The Basics of Financial Fitness

Posted on by
Reply

Quick question: Are you financially fit? If so, how financially fit are you?

There are really no clear guidelines as to what constitutes financial fitness, much less how to grade variations of that fitness. However, it’s a helpful question because it gets you thinking about your finances. More specifically, whether you’re on the right track toward your financial goals. Those goals differ by individual and include being able to retire, pay for a child’s wedding and college education, and even saving for that dream vacation. To make sure that you’re on the right track toward your goals, here a few steps to help get you started.

As a first step, put together a reasonable budget, detailing your income and expenses by month. This will help you understand your cash flow and identify areas where you can cut costs.

Next, start saving for unexpected expenses, like a medical emergency, major car repair, and an appliance replacement. Ideally, try to keep at least three months’ worth of living expenses in your emergency savings fund.

Check your credit report at least once each year, making sure that there are no mistakes. You’re entitled to a free copy of your credit report every year from the three major credit reporting companies, Experian, Equifax, and TransUnion.

As part of a long-term plan, begin saving for your retirement at the earliest age possible, working with a financial professional to create a portfolio that aligns with your appetite for risk, number of years until you expect or want to retire, and other factors.

Develop and review a financial plan. This is a written document that details your short and long-term goals with tactics and strategies to address them. Review the plan at least annually, making any necessary changes if your goals or personal circumstances change.

Finally, consider investing early and often. This has the potential to produce greater returns than investing a larger amount over a shorter period of time.

For instance, assume an equal rate of return for each of these two scenarios: If you invest $75 a month beginning at age 25 and continue until you are 65, your earnings will be greater than the 35 year old who invested $100 a month until reaching 65.

This is a hypothetical example and is not representative of any specific investment. Your results may vary, but you get the point. If you need help getting or maintaining financial fitness, contact a financial professional.

Questions about this topic? 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:

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial, LLC

Tracking #1-05363573

First Financial Employee Spotlight: Terriann Warn

Posted on by
Reply

At First Financial, our dedicated team members are the driving force behind our continued success and unwavering commitment to our members. This month, we are shining the spotlight on Terriann Warn, our Chief Financial Officer (CFO), who has been an integral part of our credit union family for an impressive 35 years! Terriann’s journey with First Financial is rooted in a solid foundation of expertise and dedication. As CFO, Terriann’s steadfast commitment ensures that we continue to thrive – serving our community for generations to come. Join us as we delve into Terriann’s remarkable journey and the pivotal role she plays in shaping the future of First Financial.

What was your background/work or education experience in your field before you began working at the credit union? I have a Bachelor of Science Degree in Accounting from Georgian Court University. While getting my degree, I worked in various retail stores and as a bookkeeper at a local marina.

Can you walk us through one of your most important tasks and explain why it’s significant for our members? As the CFO, my primary responsibility is the financial safety and soundness of the credit union. This is significant because the credit union has been servicing our members for 88 years, and we want to continue servicing them for another 88 years and beyond.

What personal values do you bring to your role here at the credit union? I would say I bring reliability, integrity, accountability, responsibility, and adaptability.

How do you see these values reflected in the work of First Financial and how do you personalize your service to meet the diverse needs of our members? I see this reflected in my staff in the way that they take responsibility and accountability for a situation to the end. Adaptability and reliability in the way they change paths based on what is needed to support other areas within the credit union and our members, because they come first. As for integrity, I take pride in doing the best job possible. I personalize my service by listening to our internal (staff) and external members.

Can you describe the team you work with and how you collaborate? As the CFO, I interact with all areas of the credit union. I directly manage or oversee the following areas: Accounting, Operations, our Member Relationship Center, Records Management, and Compliance. I believe the key to any team or organization’s success is good communication. I encourage my team members to work together by communicating, supporting, and respecting each other.

