Advice for Teaching Your Child How to Use Checks

May 13, 2022 by First Federal Bank

Talking to your kids about finances is an ongoing conversation. Starting with saving coins in a piggy bank and earning an allowance to opening up a savings or checking account, budgeting for major purchases and investing for the future, there are many facets to your child’s financial education. Here is a closer look at teaching your child how to...

Topics: Personal Banking, Financial Education, Family

How Inflation Affects Your Finances

May 09, 2022 by First Federal Bank

As Investopedia contributor Jason Fernando explains, “Inflation is the decline of purchasing power of a given currency over time.” As prices for goods and services increase, the money in your wallet is unable to buy as much. But the effects of inflation on your finances extends beyond pricier items.

Topics: Financial Education

How to Correct Errors on Your Credit Report

May 06, 2022 by First Federal Bank

Managing your credit score takes hard work and it could help you purchase a house, a vehicle, or other big-ticket items. However, if a credit bureau does not have the correct information included in your credit report, it could affect your credit score. Here is some advice on how to report and correct potential errors on your credit report:

Topics: Financial Education, Credit Cards

Common Myths and Misconceptions About Investing

April 18, 2022 by First Federal Bank

It’s some of the most common financial advice — if you want to grow your savings, invest. However, getting started with investing can be a daunting task, especially with so many myths surrounding the topic. We’re here to clear the air and address some common misconceptions about investing.

Topics: Investing, Financial Education

Should Your Spend Your Retirement Savings?

April 15, 2022 by First Federal Bank

If you’ve amassed significant savings for your retirement, it’s important to think about what you’ll do with the money. Would you prefer to spend it on yourself, give it away, or hang on to it and leave an inheritance for your children or other loved ones? Your answer will depend on a wide variety of factors, of course, but here are some points to...

Topics: Saving Money, Retirement, Financial Education

What Happens to Your Unpaid Loans When You Die?

April 11, 2022 by First Federal Bank

You work hard because you want to set your family up for the future they deserve. Unfortunately, there may come a time where you’re not there to share that future with them. Because of all the uncertainties that life presents, it’s never a bad idea to know what happens if you should die and leave unpaid loans behind.

Topics: Financial Education

How to Receive a Tax Extension

April 08, 2022 by First Federal Bank

The deadline for filing and paying your 2021 income taxes is April 18, 2022. If you’re worried you won’t have enough time to submit your federal tax return before it’s due, you can request an extension from the IRS. Doing so will give you until Oct. 15, 2022 to file a return — an additional six months.

Topics: Financial Education, Taxes

Fixed vs. Variable Expenses

April 06, 2022 by First Federal Bank

Putting together a budget requires looking at a range of expenses; some that are expected and others that are not. Expenses generally fall into one of two categories — variable and fixed. Understanding how they differ can help you handle current bills as well as future ones.

Topics: Financial Education

Can You Invest with Your HSA?

April 01, 2022 by First Federal Bank

A health savings account is a valuable tool for saving money while receiving the medical care and treatment you need. But paying for doctor’s bills and prescription drugs aren’t the only ways you can use your HSA. You can use the savings to invest and prepare for future medical costs during retirement. Here’s a look at how that works:

Topics: Financial Education

Merging Accounts When You Get Married

March 21, 2022 by First Federal Bank

Financial problems are one of the leading cause of divorce. According to a survey of 1,000 people, nearly half of American couples fight over money. But no matter the state of your finances, once you are married, all of your assets are merged in the eyes of the law. Coming up with a financial plan that works for your marriage is therefore of the...

Topics: Financial Education, Family

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