Savings Accounts Everyone Should Have

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Saving money is an essential part of financial planning, but simply putting money aside in a single account may not be enough. Different savings goals require different types of accounts, and having multiple accounts can help you optimize your savings strategy. Here are five types of savings accounts you should have to meet your financial goals.

Emergency Fund Savings Account

An emergency fund is the money you set aside to cover unexpected expenses, such as a medical emergency, car repair, or job loss. This type of savings account should be easily accessible and provide a higher interest rate than a regular savings account.

Consider an online savings account or a money market account for your emergency fund. Online savings accounts generally offer higher interest rates than traditional savings accounts, while money market accounts offer both higher-interest rates and check-writing privileges.

Short-Term Savings Account

A short-term savings account is for saving money that you will need soon, such as for a wedding or vacation. This type of account should be separate from your emergency fund and offer easy access to your money. At First Financial, we offer a summer savings account* for members to save money if they don’t receive income during the summer months, or for a future summer vacation. We also have a holiday club account* in order to save money throughout the year come end of year holiday expenses.

Long-Term Savings Account

A long-term savings account is for saving money that you will not need for several years, such as for retirement or a child’s education. This type of account should offer higher interest rates and be invested in growth-oriented investments.

Consider a retirement account, such as a 401(k) or IRA, for your long-term savings. These accounts offer tax advantages and are specifically designed for retirement savings. If you’re saving for a child’s education, consider a 529 college savings plan.

Goal-Specific Savings Account

A goal-specific savings account is for saving money for a specific goal, such as a new car or a home renovation. This type of account should offer higher interest rates and be separate from your other savings accounts.

Consider a certificate of deposit (CD) for your goal-specific savings. CDs offer fixed interest rates and are FDIC or NCUA-insured, but they generally require you to keep your money locked in for a set period.

Investment Savings Account

An investment savings account is for saving money you plan to invest in the stock market. This type of account should offer easy access to your money and lower fees. You’ll want to consider a brokerage account for your investment savings. Brokerage accounts allow you to buy and sell stocks, bonds, and other investments, and they offer a variety of options.

Having multiple savings accounts can help you optimize your savings strategy and meet your financial goals. We offer a variety of personal savings account options at First Financial for every type of purpose or situation. Getting started is easy — call member services at 732.312.1500 or visit one of our branches!

Looking for more financial advice? Subscribe to our First Scoop blog!

*A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

 

Event Ticket Scams

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Looking for event tickets? Identify scams before handing over your money.

A packed show or competitive playoff game can make for a memorable time, but if you’re scrounging for tickets, be careful. Sold out and high-demand events like concerts, festivals, and professional sports can be prime targets for ticketing scams.

In some cases, a scammer may create counterfeit tickets, complete with forged barcodes and real company logos. At other times, a scammer might make copies of a legitimate ticket and sell it to multiple people. In either scenario, the ticket holder won’t know it’s a scam until their ticket is scanned at the gate and they are denied entry. Sometimes a seller will insist on upfront payment with a promise of putting tickets in the mail, but the tickets never arrive – and the seller disappears.

If tickets are being offered at a price that seems too good to be true, or if the seller is pressuring you to send money right away to seal the deal – those are warning signs of a potential scam.

How to Avoid Becoming a Victim of a Ticketing Scam

Buy only from trusted ticket vendors. When possible, purchase tickets directly from the venue. When buying online, purchase tickets from vendors you know and trust. Look for the lock symbol in the web address to indicate a secure purchasing system. You can verify their authenticity by looking them up on the Better Business Bureau or checking to see if they are a member of the National Association of Ticket Brokers.

Check the fine print. You should only purchase tickets from a seller that provides clear details about the terms of the transaction, including the location of the seats, how the tickets will be received, and what the refund policy is.

Use payment methods that come with protection. Be suspicious of sellers insisting on being paid through digital payment apps and keep in mind that certain payment types can’t be refunded (such as person-to-person payments). A credit card is usually the best payment method for event tickets because many credit card companies offer built-in buyer protection for cardholders. Always check the terms and conditions of your credit card to see what protections you have before purchasing.

Be wary of promotions. When you search the web for online tickets, advertisements for inexpensive tickets will often appear. Some of these ads will be ticket scams, especially if the prices are inexplicably low.

If you’re unsure, verify your tickets. Pay a visit to the venue where the event will be held. Present your ticket at Will Call or customer service, and have them verify if your ticket is legitimate.

