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January 12, 2023
Three Financial Resolutions for 2023 and How to Accomplish Them
A new year brings new opportunities and often sparks a mindset of growth and improvement. Let’s make this the year for serious progress toward financial goals. Here are three financial resolutions we recommend adding to your New Year’s financial resolutions list:
1. Use a monthly budget.
A lot of people are freestyling when it comes to their personal financial management. How much money did you spend last month? Most people aren’t sure — up to 65% said they have no idea how much they spent.* The first step to getting on track is understanding your own financial picture, which starts with knowing where your dollars are going.
Create a monthly budget so you can see money in versus money out and make adjustments where needed. We promise that it’s not as tedious or daunting as you think, and by making financial management a habit, you’ll set yourself up for financial success. Get your budget started with three simple steps.
2. Pay down high-interest debt.
The next financial resolution? Let 2023 be the year you reduce or eliminate your high-interest debt. Many people use the debt snowball method for repaying debt, paying off the smallest balances first to train themselves into a debt-repayment mindset and then “snowballing” from there into paying off the larger balances.
There is another method: the debt avalanche. This involves paying off the balances with the highest interest rates first. That way you’ll pay less in total over the life of your loans because you cut down the compounding interest. A great move to pair with this strategy is to consolidate the higher-interest debt to a lower rate wherever possible using balance transfers to minimize the amount you spend on interest. (Learn more about balance transfers at Grow.)
3. Set a new financial goal.
A down payment on a home, a vacation, a new car or something else that’s on your mind. What motivates you to save? Make some progress toward your dream in 2023. We recommend creating a separate savings account for this specific goal and saving a set percentage each paycheck, that way saving becomes second nature. It’s okay to be a little aspirational with your financial goal, too, because dreaming big can be a great motivator. It’ll be easier to say no to discretionary spending in the short term in pursuit of your larger goal. (Check out Club Accounts, which are great for separating your goal funds into their own savings bucket.)
Why set financial resolutions?
In a time when “new year, new me” is saturating the airwaves, let’s capitalize on that attitude and extend it to our finances too! A new year is a great time to reflect, reset and look toward the future. Even if traditional New Year’s resolutions aren’t your thing, we hope that creating financial resolutions will help you along your financial journey this year. For more financial literacy education and resources, visit growfinancial.org/education.
Grow Savings Accounts are subject to ChexSystems® approval.
*According to a Mint survey conducted from April 30 to May 2, 2020. https://mint.intuit.com/blog/budgeting/spending-knowledge-survey/. Accessed January 4, 2023.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733