Category Archives: Financial Literacy and Finances for Children and Teens

Five Lessons for Your Teen’s First Job

Posted on by
Reply

A teenager’s first job gives them a chance to take on responsibility, learn time management skills, and collaborate with new people. It’s also a chance to discover important lessons in personal finance, such as how to manage money and develop financial goals. These lessons build the skills and habits that will shape teens’ financial futures for years to come – and early exposure can help them avoid financial pitfalls. Here are five lessons you can teach your teen when they get their first paycheck.

Understanding Gross vs. Take Home Pay

Your teenager might be surprised when the amount of their first paycheck is less than expected. Let’s say your teen is earning $15 per hour and working 15 hours per week. Mental math might have told them they would earn $225 a week and $900 a month – though is the amount before deductions are taken out (their gross pay).

This is a great opportunity to explain the difference between gross pay and take home, or net pay. Without realizing it, your teen might know that gross pay is the hours they worked multiplied by their hourly wage. Their net pay will be less due to deductions such as federal and state income taxes, and Social Security and Medicare (FICA). The difference between your teen’s gross and net pay might be noticeable enough to give them a reality check – this is the money they really have left to spend. If your teen has their pay stub, you can help them understand each deduction.

Understanding the difference between gross and net pay is important, because their net pay will shape their spending decisions.

Setting Financial Goals

Encouraging your teenager to set financial goals will lay the foundation for lifelong success. Start by helping your teen come up with financial goals that are achievable and personal. Maybe your teen wants to buy tickets to their favorite artist’s concert or buy a gaming console. You can also help them determine if their goals are short, medium, or long-term, depending on the money and time needed. You can also assist them in calculating how much money they should save each month to reach their goal. If your teen’s goal is to save $1,000 to buy a laptop in a year – they would need to save about $84 per month. This will motivate them to make consistent progress toward their goal, since it will give them a realistic number to achieve on a monthly basis.

The Importance of Paying Yourself First

Another way to get your teen in the habit of consistently saving is by encouraging them to “pay themselves first,” and set aside a portion of their income for the future. You can explain that they might not need the funds now, but they’ll be thankful they have them on a “rainy day.” You can illustrate this point with an example. Let’s say your teen saves $20 a month – they’ll have $240 saved in one year that they may have otherwise spent. You can take it one step further by explaining that if someone needed this $240 for an emergency car repair and didn’t have it – they might need to use a credit card instead and potentially pay interest if that balance isn’t paid off right away.

Distinguishing Between Needs and Wants

When a teen is earning their own money, it’s a great time to give a hands-on lesson about distinguishing between needs and wants. Learning the difference will help them build discipline and make wise spending choices. At this stage, your teen might be deciding if items like video games, the newest Stanley tumbler, or the latest sneakers are needs or wants. But one day, they will be asking if an expensive handbag or new car is a need – and if making the purchase would prevent them from reaching more important goals, or falling deeper into debt.

Learn How to Budget

Now that your teen knows where their money comes from, you can help them understand how to manage it with a budget. An effective way to teach budgeting is by using your teen’s monthly income and spending as an example. You can begin with an easy budgeting method, like the 50/30/20 method – where 50% of their income goes to needs, 30% goes to wants, and 20% goes to saving. Let’s return to the example of the teen who makes roughly $900 a month, and assume they take home around $700 after deductions.

They should:

  • Spend $350 per month on needs (gas or car payment).
  • Spend $210 per month on wants like activities with friends or video games.
  • Save $140 for financial goals.

This example might not be exact, but should illustrate how your teen can use a budget as a guide. This will help your teen see where their money is going and build an awareness of their spending habits.

First Financial is dedicated to helping your family build strong financial foundations. If your teen recently got their first job and is local to Monmouth or Ocean Counties, you may be interested in getting them started with a First Financial Student Checking Account. By helping to manage their own account with your guidance, they can understand how banking works and the different tools and resources available to them to build smart money habits for their financial future.

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. View full Rewards First program details.

Affordable Summer Activities Kids Will Love

Posted on by
Reply

Summer is the perfect time for kids to get outdoors and make memories, but coming up with new, exciting activities to keep them busy all season long can be a challenge – or quickly become costly. Luckily, making memories doesn’t have to come with a hefty price tag. With a little creativity, you can turn ordinary things into activities that kids (and your wallet) will love. Here are some affordable activities to keep the kids in your life busy this summer.

