What Can You Do With a 529 Account if Your Kids Decide Against College?

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As a parent or grandparent, you may have diligently saved money in a 529 account to help fund your child’s or grandchild’s college education. But what happens if they decide college isn’t the right path for them? It’s a valid question that many families are facing as more and more people choose alternatives to traditional four-year colleges.

It’s a more common situation than you might think. Fewer students are going to college, and the expenses continue to climb. American undergraduate enrollment rates peaked in 2010 and have steadily declined since. During the same period, the average costs of tuition and fees at a four-year public institution have risen by over 12 percent in inflation-adjusted dollars.1,2

A 529 plan is a college savings plan that allows individuals to save for college on a tax-advantaged basis. The state tax treatment of 529 accounts is only one factor to consider before committing to this savings plan. You should also consider any fees and expenses associated with a particular plan. Whether or not a state tax deduction is available will depend on your state of residence. State tax laws and treatment may vary, and state tax laws may differ from federal tax laws. Earnings on non-qualified distributions will be subject to income tax and a 10 percent federal penalty tax.

First and foremost, it’s important to remember that having a 529 account doesn’t mean that the funds are reserved only for a four-year college education. Several choices are available for using the money saved in the account.

One option is to use the funds for a two-year program, such as those for an associate’s degree or at a trade school. Many vocational schools offer programs that can lead to careers that don’t require a four-year degree. When you use the funds in a 529 account for these programs, you are still investing in your child’s or grandchild’s future and providing them with skills that may help them succeed.3

Another option is to use the funds for education expenses outside the United States. Many countries have educational institutions that offer programs that may interest the student in your life. By using the funds in a 529 account, you can help support their academic goals, no matter where they choose to pursue them. Certain restrictions apply, so you will need to explore this option more thoroughly if you decide to pursue it.3

The rules for 529 accounts allow paying up to $10,000 per year in tuition expenses at elementary, middle, or secondary schools with 529 assets. Furthermore, a lifetime maximum of up to $10,000 of 529 assets can repay existing student loans. So if the student doesn’t use the 529 plan, it could be used by a different beneficiary. This means that you can transfer the funds to another family member who may be preparing to attend college, or you might even use the funds for your education if you decide to return to school.3

A 529 account holder can move money to a Roth IRA account under certain conditions, including:3

  • The 529 plan must have been open for a minimum of 15 years.
  • Changing beneficiaries to another student may restart the 15-year clock.
  • The owner of the Roth IRA must be the beneficiary of the 529 plan (meaning the student).
  • Any money moved from a 529 plan into a Roth IRA account will be subject to the Roth IRA annual contribution limits. The Roth IRA contribution limit in 2025 is $7,000, with an extra $1,000 allowed for individuals over 50.
  • The lifetime limit is $35,000.

To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.

It’s important to note that taking the money out of a 529 account for non-qualified expenses comes at a cost. Doing so may result in federal income taxes and a 10 percent penalty on the earnings portion of the withdrawal.

The truth is that for some young adults, college does not offer what they need. A person who aspires to enter a creative field might find more value in a vocational school or pursue their chosen field through smaller classes or institutes of learning. While most universities and colleges offer these courses, the cost involved could be a problem, as might the requirement to take courses beyond the student’s chosen field to earn a full degree.

In short, college is not for everyone. As you are guiding and advising the student in your life through these complicated decisions, it’s important to remember that a 529 account offers you a great deal of versatility and is designed with these variables in mind.

Remember that the funds in a 529 account can support the student’s educational goals no matter their path. By understanding how it functions and working with a financial professional, you will find that a 529 plan offers many potential opportunities.

Questions about this topic? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534.  You can also email 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. Education Data Initiative, December 21, 2024
  2. Collegeboard.com, 2024
  3. Schwab.com, June 14, 2024

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, LLC, 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.

When a Home Equity Line of Credit Might Make Sense

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For many homeowners, a home is more than just a place to live – it’s also one of their biggest financial assets. As you pay down your mortgage and your home value grows, you will build equity that may be available to borrow against when needed.

One option homeowners often consider is a Home Equity Line of Credit, commonly called a HELOC. But when does using one actually make sense? Here’s a closer look at how HELOCs work, common ways people use them, and the pros and cons to consider before applying.

What is a HELOC?

