Category Archives: Financial Literacy and Finances for Children and Teens

Budget Friendly Fall Activities for Kids

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Autumn is the perfect season for family fun. Crisp air, colorful leaves, and plenty of opportunities to create lasting memories without stretching your wallet. At First Financial, we know that keeping kids entertained while staying on budget matters. That’s why we’ve rounded up a few creative, affordable activities your whole family can enjoy this fall.

1. Go on a DIY Nature Hike & Scavenger Hunt

Turn an afternoon walk into an adventure by creating a fall-themed scavenger hunt. Make a checklist of things to find – such as acorns, pinecones, colorful leaves, or animal tracks. Kids love the thrill of the hunt, and it’s a great way to teach them about nature while staying active. Bonus: Items you find can also be used for fun craft projects at home.

2. Create Fall Crafts from Nature

Put those collected treasures to good use! Acorns, dry leaves, pinecones, and twigs can be turned into seasonal crafts. Try leaf rubbings with crayons and paper, paint pinecones to make mini “pumpkins,” or glue acorns and leaves onto a festive fall collage. These crafts can also double as low-cost home décor.

3. Host a “Home” Tailgate

You don’t need tickets to enjoy the excitement of football season. Set up a tailgate-style party in your living room or backyard with homemade snacks, team colors, and your favorite team on TV. Kids can help prepare food, make banners, and join in on family-friendly games like cornhole or a mini football toss.

4. Try Spooky Science Experiments

Get into the Halloween spirit with simple at-home science experiments. Create a bubbling “witch’s brew” with baking soda and vinegar, or make ghostly slime with glue, contact solution, and a little food coloring. These activities are both fun and educational, sparking kids’ curiosity while keeping the spooky vibes alive.

5. Enjoy Classic Fall Favorites

Sometimes the simplest activities are the best. Carve or paint pumpkins together, bake a homemade apple pie, or snuggle up with hot cocoa and a fall-themed movie. These small traditions go a long way in making the season special.

Family fun doesn’t have to come with a high price tag. With a little creativity, you can make this autumn both memorable and budget friendly! For more family tips and financial resources, check out our First Scoop blog! You can also find our monthly Things to Do on a Budget in Monmouth & Ocean Counties posts, around the first day of each new month. Be sure to comment and let us know if you tried any of these fall family activities. Have a great autumn!

The Pros & Cons of Letting Your Teen Have Their Own Credit Card

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As teens grow, so will their independence and desire to spend money. Here are some things to consider, as well as the pros and cons – when choosing what financial options may be available to your teen as they begin to build their financial independence.

Credit Card Pros:

  • Credit History Building: Allowing a responsible teen to be an authorized user on a parent or guardian’s credit card is a good way to start. If your teen is at least 18 years of age and can demonstrate independent income, or if they have a co-signer who is at least age 21 – they can apply for a credit builder card like our First Step Credit Card.* This will help them start building a credit score early, setting them up for future milestones like renting an apartment or financing a car.
  • Convenience & Cash Safety: Using a card is easier and safer than carrying cash, especially for online purchases.
  • Parental Oversight: With monitored statements and spending limits, you can review and guide your teen’s card usage and teach them financial responsibility.

Credit Card Cons:

  • Risk of Debt: Teens may overspend if not watched closely. High interest and large balances can quickly become problematic.
  • Credit Damage: Missed payments or maxed-out balances can hurt your teen’s credit score and potentially yours, if they’re an authorized user on your account or if you are a co-signer.

There are also some pros and cons for adding your teen as an authorized user on your credit card.

Authorized User Pros:

  • Credit Boost: Your teen will build their credit without needing a separate application.
  • Fully Supervised: You get to maintain control, get the statements, and manage spending limits.

Authorized User Cons:

  • Credit Entanglement: Your credit habits directly influence your teen’s, so any late payments or high credit utilization will affect both credit scores.

You’ll need to weigh out all the options and decide which might be the best fit for your teen and your household.

For younger adults between the ages of 14 and 23, First Financial offers a Student Checking Account – which comes equipped with their own debit card.** If you’re not quite ready to add your teen as an authorized user or for them to have their own credit card, having their own debit card would be a smart place to start.

Student Checking & Debit Card Perks:

  • Safe Spending: A student checking account with its own debit card, encourages budgeting and responsible habits without debt risk.
  • Visual Learning: Teens will gain real life experience tracking balances, spending, and earning — a practical path to financial responsibility.

