Teaching Kids About Entrepreneurship: Skills That Last a Lifetime

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In a rapidly changing world, giving children tools to succeed goes beyond traditional schooling. Introducing kids to the basics of starting and running a business is more than just teaching them how to set up a lemonade stand. It helps build a foundation of financial understanding, critical thinking, creativity, and confidence that can benefit them in school, work, and life.

Why Entrepreneurship Matters for Kids

At its core, entrepreneurship teaches children how to think, not just what to think. Kids who explore business concepts learn to identify problems, consider solutions, and make decisions based on real world feedback. These are skills that matter well beyond a simple business venture.

  • Problem Solving and Creativity: Working through a business idea encourages kids to think creatively and solve challenges, whether it’s deciding what to sell or how to market it.
  • Responsibility and Decision Making: Entrepreneurship involves choices, from pricing products to budgeting expenses. Making these decisions helps children gain a sense of responsibility and ownership.
  • Confidence and Initiative: Seeing an idea come to life can boost a child’s confidence and reinforce the value of perseverance.
  • Real World Financial Awareness: Starting a mini business teaches fundamental financial concepts like earning, saving, costs, and profits in a hands-on way that complements traditional financial literacy education.

Simple Ways to Introduce Entrepreneurship

Introducing children to entrepreneurship doesn’t have to be complicated. Here are several approachable ways to get started:

  1. Start with their Interests: Choose business ideas that align with what your child already enjoys – including hobbies, crafts, games, or services they’re excited about. This keeps motivation high and learning natural.
  2. Hands On Projects: Encourage small-scale projects like a neighborhood lemonade stand, craft sales, or selling handmade cards. These activities let kids experience the full cycle of planning, producing, and selling.
  3. Talk Through the Big Concepts: Use everyday opportunities to discuss basic entrepreneurial concepts, such as what it means to take a risk, how pricing works, and why saving matters. These conversations build foundational knowledge over time.
  4. Learn through Play and Games: Games, stories, and simulations – whether it’s managing a pretend shop or budgeting with play money, can reinforce entrepreneurial thinking in age-appropriate ways.
  5. Reflect on the Experience: After each activity, ask your child what they learned, what worked well, and what they might do differently next time. These reflections help them internalize lessons and build critical thinking skills.

Life Skills Beyond Business

Even if your child never runs a full-fledged business, entrepreneurial experiences teach versatile life skills. Children can develop adaptability, communication, leadership, and resilience – which are qualities that will help them navigate school challenges and future careers.

Entrepreneurship also reinforces financial literacy and understanding money in tangible ways rather than abstract terms. Concepts like earning, saving, spending, and reinvesting become real when children manage their own small ventures. Learn more about the benefits of early entrepreneurship here. By combining experiential learning with supportive financial tools, parents can equip their children with skills that will benefit them for years to come.

Start Early with Financial Tools that Support Learning

One practical step that families can take to reinforce financial learning, is helping children open their first savings account (like a First Financial First Step Kids Account). Designed for young savers, this account gives kids a place to make deposits, learn about saving goals, and watch their money grow in a safe and guided way. To get started, stop into your local branch or call 732-312-1500.

*As of 7/2/2020, the First Step Kids Account has an annual percentage yield of 0.03% on balances of $100.00 and more. The dividend rate may change after the account is opened. Parent or guardian must bring both the child’s birth certificate and social security card when opening a First Step Kids Account at any branch location. Parent or guardian will be a joint owner and must also bring their identification. A First Financial Membership is open to anyone who lives, works, worships or attends school in Monmouth or Ocean Counties.

8 Mistakes That Can Upend Your Retirement

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Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible.

