First Federal Bank Blog

The 50/20/30 budget method has been around for years, and has traditionally been a great approach for many families. The concept is that 50% of your net income should go to your needs, 20% should go to savings, and 30% should go to your wants. But times change. And in today’s inflated economy, the 60/30/10 budgeting method could be a better option...

When it comes to retirement planning, employer 401(k) programs tend to be the option people think of. But there are other ways you can save money for your golden years. An Individual Retirement Account (IRA) is another way to set aside and invest funds today to have available in the future. According to MSN, there are three ways you can make the...

Taking out a loan is a big decision that should not be taken lightly. That’s why you want to be selective about when and why you borrow money from your financial institution. While the decision will ultimately be yours, there are several instances where loans make good sense in the short and long term:Pay off existing debtOf all the things you...

A strong investment portfolio incorporates a variety of assets, and many people have found that Treasury bonds can be a worthwhile source of alternate income. But, even Treasury bonds aren’t without their risks.Advantage: Low risk of defaultBecause Treasury bonds are backed by the U.S. government and have a high credit quality, most investment...

Finding a savings account sounds simple enough — after all, you’re just looking for a safe place to store and grow your money. However, to make the most of your savings, it’s important to keep an eye out for a good interest rate along with hidden fees, balance requirements, and other factors that can complicate your financial management. Here’s a...

April is National Financial Literacy Month, a great time to start teaching your children about money. There are important life lessons you can impart at every age, and the earlier you begin, the better. Whether you want to cover the basics, delve into more complex topics, or simply get the conversation started, there are many ways you can approach...

Food prices have been on a roller coaster ride over the past several years. The grocery store is one of the first and most noticeable places consumers feel the sting of inflation. The same is true of restaurant pricing. Over the past few years, consumers have responded by changing their eating and spending habits, limiting purchases of certain...

Summer will be here before you know it. And with Spring Break in the rearview mirror, you may be looking for your next travel options. Whether you have a summer trip booked already, or are in the planning stages, the first thing you need to do is make sure you have the funds to pay for it.

When filing your income taxes, you have the option to take the standard deduction or to itemize your deductions. Itemizing allows you to claim specific expenses individually, potentially leading to a higher tax refund or lower tax liability. So while itemizing can be more time-consuming than taking the standard deduction, it can be financially...

A life insurance policy is critical for protecting your loved ones after your death, but you can also leverage it while you’re alive. That’s because policies offer two distinct benefits: cash value and death benefit. Understanding the differences between the two can help you pick the best policy and take better advantage of it.What is cash value?