In your opinion, what sets First Financial apart from other financial institutions? What sets us apart from other financial institutions is that we are a local, community-based organization that only services Monmouth and Ocean Counties. When a member calls or walks into one of our branches – they are speaking to a person who is part of the same community, people who understand what is impacting our members’ lives.

What’s something unique or surprising about you that members or other co-workers might not know? I learned at a young age, how to treat people. While playing sports growing up – I saw how coaches treated their players. Some just yelled a lot and favored the best players. Others actually coached by being patient, supportive, and respecting not just the best players – but all players. These individuals made a lasting impression on me and are the examples I used in developing my management style here at First Financial.

What message would you like to share with the members of First Financial? We are here to assist our members with all of their financial needs. From opening a savings account to save for the future, a checking account to pay their monthly bills, or a loan to buy their first house or car – to our Investment and Retirement Center to plan for the future. We are here for each of our members’ financial needs.

If you could give one piece of financial advice to our members, what would it be? Create a budget. A budget should keep track of the money coming in – such as salary, and the money being spent – such as utility bills. One’s budget should prioritize their needs first – housing, food, insurance, transportation, and then wants second – vacations, going out to dinner, or other things that you can live without.

Terriann epitomizes the core values of dedication and integrity that define our Leadership Team at First Financial. Terriann’s journey from local bookkeeping as a college student to her 35-year (and counting!) career with First Financial, is a testament to her reliability and adaptability. As our Chief Financial Officer, she plays a pivotal role in safeguarding the financial well-being of our credit union – ensuring that our members receive the highest standard of service and support. Terriann’s values resonate in every aspect of her work here at the credit union. Her leadership inspires our team to strive for excellence, driven by a shared commitment to serving our community with pride and dedication.

Want to join the team at First Financial? Check out our careers webpage and apply online for current employment opportunities.

Managing Small Business Finances: A Comprehensive Guide

Posted on by
Reply

In honor of May being National Small Business Month, First Financial is proud to present a guide aimed at empowering small business owners with effective financial management strategies. Managing finances is pivotal for the growth and sustainability of your business. Here are some tips to help you lay a strong financial foundation for your business with (of course!) support from us.

1. Separate Your Finances

Mixing personal and business finances can complicate your financial landscape. Opening a bank account specifically for your business is crucial for clear financial tracking and taking advantage of tax deductions. First Financial’s Business Accounts offer the convenience and clarity you need, ensuring your transactions are organized and easily accessible through our online banking system 24/7.

2. Pay Yourself

It’s vital to recognize your role in your business by paying yourself a salary. This not only aids in personal financial stability, but also sets a precedent for financial discipline within your business operations. How you pay yourself might vary, so consider consulting with a financial professional for guidance.

3. Master Financial Documents

Understanding your balance sheet, profit and loss statement, and cash flow is essential for gauging your business’ health. These documents offer insights into your operational capability and financial resilience, guiding informed decision-making.

4. Build Strong Business Credit

A robust business credit score unlocks doors to better financing options and business opportunities. First Financial’s VISA Business Cash Plus Credit Card can serve as a tool to meet your financial needs and build and maintain a strong credit history. With unlimited 1% cash back, no annual fee, and a robust rewards program – the benefits exceed just building your business’ credit.

5. Smart Use of Loans

Speaking of credit – loans can be a strategic tool for growth, allowing for investments in equipment, technology, or expansion efforts without straining your cash reserves. First Financial offers a variety of Business Loan options designed to match your unique business needs, providing a financial boost when it’s most needed.

6. Tax Planning

Stay proactive with your tax obligations to avoid last-minute scrambles. Regularly setting aside a portion of your earnings can help manage quarterly tax payments smoothly, ensuring financial peace of mind. Be sure to save all important documentation throughout the year and compile it in one place so that when tax time rolls around, you’re in good shape to file your return.

7. Reinvest in Your Business

The temptation to pocket all your profits can be strong, but reinvesting in your business is crucial for sustained growth and innovation. Allocating funds for future projects and improvements demonstrates a commitment to your business’ longevity and success.

