Author Archives: VP of Marketing and Business Development Jessica

6 Ways to Save Money on Back-to-School Shopping

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The back-to-school season arrives quickly each year, often catching parents and their budgets off guard. Preparing for back-to-school shopping can also be a challenge in the current economic climate. The National Retail Federation predicts that in 2024, parents will spend an average of $875 on back-to-school shopping for younger students and around $1,365 for college students. These significant costs emphasize the need for careful planning and smart shopping strategies to ease the financial burden of this season.

To help you prepare without overspending, here are six tips to make back-to-school shopping more budget-friendly.

1. Assess What You Already Have

Begin by taking a comprehensive inventory of what you already own. Check last year’s supplies and clothing to see what can be reused. Thoroughly search desks, drawers, and closets for items that can be repurposed or that don’t need replacing (notebooks, pens, pencils, etc.). By identifying what you already have, you can avoid duplicate purchases and buy only what is necessary. Additionally, go through your child’s wardrobe to determine which clothes and shoes still fit, reducing the need for a full wardrobe replacement.

2. Set a Realistic Budget

Establishing a clear budget before you start shopping is crucial. Review your child’s school supply list and set a spending limit that covers all the essential items. To avoid overspending, base your budget on regular prices rather than sales, giving yourself a buffer for unexpected expenses. If the projected total exceeds your budget, prioritize essential items and seek alternative options for items that may not be as crucial.

3. Conduct Thorough Research

Maximize savings by comparing prices across different retailers and planning your shopping around sales events. Keep an eye out for student discounts offered by many retailers, which can provide significant savings on tech, clothing, and supplies. Additionally, explore and take advantage of online only deals and subscribe to retailers’ newsletters for exclusive discounts and promotions. Sift through your emails for coupons you may have missed – we’ve all signed up for store emails that we’ve forgotten about, and you may just have additional discounts in the palm of your hand.

4. Explore Alternative Shopping Options

While popular retailers like Amazon, Target, and Walmart are convenient, consider alternative options such as dollar stores, discount outlets, and wholesale clubs. These stores often offer substantial savings on school supplies without sacrificing quality. Wholesale clubs can be especially advantageous for large families. Bulk shopping doesn’t make sense for your family? Ask other parents if they’d be interested in splitting the cost of bulk purchases among a larger group.

5. Opt for Refurbished or Gently Used Items

Save money on electronics by purchasing certified refurbished models from reputable sellers. These products often function just as well as new ones, but come at a fraction of the price. Additionally, explore thrift stores for gently used clothing, backpacks, sports equipment, and other supplies. This can be a cost-effective way to provide your child with stylish outfits and necessary items while staying under budget.

6. Plan for Future Needs

Consider planning for next year’s needs during current sales. Anticipate items your child will need and purchase them during off-season sales or special promotions. For example, remember to take advantage of Memorial Day and 4th of July sales for clothing or tech items you know your child will need next year. This proactive approach can spread expenses and reduce financial stress in the future.

First Financial is Here for You

Navigate back-to-school season with confidence and ease the financial burden by implementing these strategies. First Financial is here to help you make informed purchasing decisions and ensure a stress-free start to the new school year.

For personalized financial advice, call 732.312.1500, visit a branch, or explore our services online. Don’t forget to subscribe to our First Scoop blog for more valuable insights and money-saving tips.

Protecting the Financial Future of Your Family with a Will

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Parents may not like to dwell upon their untimely deaths, but creating a will now will help ensure your family’s finances in the future.

A will is a legal document that specifies how to distribute your assets and investment accounts to your family and others should you unexpectedly die. Check out our short video, When do you need a will? If you have any questions after watching the video, complete the online form and our Financial Advisor will reach out to you. It’s important to understand what a will can do as you plan for your family’s future.

You need a will to work your will. Dying intestate (without a will) turns important decisions over to a state probate court judge who will follow standard procedures to distribute your wealth. A will allows you to name your beneficiaries and the amount they inherit, which might be very different from what the state considers to be standard.

Your will can specify a guardian for your children. In today’s society, many parents are single with no obvious candidate to assume guardianship of your children should you suddenly die. You can designate a guardian in your will rather than leaving the decision to the state. Naming a guardian protects your children from state custody and ensures a trusted person looks after your children’s future.