Camping in the Backyard

Who said you have to pack up a car and leave home to go camping? If you have a backyard, you can turn it into a campsite with just a few items!

What you’ll need:

  • A tent
  • Sleeping bags or blankets
  • Pillows
  • Flashlights or lanterns

Get the whole family involved in setting up the tent so it feels like a real camping trip. For an added bonus, also grab the ingredients to make s’mores so you can sit around a campfire telling stories with a gooey, chocolatey treat.

Stargazing

Stargazing is a great activity because it’s educational and free. Just head outside after sunset and look up to the night sky! You can print star charts or download a free stargazing app to help you identify stars, constellations, and planets too. You can also leave the star charts and phone inside if you just want to see what you can find with your own eyes. This can be especially fun if you have younger kiddos – who will probably be thrilled at the chance to stay up past their bedtime and gaze up at the starry sky.

Photo Scavenger Hunt

This activity is a great way to keep kids entertained, especially if they are usually reluctant to spend time away from electronic devices. Using a smartphone or other electronic device, this photo scavenger hunt will challenge kids to find and take pictures of items on a predetermined checklist before time runs out.

Here’s how to organize a photo scavenger hunt for your family:

  1. Decide if you’d like the scavenger hunt to take place indoors, outdoors, or a mix of both. This will determine the types of items you’ll include on the scavenger hunt.
  2. Create the list of items participants will set out to find. If your scavenger hunt will send kids into the great outdoors, a few ideas include searching and photographing signs, footprints, animal prints, an American flag, and a lawn mower.
  3. Decide if they’ll set out on their own or in teams – or even as a family.
  4. Give each person or team their list of scavenger hunt items to photograph and a pen. Make sure every person or team has at least one device to take pictures.
  5. Set a time limit for when each person or team should be back. Remind them that they must take pictures of each item on the list. Before they set off, make sure to share how the winner will be determined. For example, the winning team can either be the first team back or the team with the most items checked off their list.
  6. Off you go!

The best part of this activity is that it can be anything you would like it to be! Whether you’re searching for something to fill a 30-minute break or looking for an all-day activity – this photo scavenger hunt can be customized to your liking.  

Family Olympics

Does your family enjoy a little friendly competition? Host your own Family Olympics. Whether you want to compete for a sought-after prize or simply for “bragging rights” – this activity is sure to get your family active and engaged. Decide on activities that your family will compete in, such as athletic, skill-based, silly, or a mix of all three – and let the games begin!

Here are a few ideas to include in your Family Olympics:

  • Two-legged races
  • Potato sack races
  • Throwing water balloons at targets
  • Obstacle course

Don’t forget the winning prizes, either! You can either purchase some medals online, or fill jars with gold, silver and bronze wrapped candy. No matter what your budget is, there are plenty of ways to be creative with the winnings.

Check out our First Scoop blog for more family tips and financial resources like these. You can also find our monthly Things to Do on a Budget in Monmouth & Ocean Counties posts – packed with family and budget-friendly activities for the month ahead. Be sure to comment and let us know if you try any of these affordable summer activities with your children!

Protect Your Kids’ Devices from Scammers: A Parent’s Guide to Online Safety

Posted on by
Reply

Phones, tablets, gaming systems, and laptops are part of everyday life for today’s kids. These devices are used for schoolwork, entertainment, and staying connected with friends and family. However, with increased access comes increased risk. Online scammers have been known to target young users through fake apps, phishing messages, gaming platforms, and social media.

At First Financial, we believe protecting your finances also includes protecting your family’s digital life. Here are practical steps parents, guardians, and caregivers can take to help keep children safe online and reduce the risk of scams.

1. Turn On Automatic Updates

Software updates often fix security vulnerabilities that scammers and hackers exploit. If devices aren’t updated regularly, they may be exposed to preventable threats. Make sure automatic updates are enabled for:

  • Operating systems (phones, tablets, computers)
  • Apps and games
  • Web browsers
  • Security software

Setting updates to install automatically ensures devices stay protected without relying on yourself or your kids to have to remember to click “update.”

