When Should You Use Your Debit Card for Purchases?

June 22, 2022 by First Federal Bank

Back when you were young and first opened a checking account, you probably used your debit card all the time, feeling the freedom of making purchases without needing to predict how much cash to have on hand.

Topics: Personal Banking, Financial Education

What to Do if You Owe the IRS and Can’t Pay

June 15, 2022 by First Federal Bank

Filling out your tax return is stressful enough, but realizing that you owe more than what you can afford to the Internal Revenue Service can be terrifying. It’s not exactly a bill you can ignore without dire circumstances, after all! Although panic is a natural reaction when faced with such a financial predicament, it is unnecessary; there are...

Topics: Financial Education

How Accruing Interest Works on Savings Accounts

June 06, 2022 by First Federal Bank

Putting your money into a savings account affords certain benefits. It offers a safe location for your hard-earned money, which is perfect for when you are saving up for something significant or trying to establish an emergency fund. A savings account opened at a federally-insured financial institution can insure your funds up to a certain amount....

Topics: Personal Banking, Financial Education

Factors That Affect Car Insurance Rates

June 03, 2022 by First Federal Bank

Car insurance is an agreement between you and an insurance company that will ideally protect you from financial loss if you were to get into an accident, experience damage to your vehicle, and more. But certain factors could affect the price you pay for this coverage — and it mostly comes down to data and risks.

Topics: Financial Education, Lifestyle

Pay Off Debt or Invest?

June 01, 2022 by First Federal Bank

Is it better to invest your money or use it to pay off debt? The answer to that question depends on many factors, like your investing options, the amount you owe, interest rates, and even your age. But as a rule of thumb, you should try to do both. Before you do, here are a few things to consider:

Topics: Financial Education

How to Properly Handle a Business Tax Audit

May 25, 2022 by First Federal Bank

Receiving a letter from the Internal Revenue Service informing you your business is being audited is enough to stop you cold. But if you have taken the proper steps to prepare and work with your auditor to the best of your abilities, you shouldn’t have anything to sweat about.

Topics: Small Business, Financial Education

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

Making the Most of Your Staycation

May 02, 2022 by First Federal Bank

If you want to take a break without leaving your local area, a staycation is a great way to kick back and relax. Here are some helpful tips for making the most of your staycation for maximum enjoyment:

Topics: Financial Education, Family, Lifestyle

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