8 Essential Questions to Ask Yourself Before Moving

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Moving to a new home is an exhilarating journey filled with anticipation and new beginnings. Amidst the excitement, it’s crucial to pause and consider the practicalities to ensure a smooth transition. Here are eight essential questions to ponder before embarking on your relocation journey.

If you plan to buy, what are your financing options?

First Financial mortgage experts are here to help you every step of the way while you begin your homebuying journey in the Monmouth or Ocean County NJ area.* They are available for phone or video calls to answer all of your questions with no commitment required! If you do decide to go with First Financial for your mortgage – we offer a $500 Home Depot gift card upon closing, your appraisal is on us! ($580 value), and we have a 60-day rate lock option with one free float down.**

What are the total moving costs?

Before diving into the moving process, it’s essential to assess the financial implications from all angles. Be sure you are factoring in the cost of movers, storage, packing materials, cleaning services, moving insurance, etc. Each of these can have varying costs, so be sure to research ahead of time and find the best prices. By understanding these costs upfront, you can better plan and budget for your move.

What is the overall cost of living?

Beyond moving expenses, consider the broader financial impact of your relocation. Will your new location entail higher rent or homeowners’ fees? You’ll also need to factor in potential increases in commuting costs, utility bills, and everyday necessities like groceries. The price of something as simple as produce can significantly differ from one state to another, so be sure to research your potential new area. Understanding the overall cost of living, ensures you can comfortably afford your new lifestyle.

How do income and property taxes differ?

Tax rates vary significantly between states, impacting your financial landscape. Researching income and property tax disparities between your current and prospective location is crucial. These insights will help you gauge how taxes may affect your finances and can assist you in making informed decisions about your move.

What is the local job market like?

If your relocation involves finding a new job, you’ll need to assess the local employment landscape closely. Investigate job opportunities, unemployment rates, and median salaries in your desired area. Consider starting your job search before moving to alleviate stress and ensure a smooth transition into the workforce.

What is the immediate impact on income?

Whether securing employment before or after your move, you’ll need to evaluate the financial implications. Compare salary differences and factor in deductions for healthcare, dental, and vision plans. Do you have a 401k with your current job and does your new job offer a retirement plan? If so, don’t forget to ask about transition options for your retirement account to help avoid costly mistakes. If you’re relocating without a job lined up, devise a financial plan to cover expenses during your job search period.

What are the travel costs to visit loved ones?

Consider the logistics and expenses of visiting family and friends post-relocation. Assess whether you’ll be a short drive or a plane ride away, and research typical ticket prices for travel days. Calculate potential gas expenses for road trips and budget for any necessary car maintenance too.

Which belongings should I take?

Moving presents an opportunity to declutter and streamline your possessions. Evaluate what items are essential and consider donating, selling, or storing any unnecessary belongings. This not only reduces moving costs, but also simplifies the transition to your new home.

By addressing these essential questions and tapping into the support of First Financial, you can embark on your relocation journey with confidence and financial preparedness. Happy moving!

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

*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.

**$500 Home Depot Gift Card will be issued at loan closing on any First Financial mortgage, while supplies last. Applicant to pay $580 appraisal fee up front at the time of appraisal. First Financial will credit the $580 appraisal fee back to the member at loan closing. Rate lock is available for new applications on purchase and refinance loans at a 0.50% fee for a 60 day lock, and is for members who have been preliminarily approved and are in contract to purchase or refinance a property with a closing date within 60 days. You must request the rate lock option at the time of initial mortgage disclosure. The rate lock fee is due at the time of rate lock disclosure signing. You may request a lower rate no more than one (1) time, with a maximum cumulative interest rate reduction of 0.50%. The benefit would allow for one float down for applicants to re-lock their interest rate, should rates decrease during the lock period of 60 days from contract receipt. Members will not incur any additional costs to utilize this benefit. You must monitor rates to decide when to exercise the option to lower the rate. All requests for a lower rate must occur at least seven (7) calendar days before closing. First Financial reserves the right to modify or discontinue products and benefits at any time without notice.

Summer Savings Challenge: Boosting Your Financial Health in 75 Days

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You’ve probably heard of the 75 Hard Fitness Challenge. Now that it’s officially summer – join First Financial in completing the 75 Hard Financial Wellness Edition. In just 75 days, you can substantially increase your savings, cut down on your spending, learn financial wellness tips that will last a lifetime, and create habits that will put your finances in the best shape of your life. Just as the original 75 Hard Fitness Challenge can transform your physical health through daily discipline, our Financial Wellness Edition will transform your financial health with simple and effective daily money habits.