Teaching Financial Responsibility Along the Way

It’s not just about having a card or not, it’s about creating a healthy relationship and mindset surrounding money.

  • Budgeting & Banking Basics: Start with allowances or part-time earnings, and show your teen how to prioritize needs vs. wants, and plan ahead.
  • Real Conversations Lead to Smart Habits: Open discussions about money and sharing household budgeting decisions will help teens feel included and more invested in learning.

Make the First Step with First Financial

We’re committed to empowering young adults and their parents, with financial tools and skills that will last a lifetime. Contact us today with any questions or to help you choose the option that will best fit your teen’s path toward financial independence and success.

*APR varies from 17.15% to 18% for the Visa® First Step Credit Card 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. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan.

**A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. Debit Card must be linked to a First Financial Checking Account. Debit Cards are available for First Financial members with Checking Accounts only. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. View full Rewards First program details at firstffcu.com.

Kickstart Your Child’s Financial Future: Essential Tips for Parents

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There’s no better time than now to start teaching kids about financial responsibility. At First Financial, we are committed to nurturing financial literacy and growth from a young age. Here are some practical tips to help your children develop strong financial habits that will benefit them throughout their lives.

1. Start by Including Them in the Conversation

You may not think to discuss money and finances with your children, but opening up these conversations early can help them grasp the importance of financial literacy and health. Start by teaching them the value of currency by having them earn money through simple tasks. Set savings goals and when they’ve reached a goal, discuss whether to spend the money earned on something they want now or to save it for the future. Pose the discussion around wants and needs and let your kids think through what is more important. This simple practice can instill lasting financial insights and habits. As your children get older, bring new topics into the conversation such as large purchases like cars, bills and expenses, as well as credit card use and debt. The more you discuss with them, the more prepared they will be for the financial realities to come.

2. Open a Savings Account and Encourage Financial Goals

Opening a savings account provides a safe place for your child to store their money, and helps them learn about interest and savings growth from a young age. For a great start, consider our First Step Kids Savings Account designed for Monmouth and Ocean County NJ children up to 18 years old, with no minimum balance requirements or fees and an opening deposit savings match of up to $25.* Once you’ve opened a savings account, set savings goals that can be tied to something your child can look forward to – a new toy, a special outing, or future education costs. Creating a visual savings chart can make this process engaging, and it’s also a good idea to plan monthly check-ins so your kids can watch the money grow in real-time.

3. Teach Budgeting Basics

Introduce the concept of budgeting by helping your child create a simple budget. This could include tracking their allowance, gift money, and any small earnings from chores or part-time jobs. Come up with some small ‘expenses’ so they can understand cash flow, and how to ensure you always have enough money to cover expenses, add to savings accounts, and have some left for miscellaneous spending and emergencies too. As kids reach their teenage years and beyond, our First Financial Student Checking Account for ages 14 to 23 – can facilitate this process with online banking features and electronic statements to make tracking easy.

4. Reward Academic Achievement

Incorporating financial rewards for academic success can motivate children to excel in their studies while learning the value of hard work. Our Dollars for A’s Program rewards Monmouth and Ocean County kids for getting A’s on their report cards, by depositing $1 for each “A” received into their First Step Kids Account.** These rewards keep kids focused on the importance of education and financial growth, while also ensuring their milestones are acknowledged and celebrated.

5. Make Learning Fun

Turn financial education into an engaging activity through contests and challenges. Every summer, our Reader Rewards Summer Reading Contest encourages kids to read books and earn rewards, making learning about finances more enjoyable. From now until the end of August, First Financial kids can earn $1 per book this summer – up to 10 books!+

First Financial is dedicated to fostering financial literacy and independence in young people. Our children and student accounts offer the perfect blend of education, practicality, and fun to help your kids develop strong financial habits. Start their journey to a secure financial future today! For more personalized assistance and tailored solutions call 732.312.1500, visit a branch, or explore our services online.

*Parent or guardian must bring both the child’s birth certificate and social security card when opening a First Step Kids Account at any branch location. Parent or guardian will be a joint owner and must also bring their identification. A First Financial Membership is open to anyone who lives, works, worships or attends school in Monmouth or Ocean Counties. Must open a new First Step account to receive piggy bank, passbook, and to qualify for initial account opening savings match up to $25. The credit union reserves the right to change or cancel this offer at any time. See credit union for details. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account.