  1. No Strategy. Yes, the biggest mistake is having no strategy at all. Without a strategy, you may have no goals, leaving you no way of knowing how you’ll get there—and if you’ve even arrived. Creating a strategy may increase your potential for success, both before and after retirement.
  2. Frequent Trading: Chasing “hot” investments often leads to despair. Create an asset allocation strategy that is properly diversified to reflect your objectives, risk tolerance, and time horizon; then make adjustments based on changes in your personal situation, not due to market ups and downs.1
  3. Not Maximizing Tax-Deferred Savings: Workers have tax-advantaged ways to save for retirement. Not participating in your employer’s 401(k) may be a mistake, especially when you’re passing up free money in the form of employer-matching contributions.2
  4. Prioritizing College Funding over Retirement: Your kids’ college education is important, but you may not want to sacrifice your retirement for it. Remember, you can get loans and grants for college, but you can’t for your retirement.
  5. Overlooking Healthcare Costs: Extended care may be an expense that can undermine your financial strategy for retirement if you don’t prepare for it.
  6. Not Adjusting Your Investment Approach Well Before Retirement: The last thing your retirement portfolio can afford is a sharp fall in stock prices and a sustained bear market at the moment you’re ready to stop working. Consider adjusting your asset allocation in advance of tapping into your savings, so you’re not selling stocks when prices are depressed.3
  7. Retiring With Too Much Debt: If too much debt is bad when you’re making money, it can be deadly when you’re living in retirement. Consider managing or reducing your debt level before you retire.
  8. It’s Not Only About Money: Above all, a rewarding retirement requires good health – so maintain a healthy diet, exercise regularly, stay socially involved, and remain intellectually active.

Need some help with preparing your retirement strategy? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534.  You can also email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

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.

Securities and insurance offered through LPL or its affiliates are:

  1. The return and principal value of stock prices will fluctuate as market conditions change. And shares, when sold, may be worth more or less than their original cost. Asset allocation and diversification are approaches to help manage investment risk. Asset allocation and diversification do not guarantee against investment loss. Past performance does not guarantee future results.
  2. Under the SECURE Act, in most circumstances, you must begin taking required minimum distributions from your 401(k) or other defined contribution plan in the year you turn 73. Withdrawals from your 401(k) or other defined contribution plans are taxed as ordinary income, and if taken before age 59½, may be subject to a 10% federal income tax penalty.
  3. The return and principal value of stock prices will fluctuate as market conditions change. And shares, when sold, may be worth more or less than their original cost. Asset allocation is an approach to help manage investment risk. Asset allocation does not guarantee against investment loss. Past performance does not guarantee future results.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

What to Buy After the Holidays: Smart Savings Tips

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The holidays are over, but the savings season is just beginning! What savvy shoppers know is that the weeks right after the holidays are some of the best times of the year to stretch your money. Retailers are now discounting seasonal goods and popular products to clear space for new inventory, and you can really benefit. Keep reading to learn what you should consider buying right after the holidays to save big.

1. Wrapping Paper and Gift Bags

As soon as the holidays end, stores slash prices on wrapping paper, gift bags, bows, and tags – often 50% to 75% off. These supplies are perfect to stock up on for the next year. Keep them organized in a clear container labeled by size and occasion so you’re always ready when gift season rolls around again.

2. Holiday Decor

Everything from artificial trees to outdoor inflatables, ornaments, and string lights drop in price after December 25th. If you decorate every year, buying ahead can save you a bundle. Only buy decor you truly love or will use again though. Quality holiday items can last for many seasons.

3. Winter Clothing and Gear

Post-holiday markdowns extend to winter apparel such as coats, boots, gloves, hats, and cold-weather gear. Retailers know demand dips after gift buying, so discounts can be significant.  Buying winter gear on clearance in January means you’re set for the remainder of this winter and to kick off the next.

4. Fitness Items and New Year Essentials

While prices on gym equipment and activewear are often high in December, starting in January – retailers begin discounting items tied to New Year’s resolutions like fitness gear, yoga mats, home-gym equipment, and sports apparel. You’ll want to make a list before heading to the store so you don’t overspend.

5. Holiday Candy and Treats

After the holidays, seasonal candies and packaged treats are heavily discounted, sometimes up to 70% off. Because many of these items have a long shelf life, they can be great for stocking your pantry. Use these for baking, party platters, or as affordable treats throughout the year.

6. Toys and Gift Items

Toy discounts skyrocket as retailers prepare for new seasonal assortments. Whether it’s board games, building sets, or action figures – you can often find quality gifts at a fraction of original price. Now is the perfect time to pick up gifts for upcoming birthdays or do early holiday shopping for next year!

7. Baking and Pantry Staples

Some stores also discount holiday baking supplies like flour, sugar, spices, and chocolate chips once the season ends. Because they store well, you can buy in bulk now and save. Stock up on what you know your household will use before expiration.

How This Fits Your Financial Plan

Shopping smart after the holidays can be a helpful strategy for managing your household budget.