A HELOC is a revolving line of credit that allows homeowners to borrow against the equity they’ve built in their home. Unlike a traditional loan that gives you a lump sum upfront, a HELOC works more like a credit card – you can borrow what you need when you need it, up to your approved limit. Many HELOCs have variable interest rates, meaning rates can change over time. Some lenders may offer fixed-rate options for added payment predictability.

When a HELOC Might Make Sense

A HELOC can be a flexible financial tool when used strategically. Some common uses are listed below.

Home Improvements and Renovations

One of the most popular reasons homeowners use a HELOC is for home improvement projects. Whether you’re remodeling a kitchen, updating a bathroom, or replacing a roof – a HELOC can help fund upgrades that may also increase your home’s value over time. Since you can withdraw funds as needed, a HELOC can work especially well for projects completed in phases.

Emergency Expenses

Unexpected expenses happen. Some homeowners use a HELOC as a financial safety net for major emergencies such as medical bills, large home repairs, or temporary income disruptions.  Having access to available funds can provide peace of mind without needing to rely solely on high-interest credit cards.

Debt Consolidation

If you’re carrying high-interest debt, such as credit card balances – a HELOC may offer a lower interest rate than other borrowing options. However, it’s important to approach this carefully. Unlike credit card debt, a HELOC is secured by your home. That means failing to make payments could put your home at risk.

Education or Major Life Expenses

Some homeowners use a HELOC to help cover tuition costs, wedding expenses, or other large purchases. The flexibility to borrow only what you need, can make it appealing for expenses that happen over time rather than all at once.

Pros of a HELOC

Flexibility

One of the biggest advantages of a HELOC is flexibility. You can borrow, repay, and borrow again during the draw period without needing to reapply for a new loan.

Potentially Lower Interest Rates

Because a HELOC is secured by your home, interest rates are often lower than unsecured borrowing options like credit cards or personal loans.

Borrow Only What You Need

Unlike a lump-sum loan, you only pay interest on the amount you actually use.

Possible Tax Benefits

In some situations, HELOC interest may be tax deductible when funds are used for qualifying home improvements. Homeowners should consult a tax advisor regarding their specific situation.

Cons of a HELOC

Your Home is Collateral

A HELOC is secured by your home. If you cannot make payments, there is a risk of foreclosure.

Variable Interest Rates

Most HELOCs have variable rates, meaning payments can rise if interest rates increase.

Easy Access Can Lead to Overspending

Because funds are readily available, it can be tempting to borrow more than necessary. It’s important to have a repayment plan in place before using a HELOC.

Fees and Terms May Vary

Some HELOCs may include fees, minimum draw requirements, or early closure penalties depending on the lender and the loan terms. Be sure to review all terms and conditions up front before applying.

Is a HELOC Right for You?

A HELOC can be a smart financial tool for homeowners who need flexible access to funds and have a solid plan for repayment. The key is using it strategically, not as a way to fund unnecessary spending.

Before applying, consider:

  • How much equity you have in your home.
  • Your current income and budget.
  • Whether you’re comfortable with variable interest rates.
  • Your long-term repayment plan.

Explore HELOC Options with First Financial

At First Financial, we’re committed to helping homeowners make informed financial decisions. Whether you’re planning renovations, consolidating debt, or preparing for future expenses – our team can help you explore whether a Home Equity Line of Credit fits your goals. Learn more about our HELOC options and connect with our Loan Department today.*

*LTV= Loan to Value Ratio. Rates will vary with the market based on Prime Rate and may change quarterly. Subject to credit approval. Available on primary or secondary homes only. A First Financial membership is required to obtain a home equity loan or line of credit, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. Subject to underwriting guidelines. See credit union for details. Federally insured by NCUA. Equal Housing Lender.

How to Budget for a Summer Vacation Without Going Into Debt

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Summer is approaching and like many, you might be wondering how you’re going to make a vacation happen without taking on additional debt. Traveling can create meaningful, lasting memories, but it can also create debt that’s difficult to pay off. However, with a little planning – you can make sure souvenirs and memories are the only things you’re coming home with (bye-bye vacation debt)! Here are some tips for planning a summer vacation that fits your budget.

