Emergency Fund Basics

August 27, 2021 by First Federal Bank

The COVID-19 pandemic and its economic downturn might have exposed how fragile your finances are. As the economy begins to recover, it’s a good time to consider building an emergency fund to help protect you in the future. Consider this information as you start to put money away:

Topics: Saving Money, Financial Education, COVID-19

Creating a Budget Online

August 18, 2021 by First Federal Bank

Budgeting is notorious for being a hassle. Thanks to these mobile apps and web-based services, you won’t have to pore over your finances for hours or mess around with spreadsheets. Here’s a look at four online tools that take the tedium out of building a budget:

Topics: Saving Money, Technology, Budgeting

How to Live on a Fixed Income in Retirement

August 09, 2021 by First Federal Bank

Before retirement, you probably had the chance to increase your income, such as by earning promotions or changing jobs. But during retirement, it’s more common to live on a fixed monthly income determined by your savings. This can force a different approach to your personal finances and perhaps even to your lifestyle. Follow the tips below to...

Topics: Saving Money, Retirement, Budgeting

Benefits of Investing

August 02, 2021 by First Federal Bank

You work hard for your money — now it’s time to make your money work for you. When you invest, you have the chance to build wealth and diversify your streams of income. Here’s a look at what investing can do for you:

Topics: Saving Money, Investing

What Is a Certificate of Deposit Account?

July 30, 2021 by First Federal Bank

In the world of investments, certificates of deposit (CDs) occupy a middle ground. They provide you with a guaranteed interest rate in return for keeping a specific amount of money in an account for a set period of time. CD accounts typically offer better interest rates than traditional savings accounts, and are a less volatile option than...

Topics: Saving Money, Investing

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

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

CD vs. Savings Account

May 26, 2021 by First Federal Bank

Whether you’re putting aside funds for a rainy day, or a sunny summer vacation, saving money is an absolute must. When it comes to how you save, two of the most popular options are savings accounts and certificates of deposit. The best way to determine which choice is ideal for your situation is to understand the benefits of both.

Topics: Personal Banking, Saving Money

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