What to Do After Money Mistakes

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Have you made a financial mistake that you’re struggling to recover from? Maybe you’ve overspent on credit cards, taken out too many loans, or invested in a risky venture that didn’t pay off. Whatever the case may be, it’s important to remember that you’re not alone. Many people have faced similar challenges and have come out the other side stronger and more financially savvy.

If you’re ready to move on from your money mistakes and start fresh, here are some tips to help you get started.

Accept responsibility, but forgive yourself

The first step in moving on from a financial mistake is to accept responsibility for it. Acknowledge that you made a mistake and take ownership of it. This will help you to move forward with a clear mind and a determination to make things right. But don’t be too hard on yourself—financial mistakes happen, and are part of the learning process.

Learn from your mistakes

Once you’ve accepted responsibility, it’s important to learn from your mistakes. Take a close look at what went wrong and identify the factors that contributed to your financial misstep. This will help you to avoid making the same mistake again in the future. Sometimes it can be easy to ignore financial mistakes, but the more you ignore them – the more they will become a recurring or bigger issue.

Make a plan

Now that you know what went wrong, it’s time to make a plan to get back on track. Start by setting realistic financial goals and creating a budget that will help you to achieve them. Make sure to include a plan for paying off any debt that you may have accumulated, and for improving your credit score if the financial mistake might have caused it to decrease.

Stay focused

It’s important to stay focused on your goals and to resist the temptation to fall back into old habits. Remember that financial success is a journey – not a destination, and that it takes time and effort to achieve.

Seek a professional

If you’re struggling to create a plan on your own, don’t be afraid to seek advice from an expert. A financial professional can help you to create a plan that will meet your specific needs and goals.

By following these tips, you can move on from your money mistakes and start fresh. Remember to be patient with yourself, stay focused on your goals, and seek help when you need it. At First Financial, we’re dedicated to helping our members achieve financial success and meet their goals. You can get in touch with our representatives at 732.312.1500 or by stopping into any of our local branches.

For more money advice, subscribe to our First Scoop blog!

First Financial Investment & Retirement Center Spotlight: Maureen McGreevy

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“We’re located at the credit union and here for the members.”

In this spotlight, we’re shining a light on our First Financial Investment & Retirement Center (IRC), an investment services firm with access to a wide range of investment options. LPL Financial Advisor Maureen McGreevy says she loves seeing members build their confidence over time as they make their own financial choices, build wealth potential, and plan for retirement.

Learn more about Maureen’s experience as an LPL financial advisor in the video below.

Plan for Your Financial Future

Where do you see yourself in the next 10 or 20 years? It’s time to ensure your financial strategy aligns with your future goals. A financial advisor located within the First Financial Investment and Retirement Center can help you with retirement planning and work with you so you can pursue those goals. Connect with an IRC financial professional, or stop by one of our branch locations today!

*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:The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.

First Financial Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.

Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

Financial Literacy Month: Money Advice from First Financial Staff

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April is Financial Literacy Month, also known as Financial Capability Month! To celebrate, the First Financial team is sharing their best money advice to help you build the financial skills you need to meet your goals. Knowledge is power, and the more you know about finances, the better habits you’ll build over time!

What is financial literacy?

Before we begin, let’s talk about what financial literacy is and what it means for your future. Financial literacy is the ability to understand and use money management skills like budgeting, properly using credit cards, investing, and more. Having a strong relationship with money is crucial in being able to navigate through life. For example, the more financially literate you are, the more likely you’ll be able to avoid fraud or debt. The more you understand about credit cards, the less likely you are to rack up charge after charge and lower your credit score.

How to become more financially literate

There are so many ways to build your financial management skills! For one, you can read and subscribe to financial blogs like ours (wink wink). Many credit unions like ours also offer no-cost virtual seminars and publications about various financial topics. If you’re on the go and prefer podcasts, we recommend you take a look at this list for ideas as well! Overall though, working with a financial professional will help you get the guidance you need based on your situation. Be patient—financial literacy is a lifelong journey and we are here to help!

Tips from First Financial employees

Some of our financial experts shared their top money tips they want everyone to know. Our staff’s advice ranges from budgeting and credit card management to everyday savings.

  1. Create a simple budget: “To start your own simple budget, create a list of your total take-home income, your total fixed expenses, your total variable expenses, and your monthly savings. Check back once a month to see if you’re on track or if you need to adjust your budget.” – Issa Stephan, President/CEO
  2. Review your subscriptions: “Take the time to cancel any unused or unwanted subscriptions (like streaming services), and reallocate those expenses into your budget on something you do use – or put the extra money toward any existing debt.” – Julie Brandt-Olivier, Lending Manager
  3. Limit your spending: “Make a budget, set and stick to limits for discretionary spending such as entertainment, travel, and other non-essential items. Always include savings into your budget too.” – Terriann Warn, Chief Financial Officer
  4. Pay your bills on time: “On-time payments have the greatest impact on a good credit score.” – Nancy Culp, Chief Lending Officer
  5. Learn debt repayment strategies: “To eliminate revolving debt on multiple credit cards, focus on paying extra on the card with the highest interest rate. When that debt is eliminated, take that monthly payment and add it to the regular monthly payment of your next card with a balance and high rate, until that debt is eliminated. Repeat as needed.” – Michael Walker, Assistant Vice President of IT
  6. Don’t live beyond your means: With regard to credit cards, don’t live beyond your means. If you can’t afford it, you don’t need it. – Doreen Cutrona, Assistant Vice President of Member Operations

You can find more money advice on our First Scoop blog! Or, if you’re looking for more specific advice based on your situation, call us at 732.312.1500 or stop by any of our local branches. Together, we can increase your financial literacy and help reach your goals!