The rules are simple and are done over a period of 75 days:

1. Put any sum of money in a savings account each day.

Building a habit of daily savings, no matter how small – can lead to significant financial growth over time. This practice reinforces the importance of saving and makes it a non-negotiable part of your routine. Easily set up an automatic transfer of any amount from your checking to your savings account every day.

2. Track your spending in a journal or app.

Keeping a daily record of your expenses increases your awareness of spending patterns and helps identify areas where you can cut back. This practice can reveal surprising insights about where your money actually goes. The First Financial Mobile App allows you to view and track your spending 24/7 from anywhere. You can even control transactions by category – gas, restaurants, grocery store, location, and more, to gain a deeper insight into your spending habits.

3. Read 10 pages of any financial wellness book each day.

Investing time in financial education equips you with the knowledge to make better money decisions. By reading 10 pages a day, you can complete several books in 75 days – enhancing your understanding of topics like budgeting, investing, and debt management. Consider starting with classics like “Rich Dad Poor Dad” by Robert Kiyosaki or “The Total Money Makeover” by Dave Ramsey.

4. Do not take on any new debt.

Avoiding new debt during this 75 day challenge, helps you focus on managing and reducing existing debt while living within your means. This rule encourages mindful spending and prioritizes saving over borrowing. For example, instead of financing a new gadget – this is your opportunity to save up and pay for it in cash, avoiding unnecessary interest.

5. Set a daily spending limit.

Establishing a daily spending limit keeps your expenses in check and prevents impulsive purchases. This habit helps you stay within your budget and ensures you have enough funds for essential expenses and savings goals. For instance, if your daily limit is $20 – you’ll be more selective about your purchases and focus on what you truly need.

6. Cook dinner at least 5 days a week.

Cooking at home is often more cost-effective than dining out, and allows for healthier meal choices. By preparing your own meals, you can save a significant amount of money each week. Plan your meals, shop with a list, and meal prep to make this task easier. Preparing a large batch of soup, pasta, or meat and rice bowls can provide dinners for several days – reducing the temptation to order takeout. Plus, purchasing the ingredients in bulk can be more cost-effective too.

Embracing our 75 Hard Financial Wellness Edition can lead to profound improvements in your financial health. By committing to these six simple rules over the next 75 days, you’ll develop positive financial habits that can last a lifetime. We hope you’ll join us on this journey this summer, and we can’t wait to hear about your financial transformations. Get started today!

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

Making Sense of Medicare

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Medicare is confusing, with a ton of rules and dates, inclusions, exclusions, and exceptions. But for those who are 65 years of age or who meet certain qualifying conditions, it’s essential to understand its key parts to maximize their benefits and features.

Let’s start with how it’s structured. Medicare includes four parts: A, B, C, and D.

Parts A and B are called Original Medicare. Part A covers hospital stays and Part B covers doctor visits.

In a bit more detail, Part A pays for hospital stays and follow-up costs associated with those stays. It also covers various outpatient medical services, such as home healthcare and physical therapy.

Part B pays for doctor visits and other medical care administered on an outpatient basis. It may also include the costs of medical equipment/devices and tests.

Original Medicare doesn’t pay all of your medical costs. If you elect Original Medicare — that’s Parts A and B — you should still expect to pay out-of-pocket costs, including copayments and deductibles. Additionally, prescription drugs, vision care, dental care, and hearing services are not covered by Original Medicare, so you may want to consider other options for covering those services.

For instance, you can purchase Medicare supplement insurance and a standalone Medicare Part D plan that helps pay for prescription drugs. Otherwise, you can purchase a Medicare Advantage Part C plan.

Part C, called Medicare Advantage, is an option offered by private insurance companies. It generally provides all of the coverage in Original Medicare and adds — usually — Part D prescription drug coverage, along with dental, vision, and hearing services. While Part C covers many items not addressed in Original Medicare, it may restrict your choice of medical providers and treatment options.

Part D is standalone prescription drug insurance. Most Part D plans require that you pay a premium, and you must sign up for coverage at age 65 or else be subject to penalties if you sign up for it later.

While Original Medicare is the same across the U.S., Parts C and D plans vary according to state, region, and county. Make sure you understand what’s available where you reside to maximize your coverage and benefits. Coverage, costs, deductibles, premiums, copays, and coinsurance vary by plan, so it’s important that you confirm these prior to selecting a plan.

