Managing your holiday bills
December 18, 2023
The holiday season is a time for giving—and a time for spending! If making it “the most wonderful time of the year” also made a dent in your bank account, now’s the time to start planning how to get rid of holiday debt.
Here are a few tips to help you manage those extra bills and start the new year on the right financial foot:
- Give yourself a deadline. An important first step in managing your debt is deciding how much you need to pay, and when you want to do it. Look at your end-of-year spending total, and then set a goal to pay off that amount by a reasonable deadline. Like Tax Day, April 15!
- Go on a spending freeze. Saving is a great way to start chipping away at debt, so consider choosing a month to spend on essentials only, like groceries and rent. This will beef up your savings account and help pay down your credit cards. Learn more about how you can make savings work for you.
- Postpone large purchases.If you didn’t buy that new big-screen TV you wanted for the holidays, consider waiting a little longer. RCU’s online budget building tools can help you plan for later, while prioritizing today.
- Plan for next year. It can be difficult to plan far in advance, but the earlier you start setting aside money for next holiday season, the less stress you’ll have this time next year. RCU offers a number of ways to help you set aside money for next year like opening a savings certificate.
Whatever your 2024 goals, RCU is here to support your financial health! Explore more resources in our Financial Wellness Center.
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.
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