First Financial Foundation Sponsors Career Day Program at South Toms River Elementary School

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Press Release

(L to R: AVP of Marketing at First Financial, Principal at South Toms River Elementary, Director of Business Development at First Financial, President & CEO at First Financial, Supervisor at South Toms River Elementary, and Guidance Counselor at South Toms River Elementary).

FREEHOLD, N.J. (March 2017) – The First Financial Federal Credit Union Foundation once again awarded $500 to South Toms River Elementary School to sponsor their annual Career Day Program for students.

The grant money will be going to South Toms River Elementary and the Walnut Street School so the 4th and 5th grade students can attend the Teen Arts Festival at Ocean County College. The students will be spending the day at OCC taking part in the activities presented in the arts, having lunch on campus, and touring the college to see what OCC has to offer for various future career opportunities. After this visit there will be a follow up musical presentation by students at both elementary schools to promote careers in the arts.

First Financial’s Business Development and Marketing departments were also asked to come back to the elementary school to speak during South Toms River Elementary’s on site Career Day and discuss basic financial education with the students.

“We’re thrilled to be fortunate enough to help the students of South Toms River Elementary prepare themselves for a bright future during their Career Day for the second year in a row, and upcoming visit to Ocean County College. Since we began as a teacher’s credit union, we thrive on the importance of education and the success it brings – we’re happy to continue to support this great program,” added Issa Stephan, President and CEO of First Financial.

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About the First Financial Foundation:

Since 1994, First Financial has supported the Monmouth & Ocean communities with the Erma Dorrer Scholarship Program. Today, that program has been extended into the First Financial Foundation to assist charitable organizations of the Monmouth & Ocean County Communities.  The First Financial Federal Credit Union Foundation is a non-profit working to support a variety of community programs and organizations throughout Monmouth and Ocean Counties.  We direct 100% of your contributions to programs because all administrative expenses are paid for by First Financial Federal Credit Union.  To learn more, click here.

 

7 Money Saving Party Hacks

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Group Of Mature Friends Enjoying Buffet At Dinner Party

Hosting a party is a fun way to express hospitality to friends and family, but the expense can also be a strain on the budget. The concern with trying to throw a party on the cheap is that it will end up looking or feeling just as cheap. So how do you pull off an amazing, classy party that’s much less expensive than it looks? are seven simple ideas for you to try next time you want to host a gathering.

1. Make your own decorations with inexpensive materials rather than purchasing them pre-made.

Decorations are one of the easiest things to get away with doing cheap without sacrificing appearance, especially if you borrow ideas from frugal decorating blogs or Pinterest. Here are a few fun ones, just at a glance:

  • Construction paper stars
  • A “chandelier” made from a spray-painted umbrella frame and a string of lights
  • Window displays made by hanging single bulbs from tension rods
  • Ribbon — cheap, plenty of variety, and it looks good everywhere

2. Go to the dollar store for disposable paper goods, but serve from real flatware.

Not everything at the dollar store is a deal, but it’s a good place to find cheap disposable paper goods and supplies, holiday decorations, and bulk party favors that make it more affordable to customize for one occasion. To avoid even this expense, make your party a little classier by serving on real dishes. That’s right – pull out that fine tableware you never use and put it to work. The savings and elegant appearance of your party will be worth the extra load of dishes later.

3. Plan your menu based on sales, make your own appetizers and dips, and opt for cheaper desserts, drinks, and cheese.

Base your menu around what’s on sale, and get creative just like every other occasion. Appetizers like dips and breads are cheaper if you make them yourself, and a DIY dish has the added effect of appearing gourmet. For dessert, a punchbowl trifle is easy to make, visually appealing, and serves a large crowd. Instead of buying expensive, aged cheeses, use cheaper varieties like ricotta and feta and add herbs, honey, or spices for extra flavor. Finally, a common recommendation for saving money on drinks is to feature just one signature cocktail.

4. Presentation is everything.

You also don’t have to serve rich foods to impress your guests. Even the cheapest appetizers and dishes can look impressive if you take the extra step to plate them appealingly in glass dishes or trays and spruce them up with garnish and added touches.