2. Use Strong, Unique Passwords

Weak or reused passwords are one of the most common ways scammers gain access to accounts. Teaching kids how to create strong passwords is a critical life skill. Strong passwords should:

  • Be at least 12 characters long.
  • Include a mix of upper and lowercase letters, numbers, and symbols.
  • Avoid personal details like birthdays, school names, or pet names.
  • Be different for each account.

For older children and teens, consider using a password manager to generate and store secure passwords safely.

3. Secure Your Home’s Wi-Fi Network

Your home’s Wi-Fi network connects every device in your household. If not properly secured, outsiders may be able to access it and intercept sensitive information. To strengthen your home’s network:

  • Change the default router name and password.
  • Use strong encryption settings (WPA2 or WPA3).
  • Create a strong, unique Wi-Fi password.
  • Disable remote management features if not needed.
  • Set-up a separate guest network for visitors.

Taking these steps reduces the risk of unauthorized access to your family’s devices.

4. Set Up Parental Controls

Parental controls are valuable tools for managing screen time, blocking inappropriate content, and preventing unauthorized purchases. Most devices and operating systems include built-in parental control features. These tools can help you:

  • Limit access to certain websites or apps.
  • Require approval for app downloads.
  • Set screen time limits.
  • Restrict in-app purchases.
  • Monitor activity where appropriate.

The goal here isn’t surveillance, it’s setting boundaries and building safe digital habits.

5. Teach Good Online Habits

Technology tools are important, but conversations are just as critical. Open communication helps children recognize risks and make smart decisions online. Teach kids to:

  • Be cautious about clicking on unfamiliar links.
  • Ignore messages asking for personal information.
  • Avoid sharing passwords, addresses, or financial details.
  • Be skeptical of “too good to be true” offers.
  • Tell a trusted adult if something feels suspicious.

Encourage your kids to pause before responding to messages that create urgency or fear, which are common tactics used by scammers.

6. Review App Permissions

Many apps request access to cameras, microphones, contacts, or location data. Not all of these permissions are necessary. Before installing apps:

  • Review what permissions various apps request.
  • Disable unnecessary access to location or contacts.
  • Download apps only from official app stores.
  • Periodically review and remove unused apps.

Reducing app permissions helps limit how much personal information is shared.

7. Monitor Financial Activity

Even children’s gaming accounts and app stores can be tied to family payment methods. Regularly review your account statements and transaction history to catch unauthorized charges early. Consider:

  • Setting spending limits.
  • Requiring approval for purchases.
  • Using alerts for account activity.
  • Monitoring bank and credit card statements closely.

Catching suspicious transactions quickly can help prevent larger financial losses down the road.

Protecting What Matters Most

Online safety isn’t a one-time setup. Scammers are constantly evolving their tactics, especially on platforms that are popular with kids and teens. Protecting your child’s devices requires ongoing attention. By combining strong technical protections with honest conversations and proactive monitoring, you can significantly reduce your family’s exposure to online threats.

First Financial is committed to helping families stay informed and protected, both digitally and financially. If you ever have concerns about suspicious activity or fraud affecting your accounts with us, our team is here to help. Contact us today to learn more about safeguarding your financial information and keeping your family safe from scams. Be sure to also subscribe to our First Scoop blog to get the latest in scams and important alerts delivered right to your inbox.

Teaching Kids About Entrepreneurship: Skills That Last a Lifetime

Posted on by
Reply

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.

Saving Money on Your Child’s Extracurricular Activities

Posted on by
Reply

When the neighborhood kids start putting on shin guards and lacing up their cleats for their first soccer game, your child might want to join in too. These extracurricular activities are a great way to get children involved with peers their age who share similar interests and often come with newfound excitement – but they also come with extra costs. Although creating these memories for your child is priceless, they don’t have to crush your budget. Keep reading to learn five tips for saving money on your child’s extracurricular activities without compromising on their experience.

1. Set a Budget

The costs of extracurricular activities can add up fast, so it’s important to come up with a budget before enrolling your little one in any and every activity that catches their eye. This budget should include more than just the registration fees of the teams they wish to join, as the costs don’t stop there. Do some research to find the final sticker price, including hidden costs like equipment, uniforms, and travel. This can help you manage your budget (and ensure it doesn’t take you by surprise) and stick to spending only what you are comfortable with.

