Author Archives: VP of Marketing and Business Development Jessica

What to Do Financially if You’re Laid Off

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Losing your job can be overwhelming, emotionally and financially. Whether you were given notice or it was completely unexpected, a layoff can leave you scrambling to cover your bills and figure out your next steps. While it’s a stressful time, there are some key moves you can make to regain stability and protect your financial future.

1. File for Unemployment Immediately

Don’t wait — apply for unemployment benefits as soon as possible. While unemployment likely won’t replace your full paycheck, it can help keep you afloat while you search for your next opportunity.

Every state has different requirements and processes, so head to dol.gov to find the correct resources for your location. If you qualify, consider having taxes withheld from your unemployment checks to avoid an unexpected tax bill later.

2. Evaluate and Adjust Your Budget

Now is the time to review your spending and cut any unnecessary expenses. If you haven’t been using a budget, create one now and prioritize essentials like housing, food, and utilities. Try to avoid relying on credit cards to cover the gap, as debt can add up quickly.

Use First Financial’s Home Budget Calculator to help map out a clear spending plan based on your new financial situation.

3. Review Health Insurance Options

If your health insurance is still active through your former employer, schedule any overdue doctor or dental appointments as soon as possible – as health coverage typically ends shortly after a layoff. Begin researching health insurance options through COBRA, your state’s healthcare marketplace, or look into temporary health coverage plans to avoid going uninsured.

4. Consolidation Debt

If you have high-interest credit card debt, it can quickly spiral out of control without a steady income. Look into consolidation loans to combine debt and reduce your monthly payments.

Our Consolidation Loans offer fixed payments, flexible terms, and no pre-payment penalties, making it easier to manage your obligations during a difficult time.* Once you consolidate, stop using credit cards, stick to your updated budget, and only buy what you have the money to pay for or that is an absolute necessity.

5. Pause Discretionary Spending

While it’s important to maintain some normalcy, this isn’t the time for splurging. Cut back on non-essentials like subscription services, dining out, buying new apparel, and entertainment. Instead, try home-cooked meals and budget-friendly activities to keep your costs low. Not knowing how long a layoff will last, means your safest bet is to cut expenses wherever possible until you have stable income again.

6. Save Your Severance Package

If you receive severance pay, try to deposit as much as possible into a high-yield savings account and use it only for essential bills. It may be tempting to use the money for comfort purchases or to maintain your old lifestyle, but it’s smarter to stretch it out as long as you can. Your severance package may also include extended health benefits, outplacement services, or payment for unused vacation or sick days.

Navigating a Layoff with First Financial

While losing a job is never easy, having a plan in place can help you regain control of your finances. At First Financial, we’re here to support you during life’s unpredictable moments. Call us at 732.312.1500, visit your local branch, or explore our financial wellness resources online.

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. Personal Loan repayment terms range from 12 to 60 months, and APRs range from 10.24% APR to 18% APR. Minimum loan amount is $500. Loan payment example: A $2,000 Personal or Consolidation Loan financed at 10.24% APR for 24 months, would have a monthly payment amount of $92.51. A First Financial Federal Credit Union membership is required to obtain a Personal Loan or Line of Credit, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan.

Protect Yourself from Mortgage Closing Scams and Wire Fraud

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Closing on a new home is one of life’s most exciting milestones, but it also comes with financial risks — especially due to increasing mortgage closing scams and wire fraud. Scammers have been known to target homebuyers during the closing process, attempting to divert large sums of money into fraudulent accounts through phishing schemes. Falling victim to one of these scams can mean losing your down payment and closing costs, sometimes totaling hundreds of thousands of dollars.

At First Financial, we want to ensure our members are informed and prepared during primetime for buying a home – spring. Here’s what you need to know about mortgage closing scams and how to protect yourself from wire fraud.

How Mortgage Closing Scams Work

Fraudsters will often use sophisticated phishing tactics to deceive homebuyers into sending their closing funds to fake accounts. Here’s how they do it:

  • Email compromise: Scammers may hack into or spoof the email accounts of real estate agents, lenders, title companies, or attorneys. They will create similar email addresses, changing just a letter or number which often goes unnoticed. If successfully hacked, email conversations are monitored to identify upcoming closings.
  • Fake wire instructions: Once they’ve gathered enough details, the scammer will send an email impersonating a trusted party. These emails usually contain official-looking branding, logos, and signatures to appear legitimate.
  • Urgent request for a wire transfer: The fraudulent email will instruct the homebuyer to send funds to a different bank account, often citing last minute changes or updates.
  • Quick withdrawal of funds: Once the money is wired, the scammer will immediately withdraw or transfer the funds – making recovery extremely difficult, if not impossible.

These scams can be incredibly convincing, and even careful homebuyers can fall victim if they don’t take proper precautions.