Managing a small business comes with challenges, but with the right strategies and support from First Financial, you can navigate your business toward a prosperous future. Our Business Accounts, Loans, and VISA Business Cash Plus Credit Card are tailored to support the unique needs of small businesses – offering the reliability, flexibility, and security you deserve.

To learn more about business banking with First Financial, email business@firstffcu.com, call 732-312-1500 or visit one of our branches.

Things to Do on a Budget in Monmouth & Ocean Counties this May 2024

Posted on by
Reply

The unofficial start to summer is almost here! Be sure to check out these upcoming dates for some free or inexpensive events happening in a town near you this month.

May 4:

Ocean Grove’s Spring Fling Arts and Crafts Show takes place from 10am-4pm on Main Avenue to Pilgrim Pathway. There will be a wide variety of crafters & artisans and fun, food and festivity! Enjoy live music with Sharon Lasher & the Flashers and Chuck Lambert Blues. Don’t forget to check out the local shops and eateries in town too. Learn more here.

Spring Festival and Pet Expo (Island Beach State Park) will take place from 10am-3pm at Central Avenue in Seaside. There will be craft and pet supply vendors, rescue groups, demos, food trucks, a 50/50 raffle and more! Admission is free, but donations to Friends of IBSP are suggested. Call 732-793-0506 to learn more, or click here.

Manasquan PBA Food Truck Festival will take place from 1pm-7pm at Mallard Park (South Potter and Cedar Avenues). There will be live music, great food from amazing food trucks, a 50/50 raffle, and much more! Admission is free, food & drinks will be available for purchase. See more details here.

May 5: Kids’ Stuff Flea Market at Ocean County Park (Lakewood) will run from 9am-1pm on Ocean Avenue and Route 88 at the Beach Complex parking lot. The event will be rain or shine, and is a great opportunity to buy items related to children, including toys, games, clothing, and sporting goods. New and used items may be sold with advanced registration as a vendor. Find out more.

May 9: Colts Neck Band Free Spring Concert will take place from 7:30pm-9pm at the high school auditorium (Rt. 537 and Five Points Road). Attend this free spring concert featuring light classical music, movie themes, and more! Get more information.

May 11:

Mother’s Day Plant & Bake Sale (Manasquan) will take place from 8am-2pm at Curtis Park on Main Street. Come and purchase beautiful hanging baskets, patio planters, assorted herbs and smaller baskets, pots of flowering plants, lavender, herbs and tomatoes. There will also be baked cookies, cakes and breads for sale. This event supports annual college scholarships to graduating high school seniors in the local area. Find out more.

Creative Arts Festival (Lincroft) will take place from 10am-4pm at Thompson Park. This festival features a variety of fine artists, as well as live music by local musicians. This is a great event for the whole family! There will be free activities and artist demonstrations throughout the day. The event will also feature three food trucks. Admission and parking are free. Learn more here, or call 732-842-4000 ext. 3343

May 11 & 12: Mother’s Day Weekend Spring Bazaar (Asbury Park) will run from noon to 5pm both days at Convention Hall on Ocean Avenue. The weekend will feature shopping, arts & crafts, and music. There will also be fresh flower bouquets, Mother’s Day photos and photo stations, craft workshops, kids’ activities & face painting, delicious food and more. Check out the vendor line-up here, and learn more about this event.

May 17 & 18: Spring Garden Days Plant Sale (Freehold) will take place at the Rutgers Cooperative Extension Agriculture Building at 4000 Kozloski Road. There will be plenty of plants available for purchase, as well as free presentations and garden tours throughout each day. The event will be held rain or shine. See the schedule here.

May 17 – 19: Annual Belmar Seafood Festival takes place on Fifth and Ocean Avenues at Ferruggiaro Park at Silver Lake. Admission is free, come and experience the Jersey Shore’s top seafood restaurants and vendors, there will also be crafters and live music. Get all the details!