It’s Time to Spring Clean Your Finances

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Temperatures are beginning to rise and flowers are starting to bloom — spring is here! This season is also the perfect time to declutter your finances, just like you would your home. The change in season presents an excellent opportunity to take a closer look at your financial situation, get organized, and make some necessary variations to improve your financial health. Here are our tips on how to spring clean your finances.

Review your budget

The first step to decluttering your finances is to review your budget. Take a look at your monthly expenses (using our fillable PDF worksheet as a guide) and identify areas where you can cut back. You might be surprised at how much money you can save by canceling subscriptions you no longer use or reducing your spending on non-essential items. This is also a good time to shop around for better deals and discounts on insurance and other utilities.

Consolidate your accounts

If you have multiple bank accounts or credit cards, it can be challenging to keep track of all your transactions. Consolidating your accounts can help you stay organized and simplify your financial life. Consider transferring balances to a single credit card or merging your bank accounts into one. If you’re looking to consolidate credit cards or debt, consider one of our four credit card options that offer low rates and extra benefits.*

Check your credit report

Your credit score plays a crucial role in your financial health, and it’s essential to check your credit report regularly to ensure that it’s accurate. You can request a free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. Review your report carefully and dispute any errors that you find.

Is your credit score on the low side? We’re here to help! Read our blog post on ways to improve your credit score.

Develop a savings strategy

The first step in developing a savings strategy is to set specific financial goals and determine how much you need to save each month to achieve them. Next, automate your savings by setting up a direct deposit from your paycheck or scheduling recurring transfers from your checking account to your savings account. You can also consider using a budgeting app or tool to help you track your expenses and identify areas where you can cut back to free up more money to save.

Related Article: Viral Money Challenges That Help Build Your Savings

The benefits of spring cleaning

By decluttering your finances, you can enjoy immediate financial benefits. Here are some benefits you can expect to see:

  1. Reduced Stress: Financial stress is a common problem that many people face, and it can have a significant impact on your mental health. By decluttering your finances and getting organized, you can reduce stress and improve your overall well-being.
  2. Increased Savings: When you reduce your expenses and sell unwanted items, you’ll have more money to save or invest. Even small changes in your spending habits can add up over time and help you achieve your financial goals.
  3. Improved Credit Score: A clean credit report can improve your credit score, making it easier to qualify for loans, credit cards, and other financial products. By reviewing your credit report regularly and disputing any errors, you can ensure that your credit score accurately reflects your creditworthiness.
  4. Better Financial Habits: Decluttering your finances can help you develop better financial habits – such as budgeting, saving, and investing. By making small changes to your financial habits now, you can achieve long-term financial success.

Spring cleaning your finances is a simple but effective way to improve your financial health. By taking our recommended steps, you can enjoy immediate financial benefits and develop better money habits for the future. Our representatives at First Financial are here to help keep your finances on track. Call us at 732.312.1500 or stop by any of our local branches.

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

*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.

 

First Financial Member Spotlight: Brian Jackson

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“If you’re looking for a bank where you can feel at home, choose First Financial.”

Welcome back to our First Financial member spotlight – a series featuring some of our valued credit union members who have happily worked with us over the years. Next up is our long-time member, Brian Jackson.

Brian has been banking with us for over 35 years. He was even a member back when we were known as Mon-Oc Teachers Federal Credit Union, 28 years ago! Brian takes full advantage of our membership benefits and has a savings and checking account with us.

Watch the video to learn how we exceeded Brian’s expectations throughout the pandemic and as he works toward retirement!

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. It’s that easy! Once you’re a member, your immediate family can also sign up. To get started, call us at 732.312.1500, email info@firstffcu.com, or stop by any of our local branches.

Financial Considerations When Applying for College

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There are many factors to consider when applying for college. Not only do you have to find the best fit for you personally, but you also have to incorporate what you can afford. This can be a very expensive and stressful process. However, it’s important to consider the financial aspects of college beyond what’s the best cultural fit.

Things to Consider When Applying to Colleges

Application Fees – Most colleges charge an application fee, which can range from $25 to $100 or more. Be sure to factor in these costs when applying to multiple schools.

Financial Aid – Research the financial aid options available at each school you’re considering. This may include grants, scholarships, work-study programs, and student loans.

Cost of Attendance – Look into the total cost of attendance at each school; tuition, fees, room and board, books, and other expenses. Consider how much financial aid you’re eligible for and how much you’ll need to pay out of pocket.

Living Expenses – Whether you want to live off campus or on, it’s going to cost money either way. If you’re planning to live off campus, be sure to factor in the cost of rent, utilities, food, and other living expenses. These costs can vary depending on the location of the school.

Transportation – Consider the cost of transportation to and from the school, including flights, gas, and parking fees.

Part-time Work – If you plan to work part-time while attending school, research the availability of job opportunities on or near campus and the potential earnings.

Repay Student Loans – If you plan to take out student loans, it is super important to consider the repayment options and the impact they’ll have on your future finances. It may not be something you want to think about now, but it’s imperative to have an idea of what you’ll be paying once you graduate.

Related Article: Financial Tips for Teenagers

Thinking about your child’s future is probably already hectic, but we can work together on figuring out the right financial steps to be taken. First Financial has specific ways of helping our members prepare for their kids, teens, and college grads. You might also want to talk to a financial advisor in The Investment and Retirement Center, about 529 college savings plan options.*

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

*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 The Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using The 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 The Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are: