New Year, Fresh Start
December 5, 2022
The new year brings an opportunity to reflect on the past year and to set new goals for the year ahead. If you’re thinking about setting physical and mental wellness resolutions, consider adding financial wellness resolutions as well.
Here are five financial New Year’s resolutions to make 2023 a better year for your money:
- Make a budget and stick to it. Creating a budget takes a little effort up front but paying off debt, making a down payment, or taking that dream vacation is the reward! RCU’s online budget building tools can help you ease into this healthy new habit.
- Prioritize and pay off debt. Make a list of your loans and credit card debt, organizing by annual interest rates. Resolve to pay off those with highest rates first and explore smart options for doing so sooner rather than later. Start managing your debt today.
- Plan for retirement. It’s easy to put off saving for the future in favor of more immediate needs, but the earlier you start setting aside money for retirement, the more opportunity you’ll have to grow your savings over time. Take advantage of RCU’s free retirement education.
- Automate your savings. Set up an automatic transfer into your savings or money market account every time you get paid. Transferring just $10 each paycheck can build into a holiday shopping fund, and larger transfers can support bigger goals, like buying a new car or home.
- Build your cash reserve. You never know when you’ll be hit with unexpected expenses such as medical bills, job loss, or home and auto repairs. There are many options for creating a safety net, such as creating an emergency fund or opening a savings certificate.
Whatever your 2023 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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