Category Archives: Financial Advice

Ways to Cope During Times of Financial Difficulty

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A health emergency, the loss of a job, or unexpected large expenses can happen to anyone. Even for the most financially prepared folks, such an instance can make things especially challenging. If you are currently facing a financial hardship or difficult time in your life, there are various organizations you can turn to for assistance to help bridge the gap.

1. Food Assistance

Food pantries collect and distribute necessary food items in designated areas. Common items you might find at a food pantry are canned fruits and vegetables, lean protein sources like canned tuna or chicken, and dry grains such as pasta, cereal, and rice. Food pantries may have different eligibility criteria for receiving food – sometimes depending on your income, family size, or if you are experiencing financial hardship.

Soup kitchens are centers that distribute little to no-cost nutritious meals to those experiencing food insecurity. Like food pantries, soup kitchens may also have different eligibility criteria for receiving a meal.

If you are in Monmouth or Ocean Counties in New Jersey and experiencing food insecurity, check to see if Fulfill can help. From a network of food pantries and soup kitchens to assistance determining eligibility for benefits – Fulfill takes a comprehensive approach to food security. Another resource is JBJ Soul Kitchen, a local soup kitchen serving nutritious, warm 3-course meals with various payment options depending on your needs. The State of New Jersey also has a Food Assistance webpage to help connect residents in need to local and state resources.

2. Utilities Resources

Essential utilities such as electricity and water, do not pause when a hardship arises. Your utility provider may be able to assist if you are facing financial hardship. Contact your service provider(s) to see what the options might be. They may be able to offer payment plans, due date extensions, or budget-billing plans if your hardship might be long-term.

Furthermore, if you are a New Jersey resident and need help in paying for utility bills, are in danger of utility shut-off or are currently disconnected – the New Jersey Board of Public Utilities has various utility grant programs you can apply for.

3. Clothing and Household Items

Community closets may provide clothing and household items to individuals and families in need. Typically, donations of gently used items are accepted and offered to the public at low or no-cost. If you are local to Monmouth or Ocean Counties, Clara’s Closet by Lunch Break is a community closet offering select items free of charge to eligible guests.

Second-hand shopping at thrift stores can also be a great resource to purchase gently used clothing and household items at a low cost. A large thrift store chain that accepts donations to sell to cost-conscious shoppers is Goodwill. You can locate a Goodwill near you here.

4. Housing & Shelters

It can be comforting to know that housing resources and shelters exist nearby should you ever need them. There are usually different rules and eligibility requirements that must be met, so it is always best to consult with personnel at the organization local to you for more information.

Some housing resources include:

  • Emergency housing facilities: Provides a short-term, clean, and safe place for families or individuals to stay who have an immediate need.
  • Transitional housing programs: A resource designed to transition those who are unhoused to more permanent living solutions.
  • Support services: Certain non-profits and local or state organizations may be able to assist with housing applications. Visit your state website to learn more. For NJ residents, visit this website.

If you are located in Monmouth or Ocean, we’ve developed a list of several community-based resources by county. These organizations may be able to assist you in times of need. This is not a comprehensive list of all the local resources that may be available to you. However, it is important to know that there are various charities and organizations within the community that will be in your corner should you ever need them.

For assistance related to your First Financial accounts or if a financial hardship has arisen and you would like to discuss your monthly loan payments, visit the need help page of our website. If you have a question about loan options or membership eligibility, contact us today.

First Financial Federal Credit Union is not affiliated with any of the organizations named within this article. This list is meant to be a general resource of community organizations and assistance programs that may provide services to those located in Monmouth and Ocean Counties in New Jersey. Please check each organization’s website for the most up to date information on their services.

How to Conduct a Financial Check-up

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A financial check-up is like an annual physical in that it can help you catch problems early, adjust to life changes, and set yourself up for a healthier future. Whether you live with family, a partner, or roommates – reviewing your money together builds trust and alignment.

1. Review Your Starting Point

Gather bank, credit card, and investment statements to see where your money is going. Compare income to expenses and calculate your net worth (assets minus debt). This gives you a clear snapshot of where things stand. The financial calculators on our website can help with this step.

2. Revisit Your Goals

Life changes – new jobs, moving in with someone, or welcoming kids – can shift financial priorities. Take time to review whether your goals, like paying down debt or saving for travel – still make sense to your household and adjust accordingly.

3. Tune-up the Budget

Budgets aren’t “set and forget.” Use your check-up to identify overspending, cut unnecessary subscriptions, and redirect money toward savings goals and retirement. We also have a fillable PDF budgeting worksheet on our website, which you can use to help you complete your financial check-up.

4. Check Your Safety Nets

Make sure you have an emergency fund (ideally 3–6 months of expenses) and review your insurance coverage. If you’re carrying debt, consider repayment strategies or refinancing.

