Resolve to be Financially Healthy in 2020
December 2, 2020
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Make a budget and stick to it. The reason this “same old advice” tops every financial list is, it works! 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, templates, and resources 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. Need
help? Ask us! - Reward yourself! All RCU credit cards automatically earn Redwood Rewards points to use toward cash, gift cards, merchandise, travel, green products, concerts, sporting events, and more! Learn about Rewards here.
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Plan for retirement now. 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. -
Pay yourself first! Set up an automatic transfer into your savings or money market account every time you get paid. Transferring just $10 at a time can build into a nice holiday shopping fund, and larger transfers can support your
greater goals, like buying a new car or purchasing a home. It’s easy to set up transfers—just log in to online or mobile banking and go to the Transfers & Payments tab to get started, -
Build emergency savings. Create an emergency fund for unexpected costs such as illness, job loss, or home and auto repairs. Experts recommend saving a minimum of three months’ basic living expenses (mortgage or rent, utilities, gas, and food)—and six months’ savings if you have dependents who rely on you financially. Begin by identifying nonessentials
you can spend less on and look for ways to save on your fixed monthly expenses. (See Ways to Cut Costs and Save Money Every Month.) One easy way to save is to collect your change. Whenever you pay for something in cash, round up to pay in
whole dollar amounts, and stash the change.
Whatever your 2020 goals, RCU is here to support your financial health! Explore more with these helpful articles, videos, and podcasts!
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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