May 19: Howell Farmer’s Market will run from 10am-2pm at Echo Lake Park on Maxim Southard Road. Join in every Sunday for the season – starting 5/19/24 (weather permitting) to explore a captivating selection of fresh produce, blooming plants, delectable baked goods, and much more! Get more information here.

May 25 & 26: Bradley Beach Memorial Day Weekend Festival begins at 9am and will go until 7pm both days along the promenade. There will be a Memorial Day Parade at 10am on Saturday only. This event features music, crafters, food, entertainment, and fun for all! Learn more.

May 25 – 27: Jersey Shore Food Truck Festival (Oceanport) begins to kick off MDW! Gates open at 9am, the first race of the day is at 12:50pm. There is free parking, admission is $6 and kids 12 and under are free. There will be over 30 food trucks at this long holiday weekend festival, and live music each day from noon to 4pm. Free family fun events including clowns, face painting, pony rides and a bounce house will take place each day from 12-4pm in the picnic area. Learn more and purchase your tickets online.

May 27:

Freehold Borough’s Annual Memorial Day Parade begins at 10am on Main Street & Brinckerhoff. This year is the 150th commemoration of the holiday in town! Cheer on our veterans organizations, youth sports teams, scouts, and community organizations as we pay tribute to the fallen heroes of our great nation. Find out more.

Farmingdale’s Annual Parade begins at 1pm at Southard Avenue and Academy Street. The parade route encompasses the majority of town, and is a patriotic event you won’t want to miss! Get more information.

May 30: The Harlem Wizards at Marlboro High School begins at 6pm when doors open (95 North Main Street/Rt. 79). General admission is $35 in advance or $40 at the door. Courtside tickets are $75 and include a photo and gift certificate. Pizza and snacks will be for sale, cash only. Learn more, and purchase tickets online here.

May 31: Downtown Night Out (Toms River) begins for the season at 5pm and ends at 10pm on Washington Street. Every Friday and Saturday night beginning 5/31, Downtown Toms River comes alive. Throughout downtown, restaurants and businesses are open with outdoor dining, music, shopping and more. Check out the details here.

Beware of ATM Skimming and Shimming

Posted on by
Reply

Recent incidents of sophisticated financial fraud include the uptick in unauthorized capture of consumer card and PIN information through skimming and newer shimming devices, placed inside ATMs or payment terminals. Keep reading to learn how to protect your finances from these fraudulent devices and signs to look out for when using an ATM or other payment terminal.

What are Skimming and Shimming?

Skimming occurs when illegal card readers are attached to payment terminals including at the store, on gas pumps, vending machines, parking meters or on ATMs. These card readers grab data off a credit or debit card’s magnetic stripe without your knowledge. Criminals can then sell the stolen data or use it to buy items online. You can learn more about skimming devices and what to look out for by watching our YouTube video.

Shimming has evolved more recently, as card microchips (EMV chips) started being used on newer cards to curb skimming efforts. Shimmers are thin pieces of metal inserted into an ATM or a machine at a point of payment, used to capture information in the microchip. They are small and almost impossible to detect when looking at a machine from the outside. Shimming devices allow fraudsters to steal data from your EMV chip cards in the same way that skimmers capture the data from a magnetic strip.

How Does Shimming Work?

When a shimming device is installed on an ATM or point-of-sale terminal, a crook can steal the data contained on your card’s chip. They can then use the data to create a fake card and make fraudulent purchases. You most likely won’t be aware that a shimming device is inside an ATM or payment terminal. The device is typically positioned inside the machine’s card reader slot, and is designed to be undetectable. Once the device has shimmed data from unsuspecting cardholders, the crook will pull the device out of the machine to retrieve the stolen data.