Start with a Trip Cap

What can you comfortably afford to spend on a vacation? Consider your current and future financial obligations, as well as what you can realistically save by the time vacation rolls around. The amount you can comfortably afford to spend should be your trip cap, or the maximum amount you should spend on your vacation. By having a trip cap, saving should feel stress-free and your other financial obligations and goals won’t be skipped to make vacation happen. You’ll also be able to decide on a realistic destination that you can afford currently. A trip cap will also guide your next step: creating a vacation budget.

Create a Vacation Budget

Budgeting for a vacation is not all that different from budgeting for day-to-day life. There will be fixed expenses you can expect like lodging and airfare, and variable expenses like meals and souvenirs. Have a vacation destination in mind before creating your budget. You’ll be able to research real costs ahead of time, so your budget is realistic and you won’t run out of funds before takeoff.

Here are some categories you should factor into your vacation budget:

  • Lodging
  • Airfare (if your destination requires it – if not, add on the cost of your chosen method of transportation)
  • Transportation (such as public transit or rideshare service to get around while on your trip)
  • Meals
  • Activities
  • Shopping

You’ll also want to check out our previous blog post on money-saving travel tips. You might not be able to avoid certain travel expenses entirely (lodging or meals), but there are still ways to make your trip fit your budget. For example, choosing to stay in a hotel that offers free breakfast – leaves you paying for one less meal per day throughout your entire trip.

Plan for the Unexpected

Your budget should also include a buffer for unexpected expenses. This buffer will help limit stress and avoid using a credit card you didn’t mean to use in the event of an unexpected expense. A general rule of thumb is to reserve 10-15% of your budget for those potential expenses. For instance, if your trip budget is $2,000 – at least $200 should be reserved for unexpected expenses.

Here are examples of some unexpected expenses that this buffer could cover:

  • Medical emergencies
  • Lost or delayed baggage
  • Delayed or cancelled transportation
  • Currency fluctuations if traveling abroad

Use a Dedicated Savings Account

Putting your vacation fund in a special savings account can help you avoid dipping into it for everyday expenses throughout the year. It can also help you visually track the progress you’re making. You’ll be less likely to use funds from your dedicated vacation savings account, than funds that are mingled with your everyday spending money.

If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ – our Summer Savings Account is another way to save for vacation expenses.* Start saving for your future summer trip in the fall, and elect to have the funds transferred entirely on July 1 or split between 50% on July 1 and 50% on August 1  – depending upon the date of your summer travel.

Automate Your Savings

Automating your savings each month can take the willpower out of saving money on your own. The funds will be distributed into your designated savings account before you even notice – out of sight, out of mind! This also reduces the chance that you will skip making the manual transfer between your accounts, since automating takes away the need to decide.

Deposits into a First Financial special or summer savings account can be made via payroll deductions or direct deposit, helping you pay yourself first every payday and save consistently. Then, when your vacation rolls around – you’ll have a savings fund that will help you enjoy it without financial regret.

The moral of this story? It is possible to have a memorable vacation without going into debt, by saving and spending intentionally within your means.

Want to see more content like this delivered to your inbox? Subscribe to our First Scoop Blog.

*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. Other terms & conditions may apply, see credit union for details.

Things to Do on a Budget in Monmouth & Ocean Counties this May 2026

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Make this May one to remember without a hefty price tag! Check out these budget and family-friendly activities to enjoy in Monmouth and Ocean Counties all month long.

May 2

A Weekend in Old Monmouth – Explore almost 60 historic Monmouth County sites at no cost on Saturday from 10am-5pm and Sunday from 12pm-5pm. We are approaching the nation’s 250th anniversary, making this year’s Weekend in Old Monmouth even more special – and sites connected to the Revolutionary era or featuring special programs are noted on this interactive map. Learn more about how you can immerse yourself in Monmouth County’s vibrant history here.

Cinco de Mayo Celebration (Toms River) – Celebrate Cinco de Mayo in Downtown Toms River on Washington Street from 12pm-6pm. The vendors, live music, food, and drinks will give you a taste of authentic Mexican culture without leaving town. There is no entry fee to attend, but items will be available for purchase. Click here for more information.

Fiesta de Mayo Cantina Crawl (Highlands) – Spice up your Cinco de Mayo celebration with this Cantina Crawl from 12pm-5pm. With a map of participating locations in hand – you’ll explore local restaurants and establishments, and sample margaritas (ages 21+) to help crown the Best Margarita in Highlands! There will also be surprises and live mariachi music. Admission is $45. Click here to learn more and purchase tickets.

