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, Lending

Essential Financial Lessons For Kids

March 01, 2021 by First Federal Bank

As a parent, you are your child’s first and most enduring teacher. The example you set, the lessons you teach, and the instruction you neglect will live in your child’s psyche forever. That includes how to handle money. Help your kids develop good money habits now and throughout their lives with the following financial lessons:

Topics: Saving Money, Financial Education, Budgeting, Kids

Are Shopper Loyalty Programs Worth It?

February 15, 2021 by First Federal Bank

Shopper loyalty programs may seem like an easy way to save money on your favorite products. The choice to sign up for exclusive savings and customized coupons may seem like a no-brainer — however, these savings come at the cost of your personal data being sold to marketers. Here’s what to know about the benefits and risks of these store loyalty...

Topics: Saving Money, Financial Education

Refinancing A Loan

January 18, 2021 by First Federal Bank

Refinancing a loan involves replacing an existing loan by paying off the debt with a new one. Ideally, the new loan has better terms or features to make the process worthwhile. This can help save you money in the long term or make your life easier in other ways.

Topics: Financial Education, Credit Cards, Personal Lending

How to Prepare for an IRS Audit

January 06, 2021 by First Federal Bank

A letter from the Internal Revenue Service states you are being audited. Not news you were expecting, so it’s understandable to feel a little unsettled, panicked or scared. Don’t let you emotions take over. An IRS audit isn’t fun, for sure, but you can handle it. The following tips will help you prepare for an audit:

Topics: Financial Education, Taxes

Learn About Cryptocurrency

December 28, 2020 by First Federal Bank

In recent years, cryptocurrency has been a booming topic among investors. Just like traditional currency, you can exchange it for services, products or other types of cryptocurrencies. You can also cash it out, much like chips at a casino. However, these digital currencies have many key differences when it comes to storage, transactions and...

Topics: Technology, Investing, Financial Education

The Financial Accounts Everyone Should Consider

December 04, 2020 by First Federal Bank

Diving into the choppy waters of financial planning can feel intimidating, especially when you realize just how many types of accounts there are. Thankfully, many experts agree there are a few accounts everybody should consider holding to keep your money organized, set you up for the future, and even help grow your wealth.

Topics: Personal Banking, Saving Money, Retirement, Investing, Financial Education, Budgeting

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