5. Go with a theme: appetizers-only, dessert-only, cheese and wine, or a cookie swap.

Choosing to elaborate on a limited category adds uniqueness to your party while cutting out the expense of a multiple course meal. Sticking with small-plate finger foods that can be carried also encourages people to walk around, mingle, and creates a livelier party.

6. Ask your guests to contribute food, but with class.

Potlucks are a cheaper way to handle gatherings with family, but you might feel awkward asking guests to bring food to your party. Instead, ask people to bring a specialty item to share, such as a batch of their favorite cookies, or make it a “bring and share your favorite wine” event. This also makes the food or drinks a focal point for conversation and a natural ice-breaker for interaction.

7. Less is more.

Finally, less is always more when it comes to throwing a classy party. Too much stuff and fuss can come across as cheap no matter how much money you spend. The fewer, tasteful decorations and key foods (in plentiful quantities), the more memorable your event will seem.

Article Source: Jessica Sommerfield for MoneyNing.com

3 Steps to Take Before Seeking Preapproval for a Mortgage

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Wooden house with keys

With interest rates rising, many people are rushing to buy a home early this season. If you are one of these people, then know that it’s especially important to get preapproved before you begin hunting for that dream home. With a competitive seller’s market, getting that proof gives you a leg up because the seller knows you’re “good for it,” so to speak. Here are some steps that will ensure you get the home loan that’s right for you.

#1: Determine what you can afford.

Being assured by a lender that you’re approved to borrow a certain amount doesn’t mean you can afford the sum. Despite laws that hold lenders more accountable than before the housing crisis, these companies are still known for offering larger loans than borrowers can afford. So, how do you know what you can actually afford?

  • Look at what you’re currently paying for housing, and try to stick as close to it as possible.
  • Look at the whole picture. Calculate the true expense by combining the principal, interest, taxes and insurance (an easy acronym to remember is PITI). What’s your down payment? If it’s less than 20%, you may also need to factor in an extra $50 to $300 per month for mortgage insurance. Don’t worry about the math though — there are plenty of online calculators that can help! Check out First Financial’s right here.

#2: Know what you’ll need to provide.

To get pre-qualified, a lender will ask simple questions about your income, assets, and debt. Preapproval means you’re offered a particular loan amount, so it’s a little more serious and usually comes with an application fee.

The lender will consider your debt-to-income ratio, your ability to repay the loan, and your FICO credit score (which influences your interest rate). To do this, they’ll run a credit check and ask for a list of financial documents, usually the following:

  • Bank statements for the last few months
  • Tax returns and W2s for the past few years
  • Proof of employment and income (pay stubs)
  • Anything else they believe could strengthen your loan application

Having these documents ready to go will streamline the process.

#3: Get your finances in shape.

Once you know what a lender will be looking for, work on anything that’s below standard. For instance, have you held a regular job for at least a few months? Lenders look for job stability. If you’ve jumped around, or if you’re considering a career move, staying put for now might improve your loan terms.

Have you taken on any new credit accounts or loans or closed old ones? Recent shifts in credit, such as getting a bunch of credit cards even if your intention was just to grab those sign-up bonuses, can affect your debt-to-income ratio and perceived financial stability.

Finally, take a look at your credit report and score. Is it below 620? You might have trouble qualifying. Is it at or above 720? You’re in the sweet spot for the best interest rates.

Simple things like making payments on time and paying off your credit card balance each month can improve your score and save thousands of dollars in interest over the lifetime of a loan. This process takes time though.

You really need to make sure you are ready to buy a house long before you even start planning to purchase it. If a home is at all on your radar, then start immediately and get prepared well before looking for a good mortgage lender.

Stop into any First Financial branch and we can help you with your home buying journey. We provide great low rates and offer a variety of Mortgage options – to speak with First Financial’s lending department, call us at 732.312.1500 option 4.* 

First Financial also offers a Mortgage Rate Text Messaging Service so you can receive updates on our low Mortgage Rates straight to your mobile phone. You can subscribe to our Mortgage rate text message service by signing up for text alerts, and receive instant notification when our mortgage rates change.**

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

**You must check the Text Message Signup box when registering in order to receive rate change text messages.+ If you do not receive an automated confirmation message after enrolling, please text “Yes” to (201) 808-1038

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

Article Source: Jessica Sommerfield for MoneyNing.com

5 Ways to Be on Top of Your Budget

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calculator and piggy-bank with glasses on white background

Be realistic. Keep going over budget on certain things? Maybe you didn’t allot enough money in those areas. If this is the case, try and find a happy medium that is more realistic so you can still cut back a little bit.