**Available for First Financial members between 1st and 12th grades. Child must be present and a deposit to a First Step Kids Account is required to receive the Dollars for A’s incentive. Offer applies only to report cards for most recent school terms. Qualifying report cards must be submitted within 45 days from the date of issue. No back rewards available for prior semesters or marking periods. Letter grade “A” (or school district’s equivalent) or 90%+. Limit of $10 will be rewarded for A’s per each marking period, not to exceed $40 in Dollars for A’s deposited per school year or calendar year.

+First Financial Kids up to age 18 are eligible to participate in our Summer Reading Contest each July and August. Credit Union membership and First Financial Savings Account are required to participate. Participants will earn $1 per book read, up to 10 books. Each book requires a separate entry form to be filled out online using our electronic entry form. Only completely filled out entry forms will be eligible for reader rewards. Participants will earn 1 entry per book read in our prize drawing of three Barnes & Noble® Gift Cards in the amount of $75, $50, and $25. If the parent/guardian prefers – Reader Rewards can be electronically deposited to the child’s First Financial Savings Account when a confirmation email for each book read (up to 10 books), is received and reviewed by the Marketing Department upon completion of a digital entry form. Reader Rewards can also be redeemed in person in any First Financial branch by displaying the confirmation email(s) to a branch employee on a mobile phone or printed out.​ The 3 prize winners will be drawn at random and will be contacted by the First Financial Marketing Department by September 15th.

Financial Considerations When Becoming a Parent

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Becoming a parent is one of the most rewarding experiences in life. Amid the flurry of adorable baby clothes, nursery themes, and countless baby gadgets – it’s easy to overlook the financial considerations of this significant life event. The reality is, raising a child involves a substantial financial commitment.

The U.S. Department of Agriculture predicts middle-income families will spend $233,610 on average, raising a child from birth to age 17. That’s why we’re here to help alleviate some of the financial stress and make the transition to parenthood smoother. Here are some financial considerations to keep in mind when you’re preparing to welcome a new addition to your family.

Budgeting for a baby

The first step in preparing for a new baby is examining your current budget and anticipating new expenses such as diapers, formula, and childcare. At First Financial, we offer financial counseling and budgeting tools to help you navigate this critical planning phase.

Consider how you can adjust your lifestyle and cut unnecessary costs to make room for baby-related expenses. Paying down any existing debt will also be a big priority for soon-to-be parents. Our VISA First Step Credit Card is a useful tool in helping you build or re-establish your credit. Plus, it has no annual fees and a 10-day grace period.*

Healthcare costs

Healthcare is a significant expense during pregnancy and after the baby arrives. Ensure you understand what your health insurance covers, and remember to add your new baby to your health insurance policy after they’re born.

To help you set money aside for medical expenses, we offer a variety of savings accounts that can be used to save up for future expenses and other health-related costs.** Also, consider checking in with your employer or health insurance company to see if they offer a Health Savings Account (HSA).

Childcare

If both parents plan to return to work after the baby arrives, childcare will be a significant part of your budget. According to the Economic Policy Institute, annual infant care costs $12,988 in New Jersey. This is why financial planning is crucial. Start with putting a set amount of money into your savings account as soon as possible, so you are ready when the time comes.

Life insurance and estate planning

Becoming a parent is a pivotal moment to reassess your life insurance needs and start or revise your estate plan. The goal is to provide financial security for your child if something were to happen to you.

With our First Financial Investment & Retirement Center, we can assist you in the establishment of planning your financial future and provide advice on suitable life insurance policies available to you. It’s also never too early to start planning for your child’s education. Consider opening a 529 college savings plan, which provides tax advantages for future educational expenses. We can guide you through the process and provide you with options that align with your financial goals.+

Emergency savings

Unexpected expenses can arise at any moment, and with a child – these costs can multiply. Building an emergency savings fund provides a financial buffer. Our credit union offers Certificates of Deposit (CDs) that can help grow your emergency fund more quickly.**

Preparing for a child financially can seem overwhelming, but remember – you don’t have to navigate these waters alone. First Financial is here to help. Take advantage of the tools and resources we provide to ensure you’re as prepared as possible for the exciting journey of parenthood.

Reach out to us today to speak with a financial representative. We’re excited to help you prepare for this significant life milestone and ensure you’re in the best possible financial position to welcome your new family member.

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

*APR varies up to 18% when you open your account based on your credit worthiness. These APRs are for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. See firstffcu.com for current rates.

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

 +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:

How to Save on Back-to-School Shopping

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Back-to-school shopping has looked a bit different over the past few years. Between the COVID-19 pandemic and inflation, school supply prices have continued to be on the rise. According to The National Retail Federation, the average family expects to spend $864 on school supplies, which is $15 more than last year and $168 more than before the pandemic. This means families need to be a bit more savvy and budget for back-to-school shopping this year.