Signs of Mortgage Closing Scams & Wire Fraud

  • Unexpected last minute changes to wire instructions – If you receive an email stating that your payment details have changed, be extremely cautious and call the title company or lender directly.
  • Emails with urgent or high-pressure language – Scammers typically try to create a sense of urgency, making you feel like you must act immediately.
  • Slightly altered email addresses – Fraudsters will create emails that look nearly identical to those of real estate professionals, often with minor spelling changes or different domains (e.g., @company.com vs. @company-mail.com). Always double check the email addresses you are responding to before sending money or financial information.
  • Requests for financial information via email – Legitimate real estate professionals, lenders, title agencies or attorneys will never ask for sensitive financial details through regular unsecure email.
  • Links or attachments from unknown sources – Clicking on malicious links can give scammers access to your email account and financial details.

How to Protect Yourself

  • Verify wire instructions in person or over the phone – Before wiring any funds, call your lender or title company using a trusted phone number — not one from an email. Confirm the payment details with someone you have spoken to over the course of the mortgage process.
  • Avoid emailing financial information – Email is not secure, and sensitive financial information should never be shared via email. If you need to send any documents, ask about secure portals or encrypted options.
  • Be wary of last minute changes – Scammers will often introduce urgent changes to wire transfer details right before closing. If you receive unexpected instructions, verify them with your lender or title company in person or via a known phone number.
  • Use multi-factor authentication – Enable multi-factor authentication (MFA) on your email and financial accounts. This adds an extra layer of security by requiring a second form of verification when logging in.
  • Monitor your transactions – Follow up immediately with your title company or lender after any transactions to confirm they were received. Any discrepancies should be reported immediately.
  • Establish a security code with your real estate team – Work with your real estate agent and title company to create a unique security phrase or code word to use when discussing financial transactions.

What to Do If You Become a Victim of Mortgage Wire Fraud

  • Contact your bank – Request a wire recall to try to recover the funds.
  • Report any fraud to the FBI – File a complaint with the FBI’s Internet Crime Complaint Center (IC3) at ic3.gov.
  • Notify your real estate agent, title company, and lender – They may be able to assist with stopping the transaction or preventing further fraud attempts.

Time is critical — the faster you act, the better your chances of recovering your money.

Protect Your Home Purchase with First Financial

We’re committed to helping our members navigate the homebuying process safely. Whether you’re applying for a mortgage, looking for home financing advice, or seeking fraud prevention tips – we’re here to help.

To learn about our mortgage services check out our Homebuyers Guide and website, call us at 732.312.1500, or visit a branch. Subscribe to our First Scoop Blog for more expert advice on protecting your finances!

Celebrating Women in Business: Advice from Successful Female Entrepreneurs

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More than 12 million women-owned businesses operate nationwide, driving innovation and economic growth. March is Women’s History Month, and First Financial is celebrating women in business by sharing valuable insights from successful female entrepreneurs. We are highlighting some impactful advice from Constant Contact’s article, “9 Successful Women Entrepreneurs Share Their Best Business Advice for Women,” that just might resonate with some of our readers.

If you’re a female small business owner or you’re looking to get started, take these lessons to heart as you grow your company. Remember, First Financial is here to support you with business banking solutions, investment and retirement guidance, financial education and more.

1. “No one is going to believe in you like you do.”– Latasha McRae, Peeks Cosmetics

Latasha McRae, founder of Peeks Cosmetics, knows firsthand that self-belief is key to success. Inspired by her mother’s perseverance in raising her family while battling Lupus, Latasha was determined to create her own path.

One of her biggest challenges was knowing who to work with and who aligned with her brand. Her advice? “Use discernment when dealing with anything in life. Take your time, do your research.” Trust yourself, do your due diligence, and always be your own biggest advocate.

2. “I hope to see more and more women in small business and big business, whatever area or arena they’re looking to get into, just step up as they are.”– Julianna Curtis, The Energy Barre

Julianna Curtis, founder of The Energy Barre, recalls moments of self-doubt and struggling to balance confidence with authenticity when speaking with clients and partners. Her journey led her to embrace her true self: “I am who I am. Confident to stand next to any male or female counterpart because I am talented, I am aware, I am informed, and I know what I’m coming here for.”

No matter where you are in your journey, take time to discover your unique leadership style and step into your role with confidence.

3. “Figure out what your brand values and messaging are, and stay true to them in everything you do.”– Nicole, Jennifer, and Colette, Lime Ricki

Sisters and co-founders of Lime Ricki, a boutique swimwear brand, credit their success to staying true to their brand’s values. Nicole, Jennifer, and Colette shared that having a strong foundation has helped them navigate challenges and make clear decisions without second-guessing. “This allows us to respond rather than react to issues and challenges that arise and gives us a foundation for making decisions and directing our course of action.”