Be automatic. Are you having trouble saving? Do you have direct deposit at work? If so, figure out how much you want to put aside every month, and have that money automatically put into your savings account. This way, you can set it and forget it.

Be thorough. When you’re setting up your budget you may tell yourself, “I’m going to go out to eat twice a week.” Well That sounds great in theory, but what happens when you want to celebrate your friend’s new promotion? Where’s that money coming from? Make sure your budget includes some flexible money that you can use in different areas when needed.

Be patient. Don’t spend your entire monthly budget of any one area at the beginning of the month. Sure, that awesome new movie is coming out at the first of the month, but slow down. There’s probably some other things you’re going to want to do before the end of the month, so keep that in mind and spread your money out.

Be nice. You’re an awesome person who should be rewarded for staying on budget each month. Give yourself a little cash to splurge each month, even if it’s no more than an ice cream cone. Ice cream is awesome and so are you!

Article Source: John Pettit for CUInsight.com

3 Easy Ways to Make Money on the Side

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Woman Taking Dog For Walk On City Street

Who doesn’t love some extra cash in their pocket, especially after the expensive holiday season? When you’re focused on your full-time job, it can be hard to find the time to search for additional sources of income.

Here are some easy examples:

Tutor. Do you have expertise in a certain subject matter that you may or may not use in your current line of work? Whether you’re looking to help out younger students or adults continuing their education, you can put your knowledge to good use. Look into working with an established company like Kaplan for SAT preparation, or get certified through the National Tutoring Association or the American Tutoring Association. Obtaining a certification may be an extra step, but in the end if you are able to show you are legitimately trained, you will stand out as a professional and generate more business and more dollars.

Drive. Even if you haven’t used Uber, you have undoubtedly heard of the transportation network company. Offering consumers a safe and convenient way to get around town, Uber is an excellent way to bring in extra money in your spare time. According to the company, depending on your location and how often you work, drivers could net on average about $25.00 an hour. Another advantage of becoming a driver is the ability to set your own schedule. Many drivers have a full-time job and drive at their discretion.

Dog sit. Do you love dogs but don’t want to commit to owning one? Becoming a dog sitter is a great way to spend time with “man’s best friend” without the long-term responsibilities that come with adding a pooch to your family. Check out Rover.com, a resource that connects pet owners with people who provide safe and loving pet care. Like Uber, Rover allows you the freedom to make money on your own schedule. According to Rover.com, depending on how often you take in an animal and for how long, you could make upwards of $1,000 a month.

Article Source: Wendy Bignon for CUInsight.com

4 Smart Ways to Spend Your Tax Return

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Tax form with paper money, silver pen, calculator on white background

Here are some smart ways to spend your money once you get that tax return this year.

Pay down credit card debt. This may be the smartest choice when deciding what to do with your refund. Decreasing your debt helps alleviate the interest you’re paying, which will be a huge weight off your wallet and credit score. Debt can feel like a mountain, so take the opportunity to dig yourself out from under it.

Put it into retirement. Your retirement account (401k, Roth IRA) can sometimes be neglected if you’re not steadily adding funds, so use your refund as a chance to jump start your contributions for 2017. It may not seem super important now, but you’ll be retirement age before you know it.

Questions about retirement savings or investments? To set up a complimentary consultation with the Investment & Retirement Center located at First Financial Federal Credit Union to discuss your savings goals, contact us at 732.312.1500, or stop in to see us!*

Build that emergency fund. Even if you’re doing a good job of saving for retirement, that may be all you’re saving. If this is you, use your tax return to create an emergency fund in case things go south. It’s never a bad idea to be prepared!

Invest in yourself. This could have a lot of different meanings. Exercise is good for your body and taking a trip can be a good way to unwind and refresh your mind. If these sound like good ideas, join a gym or book a flight. Have a favorite charity? Give some of that money away. Helping others can be good for the soul too.

*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:

Article Source: John Pettit for CUInsight.com