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July 8, 2021
Add These Four R’s to Your Midyear Financial Checklist
You’ve made it halfway through 2021 already! At this point in the year, it’s a great time to take stock of your finances and check in on your progress. Kick your financial plan into gear for the rest of the year with what we’re calling the Four R’s Midyear Financial Checklist.
1. Reconcile your receipts and review your statements.
Reviewing your statements frequently helps you mitigate fraud, catch any errors and report any suspicious activity quickly. Do you have a pile of receipts on your desk that you’ve been saving “just in case”? Go ahead and sort through those, comparing the total on your credit and debit card statements to the total on the receipts and disposing of what you no longer need to keep.
Reconciling receipts is something we recommend doing on a regular basis, no less than monthly but ideally at least biweekly. If you’re out of the habit of reviewing your monthly statements, set a reminder for yourself to get back into the practice. It’s best to catch discrepancies early and always know where your money is going. (Want to make reviewing statements from your Grow accounts a breeze by getting them directly to your email? Sign up for eStatements.)
2. Realign your budget with your life.
Take stock of your January through June expenses and income. How is your monthly budgeting method working? Is your budget still effective and moving you toward your goals? Situations can change throughout the year, especially coming out of a global pandemic, so it’s important to assess the effectiveness of your budget and make any changes as needed. Take some time to realign your budget with your long-term goals.
Do you find yourself winging it month to month without a budget in place? If so, you aren’t alone. A 2021 Debt.com survey found that while more people are budgeting than in previous years, 20% of people reported that they still don’t use a budget at all. If you don’t have a budget in place currently but want to develop one, learn more about starting a budget.
3. Review your credit report.
It’s important to review your credit report regularly, both for your awareness and to check for accuracy. Monitoring your credit helps you catch fraud or errors quickly. Plus, you’re legally entitled to a free credit report every year from each of the major three credit bureaus, so take advantage. Working to improve your credit score? Develop these four habits to improve your credit.
4. Renew your commitment to your goals.
We talked at the beginning of the year about three financial goals to set in 2021. Maybe you set one or more of those specific goals for yourself, or maybe you created some custom goals based on your own unique situation. Take some time to reflect on any of the goals you’ve set for yourself this year, financial or otherwise. How is your progress? Are there any steps you need to take to readjust your spending, saving or other choices to improve? Are there any roadblocks hindering you, and how can you remove them?
We hope you enjoy these tips and use them to help you review your finances. We’ll be continuing to share advice and information to encourage financial literacy for our members and community. Do you have a topic you’d like to see covered? Let us know by messaging us on Facebook or Instagram! We’d love to hear your input.
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 and home equity 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 and personal loan payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for mortgage and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733