Protect Yourself

There are several ways you can protect yourself from shimming, including:

  • Use contactless payment methods such as Apple Pay, Google Pay and Samsung Pay, like we have available here for our First Financial members.
  • Use a financial institution owned ATM. ATMs owned by a bank or credit union are more secure than one you might find at a convenience store.
  • Choose a safe ATM. Skimming and shimming devices are more likely to be installed in poorly lit areas and in less public places, where even if there are cameras – they most likely won’t be able to pick anything up. Read more about ATM safety in our previous blog post.
  • Always check the card slot. Be aware of how easily your card fits into a card reader slot. If it’s difficult to slide your card in, be suspicious. This might mean there’s a shimming device inside the card reader.

What Should You Do if You’re a Skimming or Shimming Fraud Victim?

  • Contact your financial institution or card issuer. Once you know your card has been compromised, reach out to your card issuer to lock the card and issue you a new one right away.
  • Setup account & fraud alerts and monitor your account. You can request that the credit bureaus place an alert on your credit profile, which will ask any creditors to verify your identity before issuing any new credit in your name. You’ll also want to carefully review your bank and credit card statements and online account for any unusual activity.
  • File a report with the FTC. You can visit the FTC’s website to submit a report about suspected shimming.

At First Financial, your financial well-being is our top priority. Our tools and resources such as our Fraud & ID Theft Protection Guides can equip you with the knowledge necessary to protect yourself from scams. By staying informed and vigilant, you can safeguard your finances and enjoy peace of mind in an ever-evolving digital world.

For more personalized financial assistance with your First Financial accounts, call us at 732.312.1500 or visit a branch today.

A Guide to Green Finances in Honor of Earth Day

Posted on by
Reply

In celebration of Earth Day next week, First Financial is thrilled to share some principles of environmental stewardship with smart financial management. Adopting a green lifestyle doesn’t just contribute to the planet’s health — it can also bolster your financial well-being. Here’s how making eco-friendly choices can lead to savings and a more sustainable future.

Embrace Green Banking

As part of your journey to green finances, consider digital banking options. Online statements, mobile banking, and electronic bill pay reduce the need for paper, helping to conserve resources. First Financial offers a range of online banking services designed to make managing your finances convenient and environmentally friendly.

Merge Eco-Friendly Living with Savvy Spending

The path to a greener planet and a thicker wallet starts with small, daily decisions. Contrary to the myth that eco-friendly living is costly, embracing sustainability can actually cut your expenses. Simple acts like drinking from a reusable water bottle or cooking meals at home – not only saves you money, but also reduces your environmental footprint. By aligning your financial decisions with your green values, every dollar you spend (or save) supports a healthier planet.

Energy Efficiency: The Bright Idea

Switching to energy-efficient appliances like LED bulbs can slash your energy bills and carbon footprint simultaneously. ENERGY STAR-labeled appliances in particular, meet high energy efficiency standards. Remember, conserving energy isn’t just about upgrading your gadgets – it’s also about everyday habits. Turning off lights when you leave the room, unplugging idle electronics, and fixing leaks can make a big difference in your utility bills and resource conservation.

Rethink Your Ride

Eco-friendly transportation methods like carpooling, public transit, and electric vehicles reduce emissions and save money on fuel. For short distances, consider biking or walking — not only are these options cost-free, but they also offer health benefits. If your job allows remote work, see if you can work from home a portion of the week to cut down on commuting costs and decrease your environmental impact.

Waste Not, Want Not

Minimizing waste goes hand in hand with maximizing savings. Ditch single-use plastics for reusable alternatives, buy in bulk to reduce packaging waste, and embrace recycling and composting. Before tossing something out – think about whether it can be repaired, repurposed, or donated. These practices not only lessen your environmental impact but can also inspire a more mindful and economical lifestyle.

Earth Day Every Day

Making eco-friendly choices in your finances and lifestyle doesn’t just celebrate Earth Day — it honors our planet every day. By integrating these green practices into your life – you’ll not only contribute to a healthier planet, but also discover new ways to save.

For more personalized financial advice, call 732.312.1500 or visit your local branch today. Don’t miss out on more financial tips – be sure to subscribe to our monthly e-newsletters.