Use your will to establish trusts when you die. Your will can be used to create trusts that start upon your death. Using trusts, you can address specific concerns – such as caring for a special needs child, managing your investment portfolio, or preventing a child from misusing a bequest setup for college expenses. You can fund your trusts from various sources – such as life insurance policies, and set the conditions for distributing the money.

Plan payments for debt and taxes. Your will can lay out how to repay any remaining debt and taxes. You also can use your will to make charitable gifts and thereby reduce the size of your estate. In some cases, this will lower or eliminate the burden of estate and/or inheritance taxes upon your family.

Setting up a will is worth your time. When you consider the advantages provided by a will, the effort going into creating one is a small price to pay. Contact the First Financial Investment & Retirement Center by calling 732.312.1534 and together we can review your financial portfolio. We can answer any questions you may have about your finances before you meet with a qualified attorney to create your will.

You can also email the financial professionals in the Investment & Retirement Center at 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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5 Things You Can Do to Live Below Your Means

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Living within your means is one thing, but living below your means is a completely different challenge. Successfully living below your means opens doors to significant savings and debt reduction so you can one day reach financial freedom. According to a recent CareerBuilder survey, 78% of U.S. workers live paycheck to paycheck, and over a quarter do not save any money each month. These alarming statistics highlight the importance of financial discipline, especially when planning for the future.

Living below your means is a crucial step toward financial stability. While it may seem daunting, it is achievable with the right strategies. Here are five practical tips to help you live below your means and take control of your finances.

1. Dissect Your Discretionary Spending

Understanding exactly where your money goes is the first step to controlling it. Start by analyzing your discretionary spending, which includes non-essential expenses like entertainment, dining out, and hobbies. Scrutinize every transaction to identify patterns and pinpoint areas where you can cut back.

Use statements, credit card bills, and other financial records to track your spending habits. With First Financial’s Online Banking, you can view all your spending in one place. You might find that certain purchases like frequent takeout meals, are unnecessary. Recognize these spending patterns and make adjustments, such as cooking at home more often – to save money.

2. Create an Effective Budget and Stick to It

A well-planned budget is your roadmap to financial success. Now that you have pinpointed unnecessary expenses, you can put together a budget that includes only the necessities. Begin by determining your total income from all sources. Next, track your monthly expenses and categorize them into fixed (i.e. rent and utilities) and variable (i.e. groceries and entertainment) costs. This budget should ensure that your spending is well below your income and that some portion each month is placed into savings and/or used to pay down debt.

The key is to find a system that helps you manage your spending and stay on track. First Financial offers various tools and resources, including an in-depth home budget calculator and a simplified budgeting worksheet, to assist you in this process.

3. Pick Up a Side Hustle

Sometimes, cutting expenses isn’t enough to balance your budget. In such cases, increasing your income can make a significant difference. Consider picking up a side job that leverages your skills and interests.

With the internet, opportunities for freelance work – such as writing and graphic design, or tutoring, are abundant. Identify what you’re good at and explore how you can turn it into an additional income stream. A side hustle not only helps you cover expenses, but also provides a financial cushion for savings.

4. Pay Down Debt

Debt can be a significant barrier to financial freedom. Focus on paying down your debt systematically to avoid high interest and late fees. Prioritize high-interest debt first, while making minimum payments on others, to reduce the overall interest burden.

Maintaining timely payments helps you keep more money in your pocket, which can be redirected toward savings or other financial goals. An effective budget and financial plan can assist you in managing this balancing act.

5. Stay Aware of Lifestyle Creep

Lifestyle creep occurs when your spending increases along with your income. Avoid this pitfall by remaining conscious of your spending habits, even as your financial situation improves.

If you pay off debt or receive a raise, resist the urge to immediately upgrade your lifestyle. Instead, revisit your budget and consider how the extra funds can be used to bolster your savings or pay down other debt. Making thoughtful adjustments ensures that your financial growth is sustainable and aligned with your long-term goals.

Let First Financial Help

Living below your means is not about depriving yourself, but about making smarter financial choices that lead to long-term stability and peace of mind. By successfully living below your means, financial freedom is possible.

For personalized financial advice and more tips on managing your finances, call 732.312.1500, visit a branch, or explore our services online.

Things to Do on a Budget in Monmouth & Ocean Counties this August 2024

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As summer continues to heat up, let’s look at some free and inexpensive activities to cool it down this August. Grab the entire family and explore these fun happenings around you! 

