Teaching Your Kids the Basics of Finances

July 26, 2021 by First Federal Bank

Learning how to handle, where to invest, and what not to do with money are skills everyone needs to be successful in life. The earlier kids are introduced to smart money-management practices, the better prepared they’ll be to handle their finances when they leave the nest. Teaching your kids how to protect their money is a lesson with unlimited...

Topics: Saving Money, Financial Education, Kids

When to Hire a Financial Planner

July 05, 2021 by First Federal Bank

No matter where you are in life, handling your personal finances can be a complicated and overwhelming task. One way to get the advice and assistance you need is to consult with a financial planner. These professionals are trained and certified to give you expert advice on how to make the most of your money. If you’re not sure whether seeking...

Topics: Personal Banking, Saving Money, Financial Education

Writing Your First Will: What You Should Know

June 30, 2021 by First Federal Bank

Writing a will may seem simple — just say who should get your property when you die — but there are several less obvious elements to it that are just as important. Though you may not be inclined to think about your mortality, taking the time to prepare a well-written will is key to ensuring the transition is as smooth as possible for your loved...

Topics: Retirement, Financial Education, Family

What is the FAFSA?

June 28, 2021 by First Federal Bank

If one or more of your children is getting ready to start looking at colleges, there are a ton of things to think about. Since educationdata.org states the average yearly cost of attendance at a public institution is more than $25,000, one of them is probably trying to figure out how to pay for it. That’s where the FAFSA, or Free Application...

Topics: Saving Money, College, Financial Education, Kids

Saving for Medical Costs in Retirement

May 31, 2021 by First Federal Bank

Saving enough money to enjoy a full retirement may already feel like an uphill climb before you even consider the rising cost of healthcare. As you get older, you can expect your medical expenses to increase, which can put a damper on your plans without proper consideration. By setting aside funds specifically for your healthcare needs, you can...

Topics: Saving Money, Retirement, Financial Education

Should You Cancel a Credit Card with $0 Balance?

May 26, 2021 by Stephanie McClendon

Many consumers are tempted to limit their debt by closing one or more credit cards, as a result of the steady rise of the cost of living, and credit card interest rates. However, while there are many reasons to close a credit card, there are ultimately even more and better reasons not to do so.

Topics: Financial Education, Credit Cards

Home Equity Line of Credit vs. Home Equity Loan

May 05, 2021 by First Federal Bank

If you’re in need of funds for home repairs, renovations, or paying down high-interest debt, you may have considered a home equity loan or a home equity line of credit. While both of these financial options allow you to borrow against the equity of your home, they each come with their own set of rules and benefits. To help you decide which is...

Topics: Financial Education, Personal Lending, Home Owners

Dow vs. Nasdaq

April 26, 2021 by First Federal Bank

We’ve all heard about the Dow and the Nasdaq. At times, it’s almost as if the terms are used interchangeably when discussing the economy or stocks. However, these are simply two tools that investors can use to check on the health of the market. Here’s a look at what you need to know about stock market indices — and how they differ:

Topics: Investing, Financial Education

The Basics of Securing Your Check Book

April 23, 2021 by First Federal Bank

Even though financial transactions today are increasingly paperless, there are still advantages to using a check book. They can help you avoid processing fees, leave behind a useful paper trail for your spending, and give you a means of transferring funds should the internet be unavailable. But are check books safe? How do you secure your check...

Topics: Personal Banking, Financial Education

Staying Motivated while Eliminating Debt

April 07, 2021 by First Federal Bank

Although not a traditional four-letter word that would get you into trouble if you said it as a kid in school, there is no doubt debt is one of the worst words in the English language. Financial debt affects your sense of self, your present lifestyle, and your hope for the future. Getting out of debt is a daunting, time-consuming task, but the...

Topics: Saving Money, Financial Education, Budgeting

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