Habits That Can Work Against Wealth Creation

Are You Undercutting Your Efforts to Build Wealth?

Good money habits can help you as you save and invest for the future. Bad habits can leave you treading water financially. Let’s review three bad money habits to avoid.

1. Not saving enough. Instead of paying themselves first, some families pay others first. Dollars they could save and invest are instead spent on consumer goods and services they don’t truly need. Money that could be saved and invested for tomorrow is spent today. Are there areas in your life where you could cut costs?

2. Carrying too much debt. Every effort should be made to reduce the size of credit card bills, student loans, and other consumer debt that risks siphoning money away from the pursuit of your long-range financial objectives.

3. Investing too conservatively. Historically, equity investments offer the potential for double-digit returns when the markets perform well. Fixed-income investments are frequently dependent on interest rates – when interest rates are low, their value is greater. When interest rates increase, these investments are subject to increased loss in value. Accepting some risk may give an investor a chance for greater reward.

Are these habits slowing your wealth-building momentum? Why not see where you stand today and gauge the potential positive impact that can come from paying yourself first and adjusting the way you invest? Call or email the financial professionals in the First Financial Investment & Retirement Center at 732-312-1534, mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

 Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

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

This material was prepared by LPL Financial, LLC

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Celebrating Halloween on a Budget

Halloween is a fun and festive time of year – but the cost of decorations, candy, and celebrations can add up quickly. With a little planning and creativity, you can still get into the spooky spirit without breaking the bank. Here are six simple tips to help you celebrate Halloween on a budget while making the most of the spooky season.

1. Get Crafty with Decor

Halloween decorations can be expensive if you rely on store bought items, but you don’t have to splurge to transform your home into a haunted haven. Instead, get creative and make your own spooky decor using items you already have around the house. Old sheets can become ghostly figures, cardboard can be transformed into gravestones, and stretched out cotton balls can make perfect cobwebs. Remember, these decorations only stay out for a few weeks out of the year so they don’t have to be top-notch quality. By reusing what you have, you can create a festive atmosphere without overspending or being wasteful.

2. The Dollar Store is Your Best Friend

For those looking to complement their DIY decor, dollar stores are an underrated goldmine for affordable Halloween items. Many discount stores will set up seasonal sections filled with Halloween decor at a fraction of the prices you’d find at stores like Target or Home Goods. From plastic spiders and skeletons to themed tablecloths and candles, you can stock up on decorations without spending a fortune. With some creativity, items in the craft section can become the perfect decorations with a little glue and paint. These inexpensive items are perfect for creating a spooky vibe on a budget.

3. Shop Smart for Halloween Candy

We all know candy is one of the biggest Halloween expenses, especially if you live in a neighborhood with lots of trick-or-treaters. Instead of making multiple trips and buying tons of regular-sized bags at the grocery store, buy your candy in bulk from warehouse clubs. If you don’t need an entire bulk bag, consider teaming up with friends or neighbors to split large candy purchases and share the savings. This way, you can still get a good deal without overstocking. Don’t have access to a club membership? Opting for off-brand candy is okay too—most kids are happy with any sweet treat!

4. Stick to a Pumpkin Budget

Pumpkins are a fall favorite, but they can be pricey—especially if you get swept up in the excitement of buying too many or buying from the wrong places. To keep your spending in check, set a pumpkin budget. Let each family member pick one pumpkin or cap the total amount the family can spend together. While pumpkin patches are fun for photos, they often come with a higher price tag. Head to the pumpkin patch for a day of fall fun, but consider buying your pumpkins from a grocery store instead. Look out for buy-one-get-one deals and coupons, and remember – a pumpkin is a pumpkin no matter where you buy it!

5. Take Advantage of Free Halloween Events

Fall is filled with community events, and many of them are free. Look for local Halloween parades, trunk-or-treats, and outdoor movie screenings. Cities, neighborhoods, and community centers often host fall festivals or harvest fairs where you can enjoy seasonal activities without the hefty price tag. In addition to Halloween-specific events, fall offers plenty of budget friendly outdoor activities. Take a walk through a local park to enjoy the fall foliage, go apple picking, or visit a farm for a hayride. Check the local events page on Facebook, browse town websites for free or low-cost events happening near you, or subscribe to our First Scoop Blog and check out our monthly things to do on a budget posts!