2. Rank Activities

Help your kiddo rank the activities they want to try and enroll them in the one or two they marked the highest to start. Not only will this help you save on costs, but it will encourage your child to identify the activities they are most passionate about and prevent them from becoming overscheduled. Overscheduling your little one can put a strain on your wallet, as well as take time away from other important activities – like schoolwork and spending time with family and friends.

3. Find Activities Offered Through the Community or Local Schools

Many counties and townships offer activities at discounted rates to members of the community. Be sure to check out your local and state park system, library system, and community or recreational centers to see what they are offering. For example, your local library might host a free youth book club that would be well-suited for your little book worm.

Furthermore, encourage your child to explore different after-school clubs and activities that are offered at their school. Oftentimes, these clubs and activities are free or inexpensive to join.

4. Buy Secondhand Gear

Enrollment fees are just the tip of the iceberg when thinking about the cost of extracurricular activities. They often don’t include the costs of uniforms or equipment that your child will need to actually do the activity.

Buying secondhand gear from an athletic or thrift store can help you save. You can also find secondhand gear on online marketplaces, such as your local Facebook Marketplace, Nextdoor, or eBay. Additionally, if you know someone whose child used to participate in the activity or may have outgrown their gear – you can ask if they are willing to sell or donate the used equipment to you. You can also consider posting your inquiry to a local community board or group and see if anyone is able to help.

5. Find Creative Ways to Get Discounts

Many leagues and organizations offer discounts to parents and guardians who volunteer their time to their child’s team. Whether you volunteer to be the “team parent” and organize team-bonding activities, manage or coach the team, or help in another capacity – the time and commitment you give may earn your child a discount.

Another way to try and find a bargain is to register your child for their activity as soon as the registration window opens. Several leagues and organizations offer discounts if you are one of the first to register or register within a certain timeframe. Although these discounts may not always be steep, every dollar counts.

With some planning and budgeting, you can help your child pursue their interests without letting your wallet take a hit.

If you’re looking for more money saving tips, subscribe to our First Scoop blog by entering your email address at the top right. And if you’d like some no-cost budgeting tools, be sure to check out our fillable PDF budgeting worksheet on our website, as well as our financial calculators.

Budget Friendly Fall Activities for Kids

Posted on by
Reply

Autumn is the perfect season for family fun. Crisp air, colorful leaves, and plenty of opportunities to create lasting memories without stretching your wallet. At First Financial, we know that keeping kids entertained while staying on budget matters. That’s why we’ve rounded up a few creative, affordable activities your whole family can enjoy this fall.

1. Go on a DIY Nature Hike & Scavenger Hunt

Turn an afternoon walk into an adventure by creating a fall-themed scavenger hunt. Make a checklist of things to find – such as acorns, pinecones, colorful leaves, or animal tracks. Kids love the thrill of the hunt, and it’s a great way to teach them about nature while staying active. Bonus: Items you find can also be used for fun craft projects at home.

2. Create Fall Crafts from Nature

Put those collected treasures to good use! Acorns, dry leaves, pinecones, and twigs can be turned into seasonal crafts. Try leaf rubbings with crayons and paper, paint pinecones to make mini “pumpkins,” or glue acorns and leaves onto a festive fall collage. These crafts can also double as low-cost home décor.

3. Host a “Home” Tailgate

You don’t need tickets to enjoy the excitement of football season. Set up a tailgate-style party in your living room or backyard with homemade snacks, team colors, and your favorite team on TV. Kids can help prepare food, make banners, and join in on family-friendly games like cornhole or a mini football toss.

4. Try Spooky Science Experiments

Get into the Halloween spirit with simple at-home science experiments. Create a bubbling “witch’s brew” with baking soda and vinegar, or make ghostly slime with glue, contact solution, and a little food coloring. These activities are both fun and educational, sparking kids’ curiosity while keeping the spooky vibes alive.

5. Enjoy Classic Fall Favorites

Sometimes the simplest activities are the best. Carve or paint pumpkins together, bake a homemade apple pie, or snuggle up with hot cocoa and a fall-themed movie. These small traditions go a long way in making the season special.

Family fun doesn’t have to come with a high price tag. With a little creativity, you can make this autumn both memorable and budget friendly! For more family tips and financial resources, check out our First Scoop blog! You can also find our monthly Things to Do on a Budget in Monmouth & Ocean Counties posts, around the first day of each new month. Be sure to comment and let us know if you tried any of these fall family activities. Have a great autumn!