Made in Monmouth (Lincroft) – With graduations, weddings, and more around the corner – Made in Monmouth makes it easier than ever to shop local for your upcoming special occasions. The Robert J. Collins Arena & Recreation Events Center at Brookdale Community College will host over 200 vendors from 10am-4pm. Shop while supporting Monmouth County’s small businesses. There is no entry fee to attend, but there will be items available for purchase. For more information, click here.

May 9

Borough-Wide Yard Sale (Freehold Borough) – There will be bargains and hidden gems at every corner during the Borough-Wide Yard Sale from 8am-3pm. Maps of registered participants and the items they plan to have for sale are available at Borough Hall. There is a rain date of May 10th. Learn more here.

May 10

Moms Ride Free (Seaside Heights) – Treat your Mom to a day of fun and thrills at Casino Pier from 12pm-6pm. Moms ride free with a paid child, so don’t miss out on a fun day of spending quality time with the family. Click here for more information.

Mother’s Day at the Track (Oceanport) – Mother’s Day is off to the races at Monmouth Park from 12pm-5pm. There is no cost for ladies to enter, and they’ll also receive flowers and can enter for a chance to win Tim McGraw concert tickets at PNC Bank Arts Center. There will be family fun activities until 4pm – including clowns, face painters, pony rides, and a bounce house. Live races begin at 12:50pm. General admission is $7 for the rest of the family, and no cost for children 12 and under. Learn more here.

May 16

Green Fair (Brick) – Go Green at Brick’s Annual Green Fair from 10am-2pm at the Bob Anstett Cultural Arts Center. From an ecofriendly clothing swap to educational exhibits – this community-wide event is geared toward inspiring all to embrace sustainability. There will also be vendors, giveaways, door prizes, food trucks, and more. There is no entry fee to attend, but items will be available to purchase. Click here to learn more.

Ocean Fun Days (Sandy Hook) – Dive in to learning all-things ocean and discover our very own Jersey Shore from 11am-3pm on both Saturday and Sunday. Marine scientists, researchers, and environmentalists will host educational exhibits, as well as hands-on programs and demonstrations. Nothing says “hands-on” like animal touch tanks! There will also be family-friendly workshops, games, and crafts. There is no entry fee to attend. Click here to learn more – you’ll shore be happy you did!

May 17

Porch Fest (Freehold) – Stroll through Downtown Freehold and catch live music on every corner during Porch Fest, from 12pm-5pm. There will be live performances by bands and artists on porches all over town. Dancing is encouraged! There is no entry fee to attend. Click here to learn how you can discover new artists, one porch at a time!

May 23

Memorial Day Weekend Parade & Festival (Bradley Beach) – Celebrate Memorial Day and honor all those who have served our country all weekend long at the Bradley Beach Memorial Day Parade & Festival. Kick off the weekend by finding a spot along Ocean Avenue to watch the parade, beginning at 10am. The rest of the weekend will be packed with live performances from bands and artists, a vendor fair, and delicious eats from local restaurants. There is no entry fee to attend, but there will be items available for purchase. Learn more here.

May 25

Memorial Day Celebration (Lacey) – Celebrate Memorial Day at the Lacey Elks Lodge from “9am-whenever!” There will be live performances by two of the area’s high-energy party bands, food trucks, vendors, and family-fun activities. There is no entry fee to attend, but items will be available for purchase. Learn more here.

Memorial Day Parade (Freehold Borough) – Celebrate Memorial Day the oldest and biggest way in Western Monmouth County at Freehold Borough’s Memorial Day Parade from 10am-2pm. Over 70 military units, veteran groups, fire departments, EMS squads, youth groups, bands, and custom designed floats – will begin their march from the corner of Brinkerhoff Avenue and Main Street. The parade will zip through town, with plenty of viewing spots to enjoy the entertainment with family and friends. Admission is free for all who attend. Click here for more information and to view the parade route.

Memorial Day Parade (Farmingdale) – The town of Farmingdale will celebrate its 53rd annual Memorial Day Parade beginning at 2pm along Main Street. This year’s parade will also feature a special celebration of the 250th Anniversary of American Independence, as well as a pie baking contest and a photo contest. Bring a lawn chair or blanket, and a bag to collect candy from the floats as they ride by! Learn more here, as well as on the town website and parade Facebook page.