Their advice applies to marketing as well: “Consistent, relevant messaging and email marketing that maintains our brand and core values,” has been their most effective tool for driving sales. Knowing your values keeps you grounded and gives you a solid road to follow — especially in competitive industries.

4. “Remind yourself there is always room in the market for you in whichever industry you pursue.”– Marissa Tilley, Lady Black Tie

Starting a business can be intimidating, especially when entering a saturated market. When Marissa Tilley launched Lady Black Tie in 2018, the formalwear space was already filled with established brands. But rather than let that discourage her, she found ways to bring something new to the industry. “Don’t let the brands that have been around longer than you intimidate you and keep you from starting. If anything, use this competition as motivation, and recognize that you can bring a fresh perspective and new ideas to your industry.”

If you’re a new business owner, focus on the unique value you bring and remain to adapt to trends and customer preferences. Just because you weren’t the first, doesn’t mean you can’t be successful – it’s all about your brand’s unique value proposition.

5. “Join women’s entrepreneur groups.”– Karen Leonard, Innovative Global Vision

Karen Leonard, founder of Innovative Global Vision, initially questioned whether women’s entrepreneur groups would be useful. Now, she considers them one of the most valuable resources for business owners. “These groups have given me friendship, mentors, peers, and provided the sometimes not-so-easy-to-take reality checks. Sometimes an outside perspective can remove the blinders that come from being too close to a situation or issue.”

Connecting with other like-minded women entrepreneurs can provide guidance, encouragement, and fresh insights. Surround yourself with a strong support system, and don’t hesitate to lean on others who understand your challenges.

Supporting Women in Business at First Financial

At First Financial, we are proud to support women-owned businesses by offering personalized business services and banking solutions. Our goal is to help our members gain financial confidence and achieve long-term success. If you’re a small business owner in Monmouth or Ocean Counties – and are looking for financial tools and advice, we’re here to help. For more business insights and financial resources, call us at 732.312.1500, visit a branch, or explore our services online. Subscribe to our First Scoop Blog for more financial advice and inspiration!

Smart Strategies for Managing Debt

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Managing debt effectively is key to achieving financial stability and long-term success. If debt is weighing you down, know that you’re not alone — and that there are proven strategies to help you regain control. Whether you need to adjust your spending habits, create a structured repayment plan, or explore consolidation options, taking proactive steps today can set you up for a more secure financial future. Here’s how to get started:

1. Identify the Root Causes of Your Debt

Before tackling your debt, it’s important to understand how you got there. Ask yourself:

  • Are you overspending on non-essentials?
  • Do you lack a clear financial plan?
  • Have unexpected expenses left you struggling to catch up?

Debt is often a symptom of deeper financial habits. Acknowledging the behaviors that led to debt allows you to make meaningful changes. By recognizing these patterns, you can create a plan that pays off what you owe and prevents future debt from piling up.

2. Stop Adding to Your Debt

The first step to getting out of debt is to stop accumulating more. Here’s how:

Stick to a Budget: A well-planned budget helps you manage debt and daily expenses. When you take on debt, you’re using future income to pay for today’s expenses, making it harder to reach your financial goals. Use First Financial’s Home Budget Calculator and our other budgeting tools to take control of your spending.

Build an Emergency Fund: Creating a safety net of 3-6 months’ worth of expenses prevents you from relying on credit cards or loans in times of financial strain.

Get the Right Insurance Coverage: Medical bills, home repairs, or car accidents can derail your finances. Proper insurance — whether health, auto, home, or renter’s insurance, can prevent major unexpected expenses from pushing you further into debt.

3. Develop a Realistic Debt Payoff Plan

Paying off debt requires a sustainable plan tailored to your financial situation. Consider:

  • Your Income and Expenses: Determine how much extra you can realistically put toward debt each month.
  • Your Financial Priorities: Do you have other obligations – such as rent, childcare, or savings goals?
  • Opportunities to Increase Income: Can you take on extra work or reduce expenses to accelerate debt repayment?

Depending on your situation, one of the following common strategies may work to help you pay down debt efficiently:

The Snowball Method: Focus on eliminating smaller debts first for quick wins that keep you motivated.

  1. List out your debts from the smallest to the largest balance.
  2. Make minimum payments on all your debts except the smallest one.
  3. Put all your extra funds toward paying off the smallest debt first.
  4. Once the smallest debt is gone, roll that payment into the next smallest debt.

The Avalanche Method: Prioritize high-interest debts to save the most money over time.

  1. List your debts from the highest to lowest interest rate.
  2. Make the minimum payment on all debts except the one with the highest interest.
  3. Apply any extra funds to the debt with the highest interest rate first.
  4. Repeat the process until all debts are eliminated.