Here’s how you can save money and spend less on school essentials:

Shop online and compare prices

Instead of driving to different department stores for supplies, try searching online and comparing prices that way. By shopping online, you can find sale items easier and pick and choose where you want to buy from. Plus, you’re less likely to get distracted by your kids and any of the items they are likely to find in different aisles along the way. Keep an eye out for online back-to-school deals from retailers like Amazon, Walmart, and Target ahead of the school year.

Find coupons and wait for deals

It may seem time consuming, but searching for coupons is an effective way to save money during the school shopping season. Coupon browser extensions like Honey, RetailMeNot, and Coupert make it easy to find all the best deals and will even apply them automatically. This time of year there are also major sales on electronics and clothing that you should take advantage of. If you’re not finding savings, consider waiting for the post-shopping season sales that usually happen in late September or early October after the school year has already started.

Also, check out this list of New Jersey back-to-school shopping deals from local retailers before the new school year begins.

Buy in bulk

When it comes to items like pens, notebooks, staples, and paper – buying them in bulk can get you the biggest bang for your buck. It’s typically always cheaper to purchase in bulk compared to by unit, especially if you have a large family. It’s even better if you can apply a coupon or find a sale on bulk items during your next shopping trip.

Shop with a credit card for rewards

Did you know you can get rewarded for your back-to-school shopping? Sure, finding deals is crucial – but you can also get value back for the money you spend. Earn 3% cash back or double rewards on back-to-school shopping through 9/30 on all First Financial Visa Cash Plus Credit Card purchases.*

Don’t have our Cash Plus Card? Apply today.

Don’t let back-to-school shopping overwhelm you! There are plenty of ways to spend less this year if you play your cards right. That’s why we’re here to help – our team can give recommendations based on your financial situation and even help you apply for a First Financial credit card. Contact us to get started, or stop by your local branch to speak with a representative today!

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

*A First Financial membership is required to obtain a Visa® Cash Plus Credit Card. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. APR varies up to 18% for the Visa Cash Plus Card 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.

 

Financial Tips for Teenagers

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Imagine having to take a surprise quiz after not reading the assignment. Pretty stressful, right? Now imagine having to maintain a good credit score without having any knowledge of how credit even works. Your understanding of finances plays a big role in your spending habits as an adult. That’s why learning money management skills in your teens is so important.

No need to sweat it! Here are 5 easy tips to help you navigate your finances while you’re still in school.

Start saving money

Just like shutting off the lights when you leave the room, saving money can become a useful habit that you don’t even have to think twice about. If you start learning how to save money now, that habit will stick with you in the long run. Whether you’re getting paid for a job, received a check on your birthday, or have an allowance – you should always save a portion of what you earn. The fewer expenses you have, the more you should save. Starting with saving half of whatever funds you have coming in would be ideal, and then you can adjust as you get older and your expenses grow.

Establish a credit history

Talk to your parents about starting your credit history before you leave home, and perhaps they can add you as an authorized user to one of their credit cards. This process will open a credit file in your name to help you build credit.

In the meantime, learn how to manage credit card usage and avoid debt. Take time to understand what a credit score means and how it can affect you in the future. And don’t forget to always pay your bills on time (that impacts your credit in a big way!).

Track how you spend

Take a minute to think about things you’ve spent money on this week. Did you get coffee or takeout more than you’d like to admit? This is where tracking your spending habits comes in handy. If you know where you spend most of your money outside of necessary expenses, you can find alternatives and work on changing your habits. Instead of getting an iced coffee every morning, instead get yourself a to-go mug and serve up some iced coffee at home.

Use your student ID

One of the best perks of being a student are all the deals you receive. Having a student ID can get you access to big savings on Amazon Prime, concert tickets, events, groceries, movies, travel, subscriptions, electronics, and more. Just ask if there’s a student discount!

Learn to earn money

It’s always a good idea to start earning money as soon as you can. Even if it’s babysitting once a week, starting to make money now will help you grow your independence and freedom. Want to go on a trip with your friends this summer? Find a job you can work after school or over summer break, and start saving what you earn in advance of the trip.

Talking finances may feel overwhelming at first, but there are always resources available to help. If you want to begin your financial journey and start your credit off strong, our financial experts are here to help. Contact us to get started or stop into your local branch to speak with a representative today!