August 2: Pier Village (Long Branch) Flashback Friday DJ is free to attend and will take place at the Carousel Bar at Wave Resort from 3pm-10pm every Friday in August! Rewind with the best music of the 70’s, 80’s and 90’s and those ages 21+ can also partake in summer Friday-only drink specials. Find out more information.

August 2 & 3: Manasquan Fireman’s Fair at Mallard Park (Cedar Avenue & South Potter Avenue) from 6pm-10pm. Don’t miss rides, food vendors, live music, games and family fun! Find out more at www.squanfiremansfair.com

August 3: Founders’ Victorian Day in Ocean Grove will take place at 4pm in Auditorium Square. There will be period games, activities, crafts, reenactments, refreshments, and a dynamic worship experience. Victorian dress is encouraged. At 8:30pm there will be a silent Victorian era movie for $10 per person. Learn more here.

August 7:

Asbury Park Bonfires on the Beach will take place from 8pm-10pm every Wednesday night during August, weather permitting. The 8/7 bonfire will be at First Avenue Beach. Check the schedule online for other dates and locations through the end of September.

Freehold Free Family Movie Night begins at 8:30pm at the Hall of Records at 1 East Main Street. There will be a showing of E.T., The Extraterrestrial. Don’t forget to bring your snacks and lawn chairs and enjoy a fun outdoor night with your family! Get more details here.

Ocean Township’s Annual Italian Festival begins at Joe Palaia Park (240 Whalepond Road) at 5pm-11pm and will run each night through Sunday, 8/11. There will be lots of rides, games, food, entertainment and fireworks. Get more information.

Pier Village Movie Night begins at 7:30pm with a showing of Jurassic Park. The movie will be shown outdoors on Chelsea Avenue Beach. Bring your favorite chair and blanket and relax under the stars at the Jersey Shore! Find out more details.

August 8: Howell Township’s Movies Under the Stars begins at 6:30pm with activities for kids, and the movie will begin at dusk on the Howell Library Hill (318 Old Tavern Road). This week’s showing will be Paw Patrol – Unleash the Powers. Bring your blanket or lawn chair and enjoy a fun night with the family! Learn more.

August 9: A Night in Paradise Hawaiian Show (Manchester) begins at 7pm at Harry Wright Lake. You won’t want to miss a free evening of summer family fun – including hula dancers, a live luau band, Tahitian drummers, and fire knife warriors. Get the details here.

August 10: Seaside Spooktacular at Park Bakery in Seaside Park (408 SE Central Avenue) opens at 7am and will be available for participants through 2pm. Get your cameras ready for some summer fantastic Halloween-themed photo ops and a host of spooky activities. Come say “trick or treat” and receive a FREE gift (costumes optional), and enjoy a free craft table for kids of all ages. Learn more on Facebook, or call 732-793-4090.

August 11: Atlantic Highlands Music and Food Truck Festival will take place from noon to 8:30pm at the Atlantic Highlands Marina (10 Simon Way). There will be 19 gourmet food trucks with something for everyone, plus vendors, music, face painting for kids, and a beer/sangria/margarita garden for adults over 21. Admission is free, so bring your chairs and blankets and enjoy a fun day by the water! Get additional information.

August 13: Dorbrook Park and Recreation Area (Colts Neck) will be featuring a free event called Under the Summer Stars from 10pm-11pm at the soccer field parking lot. Look for key objects and constellations in the night sky! Bring a chair to rest on as you star search and a flashlight to light your way in the dark. Open to all ages. Find out more.

August 14:

Belmar Free Movie on the Beach begins at 7:30pm with a showing of The Little Mermaid. The movie will be shown at 7th Avenue Beach. Bring your own blankets and chairs and enjoy a free movie under the stars and fun for the whole family! Learn more here or call 732-681-3700.

Bradley Beach Summer Movie Series begins at 8pm in Riley Park (615 Main Street) with a showing of The Goonies. Don’t forget your lawn chair or a blanket! Get more details here, or view the event on Facebook.

August 15: Howell Township’s Movies Under the Stars begins at 6:30pm with activities for kids, and the movie begins at dusk on the Howell Library Hill. This week’s showing will be Wonka. Learn more or call 732-938-4500, extension 2106.

August 17:

Spring Lake Police Community BBQ will run from 3pm-8pm at Marucci Park (301 South Boulevard). Stop by for an afternoon of family fun including food, games, inflatables, touch-a-truck, ice cream, a DJ and a beer tent for the adults. Meet police officers and other first responders too. See more details on Facebook.