Getting Kids Involved Early

Financial check-ups are a chance to teach children valuable habits. Even young kids can:

  • Sit in on simple discussions about saving and spending.
  • Help with small tasks, and set savings goals for toys or items they would like to purchase in the future.
  • Learn through practice, such as managing an allowance with jars labeled “spend,” “save,” and “give.”
  • Receive positive reinforcement when they make good choices.

At First Financial, we believe financial check-ups are an important step toward building confidence and stability at every stage of life. Whether you’re reviewing goals with your partner, teaching your kids the basics of saving, or planning for the future – our team and resources are here to help. For more tips, guidance, and tools to support your financial journey, make an appointment at your local branch or check out our First Scoop Blog.

Shred It or Set It and Forget It? A Guide on Documents to Keep vs. Shred

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From simple pieces of paper like sales receipts, to those that encapsulate your identity like a birth certificate – deciding how to classify personal documents can be a challenge. Properly identifying documents to keep or shred, not only declutters your life – but also plays an important role in protecting your identity. Let’s take a look at what documents you should consider shredding or keeping, and how you should store the ones you aren’t parting with.

Immediately Shred

The below documents can generally be discarded as soon as you receive them or are notified of their expiration, so long as they are shredded.

  • Sales receipts – Unless you anticipate that you will need to make a return.
  • ATM receipts
  • Expired warranties
  • Expired credit cards and driver’s licenses

Keep for a Year – Then Shred

  • Bank statements
  • Pay stubs
  • Paid, undisputed medical bills
  • Credit card and utility bills
  • Deposited checks

Pro tip: If you can access these documents electronically, you should consider shredding your paper copies.

Keep for Seven Years – Then Shred

You might notice that the below list of items are all tax-related. The Internal Revenue Service (IRS) can audit you at any time in certain circumstances, so it’s best to hang onto your tax return documents for at least seven years.

  • W-2s
  • Tax-related receipts and cancelled checks
  • Records for tax deductions taken

If you have questions related to tax documents you should hang onto, consult an accountant or your local Taxpayer Assistance Center office.

It Depends

The below items have varying dates on how long to keep the paperwork around.

  • Loan documents. In the case of certain loans, such as auto loans or student loans – it is generally recommended to keep paperwork related to the loan until it’s paid off. This can include the loan agreement and a record of your payments.
  • Property records. You will want to keep the title and deed to your home as long as you own the home. Additionally, you will want to keep records of expenses related to major home improvements until you sell your home, as this will become important should you decide to sell.
  • Sales receipts and warranty information for major appliances. Keep the receipt and warranty information while you own the particular appliance, should anything go wrong.
  • Title to your vehicle. Keep the title while you own the vehicle to prove ownership. When you decide to sell or trade-in the vehicle, you will be required to give the title to the dealership or the new owner.

Forever Documents

There are some documents that you should never part with – and lock up while you’re at it.

  • Birth certificate or adoption papers
  • Social Security cards
  • Valid passports and citizenship or residency papers
  • Marriage licenses and divorce decrees
  • Wills, living wills, power of attorney, retirement and pension plans
  • Death certificates of family members
  • Vital health records (especially records that aren’t stored electronically)

Looking to Shred Documents?

Properly disposing of documents with personal or financial information can help protect your identity. Here are some ways you can safely shred your documents.

  • Local shred events. There are various organizations that will host shred events, such as banks, credit unions, and local municipalities. Check your town’s website or local Facebook groups to see when one nearby may be taking place.
  • Several retailers such as Staples, FedEx, and UPS Stores – offer shredding services. Call the local retailer you select in advance, to ensure the service is available at that particular location.
  • Purchase your own shredder. Research shredders that might be right for you, depending on the volume, type, and security requirements of the documents you expect to shred.

It is important to note that the above guidelines for keeping and shredding certain documents are general suggestions, with experts sometimes offering varying advice. The guidelines depend on various factors, such as the type of document and the legal requirements or expectations associated. If you are ever unsure, it might be best to err on the side of caution and keep and safely store the document in question longer than might be necessary. You can also consult the issuer of the document for questions.

If you have questions related to documents associated with your First Financial accounts – don’t hesitate to call us at 732.312.1500 or visit your local branch.

6 Tips for Downsizing Your Home and Finances

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Downsizing isn’t just about moving into a smaller space, it’s about creating room for what matters most, both physically and financially. Whether you’re preparing for retirement, looking to reduce expenses, or just ready for a simpler lifestyle, downsizing can be a powerful step toward financial freedom and peace of mind. Here are six essential tips to help guide your downsizing journey.

1. Identify Your Why

Start by identifying the reason behind your decision to downsize. Are you aiming to save money, reduce stress, or transition to a more manageable space? Knowing your purpose keeps you focused and motivated throughout the process.

