Managing Your Money in a Tough Economy
September 26, 2022
Many recent factors have been causing prices to rise, and it may feel like your money doesn’t stretch as far as it used to. Even in the face of challenging economic times, there are some practical steps you can take now to help boost your financial security and feel better prepared for whatever tomorrow brings.
Set a budget and track spending. Creating and monitoring a budget takes a little effort up front but has great benefits. By seeing where your money is going, you can make sure you’re not spending beyond your means and feel confident knowing how much you can afford to save or spend on something fun.
Review expenses and trim unnecessary ones. This will immediately help you sort out what you need vs. what you want. If you need to cut back, you can decide which areas are the easiest to trim.
Use your credit card rewards.* Have you checked your rewards lately? You may be able to use rewards or credits to cover food expenses, get cash back, and more! All personal RCU credit cards automatically earn Redwood Rewards points.*
Search for deals. Whether shopping online or in store, do all you can to get the best prices. Comparison shop and keep an eye out for sales, especially on those big-ticket items like electronics, appliances, and furniture.
Tackle your debt. Make a list of your loans and credit card debt, organizing by annual interest rates. It’s a great time to resolve to pay off those with the highest rates first and explore smart options for doing so sooner rather than later.
Ask for help. Take advantage of the financial counseling services available at no cost to you through our trusted partner BALANCE. To speak with a financial counselor, call 1 (888) 456-2227.
We’re here in good times and bad, but we especially want to hear from you when times are tough. We may be able to help in ways you never imagined.
*Cash advance transactions and balance transfers are excluded from earning points.
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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