  • Stretch your dollars. Buying items at steep discounts means more money stays in your savings or goes toward debt reduction.
  • Plan ahead. If you know what you’ll need later in the year, after-holiday sales offer a chance to check those off at lower prices.
  • Avoid impulse buys. Not every discount is a bargain. Stick to your list and only buy what aligns with your financial goals.

A Chance to Save

The post-holiday period isn’t just about ending one season, it’s a chance to save and get ahead for the next. Whether you’re replacing last year’s decor, prepping for birthdays, or stocking up on essentials – thoughtful spending now can pay off big in the months ahead.

Ready to make your finances go further in 2026? Subscribe to our First Scoop Blog and learn more ways to save throughout the year.

What to Know About Debt Consolidation

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Did you spend a little too much this past holiday season, and as multiple credit card bills start to roll in – are you wondering how you’ll be able to pay them off before the next holiday season begins? If so, consolidating multiple sources of high interest debt into one simple monthly payment, just might be the right financial solution for you.

What is a debt consolidation loan?

Essentially, a debt consolidation loan is a type of personal loan – and is typically a fixed rate installment loan offered by most financial institutions, such as your local bank or credit union. This loan can help you manage and pay off multiple debts by combining the balances into a new loan that has one simple monthly payment. This type of loan may allow you to pay off your debt quicker and potentially even come with a lower interest rate than what you were previously paying. In addition, a debt consolidation loan can be used as a tool to help you budget better – since you’d be consolidating any other bills you were paying throughout the month into one combined loan payment.

How might my credit score be affected?

Depending upon the other sources of debt you have, a debt consolidation loan may actually help improve your credit score – since there would ideally only be one monthly loan payment to keep track of, you can focus on making on time payments to that loan, and it will reduce your credit utilization too.

Are there reasons I shouldn’t consider a debt consolidation loan?

If you don’t take an honest look at your spending and make yourself a promise to create and stick to a monthly budget – a debt consolidation loan probably won’t help you. In fact, if you consolidate the majority of your debt and then continue to use those previously paid off credit cards – you risk getting yourself deeper into debt. Should you find that you have been spending more than what you earn, you will need to consider making some lifestyle changes or creating additional income in order for true debt consolidation to work.

Are there other alternatives to applying for a debt consolidation loan?

  • Credit Card Balance Transfer: This typically involves transferring other credit card balances to a new card with a lower interest rate which lasts for a limited time. This alternative method may work for you if you have a set plan to pay off the transferred balance by the end of the term, and not use the card for any new purchases unless they are paid in full immediately. If you are still carrying a balance once the promotional offer ends, the interest rate on the card will likely increase – in turn, adding to your monthly payment amount on any remaining balance.
  • Home Equity Loan: This type of loan allows you to borrow against any equity you have in your home, using your home’s appraised value and what is still owed on your mortgage. If the loan isn’t paid back in full, you can risk foreclosing on your home. Some lenders also tack on closing costs to home equity loans, which likely won’t help you manage the debt you are trying to consolidate if these closing costs are several hundred or a few thousand dollars. If you are considering using the equity in your home to pay off debt, it is imperative that you do your research and can achieve paying back the amount borrowed (plus any closing costs) – in full and on time.

Any final advice before applying?

If you can commit to a strict debt repayment plan, taking a hard look at your budget, and not adding on any new debt during the consolidation loan payoff period – this loan type might be the right financial move for you, especially if it’s being used pay off any lingering debt from last year as a new year begins.

Does First Financial offer consolidation loans?

If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties, you can apply for our consolidation loan in any of our local branches, by phone at 732.312.1500 Option 4, or online 24/7. We offer fixed monthly payments, flexible terms up to 60 months, and no pre-payment penalties if you’d like to pay your loan off before the end of your term.* Learn more and get started.

*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.

How to Save for the Holidays Year Round

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Saving for the holidays year round can help reduce stress, avoid last minute debt, and give you more flexibility to enjoy the season. With the right plan and the right savings tools, you can make holiday saving simple and automatic. The beginning of a new year is the perfect time to start!

Why Saving for the Holidays All Year Long Makes Sense

Spreading holiday expenses out over the course of the year has real financial benefits:

  • Less stress during the holidays: You’ll already have funds set aside when the season arrives.
  • Avoid high-interest debt: Planning ahead can help reduce reliance on credit cards or loans.
  • More room in your monthly budget: Smaller, consistent deposits are easier to manage than one large expense at the last minute.
  • Greater flexibility: Having holiday funds ready allows you to enjoy experiences, traditions, and generosity without guilt.