When it comes to ticketing scams, remember to slow down and ask questions. If you detect suspicious activity, report the seller to your online marketplace or ticketing platform.

At First Financial, our goal is to help protect our members from scams and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.

To learn more about scams and ways to protect yourself, visit zellepay.com/pay-it-safe.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. 

 

What to Do After Money Mistakes

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Have you made a financial mistake that you’re struggling to recover from? Maybe you’ve overspent on credit cards, taken out too many loans, or invested in a risky venture that didn’t pay off. Whatever the case may be, it’s important to remember that you’re not alone. Many people have faced similar challenges and have come out the other side stronger and more financially savvy.

If you’re ready to move on from your money mistakes and start fresh, here are some tips to help you get started.

Accept responsibility, but forgive yourself

The first step in moving on from a financial mistake is to accept responsibility for it. Acknowledge that you made a mistake and take ownership of it. This will help you to move forward with a clear mind and a determination to make things right. But don’t be too hard on yourself—financial mistakes happen, and are part of the learning process.

Learn from your mistakes

Once you’ve accepted responsibility, it’s important to learn from your mistakes. Take a close look at what went wrong and identify the factors that contributed to your financial misstep. This will help you to avoid making the same mistake again in the future. Sometimes it can be easy to ignore financial mistakes, but the more you ignore them – the more they will become a recurring or bigger issue.

Make a plan

Now that you know what went wrong, it’s time to make a plan to get back on track. Start by setting realistic financial goals and creating a budget that will help you to achieve them. Make sure to include a plan for paying off any debt that you may have accumulated, and for improving your credit score if the financial mistake might have caused it to decrease.

Stay focused

It’s important to stay focused on your goals and to resist the temptation to fall back into old habits. Remember that financial success is a journey – not a destination, and that it takes time and effort to achieve.

Seek a professional

If you’re struggling to create a plan on your own, don’t be afraid to seek advice from an expert. A financial professional can help you to create a plan that will meet your specific needs and goals.

By following these tips, you can move on from your money mistakes and start fresh. Remember to be patient with yourself, stay focused on your goals, and seek help when you need it. At First Financial, we’re dedicated to helping our members achieve financial success and meet their goals. You can get in touch with our representatives at 732.312.1500 or by stopping into any of our local branches.

For more money advice, subscribe to our First Scoop blog!

First Financial Investment & Retirement Center Spotlight: Maureen McGreevy

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“We’re located at the credit union and here for the members.”

In this spotlight, we’re shining a light on our First Financial Investment & Retirement Center (IRC), an investment services firm with access to a wide range of investment options. LPL Financial Advisor Maureen McGreevy says she loves seeing members build their confidence over time as they make their own financial choices, build wealth potential, and plan for retirement.

Learn more about Maureen’s experience as an LPL financial advisor in the video below.

Plan for Your Financial Future

Where do you see yourself in the next 10 or 20 years? It’s time to ensure your financial strategy aligns with your future goals. A financial advisor located within the First Financial Investment and Retirement Center can help you with retirement planning and work with you so you can pursue those goals. Connect with an IRC financial professional, or stop by one of our branch locations today!

*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:The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.

First Financial Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.

Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

Financial Literacy Month: Money Advice from First Financial Staff

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April is Financial Literacy Month, also known as Financial Capability Month! To celebrate, the First Financial team is sharing their best money advice to help you build the financial skills you need to meet your goals. Knowledge is power, and the more you know about finances, the better habits you’ll build over time!

What is financial literacy?

Before we begin, let’s talk about what financial literacy is and what it means for your future. Financial literacy is the ability to understand and use money management skills like budgeting, properly using credit cards, investing, and more. Having a strong relationship with money is crucial in being able to navigate through life. For example, the more financially literate you are, the more likely you’ll be able to avoid fraud or debt. The more you understand about credit cards, the less likely you are to rack up charge after charge and lower your credit score.

How to become more financially literate

There are so many ways to build your financial management skills! For one, you can read and subscribe to financial blogs like ours (wink wink). Many credit unions like ours also offer no-cost virtual seminars and publications about various financial topics. If you’re on the go and prefer podcasts, we recommend you take a look at this list for ideas as well! Overall though, working with a financial professional will help you get the guidance you need based on your situation. Be patient—financial literacy is a lifelong journey and we are here to help!

Tips from First Financial employees

Some of our financial experts shared their top money tips they want everyone to know. Our staff’s advice ranges from budgeting and credit card management to everyday savings.

