First Financial FCU Partners with OCC to Host Financial Reality Fair

Many students are making financial choices everyday – some may have jobs, bills, car payments, auto insurance, rent, and a social life, but do they fully comprehend the value of a dollar? After hosting two successful Financial Reality Fairs at Wall High School and Jackson Memorial High School in 2012 and early 2014, First Financial Federal Credit Union is taking on college students for the first time. The credit union will be bringing the innovative Financial Reality Fair to Ocean County College ((OCC) on the Main Toms River Campus on Thursday, October 9 - sponsored and supported through the New Jersey Credit Union League Foundation.

The Financial Reality Fair is being piloted as one activity in the Student Success course curriculum, a central part of OCC’s first year student success program. OCC has been recognized for its focus on building a culture that fosters student success from the point of inquiry through graduation. “Our research indicates that students who are knowledgeable about their goals are more likely to successfully complete college; the intent of the Reality Fair is to help students get a better understanding of personal finances that can help guide their academic and career goals,” states Maureen Reustle, Dean of Academic Services and the Center for Student Success.

Beginning at 8 a.m., the Reality Fair is a full day of hands-on experience where students, after identifying their career choice and starting salaries, are provided a budget sheet requiring them to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing, and food.

“Many students that live at home with their parents don’t realize the expenses that go into owning a home and raising a family. The fair is a great eye-opener for the students to learn what it’s like to live on their own finances,” said Matthew Brazinski, Business Development Manager at First Financial.

After they have visited all the booths, students will balance their budget, and then sit down with a financial counselor to review their standing and get a “financial reality check.” The Fair is a unique opportunity for each student to experience some of the financial challenges they will face when they start life on their own.

For example:

• Students are encouraged to discuss their financial difficulties
• Students learn how to finance cars, furniture, appliances, etc.
• Students learn how to get their own cell phone plan -- without Mom or Dad!
• Students determine how to choose between buying a car or using public transportation
• Students learn about buying food
• Students then determine how to pay for all the little extras that add up like the gym, nail and hair salons, etc.

Betsy Hyle, a professor/lecturer at Ocean County College, stated “We’re eager to bring the Financial Reality Fair to our OCC campus. It’s a great exercise for students to learn financial concepts and critical thinking skills that will be relevant to their current lives. As they go through the fair, they will have the opportunity to make better financial decisions and learn to manage their own money. Afterward, I hope the students will utilize and apply the lessons they learn to their daily lives and are able to make smarter financial choices in the future.” Ms. Hyle initially approached the NJ Credit Union League about hosting the Reality Fair at OCC in early 2014.

An important component to a responsible financial lifestyle is saving. In the Financial Reality Fair experience, students are encouraged to save a minimum of 11 percent of their income, placing 3 percent in a long-term retirement investment, and 8 percent in a shorter-term investment. The Financial Counselors explore the importance of planning for future needs and preparing for future financial challenges through savings. While the Fair will tempt students to spend their income on “fun,” the Financial Counselors will bring the focus back to saving and budgeting practices.

About First Financial Federal Credit Union: First Financial Federal Credit Union (formerly Mon-Oc Federal Credit Union) is a not-for-profit financial cooperative whose goal is to provide the highest level of quality products and personalized services while maintaining financial integrity and stability. Our vision is to be a long-term financial partner with our Members. While First Financial has a highly trained, professional staff using the latest technology, we also pride ourselves on our personal touch. Unlike huge banking conglomerates, policy setting and overall strategic direction of First Financial are overseen by a volunteer Board of Directors made up of credit union members. The credit union is federally insured by the NCUA. For more information on First Financial, visit www.firstffcu.com.