May 29

Jersey Shore Greek Festival (Ocean Township) – Get a taste of Greece with no passport needed at the at St. George Greek Orthodox Church, running from Friday, May 29th through Sunday, May 31st at various times. You can enjoy authentic cuisine, traditional music and dance, a vibrant marketplace, and exciting games and rides the whole family will love.There is no entry fee to attend, but there will be items and experiences available for purchase. Learn more here.

May 31

BBQ, Beer, and Boots (Point Pleasant Beach) – Kick off the summer season with a backyard-style BBQ and beer festival with a country twist at the Point Pleasant Beach Municipal Lot from 12pm-4pm. There will be live country music, incredible food, cold beer (ages 21+), family-friendly games, and good vibes that will leave you saying “yee-haw!” You can also saddle up and put your skills to the test with mechanical bull rides – hang on tight! Admission is $10 for those ages 5 and up, and there is no cost for children ages 4 and under. Click here to learn more.

Guided Fossil Hunts (Middletown) – Calling all amateur paleontologists! Dig up remnants of Earth’s ancient past (we’re talking 65-72 million years ago ancient) at the Poricy Brook Fossil Beds from 11am-12pm. Your experienced guide will walk you through a brief orientation before you hit the fossil beds with your trowel and sifter, and help you identify treasures along the way. Admission is $5 for those ages 5 and up. Participants are required to wear rubber boots or sneakers. Learn more here.

How to Make Next Year’s Tax Season Stress-Free

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Tax season just ended a couple weeks ago, and while preparing for next year’s tax return is probably the last thing you want to think about – it’s important to stay organized and make any adjustments for next year now, while it’s still fresh on your mind. Even though April 15th comes around every year like clockwork, it tends to sneak up and turn into a last-minute scramble for many of us. Here are a few tips on how to prepare for next year’s tax season now, to make things less stressful and more manageable later.

Make a Tax-Related Documents Checklist

An easy way to prepare for tax season is to make a simple checklist of the information and documents you will need to receive before you file. A checklist will help ensure you file accurately and keep an eye on what’s still outstanding.

Below are some examples of documents you might need to file your taxes next year that you can start putting aside this year, depending on your situation:

  • Documents related to childcare or dependent care expenses.
  • Receipts for books, tuition, and other education expenses if you’re a student or teacher.
  • Medical and prescription receipts.
  • Charity donation receipts or proof of payment.

Check out this IRS webpage on common documents and tax forms you might need to file your taxes. It’s important to remember that this isn’t an all-inclusive list and not all listed documents and forms will apply to everyone.

Decide How to Organize Your Tax Records

Are you more of a physical or digital recordkeeper? Choosing a method for organizing your tax-related documents makes it more likely that you will organize documents as you receive them.

A few options for organizing your tax-related documents can be a physical folder, digital folder on your device, or an accordion folder – especially if you have many categories of documents.

Track Income and Expenses Monthly

Tracking income and expenses is especially important if you do side gig or freelance work or own a small business – self-employment income is not the same as income reported on a W-2. Tracking can be done with a spreadsheet, a budgeting app, or something as simple as the notes app on your phone. Setting time aside to track income and expenses monthly can help you avoid surprises when it’s time to file and assist you in planning ahead.

Keep Track of Life Changes That Could Impact Taxes

Don’t forget about any career changes, getting married, or your first-time home purchase come tax time! Aside from changes to legislation, life events are one of the main causes of impacts to your tax outcome. They can affect your refund or how much you may owe the IRS.

Here are some life events that might impact your tax outcome:

  • Getting married
  • Growing your family
  • Starting a new career or experiencing job loss
  • Buying or selling a home
  • Retiring

The IRS has resources that explain the potential tax impact of various life events.

Create a Plan if You’re Expecting a Refund

Having a plan for a tax refund before you receive it is an important and often overlooked aspect of tax season preparation. Without a plan, it’s common for tax refunds to be spent on impulse purchases or go to everyday spending as opposed to long-term financial goals. Having a plan for any funds you get back at tax time will help you know exactly what to do when the refund arrives.

If you want to make the most of your refund by saving, making a large purchase, or planning for your financial future – First Financial is here to help!

