have more than $500 in their emergency savings accounts, which not only puts a kink in savers’ finances in the event of an unforeseen expense, but also creates undue stress for failing to prepare a safety net adequately.

Here are the top 10 money mistakes Americans make when it comes to saving money.

1. Not budgeting.
There are a number of philosophies on the best approach to take when budgeting your money, but at times the thought of sitting down with statements, bills, and an expense sheet is just too stressful. This mind-set is an easy trap to fall victim to, but is one of the worst money mistakes to make if you want to grow your savings fund.

2. Saving too little.
It’s commendable that about half of Credit Donkey’s survey participants had saved up some cash; but often, individuals don’t save enough money to carry themselves through a challenging and sudden financial crisis. A common recommendation when it comes to the appropriate amount to save in a nest egg is about three months’ salary, or six months worth of expenses (i.e. mortgage, auto loan, utility bills, gas, etc.).

For instance, the average American in 2013 made $42,693 before taxes. Take away about 25 percent of that income for taxes, and the average person walks away with $32,020 annually. Three months of net income (the ideal emergency fund amount) is about $8,000 to help keep you comfortably afloat in an emergency.

3. Not setting specific goals.
Determining what exactly you’re saving for, and when you need to save by, is a helpful motivational guide to follow. It acts as a constant reminder of what you’re working toward, and lets you know when your efforts have been successful.

Examples of this include saving money for a down payment on a car in the next six months, or getting more specific like committing to saving $200 per month for the next six months, to achieve this goal.

4. Failing to track spending.
Creating a budget is the start of the savings process and setting a goal is the end of it, but there has to be a quantitative way to follow your progression in the time between. Tools such as Mint.com  or even a simple spreadsheet are great ways to avoid this money mistake.

5. Living paycheck to paycheck.
When budgeting your spending allowance, don’t stretch your money to the last dollar. Not allowing yourself about a $100 per month buffer sets you up for disaster, as small, seemingly harmless purchases quickly add up.

6. Overdrawing an account.
Overdrawing a checking account is usually the result of making one of these other money mistakes, but expensive overdraft fees are a cost you have complete control over. A $35 overdraft fee might not sting now, but as more pile up on your account statement, the damage can become apparent in a short period of time.

Simply put, overdrawing is a money waster and an entirely avoidable circumstance if you stay diligent with your savings plan.

7. Claiming the wrong tax withholding.
Claiming the lowest withholding allowance when it comes to your federal taxes is a mistake that Americans commonly make. When you do so, the government takes away more income taxes throughout the year, and you’re left with a fat tax return check.

Don’t let this windfall fool you — what you’re doing is essentially giving Uncle Sam an interest-free loan and getting nothing back in return. Instead, you can claim the withholding allowance you rightfully qualify for, and use the extra cash in each paycheck to grow your savings fund in a high-interest savings account.

8. Signing up for low deductibles.
One way to increase the amount of cash you can save each month is to lower your premium and raise your deductible for auto and health insurance. This means you assume more risk up front by paying a lower monthly premium, with the expectation to pay more out of pocket in the event you have to file a claim (which should be no problem if you’ve saved that emergency fund).

According to the Insurance Information Institute, increasing your deductible from $200 to $1,000 can lower collision and comprehensive coverage premiums by at least 40 percent.

9. Buying name brands.
More customers are employing frugal tactics like passing on branded products in lieu of a generic version. Similarly, retailers have caught onto the fact that shoppers are looking for a frugal alternative in today’s challenging economic times.

That’s not to say you should never splurge on a brand that’s worth it, but most generics are the same product as their pricier counterparts. Look for generic products on the lower shelves of grocers’ aisles.

10. Waiting.
One of the worst money mistakes you can make is procrastinating on getting started with your savings plan, since achieving a savings goal can take longer than you might expect. Paying $500 per month toward an emergency fund at the income outlined in mistake No. 2, for example, would take the average American 16 months to save up three months’ income.

Utilize First Financial’s free, anonymous debt management tool, Debt in Focus. In just minutes, you will receive a thorough analysis of your financial situation, including powerful tips by leading financial experts to help you control your debt, build a budget, and start living the life you want to live.

Here at First Financial, we also encourage our members to come in at least once a year for an annual financial check-up – to sit down with a representative at any one of our branches to make sure you are currently placed in the correct Rewards First tier for you, and also that you are receiving the best value, products and services based on your financial situation. Give us a call at 866.750.0100 or stop in to see us today!

*Click here to view the original source by Nasdaq.

Free “I Bought What?? How to Not Be Afraid When You Open Your Bills and Stick to a Budget” Seminar in February 2015

courtney-method-budgetingGet your finances in order for the new year! Join the experts at First Financial at our budgeting seminar to help get on the right financial path for 2015. If you’re interested in attaining financial stability, understanding budgets, or saving money we encourage you and a guest to attend.

Attendees will learn how to:

  • Build an emergency fund to avoid money pitfalls.
  • Create and maintain a simple budgeting worksheet.
  • Pay bills on time.
  • Pay yourself by saving money.

Join us on Tuesday, February 3rd at 6:00pm for our “I Bought What?? How to Not Be Afraid When You Open Your Bills and Stick to a Budget,” seminar presented by the experts at First Financial. The seminar will take place at our Toms River Branch located at 1360 Route 9 South (Corner of Routes 9 & 571), Toms River. Space is limited, so make sure you sign up today!

Register Now!

Share Your Best Financial Tip on Instagram and You Could Win a $50 Visa Gift Card!

InstagramFinancialTipContest

We want to hear your best financial tip! Don’t forget to tag us @FirstFinancialNJ and use #FFCUFinancialTip on Instagram to participate. If you have any questions, call us at 866.750.0100 or email info@firstffcu.com.
Good luck!
*To be entered, follow First Financial on Instagram and post a photo or 15 second video sharing a financial tip on or before 1/23/15 at 11:59pm. The winner will be randomly selected from the entries and notified by the Marketing Department on 1/26/15. Winner will be able to pick up their gift card in a First Financial branch or receive it via mail. No purchase necessary to enter or claim prize. You must be 18 years or old to enter. One entry per person.