Grow Financial Federal Credit Union
Year-end financial checklist
December 8, 2021

Add These Six Tasks to Your Year-End Financial Checklist

We wouldn’t let 2022 sneak up on you without first reminding you of a few important financial tasks to complete. By taking some time at the end of the year to reflect on where you’ve been, you’ll have an easier time getting where you want to go. Before you create your financial calendar for next year, add these six tasks to your year-end financial checklist.

1. Do a budget checkup.

Does your budgeting plan still line up with your goals? Take a look at your spending habits, income and savings, then consider any adjustments you want to make for the upcoming year. New to budgeting? Get started with these three simple steps.

2. Consolidate high-interest debt.

If high-interest debt is weighing you down, consider consolidating your debt into one place with a lower interest rate. By doing this, you’ll potentially save big on interest and be able to pay down debt faster. Plus, there will only be one monthly payment to manage, instead of several.

For streamlining debt to a lower rate, we recommend our Grow Visa® Preferred Credit Card, which has zero balance transfer fees and no annual fee.1

3. Check your insurance coverage.

Have your insurance premiums increased recently, or have you had any life events that may warrant a change in insurance coverage? Maybe your family has grown, you’ve changed jobs, or you’ve moved from renting to owning your home. No matter what your life circumstances looked like this year, it’s a good idea to review all your insurance policies to make sure they still work for you. Since insurance cost and coverage can vary widely, now is the time to do some rate shopping to make sure you’re getting the best bang for your buck.

Need insurance but hate shopping for it? Grow members are eligible for help from Quorum Insurance, LLC.2 Quorum is a one-stop shop for insurance and will do the research for you to help you select the best coverage for your needs and budget. Recently, Quorum helped members save an average of $825 annually on their auto insurance premiums by recommending changes that fit their needs. Call 800.714.1447 for your no-obligation, free quote or visit to learn more.

4. Get ready for tax season.

Uncle Sam will come knocking at your door again in the spring, so start getting ready for tax season now, while you still have some time left in 2021. A few common action items to consider at the end of the year include:

  • Make any charitable contributions. If you want to deduct charitable contributions for this tax year, be sure to make those donations soon.
  • Reconcile and file receipts. Whether you’re filing for Schedule C as a small business owner, or just taking any deductions that require documentation, start reconciling and sorting relevant receipts now.
  • Schedule an appointment with your tax professional. Accountants can get busy during tax time, so get ahead of the game by scheduling your appointment soon.

5. Update your beneficiary designations.

Your year-end financial checklist wouldn’t be complete without a review of your beneficiary designations — the person or persons your money will pass to after your death. Double-check that all your beneficiary information is correct for all your accounts, whether through Grow or other financial institutions, so that your assets pass along as you intend. Learn more about estate planning, including wills, trusts and beneficiary designations.

6. Review your financial plan and retirement contributions.

No matter where you are in your financial journey, it’s important to have a financial plan. It guides your financial calendar and helps you stay on track to meet your goals. Consider these questions:

Not sure about the answers? We can help! Grow members receive a complimentary consultation with a CFS Financial Advisor, who can help you plan for retirement, develop a comprehensive financial plan and more.3 Schedule a complimentary consultation now.

Schedule a complimentary consultation

1Subject to credit approval. Introductory Rate as low as 1.99% to 4.99% APR. The introductory rate is effective for the first six billing cycles for purchases and balance transfers. After the introductory period expires, or if you do not qualify for an introductory rate, your standard APR will range between 6.99% to 17.49% for purchases and balance transfers. This is a variable rate. The rate you receive will be based on your credit worthiness. This rate will vary with the market based on Prime Rate as published in the Wall Street Journal “Money Rates” table on the last day of each calendar month. The APR will not exceed 18.00%. If the minimum monthly payment is 60 days late twice in a twelve-month period, the rate will revert to a default rate of 18.00% for six (6) billing cycles. Other APRs: Cash Advances 18.00%, Overdraft to Share Account 18.00%. A finance charge of 1.00% will be charged on foreign transactions. Rates are effective as of 04/07/2020 and could change without notice. Annual Percentage Rate (APR).
2Quorum Insurance, LLC is an affiliate of Grow Financial. Insurance products purchased through Quorum Insurance, LLC are not deposits of Grow Financial and are not protected by NCUA. They are not an obligation of or guaranteed by Grow Financial and may be subject to risk. Business conducted with Quorum Insurance, LLC is separate and distinct from any business conducted with Grow Financial. Grow Financial is in no way responsible for the services provided through this program.
3Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. For specific tax advice, please consult a qualified tax professional.



Posted In: