The 2×2 System is where you set aside two hours on the calendar two times a month to complete a predetermined financial task. This modest but consistent effort can help you sustain financial health and build wealth in bite-sized chunks. Read February’s blog for tips on taking action to support your long-term financial goals. We hope you find this month’s information helpful.
March Tips to Move You Forward Financially
Spring is finally here. Even the groundhog, Punxsutawney Phil, predicted an early spring this year. Use the start of this season of new hope and possibilities to refresh your thinking and review your withholding information when you do your taxes.
March Session 1: Complete a Spending and Savings Plan
You probably call it a budget. But the b-word can feel restrictive, like being on a diet. Thinking of it as a “spending and savings plan” helps you focus on using your money for the things that matter most to you. If you’re not tracking your spending and saving, now’s the time to start. This financial knowledge is a critical foundation for moving forward financially.
Tip: When handed a budget (or spending and savings plan) worksheet, most people start by filling out their expenses before dedicating whatever money remains to their big-picture goals. Thinking of your goals as essential expenses instead and adjusting your other expenses around them can go a long way to achieving your goals faster. Another tool to help you reach your goals is a safe place to save money, like our Online Savings account. You’ll earn a nation-leading 4.00% APY* with Direct Deposit (Earn a very nice 3.50% APY without Direct Deposit). Plus, with no minimum deposit or maintenance fees, you’ll grow savings faster to help cover your spending easier.
March Session 2: Do Your Taxes
If you plan on working with a tax pro this year, use this session to gather the information needed to submit your taxes. Utilizing an online filing service instead can make sense if your situation is relatively straightforward. However, if you fill out your taxes on paper and make the calculations yourself, you’ll likely need to allow for more time to get the job done.
If the results of your filing don’t come out as positively as you’d hoped, this is also an excellent time to review your withholding information for a better outcome next year.
Tip: If preparing for this year’s tax filing felt like chasing ants in the jungle, consider using part of your time in this session to create an organizational system for your important paperwork. Creating a centralized physical or digital location for all your important documents can make the tax process much less stressful. If you’re looking for help with your taxes, check out these offers. Our Members can save up to $15 on TurboTax federal products for a limited time.** And new H&R Block clients save $25 on in-office tax prep services.† Get your coupons now.
Final Thoughts
We hope this month’s 2×2 tips change how you think of budgeting and get you started on doing your taxes if you haven’t done so already. If you’re an early bird who’s already filed your taxes and received a return, consider opening or adding to an Online Savings account. It’s a simple way to earn big all year long. If you need help opening an account, connect with us online through Tulee, or call 800.877.2345.
Thanks to our friends at Balance for these smart tips.
*APY = Annual Percentage Yield. APY is the annualized rate based on a compounding period of one year. When the deposited money earns dividends and the accumulated dividends starts earning dividends as well, we are talking about compounding. Fees could reduce the earnings on an account. All yields except Certificate yields are subject to change retroactively to the beginning of the month.
Rate bonus for $1,000 monthly Direct Deposit into a Farmers Insurance Federal Credit Union Checking Account. No branch or call center access with this account.
**TurboTax: Visit http://turbotax.intuit.com/lp/yoy/guarantees.jsp for TurboTax product guarantees and other important information. Limited-time offer for TurboTax 2022. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries.
†H&R Block Offer: Void if sold, purchased, or transferred and where prohibited. No cash value. Valid at participating U.S. offices only. A new client is an individual who did not use H&R Block or Block Advisors office services to prepare their 2022 tax return. Discount valid only with or for preparation of an original 2023 personal income tax return. Coupon must be presented prior to completion of initial tax interview. Discount may not be combined with any other offer or promotion. Expires October 15, 2024. OBTPB#13696-BR ©2023 HRB Tax Group, Inc.