6. Budget Friendly Costume Ideas

Costumes can be one of the most expensive parts of Halloween, but there are plenty of ways to save. Start by setting up a costume swap with friends, neighbors, or other parents—costumes are only worn once, so swapping with others can give them new life. Don’t shy away from thrift stores. Most second-hand stores setup Halloween sections, and you can find gently used and even brand new costumes with tags. Just like decor, DIY costumes are a fantastic option. Look through your closet for items that can be repurposed. With a little creativity, you can put together a fun costume without spending a fortune.

Don’t Break the Bank on Halloween

Halloween is all about fun and creativity, you don’t have to overspend to enjoy the holiday. At First Financial, we’re here to help you make the most of your money all year long. For more financial tips and personalized advice, call 732.312.1500 or visit a branch today.

Protect Yourself From Presidential Election Deepfakes and Scams

With the 2024 Presidential Election just about a month away, it’s not just political ads and debates that will capture your attention — scammers are also gearing up to deceive voters and steal sensitive financial information. Advances in artificial intelligence (AI) and deepfake technology are making it easier than ever for fraudsters to manipulate voters through fake videos, robocalls, and phishing schemes. With AI improving daily and scammers taking full advantage, it’s crucial to stay vigilant to protect yourself this election season and beyond. At First Financial, we’re here to help you navigate these risks and safeguard your finances.

What Are Deepfakes, and Why Are They Dangerous?

Deepfakes are AI-generated videos or audio recordings that convincingly mimic real people, often for malicious purposes. While these deepfakes are used in political campaigns to spread misinformation or manipulate public opinion, scammers are also using this technology to create fake donation requests or impersonate political figures. These realistic videos and calls can trick even the most discerning individuals into giving away their hard-earned money or sensitive information.

Common Election Scams You Might Encounter

  • Donation Requests: Scammers can pose as campaign representatives asking for donations via phone, email, or on social media. While these requests may seem legitimate, they are designed to steal money from unsuspecting voters who don’t verify the source.
  • Voter Registration Services: Scammers can pretend to be voter registration services, offering to update your voter information via phone, text, or email. They may convince you there is a fee associated with the updates and/or steal your personal information for identity theft or financial fraud.
  • Election Surveys: You might be asked to participate in a political survey, with scammers offering a reward in exchange for personal information such as your Social Security Number or bank details.

How to Spot and Protect Yourself from Scams

Election-related scams can be hard to identify, but knowing the common warning signs can help protect your finances. Here’s how to spot a scam and avoid falling victim to it:

1. Pressure to Act Quickly: Scammers often create a sense of urgency, insisting that you need to donate or update your information immediately. Be wary of any unsolicited request for immediate action, whether it’s to donate to a political campaign or fix a voter registration issue.

2. Unverified or Unfamiliar Sources: If you receive a donation request or voter registration update from an unfamiliar number, email, or website – take a step back. Always verify the source before engaging, and go directly to the campaign or government official’s website to check the legitimacy of the request.

3. Too Good to Be True Offers: If a survey or donation request promises you something that sounds too good to be true, like a large reward or an incredible opportunity – it probably is. Scammers often entice their targets with rewards in order to collect personal or financial information.

4. Suspicious Payment Methods: Be cautious of requests for unusual payment methods such as wire transfers, cryptocurrency, or gift cards. Legitimate campaigns will not ask for donations through these methods, as they are often a hallmark of scam activity.

5. Mismatched or Inconsistent Details: Look for small inconsistencies in emails or messages. Scammers may attempt to use AI-generated content, but these often include tell-tale signs such as unnatural movements, mismatched audio, or incorrect details about the candidate or campaign.

6. Double-Check Campaign Requests: If you feel connected to a political candidate or cause and wish to contribute, always verify donation requests by going directly to official campaign websites. Avoid donating through informal platforms or requests that you didn’t initiate.

Stay Vigilant & Protect Your Finances This Election Season

By staying informed and cautious, you can protect yourself from financial fraud and ensure that your personal information stays secure. At First Financial, we’re dedicated to helping you navigate this election season safely. For more financial tips and personalized advice, reach out to us at 732.312.1500 or visit a branch. Be sure to subscribe to the First Scoop blog for ongoing insights into staying financially secure year-round.

