We hope you are enjoying a very happy spring season!
In a continued effort to go green, we’re publishing our quarterly member newsletter electronically – it can also be found on our website and social media sites. Paper copies will be available in our branches.
The Spring First Edition Member Newsletter features the following articles:
Upcoming First Financial virtual seminars and important dates (May – July 2024)
Find the Right Financing: Before diving into your home renovation project, explore financing options to fund your endeavor. Consider First Financial’s Home Improvement Loan, offering great rates and flexible terms to help you realize your vision affordably.*
Create a Budget: Set a realistic budget for your project, considering expenses like materials, labor, and any unforeseen costs. Stick to your budget to avoid overspending and financial strain. Utilize First Financial’s wide range of tools and resources like our Budgeting Guide and Home Budget Calculator.
Develop a Detailed Plan: Outline the project scope and create a timeline for completion. Research design ideas and gather inspiration to ensure a successful outcome.
Research Codes and Acquire Permits: Obtain necessary permits and familiarize yourself with local building codes to ensure compliance and avoid costly mistakes.
Do Your Own Demo: Save on labor costs by tackling demolition work yourself, prioritizing safety with proper gear and precautions.
Price Matching: Compare prices on multiple retailer websites prior to making a purchase. Many big box stores will price match what you find online in store, so you can snag a great deal and avoid shipping and handling costs.
Doing It Yourself (DIY)
If you plan to tackle your home renovation project all on your own, follow our budget-conscious tips below.
Search for Free Materials: Acquire items for free through friends, family, or online listings to minimize costs and maximize savings.
Find Duplicates: Look for budget-friendly alternatives that mimic high-end materials or furnishings to achieve your desired look without overspending.
Improve Existing Furniture: Refresh old furniture with painting or refinishing. Add new hardware or upholstery for a custom look without breaking the bank.
Update Smaller Fixtures: Upgrade fixtures like cabinet hardware, lighting, and doorknobs to make a big impact on a budget. Changes like these make a huge difference without necessitating a full demo.
Shop Second Hand: Explore thrift stores, flea markets, and online marketplaces for unique finds at bargain prices. You may discover hidden gems that not many other people will have.
Utilize Paint: Give your space a makeover with a fresh coat of paint and easily DIY this on your own. Sometimes a fresh new color is all you need to transform a space.
Declutter: Clear out unnecessary items to refresh a room instantly. Donate or sell items you no longer need to create a clean, inviting space.
Mix and Match: Embrace mismatched furniture and decor to add character to your space and avoid the expense of purchasing pricier pieces. Experiment with different styles, textures, and colors for a unique look.
Swap Party: Host a furniture and decor swap party with friends and family to exchange items and refresh your decor for free. It’s a fun way to acquire new pieces while also decluttering your home.
Do Projects in Pieces: Tackle renovation projects one at a time to manage costs effectively and plan better. Break down projects to secure better deals and complete them efficiently.
By following these tips and leveraging resources like First Financial’s Home Improvement Loan and budgeting tools, you can redecorate your home for less without sacrificing style or quality. Happy decorating!
For more personalized advice and solutions – call us at 732.312.1500, visit a branch, or explore our services on our website at firstffcu.com. Don’t forget to subscribe to our First Scoop blog for more financially savvy insights and tips.
*Available on primary residence only. A First Financial membership is required to obtain a Home Improvement Loan and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth of Ocean Counties. See credit union for details. 1 Rate will vary based off of applicant’s credit rating. Not all applicants who apply will be approved, subject to underwriting guidelines and credit approval. 2 Lien position and appraisal valuation may affect the maximum loan amount. 3 Not all applicants will qualify for maximum Loan to Value (LTV) ratio. It will be based off of creditworthiness, property type, occupancy, lien position, and loan amount. Rates will be affected by LTV or combined LTV if there is another lien on the property. 4 Loan amounts over $7,500.00 will be required to give First Financial FCU a security interest in their property. Rates will vary based off of lien position and whether the loan is mortgage secured or unsecured. 5 For mortgage secured Home Improvement loans First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and are required to be paid back by member to FFFCU.
Quick question: Are you financially fit? If so, how financially fit are you?
There are really no clear guidelines as to what constitutes financial fitness, much less how to grade variations of that fitness. However, it’s a helpful question because it gets you thinking about your finances. More specifically, whether you’re on the right track toward your financial goals. Those goals differ by individual and include being able to retire, pay for a child’s wedding and college education, and even saving for that dream vacation. To make sure that you’re on the right track toward your goals, here a few steps to help get you started.
As a first step, put together a reasonable budget, detailing your income and expenses by month. This will help you understand your cash flow and identify areas where you can cut costs.
Next, start saving for unexpected expenses, like a medical emergency, major car repair, and an appliance replacement. Ideally, try to keep at least three months’ worth of living expenses in your emergency savings fund.
Check your credit report at least once each year, making sure that there are no mistakes. You’re entitled to a free copy of your credit report every year from the three major credit reporting companies, Experian, Equifax, and TransUnion.