South Toms River Family Fun Day will take place from 10am-4pm at South Toms River Recreation (1 Drake Lane). This is bound to be a day of fun, games, crafts, vendors, touch-a-truck, and activities for kids of all ages! Learn more.

August 18: Butterfly Tent Event (Toms River) takes place from noon to 4pm at the Rutgers Cooperative Extension, 1623 Whitesville Road. Walk through the butterfly display tent, learn about the butterfly lifecycle, native plants, and more. There will be activities for kids and exhibitors for adults. Call 732-349-1246 for more details, or click here.

August 21: Freehold Free Family Movie Night starts at 8:30pm at the Hall of Records at 1 East Main Street. There will be a showing of The LEGO Movie. Get more details here.

August 22: Howell Township’s Movies Under the Stars begins at 6:30pm with children’s activities, and the movie begins at dusk on the Howell Library Hill. This week’s showing will be Kung Fu Panda 4. Learn more.

August 23: Date Night Free Movie (Seaside Heights) begins at 8pm with a showing of Sleepless in Seattle at 410 Boardwalk. Participants will be seated on the beach in the vicinity of Beach Patrol North Headquarters. This event is for adults only, as the Seaside Heights Business District will be selling beer and wine on the beach for the event. Call 732-830-3700 to find out more, or click here.

August 24: Manasquan Summer Festival and Craft Show will take place from 10am-4pm at Squan Plaza. There will be lots of vendors, food and music! See additional information.

August 28: Belmar Free Movie on the Beach begins at 7:30pm with a showing of The Wizard of Oz. The movie will be shown at 7th Avenue Beach. Learn more here.

August 31: Fabricated for You Craft Fair (Toms River) will take place from 10am-5pm at 1081 Route 37. With more than 50 outdoor booths and 30 indoor vendors, dive into lots of locally crafted treasures. As you shop, keep an eye out for your chance to win a gift basket through the event raffle. There will be baked goods, unique gifts, handcrafted specialties and more – available for purchase from local NJ artisans. Call 732-608-2040 or click here to learn more.

We hope you have a great August and end of summer!

0% Mortgages Returning: Why This is a Risky Way to Buy a Home

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The allure of a 0% mortgage can be tempting, especially in a market where every penny counts. However, before jumping into what seems like a dream deal, it’s crucial to understand why this type of financing can be a very risky way to buy a home. At First Financial, we want to ensure that you make informed decisions about what is more than likely the biggest purchase you’ll ever make – your home.

The Hidden Pitfalls of 0% Mortgages

While the idea of a 0% mortgage might sound appealing, it’s important to recognize the potential downside. One major issue is that a 0% offer may come with strict terms that lead to unexpected costs. For example – missing just one monthly payment could result in a sudden increase in your interest rate, along with additional fees and penalties.

Moreover, 0% mortgages can encourage you to buy a home you may not be able to afford in the long run. Similar to buy now, pay later deals – you may be tempted into making a significant financial commitment without considering the long-term implications. This can be particularly risky if your financial situation changes or if the housing market fluctuates.

The Return of a Risky Financial Tool

The reintroduction of 0% mortgage programs is reminiscent of the risky financial products that contributed to the 2008 financial crisis. Zero percent mortgages typically allow first-time homebuyers to secure a purchase with no money down, which becomes an attractive option for those without sufficient savings for a down payment.

Such mortgage offers often include hidden catches. For instance, many of these deals require you to borrow a small percentage of the home’s value as an interest-free loan, which needs to be paid back in full when you sell the home, pay off the mortgage, or refinance. This could pose a significant financial burden if your home’s value doesn’t increase as expected or if you face unforeseen financial challenges. As we have seen before, the housing market does not always go up. If your gamble doesn’t pay off, you’ll end up owing more than the home is worth, and if you have to sell your home due to financial hardship – you’ll owe that initial loan in a time when you need money the most.

Avoiding “Too Good To Be True” Offers

It’s crucial to remember that if something sounds too good to be true, it probably is. 0% mortgages may seem like a great opportunity, but the risks often outweigh the benefits. Instead of falling for this type of home loan offer, consider seeking advice from trusted mortgage experts.

