New Year, New Money Habits
December 7, 2021
2022 is the year to rethink your finances, stick to a budget, and rid yourself of debt. Making small changes to your behavior is more sustainable in the long run—something you and your finances can benefit from for years to come. Here are some proactive steps to consider:
- Establish a budget. Creating and monitoring a budget takes a little effort up front, but paying off debt, making that 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.
- Tackle your debt. Make a list of your loans and credit card debt, organizing by annual interest rates. Resolve to pay off those with the highest rates first and explore smart options for doing so sooner rather than later. Start managing your debt today.
- Plan for retirement. Retirement may feel like a lifetime away, but the earlier you start setting aside money, the more opportunity you’ll have to grow your savings over time. Take advantage of RCU’s free retirement education.
- Automate your savings. Reach your goals faster 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. Set up your automatic savings transfer.
- Build an emergency fund. Saving money instead of paying down debt may seem counterintuitive, but an emergency fund can keep you from creating more debt. These savings give you a safety net you can use when an emergency arises, so you don’t have to reach for your credit card. Jump start your emergency fund.
Whatever your 2022 goals, RCU is here to support your financial health! Explore more resources on 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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