First Financial Employee Spotlight: Samantha Colella

At First Financial, our employees are a crucial part of our business. Some of our employees go out into the Monmouth and Ocean County community to interact with and learn about the heart of First Financial—our members and businesses that we serve. Today, we have a new addition to the team that will be a friendly face around the community—Samantha Colella, our new Business Development Representative.

From a young age, Samantha was interested in the lasting impression she could make on a financial institution and the surrounding community they serve. That interest took her to Lehigh University, where she obtained a Bachelor’s Degree in Business & Economics. Prior to joining First Financial, Samantha had client-facing roles at both a start-up and a large retail bank, equipping her with the perspective required to identify the needs of the communities served. Now back home in New Jersey, her passion brought her to First Financial, where she will be working to increase First Financial’s reach in Monmouth and Ocean Counties and support our community partners and businesses, and the people that make those organizations run.

Samantha’s role will focus on marketing and community outreach through business development. On the marketing side, she will support our VP of Marketing in engaging and connecting with members of the community through various channels. On the community outreach side, she will focus on supporting our existing community partnerships and forging new relationships for the credit union. You might run into her at your local branch, at a local vendor fair, or even at your favorite local business.

Samantha is excited to join the First Financial Family, and support members and businesses in their financial well-being. Stay tuned to First Scoop, and you’ll get to read some of her upcoming blog posts!

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

Money Saving Tips You Can Actually Follow This Fall

As the crisp fall air rolls in and the days grow shorter, it’s the perfect time to refocus on your finances and find new ways to save. Fall brings a natural opportunity to cut back on certain expenses, prepare for the holidays, and reset after the summer. Here are six money-saving tips to help you make the most of your autumn without overspending.

1. Turn Off Your Heat and Air Conditioning

Fall offers a sweet spot in terms of weather — usually neither too hot nor too cold. Take advantage of this mild season by reducing your heating and cooling expenses. Turn off the air conditioning and enjoy cool nights by opening your windows. When temperatures start to dip, seal up any drafty windows and doors to avoid heat escaping from your home. Instead of cranking up the heat, bundle up in cozy sweaters and blankets. Small changes to your energy habits can lead to noticeable savings on your utility bills.

2. Pick Up a Fall Side Gig or Craft

With the holidays approaching, fall is the ideal time to dive into a creative side gig. People are often looking for unique, handmade items and autumn crafts. Fun items like custom-painted ornaments, knitted scarves, or homemade baked goods are in high demand this time of year. If you enjoy cooking, baking, or crafting – consider turning your hobby into extra income. Not only will you make some extra cash, but you might also discover a seasonal passion that carries over into the winter months. You never know, what starts as a fun side project could become a booming business!

3. Get Crafty with Your Fall Decor

Instead of buying expensive seasonal decorations from retail stores, consider DIY alternatives. Craft stores and dollar stores offer plenty of inexpensive items that can be transformed into beautiful fall decorations. Create centerpieces with candles, pine cones and gourds, or make a fall wreath with supplies from the dollar store. This approach is not only budget-friendly, but also gives you a chance to get creative. Plus, DIY decorating can be a fun family activity, helping you save on both home decor and entertainment as the cooler weather sets in.

4. Start a School Carpool

If you’re spending too much time (and gas money) in the drop-off lane at your child’s school, consider organizing a carpool. Teaming up with other friends and neighbors to share driving responsibilities can save you money on fuel and free up time in your day. Even a small change from five pick-ups and drop-offs per week to just three – can make a difference in your gas spending.

5. Review Your Subscriptions

Fall is a great time to re-assess the subscriptions you signed up for during the summer months. As life gets busier with school, work, and holiday preparations – some of these services may no longer be necessary as your time is more limited. Look through your bank statements and cancel any subscriptions that you’re not using — whether it’s a streaming service, gaming or book membership, or an automatic refill subscription for a product you no longer need. These recurring fees can quickly add up, and canceling unnecessary subscriptions can help you trim your budget.

6. Make Meals in Bulk

As the weather cools, it’s time to bring out your slow cooker or crockpot. Cooking large batches of meals like soups, stews, chili, or casseroles not only saves time, but can also be a major money-saver. Preparing meals in bulk allows you to buy ingredients in larger quantities (which is often cheaper) and avoids the temptation of ordering takeout on busy evenings. Freeze the leftovers to stretch your grocery budget further and enjoy quick, hearty meals throughout the week without extra cooking time.