Keep in mind that your choices aren’t permanent. As your healthcare needs change, you can change your plan, too, at least once each year during Open Enrollment from October 15 to December 7.

For more information, speak with a financial professional or visit the Medicare website, at Medicare.gov

Contact First Financial’s Investment & Retirement Center by calling 732.312.1534 to speak with professionals who can help steer your finances in the right direction. 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

Tracking #1-05363554

It’s Time for a Mid-Year Financial Check In

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Can you believe it’s June already? The official start of summer will be here before you know it. Being that it’s now mid-year, this is a significant time to re-evaluate your financial goals from January. Think about what is working and what you may need to change up for the second half of the year. Keep reading to get some ideas on how to complete your mid-year financial review.

Organize Your Financial Records

If your financial records are a mess or you don’t know where to find important documents, now’s the time to get organized. Make sure you have original documentation for wills, deeds and any paperwork for inherited assets. Other records of importance? Be sure you are maintaining files on tax returns, retirement plan and investment statements, mortgage records, insurance policies, bills, important receipts, financial account statements, pay stubs, benefits information and any estate planning documents. You can either choose to maintain records of these documents in paper form or electronically on your computer or tablet – just ensure you have some record of this list or know how to access them quickly if needed.

Check Your Credit Score

Your credit score is a good indicator of your financial well-being. Double check your credit score at least annually to look out for any red flags, like missed payments or possible identity theft. Also checking your monthly account statements or regularly logging into online banking or your financial institution’s mobile app, can help you spot any fraudulent account activity right away.

Feed Your Emergency Fund

Credit cards are not substitutes for having cash on hand. It’s important to regularly add to your emergency fund, which should only be accessed for unexpected emergencies – like home or auto repairs. A good way to add to your emergency fund? Allocate your direct deposit. Even if you start with taking $20 out of each paycheck and having it deposited right into your emergency savings account every payday – this can really add up over time and most likely, you won’t even miss it. If you’re not sure how to set this up, ask your Human Resources or company payroll department for assistance.

Put Up Digital Walls

Cyber crimes are increasing in number by the day. It’s time to make sure you’ve updated your online passwords, that you’re using encryption or two-factor authentication to login to websites whenever possible, and that you aren’t sharing sensitive data or doing your banking over public Wi-Fi networks.

Re-Evaluate Your Financial Goals

Do your financial goals still make sense for the rest of the year? A lot can happen in 6 months, and you may have had some scenarios that warrant a second look. Have there been any other major financial changes this year? Think family, income, asset, debt or business related events. If there have already been or you know there will be changes to any of these items before the end of the year – reach out to a financial professional today.

At First Financial, our members are like family and we are here to help you achieve your financial goals. For more personalized financial assistance call 732.312.1500 or visit your local branch today. Don’t miss out on more financial tips and advice – be sure to subscribe to our monthly e-newsletter.

P2P Team Donation Scams

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There’s a new person-to-person (P2P) payment scam out there. It involves young adults going door to door, looking to “fundraise” for a sports team or extracurricular organization. But be leery, this is a scam designed to steal your money! How does it work? We’ll show you exactly how this scam plays out and how you can prevent it from happening to you.

How the Scam Works

  • A group of young adults rings your doorbell or comes up to you in person while you’re out, and tells you they are trying to raise funds for their sports team to buy new uniforms (or for a similar activity).
  • There is a clear spokesperson in the group whose job is to distract you, by explaining a lengthy story on what the “donations” will be used for and how much they would help the team. While you’re listening to the bogus story, another member of the group says not to worry – you can easily donate through Venmo or Zelle, and they’ll quickly put their contact information in your phone for you so that you can do a quick transfer once they leave.
  • While you are distracted with the story and how easy the scammers make the donation options sound, it’s not hard to fall for this scam and hand over your phone without thinking it through – to the individual who asked for it. However, you should never give your unlocked phone to anyone you do not know! This is how the scam unfortunately takes place.
  • Once the scammer has your unlocked phone, they can easily click on your Venmo or Zelle app – and transfer your money over to themselves in seconds. You probably wouldn’t even realize it’s happening as one member of the group continues to talk to you and distract you, while you think the one who has your phone is simply entering their contact information for you to make a transfer later.
  • The worst part of a P2P payment scam, is that you typically can’t get your transferred funds back.

You can prevent this or other similar P2P payment scams from happening to you by only sending money to those you know and trust, treating Zelle and Venmo like cash, refraining from giving anyone you don’t know your unlocked cell phone, and if you think something is too good to be true or it feels off – it probably is.

