5 Tips to Save Money Despite Inflation
June 28, 2023
Inflation can put a strain on our finances, but don’t worry! Redwood Credit Union has your back with five ways to help you navigate these challenges and achieve your savings goals.
Set Spending Priorities
Take a close look at your expenses and identify areas where you can cut back. By setting clear spending priorities, you can eliminate unnecessary costs and redirect those funds toward your savings.
Automate Your Savings
Build a consistent savings habit by setting up automatic transfers to your account(s) to save money before you’re tempted to spend it. As your savings grow and as you make progress on your financial goals, you’ll see your monthly cashflow in a new light and prioritize your budget more responsibly.
Seek Financial Advice
Not sure where to start on your savings journey? Schedule an appointment with an RCU representative to create a comprehensive savings plan tailored to your financial situation. As a Member, you also have access to free financial counseling through BALANCE by calling
1 (888) 456-2227.
Take Advantage of High Certificate Rates
As inflation occurs, interest rates on savings certificates often rise. RCU offers competitive rates on a variety of savings certificates. By investing in these certificates, you can lock in your savings at a higher rate for a fixed term and offset the impact of inflation.
Prioritize Paying Down High-Interest Debt
High-interest debt can hinder your financial progress. Make it a priority to pay off such debts as soon as possible. By reducing the amount of interest you pay, you can free up more funds for savings and improve your overall financial health.
By implementing even a few of these tips into your life, you can take charge of your finances and build a more secure future.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
Leaving Our Website
You are leaving our website and linking to an alternative website not operated by us. Redwood Credit Union does not endorse or guarantee the products, information, or recommendations provided by third-party vendors or third-party linked sites.