Grow Financial Federal Credit Union

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January 9, 2020

New Year, New You? Add a Financial Wellness Check-Up Too!

It’s 2020. New year, new decade. Like most folks, you’re probably thinking about some new year’s resolutions and personal goals. During this time of reflection and goal setting, we encourage you to take the opportunity to consider the following questions related to your financial wellness:

Are you saving enough?

You’ve heard the saying “A penny saved is a penny earned,” and now is the best time to take it to heart. Even if you can only take small steps toward your personal savings goals right now, start today so all those pennies can add up. Conventional financial wisdom says a savings of at least 6-months’ emergency expenses is an important milestone for everyone to reach. Got your emergency fund stashed already? Start saving for other things, like a vacation, new car or education costs. You can use Grow online and mobile banking1 for easy-to-use tools to set savings and budget goals and track your progress.

Do you have a plan to tackle high-interest debt?

It can be overwhelming to manage debt, especially if you’re paying too much on interest. Consider consolidating high-interest debt to one place at a lower interest rate so you can knock it out faster. Always pay off the most expensive debt first. And most definitely, pay more than the minimum balance. Paying only the minimum required prolongs your debt payoff. Strategic choices now can help you later, such as choosing to limit spending on nonessentials, halting spending on credit cards and making payments on debt from each paycheck, rather than only once a month.
Looking to consolidate credit card debt? The Grow Visa® Preferred Credit Card may be a great option for you, with fee-free balance transfers2 and a competitive rate.

Are you on track for retirement?

As a member of Grow Financial, you have access to financial planning services provided in contract with CUSO Financial Services, L.P.3 Whether you’re already saving and want to review your portfolio, or you’re new to saving and would like to create a retirement plan, our financial advisors can guide you along the way. Schedule a complimentary consultation today!

Completed the above check-up successfully or created your own action plan to address each of the topics? The results are in … and your financial wellness is looking great!

1Additional data charges may apply. See your wireless carrier for more information.
2Subject 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 on 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 9.24% to 12.24% for purchases and balance transfers. This is a variable rate. The rate you receive will be based on your creditworthiness. 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 11/01/2019 and could change without notice. Annual Percentage Rate (APR).
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.


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