2. Declutter with Intention

Don’t try to pack or remove things all at once. Go room by room and create categories – keep, donate, sell, toss. Start with closets, the kitchen, or storage spaces. Ask yourself, have I used this in the past year? Does it bring value or joy? Also consider digitizing photos and important documents to reduce physical clutter.

3. Measure Your New Space

If you’re moving, make sure to measure your new home to determine what furniture and belongings will fit. This helps avoid hauling items you won’t be able to use and encourages smarter decision-making.

4. Sell or Donate What You No Longer Need

Downsizing is a great opportunity to give your belongings a second life. Host a garage sale, use resale apps like Facebook Marketplace and Poshmark, or donate to local charities.

5. This is a Chance to Downsize Financially Too

 Downsizing isn’t just about your physical space, it can also apply to your finances:

6. Plan with Trusted Experts

From real estate to finances, downsizing involves big decisions. Connect with trusted professionals, like our team here at First Financial – to explore mortgage refinancing options, equity strategies, or budgeting tools to help you make the most of this transition.

Ready to downsize your space and upgrade your financial future? Let’s chat. We’re here to help you navigate the process with confidence and clarity.

*A First Financial membership is required to obtain any account or loan and is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See credit union for details. A $5 deposit in a Base Savings Account is required to establish membership prior to opening any account/loan.

How Much Should You Spend on Work Clothing?

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Whether you are building your professional wardrobe from scratch or trying to keep up as rules and trends surrounding workplace attire evolve – purchasing work clothes can get tricky. Aside from figuring out how to budget for your work wardrobe, you are likely considering what clothing pieces will make you look and feel your best – and what apparel fits into your company’s dress code. Although it’s important to “dress for success,” it is equally important to set a clothing budget that doesn’t break the bank.

What’s a Good Clothing Budget?

The clothing you wear is one of the first things someone will notice about you, and can make a significant impact on their first impression of you. A clothing budget can help ensure that you won’t go into debt while curating that first impression. According to Business Insider, personal finance experts suggest that your clothing budget should not exceed 5% of your take home income. This means that you should aim to spend 5% or less of your take home income on work and casual clothing every year. For example, someone who takes home $1,500 every two weeks ($3,000 per month) should not spend more than $150 per month ($1,800 per year) on clothing. The simple equation of your monthly take home pay multiplied by 5% – can help you figure out just what that monthly figure is. You can then multiply it by 12 to figure out the maximum you should spend in a given year. Understanding what 5% of your take home income is on a monthly and yearly basis, can help you track your spending on clothing.

For those who are building their professional wardrobe from scratch, expect to spend more on clothing initially. This can include “the basics,” which are core, versatile pieces of clothing that will become essential to your wardrobe (for example: a pair of black pants or a cardigan that you can mix and match with different blouses). Lauren Bowling of Financial Best Life suggests you can spend 7% of your take home income, only if you are shopping for an entirely new wardrobe. After you build out your new work wardrobe – you will simply be doing “maintenance,” and likely won’t need to purchase as many new items all at once.

How Can I Save When Shopping for Clothing?

Limiting your clothing budget to 5% of your take home income might sound like a challenge, but it’s a challenge that can be made easier with some simple tips.

  • Take Inventory of Your Wardrobe Before You Shop: Having a clear idea of what’s in your closet can help you stick to your clothing budget. It can help you avoid making impulse purchases, keep the pieces you really need top-of-mind, and help you avoid buying items you already own. Additionally, by identifying items that are missing from or need to be replaced in your wardrobe – you can act on any good deals you might see.
  • Shop Secondhand: Not only is shopping secondhand eco-friendly, but it’s also budget-friendly. Shopping secondhand can help you find high-quality items for a fraction of their original sticker price. Pre-owned clothing items aren’t necessarily being sold because they were bad quality or damaged – they might have simply served their purpose to their original owner, who now wants someone else to enjoy it as much as they did!
  • Invest in Quality, Not Quantity: Purchasing low quality items will have you running to the store more frequently to replace them. In the end, the $20 shirt you purchased might cost you $40 if you only wear it for six months before having to purchase a new one. Investing in more expensive, high-quality pieces can ensure you go longer without having to replace items you frequently wear.
  • Take Advantage of Credit Card Rewards: Credit card rewards are a great way to get a bonus for the things you’re already doing – most likely including shopping for clothes. Those points or cash back really add up, and can be put toward your shopping bill. First Financial’s Signature Cash Plus Credit Card offers 1% cash back on unlimited purchases, along with uChoose Rewards – redeemable for travel, merchandise, gift cards, and more.* Your points can turn into a gift card at a major retailer, be used through PayPal when you add your card to your wallet, and reduce the “damage” from your next shopping trip.