  1. Create a simple budget: “To start your own simple budget, create a list of your total take-home income, your total fixed expenses, your total variable expenses, and your monthly savings. Check back once a month to see if you’re on track or if you need to adjust your budget.” – Issa Stephan, President/CEO
  2. Review your subscriptions: “Take the time to cancel any unused or unwanted subscriptions (like streaming services), and reallocate those expenses into your budget on something you do use – or put the extra money toward any existing debt.” – Julie Brandt-Olivier, Lending Manager
  3. Limit your spending: “Make a budget, set and stick to limits for discretionary spending such as entertainment, travel, and other non-essential items. Always include savings into your budget too.” – Terriann Warn, Chief Financial Officer
  4. Pay your bills on time: “On-time payments have the greatest impact on a good credit score.” – Nancy Culp, Chief Lending Officer
  5. Learn debt repayment strategies: “To eliminate revolving debt on multiple credit cards, focus on paying extra on the card with the highest interest rate. When that debt is eliminated, take that monthly payment and add it to the regular monthly payment of your next card with a balance and high rate, until that debt is eliminated. Repeat as needed.” – Michael Walker, Assistant Vice President of IT
  6. Don’t live beyond your means: With regard to credit cards, don’t live beyond your means. If you can’t afford it, you don’t need it. – Doreen Cutrona, Assistant Vice President of Member Operations

You can find more money advice on our First Scoop blog! Or, if you’re looking for more specific advice based on your situation, call us at 732.312.1500 or stop by any of our local branches. Together, we can increase your financial literacy and help reach your goals!

It’s Time to Spring Clean Your Finances

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Temperatures are beginning to rise and flowers are starting to bloom — spring is here! This season is also the perfect time to declutter your finances, just like you would your home. The change in season presents an excellent opportunity to take a closer look at your financial situation, get organized, and make some necessary variations to improve your financial health. Here are our tips on how to spring clean your finances.

Review your budget

The first step to decluttering your finances is to review your budget. Take a look at your monthly expenses (using our fillable PDF worksheet as a guide) and identify areas where you can cut back. You might be surprised at how much money you can save by canceling subscriptions you no longer use or reducing your spending on non-essential items. This is also a good time to shop around for better deals and discounts on insurance and other utilities.

Consolidate your accounts

If you have multiple bank accounts or credit cards, it can be challenging to keep track of all your transactions. Consolidating your accounts can help you stay organized and simplify your financial life. Consider transferring balances to a single credit card or merging your bank accounts into one. If you’re looking to consolidate credit cards or debt, consider one of our four credit card options that offer low rates and extra benefits.*

Check your credit report

Your credit score plays a crucial role in your financial health, and it’s essential to check your credit report regularly to ensure that it’s accurate. You can request a free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. Review your report carefully and dispute any errors that you find.

Is your credit score on the low side? We’re here to help! Read our blog post on ways to improve your credit score.

Develop a savings strategy

The first step in developing a savings strategy is to set specific financial goals and determine how much you need to save each month to achieve them. Next, automate your savings by setting up a direct deposit from your paycheck or scheduling recurring transfers from your checking account to your savings account. You can also consider using a budgeting app or tool to help you track your expenses and identify areas where you can cut back to free up more money to save.

Related Article: Viral Money Challenges That Help Build Your Savings

The benefits of spring cleaning

By decluttering your finances, you can enjoy immediate financial benefits. Here are some benefits you can expect to see:

  1. Reduced Stress: Financial stress is a common problem that many people face, and it can have a significant impact on your mental health. By decluttering your finances and getting organized, you can reduce stress and improve your overall well-being.
  2. Increased Savings: When you reduce your expenses and sell unwanted items, you’ll have more money to save or invest. Even small changes in your spending habits can add up over time and help you achieve your financial goals.
  3. Improved Credit Score: A clean credit report can improve your credit score, making it easier to qualify for loans, credit cards, and other financial products. By reviewing your credit report regularly and disputing any errors, you can ensure that your credit score accurately reflects your creditworthiness.
  4. Better Financial Habits: Decluttering your finances can help you develop better financial habits – such as budgeting, saving, and investing. By making small changes to your financial habits now, you can achieve long-term financial success.

Spring cleaning your finances is a simple but effective way to improve your financial health. By taking our recommended steps, you can enjoy immediate financial benefits and develop better money habits for the future. Our representatives at First Financial are here to help keep your finances on track. Call us at 732.312.1500 or stop by any of our local branches.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.

*APR varies up to 18% when you open your account based on your credit worthiness. These APRs are 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. See firstffcu.com for current rates.