Starting early puts you in control before holiday costs pile up.

How Our Holiday Club Account Helps You Stay on Track

First Financial’s Holiday Club Account is designed specifically to help you save consistently for holiday expenses throughout the year.* Instead of trying to remember to set money aside, this account makes saving structured and simple.

Here’s how it works and why it’s effective:

  • Open at any time: You don’t have to wait for a specific season to get started.
  • Automatic renewal: Your account will renew each year, so holiday saving becomes an ongoing habit.
  • Annual dividends: Dividends are posted annually on balances of $100 or more.
  • Dedicated purpose: Keeping holiday savings separate helps prevent spending these funds on everyday expenses.

By the end of October, your Holiday Club funds will be deposited directly into your First Financial account, ready for you to use.

Make Saving Easy with Automation

One of the biggest reasons people struggle to save is simply forgetting, or feeling like there’s never extra money left at the end of the month. Automation removes that barrier.

With a Holiday Club Account, deposits can be made in ways that fit your lifestyle:

  • Payroll deductions: Automatically direct a portion of your paycheck into your Holiday Club Account.
  • Direct deposit: Set up recurring transfers from your income.
  • In-person or mail deposits: Add funds whenever it’s convenient.

Even small, regular contributions can add up over time. For example, saving $20–$25 per week throughout the year can create a meaningful holiday fund by the time the season arrives.

The Power of Starting Early

Opening a Holiday Club Account early in the year gives your savings more time to grow and removes pressure later on. Instead of scrambling in the fall, you’ll already be prepared with less financial strain and more peace of mind.

Saving year round also allows you to adjust as life changes. You can increase or decrease contributions, plan ahead for travel, or prepare for larger holiday goals without feeling rushed.

Plan Ahead and Make the Season More Enjoyable

The holidays should be about connection, celebration, and enjoying time with loved ones – not worrying about finances. Saving year round helps you plan ahead, stay organized, and feel confident when the holiday season arrives. A little planning today, can make a big difference tomorrow.

Stop into your local branch, call 732-312-1500, or contact us to get started today!

*A First Financial membership is available 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. 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.

Money-Saving Meals: Recipes to Try in the New Year

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The beginning of a new year is the perfect time to reset your budget and find ways to cut costs – and one of the easiest places to start is right in your kitchen. The rising cost of groceries and expensive food delivery services can quietly drain your wallet. Swapping out takeout for low-cost pantry essentials can help you save more money without sacrificing any of the flavor. Check out these simple meals made of typically inexpensive ingredients – you can just taste the savings!

Mushroom Ramen Noodles

Ramen is already a staple among college students because it is a budget-friendly, convenient option. It’s a great base that can turn into a satisfying meal for you, too – with the help of a few inexpensive additions!

Yield: 1 serving

Ingredients: 1 pack instant ramen noodles (any flavor) | 1 lb. wild mushrooms, sliced | 2 Tbsp vegetable oil | 1 Tbsp butter

  1. Set aside the flavor packet provided with the ramen. Soak the packet of instant ramen noodles in warm water for 5 minutes. Drain the noodles and set aside.
  2. In a skillet, stir fry together the sliced wild mushrooms and the ramen flavor packet with vegetable oil for 3 minutes. Transfer to a plate.
  3. Add the butter and noodles to the skillet and toss for one minute. Add the mushrooms and combine.
  4. Optional: Add any other toppings you would like to the noodles. Common favorites are diced green onions or sriracha sauce.

Check out the full recipe here.

Spicy Penne Pasta

This is an affordable twist on a classic Italian dish, still packed full of flavor.

Yield: 6 servings

Ingredients: 1 lb. box of penne pasta | 1/4 cup olive oil | 3 cloves garlic, chopped | 28 oz. chopped tomatoes | 1/2 tsp red chili flakes | 1/2 tsp Italian seasoning | Salt and freshly ground black pepper, to taste | 6 leaves fresh basil, chopped (plus more for garnish if desired) | Grated Parmigiano-Reggiano cheese, optional (for garnish)

  1. Bring a large pot of water to a boil. Add salt to the boiling water, then add the pasta. Cook according to the package instructions, for about 9 minutes.
  2. In a large skillet over medium-high heat, add the olive oil and heat until the oil starts to shimmer. Add the garlic and cook, stirring until fragrant, 1 to 2 minutes.
  3. Add the chopped tomatoes, red chili flakes, Italian seasoning, and salt and pepper to taste. Bring to a boil and cook for 5 minutes. Remove from the heat and add the chopped basil.
  4. Drain the pasta and add it to the sauce. Garnish with Parmigiano-Reggiano cheese and more basil if desired. Serve warm.