Benefits of Preparing Early

There are numerous benefits to preparing for tax season early:

  • Stress Relief: Tax season stress usually comes from feeling unprepared or rushed, especially as the deadline gets closer. Getting started ahead of time can help you file with confidence – and not second-guessing whether you filed all your documents.
  • Avoiding Errors: Rushing through your taxes can lead to errors – such as skipped documents, incorrect numbers, or even missed deductions.
  • More Time to Prepare: Being ready to file early gives you time to plan. Especially in the case of owing money – if you know you usually owe each year, you can start putting aside some money into a savings account all throughout the rest of this year to avoid scrambling at the last-minute next year.

With a few smart habits, you can make sure that tax season doesn’t catch you off guard next year.

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*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. Other terms & conditions may apply, see credit union for details.

Cybersecurity Basics for Small Businesses

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In today’s digital world, cybersecurity isn’t just an IT issue – it’s a business essential. Small businesses are increasingly targeted by cybercriminals, often because they have fewer protections in place. With a few smart practices, you can significantly reduce your risk.

Why Cybersecurity Matters for Small Businesses

Many small business owners assume hackers only go after large corporations, but that’s not always the case. Cybercriminals look for easy entry points, and smaller organizations can be more vulnerable.

Even a single data breach can lead to:

  • Financial loss
  • Operational disruption
  • Damage to your reputation
  • Loss of customer trust

That’s why building strong cybersecurity habits is critical to protecting your business and your customers.

1. Protect Your Devices and Data

Start with your everyday tools.

  • Keep software up to date: Regular updates fix security vulnerabilities and should be set to automatic whenever possible.
  • Back up important files: Store backups offline or in the cloud so you can recover quickly if something goes wrong.
  • Use passwords on all devices: Laptops, phones, and tablets should always be secured.

Think of this as your first line of defense, keeping your systems current and your data recoverable.

2. Strengthen Access with Passwords and Authentication

Weak passwords are one of the most common entry points for cyberattacks.

  • Use strong passwords (at least 12 characters with a mix of letters, numbers, and symbols).
  • Never reuse passwords across accounts.
  • Enable multi-factor authentication (MFA) for sensitive systems.

MFA adds an extra layer of protection, like a one-time code sent to your phone – making it much harder for others to gain access.

3. Secure Your Network

Your internet connection is a gateway into your business, so it needs to be protected.

  • Change default router names and passwords.
  • Use WPA2 or WPA3 encryption on your Wi-Fi network.
  • Turn off remote access unless absolutely necessary.

If employees work remotely, consider using a secure VPN connection to keep data protected.

4. Train Your Employees

Your team plays a major role in keeping your business secure.

  • Teach employees how to recognize phishing emails and suspicious links.
  • Provide regular cybersecurity training and updates.
  • Encourage safe browsing and password practices.

Even the best systems can be compromised by human error, so awareness is key.

5. Limit Access to Sensitive Information

Not every employee needs access to everything.

  • Restrict access based on roles and responsibilities.
  • Regularly review who has access to critical systems.
  • Remove access promptly when roles change.

This reduces the risk of both accidental and intentional data exposure.

6. Encrypt Sensitive Information

Encryption protects your data, even if it’s intercepted or stolen.

  • Encrypt laptops, mobile devices, and storage systems.
  • Protect customer and financial data both in storage and during transmission.

This ensures sensitive information stays unreadable to unauthorized users.

7. Make Cybersecurity Part of Your Daily Operations

Cybersecurity isn’t a one-time setup, it should be part of your ongoing business practices.

  • Create a data breach response plan.
  • Regularly review and update your security measures.
  • Monitor systems for unusual activity.

Having a plan in place can help your business respond quickly and minimize damage if an incident occurs.

Cybersecurity Doesn’t Have to Be Overwhelming

Cybersecurity may feel overwhelming, but starting with the basics can make a big difference. By protecting your devices, training your team, and building strong habits – you can safeguard your business from costly cyber threats.

At First Financial, we’re committed to helping our business members stay secure and financially strong. Whether you’re managing day-to-day operations or planning for growth, taking steps to protect your data is one of the smartest investments you can make in your business.

Learn more about protecting your private data and common scams on our First Scoop Blog. If you notice any unusual activity on any of your First Financial accounts, contact us right away.