At First Financial, our goal is to help protect our members from scams and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.

To learn more about scams and ways to protect yourself, visit zellepay.com/pay-it-safe.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

First Financial Employee Spotlight: Jessica Tortorice

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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 Jessica Tortorice, our Vice President of Marketing and Business Development. Jessica has been an integral part of our credit union family for 15 years, starting as a Marketing Coordinator and advancing to her current role with dedication and expertise. Her passion for effective communication and personalized service has helped First Financial grow significantly and brought the credit union closer to the community. Join us as we delve into Jessica’s journey, her contributions, and the role she plays in shaping the future of First Financial.

How long have you worked at First Financial? What was your background/work or education experience in your field before you began working at the credit union? I have been employed by the credit union for 15 years. I started at First Financial as a Marketing Coordinator back in 2008, and at that time I was also going to graduate school to obtain a Master’s Degree in Corporate and Public Communication from Monmouth University. Prior to starting at First Financial, I was a Marketing Coordinator for the Health & Safety Department at the American Red Cross for 4 years. Marketing was my minor at Marist College where I received my Bachelor’s Degree. I have always enjoyed marketing & advertising, and my career path seems to have kept me in the same field.

Can you walk us through one of your most important tasks and explain why it’s significant for our members? My most important task is providing information to our members about our products and services through various communication channels. This includes signage, flyers and brochures within our branches, email communications to our members, social media posts, and digital messaging such as the First Financial website at firstffcu.com. If there is a message which needs to be communicated to our membership, it is my job to make sure that gets done.

What personal values do you bring to your role here at the credit union? How do you see these values reflected in the work of First Financial Federal Credit Union? For me, communication is key when it comes to anything in life – whether it’s at home, work, or in any type of relationship. I try to always ensure the important messages that need to be communicated – whether it’s internally with our employees or externally to our membership, are effectively addressed and made available to those who need them. I see this value reflected in the work of First Financial through the personalized service and communication we provide both internally amongst our staff, as well as to our members. Our employees know our membership and we pride ourselves on being able to give them personalized service and attention that’s tailored to their needs.

How do you personalize your service to meet the diverse needs of our members? My job requires me to be able to communicate to our members across various mediums – whether it’s getting the message across within a branch via advertising collateral and signs, through direct mail, email messaging, social media posts, writing educational blog articles, newsletter publications, or through our website. It’s my job to make sure there are multiple ways to reach and educate our current members and potential future members.

Can you describe the team you work with and how you collaborate? The First Financial Marketing and Business Development Departments began working together as one, over 5 years ago. We recognized at the time that we had the same focus on the importance of communicating with the membership, helping to reach and acquire new members, and get the credit union message out to the local community – as well as provide everyone we could with financial education. This mission is still continued in the work we do together with our community partners throughout Monmouth & Ocean Counties – bringing the credit union message, offerings, and financial education to local school, healthcare, and municipal employees in our area.

In your opinion, what sets First Financial apart from other financial institutions? At First Financial, you’re not just a number. Our frontline staff especially, knows our membership and often greets them by their first name upon walking through our doors. The First Financial Family goes beyond the relationships we have between co-workers, it extends to our members too. If you have a question about something – whether it’s internally between staff or as a member calling in or stopping by a branch, you’re going to actually speak to someone who can help you.

What’s something unique or surprising about you that members or other co-workers might not know? I am an avid photographer, and I also love to bake.

What message would you like to share with the members of First Financial? The credit union is truly here for our members – whether it’s helping you save money on your monthly car payments by refinancing your higher rate auto loan from the dealership, to finding a loan payment and term that fits your budget, or planning for your retirement years – we are here to be your financial partner through it all.

If you could give one piece of financial advice to our members, what would it be? Always save for a rainy day by paying yourself first – you never know when that financial emergency may pop up. Having a bit of a cushion in a savings account can help ease the burden of financial stress, or racking up debt on a credit card that you’ll have to pay off down the line (with interest). It’s easy to allocate even a small amount from each paycheck to go right into an emergency savings fund through your direct deposit. You won’t even miss it!

Jessica’s vision to ensure every member feels informed, valued, and supported in their financial journey epitomizes the core values that define our Leadership Team at First Financial. We invite you to learn more about First Financial and with the guidance of dedicated employees like Jessica, we continue to provide exceptional service and support to our members. Visit our website to discover the First Financial difference.

Want to join the team at First Financial? Check out our careers webpage and apply online for current employment opportunities.