Managing your finances can feel daunting, but asking yourself the right questions will help you develop good financial habits that will last a lifetime. Let’s explore three financial questions that can help set you on the path to financial growth.

Is my budget working?

First things first, set yourself up for financial success this year by getting a handle on your household budget. Here’s your next step if you’re a…

• Confident budgeter: If you’re already confident about your household financial management skills, that’s fantastic! Take a few minutes to review your budget and make sure it still meets your needs and goals. Up for a challenge? Shift a few extra percent of your income from spending into saving.
• Budgeting newbie: Brand new to budgeting? That’s okay! Everyone begins somewhere, and there’s no better time than the present to start using a budget. Check out Budgeting Basics to learn how.
• Up-and-coming budgeter: Somewhere in the middle? That’s normal! Most of us have some idea of our income and expenses, but we might not review our budget as much as we should. Check out these five tips to make managing your household finances easier.

No matter what your starting point is, future you will thank you for getting your budget on track.

Am I ready for tax season?

Uncle Sam comes knocking at the door every year. Begin preparing to file taxes for tax year 2024:

• Make a list of all the tax documents you expect to receive, including W-2s and 1099s.
• Schedule an appointment with your tax professional, as their schedules can fill up quickly in the spring.
• Organize your receipts, such as those for charitable donations.
• Review your available tax credits and deductions. Here are five credits you won’t want to miss.

For Grow members, your tax forms will be mailed by January 31, 2025, or made available electronically in Grow Online and Mobile Banking for members subscribed to eStatements.¹ Please note that Forms 1099-INT will only be created if you’ve earned a total of $10 or more in dividends on all accounts (excluding IRAs).

Do I have the right insurance coverage?

Everyone needs insurance, and no one enjoys shopping for it: health insurance, homeowner and renter’s insurance, dental insurance, auto insurance — the list goes on. Take some time to review your insurance needs and make sure you’re adequately covered.

If you want to save some time in shopping for insurance, check out Quorum Insurance LLC.² They’ll do the research for you to find the right policies at affordable prices. Learn more.

---

Posted In:

• General Education