As part of a long-term plan, begin saving for your retirement at the earliest age possible, working with a financial professional to create a portfolio that aligns with your appetite for risk, number of years until you expect or want to retire, and other factors.
Develop and review a financial plan. This is a written document that details your short and long-term goals with tactics and strategies to address them. Review the plan at least annually, making any necessary changes if your goals or personal circumstances change.
Finally, consider investing early and often. This has the potential to produce greater returns than investing a larger amount over a shorter period of time.
For instance, assume an equal rate of return for each of these two scenarios: If you invest $75 a month beginning at age 25 and continue until you are 65, your earnings will be greater than the 35 year old who invested $100 a month until reaching 65.
This is a hypothetical example and is not representative of any specific investment. Your results may vary, but you get the point. If you need help getting or maintaining financial fitness, contact a financial professional.
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.
At First Financial, our dedicated team members are the driving force behind our continued success and unwavering commitment to our members. This month, we are shining the spotlight on Terriann Warn, our Chief Financial Officer (CFO), who has been an integral part of our credit union family for an impressive 35 years! Terriann’s journey with First Financial is rooted in a solid foundation of expertise and dedication. As CFO, Terriann’s steadfast commitment ensures that we continue to thrive – serving our community for generations to come. Join us as we delve into Terriann’s remarkable journey and the pivotal role she plays in shaping the future of First Financial.
What was your background/work or education experience in your field before you began working at the credit union? I have a Bachelor of Science Degree in Accounting from Georgian Court University. While getting my degree, I worked in various retail stores and as a bookkeeper at a local marina.
Can you walk us through one of your most important tasks and explain why it’s significant for our members? As the CFO, my primary responsibility is the financial safety and soundness of the credit union. This is significant because the credit union has been servicing our members for 88 years, and we want to continue servicing them for another 88 years and beyond.
What personal values do you bring to your role here at the credit union? I would say I bring reliability, integrity, accountability, responsibility, and adaptability.
How do you see these values reflected in the work of First Financial and how do you personalize your service to meet the diverse needs of our members? I see this reflected in my staff in the way that they take responsibility and accountability for a situation to the end. Adaptability and reliability in the way they change paths based on what is needed to support other areas within the credit union and our members, because they come first. As for integrity, I take pride in doing the best job possible. I personalize my service by listening to our internal (staff) and external members.
Can you describe the team you work with and how you collaborate? As the CFO, I interact with all areas of the credit union. I directly manage or oversee the following areas: Accounting, Operations, our Member Relationship Center, Records Management, and Compliance. I believe the key to any team or organization’s success is good communication. I encourage my team members to work together by communicating, supporting, and respecting each other.
In your opinion, what sets First Financial apart from other financial institutions? What sets us apart from other financial institutions is that we are a local, community-based organization that only services Monmouth and Ocean Counties. When a member calls or walks into one of our branches – they are speaking to a person who is part of the same community, people who understand what is impacting our members’ lives.
What’s something unique or surprising about you that members or other co-workers might not know? I learned at a young age, how to treat people. While playing sports growing up – I saw how coaches treated their players. Some just yelled a lot and favored the best players. Others actually coached by being patient, supportive, and respecting not just the best players – but all players. These individuals made a lasting impression on me and are the examples I used in developing my management style here at First Financial.
What message would you like to share with the members of First Financial? We are here to assist our members with all of their financial needs. From opening a savings account to save for the future, a checking account to pay their monthly bills, or a loan to buy their first house or car – to our Investment and Retirement Center to plan for the future. We are here for each of our members’ financial needs.
If you could give one piece of financial advice to our members, what would it be? Create a budget. A budget should keep track of the money coming in – such as salary, and the money being spent – such as utility bills. One’s budget should prioritize their needs first – housing, food, insurance, transportation, and then wants second – vacations, going out to dinner, or other things that you can live without.
Terriann epitomizes the core values of dedication and integrity that define our Leadership Team at First Financial. Terriann’s journey from local bookkeeping as a college student to her 35-year (and counting!) career with First Financial, is a testament to her reliability and adaptability. As our Chief Financial Officer, she plays a pivotal role in safeguarding the financial well-being of our credit union – ensuring that our members receive the highest standard of service and support. Terriann’s values resonate in every aspect of her work here at the credit union. Her leadership inspires our team to strive for excellence, driven by a shared commitment to serving our community with pride and dedication.
Want to join the team at First Financial? Check out our careers webpage and apply online for current employment opportunities.
In honor of May being National Small Business Month, First Financial is proud to present a guide aimed at empowering small business owners with effective financial management strategies. Managing finances is pivotal for the growth and sustainability of your business. Here are some tips to help you lay a strong financial foundation for your business with (of course!) support from us.
1. Separate Your Finances
Mixing personal and business finances can complicate your financial landscape. Opening a bank account specifically for your business is crucial for clear financial tracking and taking advantage of tax deductions. First Financial’s Business Accounts offer the convenience and clarity you need, ensuring your transactions are organized and easily accessible through our online banking system 24/7.