Make the Most of Your Fall Finances

First Financial is here to ensure your finances are in good standing this fall. For more personalized financial advice or assistance with budgeting, call 732.312.1500 or visit a branch today to learn more about how we can help support you in your financial goals. Be sure to subscribe to the First Scoop blog for additional money-saving tips and financial insights throughout the year.

Protect Yourself Against Tech Support Scams

As digital threats evolve, tech support scams are becoming more prevalent, targeting unsuspecting individuals with fake offers of help for non-existent computer problems. These scams can lead to identity theft and great financial loss if not properly identified and avoided. At First Financial, we’re committed to helping you stay informed and protected from these common fraud tactics.

What Is a Tech Support Scam?

A tech support scam typically begins with an unsolicited call, email, or pop-up alert on your computer from someone claiming to be a representative from a well-known company such as Microsoft, Apple, or even your internet provider. The scammer tells the victim a virus or malware has compromised their computer and urgently needs to be fixed. The goal is to convince you to grant them remote access to your device, pay for unnecessary services, or share your financial information.

How Do Tech Support Scams Work?

Tech support scams rely on creating a sense of urgency and fear to trick you into believing that your computer or personal data is at immediate risk. They may claim that your device has been hacked, that your personal data is vulnerable, or that your system is infected with dangerous malware. The scammer then offers to “help” you fix the issue — sometimes for a fee. In reality, there is no problem – they intend to either steal your personal information or convince you to pay for fraudulent services.

How to Spot and Avoid Tech Support Scammers

  • Unsolicited Contact: Scammers often initiate contact via phone calls, emails, or pop-up windows, falsely claiming to be from reputable tech companies. If you didn’t initiate contact, be cautious — this is a major red flag.
  • Urgent or Scary Language: Scammers create a sense of urgency, telling you that your device is at risk of being compromised or that your personal data is in danger. The goal is to pressure you into quick action without giving you time to think.
  • Requests for Remote Access: If a supposed “tech support” person asks for remote access to your computer, this is a key sign of fraud. Giving someone remote access opens the door to your personal data and files, putting you at great risk.
  • Demand for Payment: Legitimate companies will never ask you to pay for services upfront or demand immediate payments through unconventional methods like gift cards, Bitcoin, or wire transfers.
  • Verification Codes: Scammers might ask for a verification code sent to your phone or email. These codes are designed to protect your accounts, and no legitimate tech company will ask for them. Never share them with anyone.
  • Unverified Claims: Always be skeptical of unsolicited claims about your computer or account being compromised. A reputable company will never demand immediate action or payment without a legitimate service request from you.

How to Protect Yourself from Tech Support Scams

1. Never Move Your Money to “Protect Your Account”

Scammers may claim your bank account is at risk and urge you to transfer money to a “safe” account. This is a scam. No legitimate company will ever ask you to move funds for security reasons.

2. Do Not Share Verification Codes

Verification codes are meant to keep your accounts safe. Scammers may ask for these codes to gain unauthorized access. Never share them with anyone, and if asked – it’s a sure sign of fraud.

3. Be Wary of Suspicious Calls or Emails

If you receive unexpected communication about an issue with your computer or a suspicious transaction, pause and verify. Scammers use these tactics to pressure you into giving up sensitive information. Contact the company directly using their official contact details.

4. Take Your Time

Scammers thrive on creating urgency. If someone is pressuring you to act quickly, it’s likely a scam. Always take a moment to verify the legitimacy of the situation by reaching out to the company or speaking to a trusted representative.

5. Avoid Payment Requests via Gift Cards or Bitcoin

If you’re asked to pay for tech support services using gift cards, cryptocurrency, or wire transfers, it’s a scam. Legitimate businesses will never demand payment through untraceable means.

Protect Your Finances

At First Financial, we take your financial security seriously. If you ever suspect you’ve been targeted by a scammer or feel unsure about a suspicious interaction, call 732.312.1500 or visit a branch for guidance. We’re here to help you keep your finances safe. For more helpful tips and resources, visit our website or subscribe to the First Scoop blog for ongoing updates on keeping your finances safe from scammers.