At First Financial, we offer video chats and phone calls with our mortgage experts – with no commitment required. You can also sign up for our homebuying text alerts to stay informed about mortgage rate changes as soon as they happen.* Our team is here to help you make the best financial decisions for your future.

Don’t Navigate Home Buying Alone

While 0% mortgages might seem like an easy way to buy a home, they come with significant risks that can jeopardize your financial stability. By understanding these pitfalls and seeking expert advice, you can make more informed decisions regarding mortgage financing.

For more personalized assistance and tailored solutions call 732.312.1500, visit a branch, or explore our services online.

*The Text Message Signup box must be checked in order to receive text messages. Standard text messaging and data rates may apply.

8 Tips for Planning a Budget-Friendly Vacation

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It’s summer and vacations are a wonderful way to create lasting memories with your family, but they often come with a hefty price tag. At First Financial, we understand the importance of balancing fun and finances. Here are some practical tips to help you plan a memorable vacation without breaking the bank.

1. Set a Realistic Budget

Before you start planning your vacation, it’s essential to determine your overall budget. A good rule of thumb is to follow the 50/30/20 rule: allocate 50% of your income to fixed costs, 30% to discretionary spending (which includes your vacation), and 20% to savings. This approach helps you identify how much you can afford to spend on your trip. Next, outline all vacation-related expenses including travel costs, accommodations, food, activities, and souvenirs. This will give you a clear picture of the total trip cost and how it aligns with your budget. Don’t forget to set aside funds for unexpected expenses!

2. Plan and Book in Advance

Booking your travel and accommodations in advance can save you a significant amount of money. Airlines and hotels often offer early-bird discounts. According to Hopper, airfare prices tend to rise as the travel date approaches – so it’s best to book your tickets early to secure lower rates. Additionally, consider traveling during the off-season or mid-week to take advantage of cheaper rates.

3. Use Credit Card Rewards

One of the best ways to save on vacation costs is by utilizing credit card rewards. First Financial’s Visa Cash Plus Credit Card, linked to the uChoose rewards program – allows you to earn points on everyday purchases that can be redeemed for travel expenses like flights, hotels, and rental cars.* Make sure to check your rewards points and use them strategically to offset vacation costs.

4. Choose Affordable Accommodations

Instead of staying at expensive hotels, consider more affordable options like rental houses, Airbnb, or even camping. Traveling with friends or family and sharing the cost of accommodations can also reduce expenses. If you prefer hotels, look for deals on third-party travel sites or book directly with the hotel to take advantage of any special offers.

5. Save on Food and Drinks

Eating out for every meal can quickly add up. Save money by bringing food, groceries, and drinks if possible, especially for breakfast and snacks. If you’re flying, consider stopping at a local grocery store once you arrive. Cooking some of your meals can be a fun way to spend time with those you’re traveling with too. When dining out, be aware of prices before ordering and research restaurants and menus beforehand.

6. Plan Budget-Friendly Activities

Look for free or low-cost activities at your destination. Many cities offer free museums, parks, and public attractions. Hiking, beach days, and exploring local landmarks are great ways to enjoy your vacation without spending much. Research which activities are available in advance and prioritize those that fit your budget. Facebook events and town/city websites are great places to find lists of free and affordable upcoming local events.

7. Manage Souvenir Spending

Souvenirs can be a fun part of your vacation, but can also lead to overspending. Set a strict budget for souvenirs and consider using cash to avoid charging them to your credit card. Limit everyone to one souvenir each (and think about – do you really need to buy any souvenirs at all?) and before purchasing – make it a point to think about whether it is something the recipient will use and cherish, or if it will end up gathering dust on a shelf.

8. Consider Travel Agents

If planning a vacation feels overwhelming, consider using a travel agent. They often have access to exclusive deals and can help you stay within your budget. Provide them with a clear budget, and they can plan a trip that meets your needs without the stress of overspending. Often, travel agents do not charge you anything for their services as they are compensated by the companies they book with.

A budget-friendly vacation is achievable with careful planning and smart spending. By following these simple tips, you can enjoy a memorable vacation without financial strain. Start planning your next getaway with this advice in mind and make the most of your time away without breaking the bank.

For more personalized assistance and tailored solutions call 732.312.1500, visit a branch, or explore our services online.

*APR is 18%, 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. uChoose Rewards is a registered trademark of Fiserv Inc. Login to uChoose Rewards through Online Banking, by clicking on your Cash Plus Credit Card account to view current offers.