2. Pay Yourself
It’s vital to recognize your role in your business by paying yourself a salary. This not only aids in personal financial stability, but also sets a precedent for financial discipline within your business operations. How you pay yourself might vary, so consider consulting with a financial professional for guidance.
3. Master Financial Documents
Understanding your balance sheet, profit and loss statement, and cash flow is essential for gauging your business’ health. These documents offer insights into your operational capability and financial resilience, guiding informed decision-making.
4. Build Strong Business Credit
A robust business credit score unlocks doors to better financing options and business opportunities. First Financial’s VISA Business Cash Plus Credit Card can serve as a tool to meet your financial needs and build and maintain a strong credit history. With unlimited 1% cash back, no annual fee, and a robust rewards program – the benefits exceed just building your business’ credit.
5. Smart Use of Loans
Speaking of credit – loans can be a strategic tool for growth, allowing for investments in equipment, technology, or expansion efforts without straining your cash reserves. First Financial offers a variety of Business Loan options designed to match your unique business needs, providing a financial boost when it’s most needed.
6. Tax Planning
Stay proactive with your tax obligations to avoid last-minute scrambles. Regularly setting aside a portion of your earnings can help manage quarterly tax payments smoothly, ensuring financial peace of mind. Be sure to save all important documentation throughout the year and compile it in one place so that when tax time rolls around, you’re in good shape to file your return.
7. Reinvest in Your Business
The temptation to pocket all your profits can be strong, but reinvesting in your business is crucial for sustained growth and innovation. Allocating funds for future projects and improvements demonstrates a commitment to your business’ longevity and success.
Managing a small business comes with challenges, but with the right strategies and support from First Financial, you can navigate your business toward a prosperous future. Our Business Accounts, Loans, and VISA Business Cash Plus Credit Card are tailored to support the unique needs of small businesses – offering the reliability, flexibility, and security you deserve.
To learn more about business banking with First Financial, email business@firstffcu.com, call 732-312-1500 or visit one of our branches.
Recent incidents of sophisticated financial fraud include the uptick in unauthorized capture of consumer card and PIN information through skimming and newer shimming devices, placed inside ATMs or payment terminals. Keep reading to learn how to protect your finances from these fraudulent devices and signs to look out for when using an ATM or other payment terminal.
What are Skimming and Shimming?
Skimming occurs when illegal card readers are attached to payment terminals including at the store, on gas pumps, vending machines, parking meters or on ATMs. These card readers grab data off a credit or debit card’s magnetic stripe without your knowledge. Criminals can then sell the stolen data or use it to buy items online. You can learn more about skimming devices and what to look out for by watching our YouTube video.
Shimming has evolved more recently, as card microchips (EMV chips) started being used on newer cards to curb skimming efforts. Shimmers are thin pieces of metal inserted into an ATM or a machine at a point of payment, used to capture information in the microchip. They are small and almost impossible to detect when looking at a machine from the outside. Shimming devices allow fraudsters to steal data from your EMV chip cards in the same way that skimmers capture the data from a magnetic strip.
How Does Shimming Work?
When a shimming device is installed on an ATM or point-of-sale terminal, a crook can steal the data contained on your card’s chip. They can then use the data to create a fake card and make fraudulent purchases. You most likely won’t be aware that a shimming device is inside an ATM or payment terminal. The device is typically positioned inside the machine’s card reader slot, and is designed to be undetectable. Once the device has shimmed data from unsuspecting cardholders, the crook will pull the device out of the machine to retrieve the stolen data.
Protect Yourself
There are several ways you can protect yourself from shimming, including:
Use contactless payment methods such as Apple Pay, Google Pay and Samsung Pay, like we have available here for our First Financial members.
Use a financial institution owned ATM. ATMs owned by a bank or credit union are more secure than one you might find at a convenience store.
Choose a safe ATM. Skimming and shimming devices are more likely to be installed in poorly lit areas and in less public places, where even if there are cameras – they most likely won’t be able to pick anything up. Read more about ATM safety in our previous blog post.
Always check the card slot. Be aware of how easily your card fits into a card reader slot. If it’s difficult to slide your card in, be suspicious. This might mean there’s a shimming device inside the card reader.
What Should You Do if You’re a Skimming or Shimming Fraud Victim?
Contact your financial institution or card issuer. Once you know your card has been compromised, reach out to your card issuer to lock the card and issue you a new one right away.
Setup account & fraud alerts and monitor your account. You can request that the credit bureaus place an alert on your credit profile, which will ask any creditors to verify your identity before issuing any new credit in your name. You’ll also want to carefully review your bank and credit card statements and online account for any unusual activity.
File a report with the FTC. You can visit the FTC’s website to submit a report about suspected shimming.
At First Financial, your financial well-being is our top priority. Our tools and resources such as our Fraud & ID Theft Protection Guides can equip you with the knowledge necessary to protect yourself from scams. By staying informed and vigilant, you can safeguard your finances and enjoy peace of mind in an ever-evolving digital world.
For more personalized financial assistance with your First Financial accounts, call us at 732.312.1500 or visit a branch today.
We hope you are enjoying a very happy spring season!
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