Get the full recipe here.

Black Bean Burgers

Swapping ground beef for black beans is one of the easiest ways to keep a classic burger dish low in cost and high in protein.

Yield: 1 big or 2 small patties

Ingredients: 2 cups of black beans, drained and mashed | 1 cup seasoned breadcrumbs | 1/4 cup grated onions | 1/2 tsp chili powder | 1 egg | Salt and freshly ground black pepper, to taste | Canola oil, for oiling grill pan | 1-2 kaiser rolls | Desired toppings, optional

  1. Mix together the beans, breadcrumbs, onions, chili powder, egg, and some salt and pepper in a medium bowl. Form the mixture into 1 big (or 2 smaller) patties.
  2. Preheat a grill pan over medium-high heat and add the canola oil. Cook the burger for 4 minutes per side. Serve on a kaiser roll with desired toppings.

Learn how to make these black bean burgers here.

Bistro Egg Sandwiches

These sandwiches can be made at home for just a fraction of the price – and taste just as good as ordering one out.

Yield: 4 sandwiches

Ingredients: 6 Tbsp unsalted butter, at room temperature | 1-2 tsp Dijon mustard | 1-2 tsp anchovy paste | 1 baguette, cut into 4 pieces and each halved lengthwise | 4 large eggs | Salt and freshly ground black pepper, to taste | 1/4 lb. country pate or ham, cut into 4 slices | 2 oz. cheese of choice, sliced (gruyere and Comte are favorites) | 1 cup frisee or other greens | Sliced chives, for garnish

  1. Preheat broiler to high. In a small bowl, mix together 4 tablespoons of unsalted butter with Dijon mustard and anchovy paste until smooth.
  2. Spread the anchovy butter on the cut sides of the bread. Place the buttered side up on a baking sheet and broil until toasted, 1 to 2 minutes. Set aside.
  3. Melt the remaining 2 tablespoons of unsalted butter in a large skillet over medium-high heat. Crack in the eggs. Season with salt and pepper and let cook until the yolks just begin to firm up and the edges are slightly crisp, about 3 minutes.
  4. Assemble the sandwiches by placing 2 bread halves on each of 4 plates, topping with a slice of pate, an egg, cheese, greens and chives.

Get the full recipe here.

Chicken Teriyaki Dump Dinner

This one-pan chicken teriyaki dinner is both quick to make and clean up – and is bursting with flavor.

Yield: 4 to 6 servings

Ingredients: Non-stick cooking spray | 2 cups low-sodium chicken broth | 3/4 cup teriyaki sauce | 1/4 cup low-sodium soy sauce | 2 Tbsp sesame oil | 2 tsp grated ginger | 3 cloves garlic, grated | 2 tsp salt | 1 lb. boneless, skinless chicken breasts, diced | 1 red onion, sliced | 2 & 1/2 cups broccoli florets | 1 red bell pepper, sliced | 3 scallions, sliced

  1. Preheat the oven to 425 degrees F. Spray a 9-by-13-inch casserole dish with non-stick spray.
  2. Whisk together the chicken broth, teriyaki sauce, soy sauce, sesame oil, ginger, garlic and salt in a medium bowl until combined. Add the chicken and stir to coat.
  3. Spread the rice evenly in the bottom of the prepared dish. Pour in the teriyaki mixture, scattering the chicken evenly. Scatter the onion, broccoli and bell pepper evenly over the top.
  4. Cover with foil and bake until the vegetables have softened but are still vibrant, about 25 minutes. Remove the foil and bake until the juices have thickened and the chicken is cooked through, about 10 minutes more. Let sit for 5 minutes to allow the rice to absorb more of the moisture.
  5. Top with sliced scallions.

Check out the full recipe here.

By keeping your pantry stocked with staples and keeping these or similar money-saving recipes handy – your kitchen can turn into a new source of savings in the new year.

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