Choose the method that best aligns with your financial situation and motivation style.

4. Consider Debt Consolidation

For those with multiple high-interest debts, consolidation may be an effective strategy. Debt consolidation involves taking out a new loan to pay off existing debt, allowing you to combine payments into one manageable monthly bill — ideally at a lower interest rate.

Benefits of a First Financial Debt Consolidation Loan:

  • Fixed monthly payments
  • Flexible terms up to 60 months
  • No pre-payment penalties

This option works best if you qualify for a lower interest rate than your current debt has, otherwise – you may only be shifting debt rather than reducing it. Apply for a First Financial Consolidation Loan today and simplify your repayment process while saving money on interest.*

Take Control of Your Debt Today

Managing debt doesn’t have to feel overwhelming. We’re here to help you make steady progress toward financial freedom. For more financial resources, advice, and loan options – call us at 732.312.1500, visit your local branch, or explore our services online. Subscribe to our First Scoop Blog for ongoing tips and insights to keep your finances on track!

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. Loan repayment terms range from 12 to 60 months, and APRs range from 10.24% APR to 18% APR. Minimum loan amount is $500. A First Financial Federal Credit Union membership is required to obtain a Personal or Consolidation Loan or Line of Credit, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. 

First Financial Business Member Spotlight: Nino’s Bistro Express

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We’re thrilled to once again shine the spotlight on Nino’s — featuring their latest expansion, Nino’s Bistro Express in Neptune, NJ! Following the success of their original Nino’s Coal Fired Pizza in Brick Township, owner Anthony Schifilliti and his son Joey, saw an opportunity to bring their well-loved menu to Monmouth County. With a focus on high-quality food at a faster pace, Nino’s Bistro Express is all about delivering an elevated and efficient dining experience.

Bringing Nino’s to Monmouth County

“We named it Bistro Express because we wanted it to be fast and accessible,” says Joey. Expanding to a new location is no small feat, but with a state-of-the-art kitchen and a streamlined approach, Nino’s Bistro Express ensures customers get the same incredible flavors they’ve come to love — just quicker! “People are getting high-quality food at a faster pace. It’s a win-win.”

Banking That Moves as Fast as Nino’s

For the Schifilliti family, First Financial has been the go-to financial institution that makes business banking seamless. “First Financial has always been the easiest for us. It’s always been the most accessible, whether it’s through the employees or online banking,” Joey shares.

One of the biggest advantages? Personalized service that makes banking effortless. “When I go to a branch with my dad, they call us by our first names,” he says. “When payroll time comes around and my dad needs quick transfers, First Financial gets it done the fastest every time.”

For small businesses like Nino’s, having a financial partner that values efficiency and personal relationships makes all the difference. At First Financial, that’s exactly what we’re all about.

Visit Nino’s Bistro Express

Whether you’re in the mood for pizza or another fan-favorite dish, you can enjoy the same quality that made their Brick location a success — now on Rt. 66 in Neptune, NJ. Visit their website for hours, menu, and ordering information.

How to Join First Financial

If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ, you’re eligible to become a member. Businesses in Monmouth or Ocean Counties and our community partners are also eligible for membership. To join, all you have to do is open a savings account with $5, and once you’re a member – your immediate family can also sign up.

To get started, head to firstffcu.com, call us at 732.312.1500, email info@firstffcu.com, or stop by any of our local branches.

Investing for the Future

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Building a retirement portfolio takes patience and diligence. Your goal is simple: accumulate enough wealth to sustain you through your post-retirement years.

Easier said than done, right?

The key is to take the steps that will help you save enough to support your lifestyle standards. Here are a few things you can do to make sure that your plan is on track.

First, check in and check in often. It may have been several years ago when you first crunched the numbers and arrived at your bottom-line figure for what you’ll need to retire. Revisit those numbers regularly to guard against any large changes, as well as to adjust to any market volatility.

Calculate your Social Security income, any pension money, accumulated savings, and personal investments, and determine whether together they can cover your living expenses. Account for swings in the market, estimating any projected gains conservatively. If you find that your number is coming up short, talk to a financial professional who can help you reconfigure or rebalance your portfolio, as needed.

Next, manage your inflation risk and the impact it can have on your investments. That doesn’t mean replacing everything with less risky assets, but it does mean you should consider moving some of your equity investments into fixed income and cash, reserving enough growth-oriented investments that together will have the potential to help you sustain significant losses.

Develop an estate plan that preserves your assets for future generations. This can get complicated if you have a lot of assets, and you’ll benefit from consulting with an attorney who specializes in this area. They can help you draft a trust and various types of insurance tools to help protect your assets from estate taxes.

Finally, revisit your financial plan and goals with a financial professional regularly, addressing any potential problems before they impact your savings.

Questions about this topic? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534.  You can also email 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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