It’s inevitable that you will need to spend money on work clothing – especially when starting a new job, but a budget can help make the inevitable more manageable. Remember, the 5% rule is a general rule of thumb. Although 5% of your take home income might seem like it won’t go a long way, those budget-conscious shopping trips will eventually have your wardrobe – and wallet, feeling fuller.

For more money management tips – make an appointment at your local branch, check out our website resources page, or subscribe to our First Scoop blog.

*APR varies up to 18% for the Visa® Signature Cash Plus Card when you open your account based on your credit worthiness. This APR is for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and 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/loan. Your First Financial Visa® Signature Cash Plus Credit Card will earn cash back based on your eligible purchase transactions. The cash back will be applied to your current credit card balance on a quarterly basis and be shown cumulatively on your billing statement. Unless you are participating in a limited time promotional offer, you will earn 1% cash back based upon eligible purchases each quarter.

Financial Considerations Before You Go Solar

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Switching to solar power can be a smart move for your wallet and the planet. But before you dive into solar panel installation, there are several important financial and practical considerations to keep in mind. At First Financial, we want you to make the best choice for your home and budget. Here’s what to think about before you decide to make the switch.

1. Is Solar Worth it for You?

Whether solar makes sense for you depends on many factors, including your current electric costs, your finances, your home’s potential, and how long you plan to stay there. Start by calculating your average monthly electric bill over the past year. Then, use online tools like Google Project Sunroof, EnergySage, or SolarReviews to estimate your home’s solar potential. These types of calculators factor in your roof size, orientation, and shading to project how much energy your panels could generate and when you might break even on your investment.

Keep in mind that estimates can vary widely between tools, so use them as a guide rather than a guarantee. If you plan to move within a few years, installing solar may not offer the potential savings you need to justify the upfront cost.

2. Is Your Roof Ready?

Before you invest in solar, assess the condition of your roof. If your roof is older and in need of repairs or a replacement within the next few years, it’s best to take care of this before installation. Otherwise, you might face the costly process of removing and reinstalling your panels. Ideally, your roof and solar panels should have similar life spans. Solar panels often come with a 20–25 year warranty, so it’s smart to ensure your roofing material will last a similar amount of time to avoid added expenses later.

3. Shop Around for the Right Installer

Don’t settle for the first solar installer you find. Collect multiple quotes and research each company’s reputation, certifications, and customer reviews. Comparing options will help you find the best value and ensure you’re working with a trustworthy provider. A quality installer will also be able to walk you through financing options, local incentives, and what you can expect in terms of performance and maintenance.

4. How to Compare Solar Proposals

When reviewing solar proposals, focus on these key points:

  • Price Per Watt: Lower cost per watt typically means a better deal.
  • Warranties: Look for 25 year panel warranties and 10–25 year inverter warranties.
  • Rated Power: Aim for panels with 420W to 440W for better efficiency.
  • Annual Production Estimates: Consider whether the system will meet 100% of your current energy use, and its ability to cover more if you add an electric vehicle or appliances.
  • Equipment Quality: Research solar panels and inverters. Microinverters are generally preferred over string inverters for better reliability.

Choosing high-quality components and a reliable installer will help maximize your investment and system performance.

5. Ensure Proper Insurance Coverage

Solar panel installation can impact your homeowner’s insurance. Before starting your project, contact your insurer to confirm your policy covers potential damages during and after installation. Some cities and states also require proof of insurance to approve solar projects, so make sure you meet all local requirements before moving forward.

6. Don’t Miss Out on Rebates and Incentives

The federal solar tax credit allows homeowners to deduct 30% of their solar installation costs from their federal taxes, available through 2033. That’s a substantial savings, and it applies regardless of the amount you spend, your income level, or whether you itemize deductions.

Some states and local governments offer additional incentives, like property tax exemptions or cash rebates. Research all the available programs in your area to maximize your savings. Keep in mind that you must purchase your system to qualify for the federal tax credit — leasing disqualifies you from this benefit.

7. Financing Your Solar Investment

Solar panels can be a big upfront expense, but financing options can make it manageable. Using a First Financial Home Equity Loan can be a smart and affordable way to fund your project.*

Features of our Home Equity Loans:

  • Competitive rates
  • No pre-payment penalties
  • No application fees
  • No points or closing costs
  • Flexible terms up to 20 years
  • Fixed monthly payments

We can provide the funds you need while keeping your payments predictable.

Thinking About Going Solar? We’re Here to Help.

At First Financial, we’re committed to helping our members make smart financial choices. Whether you’re exploring solar or other home improvements, we have the tools and expertise to support your goals. Ready to learn more? Call us at 732.312.1500, visit a local branch, or apply online.

*First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and the borrower(s) will be required to pay back closing costs in full to FFFCU. A First Financial membership is required to obtain a Home Equity Loan, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See FFFCU for details or visit firstffcu.com for all current rates. Rates for financing up to 80% of Appraised Value less other Mortgages.