The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Dreaming of your next outdoor adventure?
The Boat & RV Show at the Central Oregon Sportsmen’s Show
If our latest wave of winter weather is making you antsy to head outside, why wait another minute? Start planning now for your next outdoor family adventure at the Central Oregon Sportsmen’s Show. It’s happening March 1-4 at the Deschutes County Expo Center. In conjunction, you can enjoy the Boat & RV show at the Expo Center.
Several Boat & RV Dealers will be exhibiting at the show, including locals All Seasons RV & Marine, Beaver Coach Sales and Service, Big Country RV, Blue Dog RV of Oregon, Central Lakes Marine, Culver Marine, Madras Marine, Mid State Power Sports, Pro Caliber Motor Sports, Trailer World of Bend, Trailers Unlimited and Tumalo Creek Kayak & Canoe.
Do your homework before you look for that RV or boat!
Before you shop, you should understand the type of RV which fits your needs, and the price range you can afford. It takes research and planning, and should you need financing, getting pre-approved for the right loan.
For many, that trailer, 5th wheel, motor home or boat will be one of the largest purchases you will make. Are you seriously interested in one of these vehicles or water craft? You should do your homework before you shop.
Get pre-approved now for your dream RV, boat or toy!
Get an early start on shopping for the boat, RV, or other toy you’ve been dreaming about. Just call, click or stop by a Mid Oregon location to start your pre-approved RV loan. With your pre-approval in hand, you’ll know exactly how much you can afford, and how much your payment will be, so you can negotiate with confidence. What a great way to get your best deal!
Knowing financing in advance allows you to focus on vehicles in your price range. Saving a lot of time and hassle, it will help eliminate the stress on how you will get approved during your purchase experience. Don’t find what you want at the show? You will still be able to use your Mid Oregon approval to shop with dealers and private parties afterward.
Plus, you don’t even have to shovel the driveway to get started–just apply online right from your easy chair using our easy, secure online loan application.
What Fits Your Needs?
There are many resources to help you find the right vehicle or water craft. On the internet, you can search manufacturer and dealer’s websites. You can look at industry reviews. You can talk to current RV or boat owners to learn the good, the bad and the ugly. And you can start by asking yourselves some key questions (the following is derived from “The Only Guide You Need to Buy an RV“, by Melissa Popp, TripSavvy, 11/26/17:
- Why are you buying an RV? There are motorhomes and towables, and do you want a new or used RV.
- Where do you plan to travel with the RV? First, do you own a towing vehicle, and are you comfortable with driving while towing? Pop up campers, truck campers and small travel trailers are often the best way to ease into the RVing lifestyle.
- What features do you need? If the RV is brand new you can choose the features or customizations at the dealer, but it might be expensive. Know what is important to you.
- What features do you want? Because it’s important to narrow down exactly what you need as opposed to what you want before you buy an RV. One of the biggest benefits of owning an RV is that you can customize and add features to it down the line, you might wait to invest in projects for the future.
We hope you enjoy the Sportsmen’s Show & RV/Boat Show this Thursday through Sunday. Let Mid Oregon help you enjoy it more to make your dream become a reality!
Seven Ideas for a Successful Savings Plan
Saving Practices Made Easy
America Saves Week is February 26 through March 3, 2018 (Read more below). Now is the time to improve your savings game. It’s easy to postpone starting to save for a later day, but a solid plan is key to success. By following some basic guidelines, you’re more likely to achieve financial security. Here are seven ideas for a successful savings plan.
1. Pay yourself first.
Use automated transfers to get in the habit of saving. Money will be transferred from your account without you seeing it, which makes you less likely to miss it. Schedule the transfer the same date you get paid.
2. Save 10% of your paycheck.
The general rule of thumb is to save about 10% of each paycheck. If that seems too high, try 5% and work your way up to saving 10% of your earnings. Add 1% every year you get a raise until you reach 10%.
3. Know yourself.
Examine your goals to determine which savings plan will work best for you. For example, if you’re saving for retirement, select a plan that will fit your financial needs down the road. Know your financial personality, including your tolerance for risk. Don’t invest all your money in an aggressive stock or mutual fund if you’re conservative with your money and it would stress you out.
4. Realize that age matters.
Always take into consideration how much time you have to save for your goal. If you are a recent college graduate, you have several decades to ride out the highs and lows of the market and can take advantage of more high-risk investments. If you’re only a few years from retirement, less risky investments are a better option.
Math Can Be Your Friend
5. See the benefit of compound interest.
The simplest way you can invest your money is to leave it alone and let it “compound” over time. You earn interest not only on what you save, but also on the dividends (interest) generated. The earlier and more you save, the more your money will grow.
6. Use dollar-cost averaging.
This is the process of routinely investing a set amount of money over time, rather than all in one lump sum. It’s a convenient savings method, particularly for beginning investors. For example, each month transfer $25 or $50 from your share draft account directly into an investment vehicle such as a traditional or Roth IRA. You reduce your overall risk from market fluctuations because your money buys more shares when the price of a share is down, and your money buys fewer shares when the price of a share is up. Bottom line: You’ve reduced your investment risk.
7. Use the Rule of 72.
To figure out how long it will take for your investment to double with compound interest, use this rule: Divide 72 by the interest rate you expect to receive on an investment. For example, if your investment earns 4% interest, your money will double in 18 years (72 divided by 4 is 18).
Mid Oregon Savings Resources
- Mid Oregon Savings Accounts
- Save to Win: Prize Based Savings Accounts
- Savers’ Club
- Use the Mid Oregon Credit Union Savings Calculator
America Saves Week
Americans have a hard time saving money. According to a report from the Pew Charitable Trusts, the typical household cannot replace even one month of income with liquid savings.
If building an emergency savings fund is one of your goals for 2018, join thousands of others during America Saves Week–February 26 through March 3, 2018–and step up your savings.
America Saves Week is coordinated by America Saves and the American Savings Education Council to promote good savings behavior.
Are you expecting a tax refund? Make it count!
Your tax refund could help you reach your financial fitness goals.
For many of us, the New Year was a time for making resolutions—many of them financial. But it doesn’t take long to slip back into old habits and find yourself delaying saving, adding to credit-card balances, or generally fudging on your budget.
If you’re expecting a tax refund, you have a great opportunity to change the equation. That extra cash windfall doesn’t come along often, so think of some ways you can put it to work to reach your financial goals. Here are some ideas to get you started.
Retire some debt
If you’re trying to reduce your debt load, look for one debt you can eliminate altogether with your refund. Make it go away, and celebrate!
Then, use the amount you’ve been budgeting for that monthly payment and apply it to your next debt. It’s called the debt snowball (financial guru Dave Ramsey swears by it), and it’s a great way to get debt-free quickly.
Extra step: If you want to consolidate or refinance your remaining debt, check out our consolidation calculator, or apply now for a Mid Oregon debt-consolidation loan.
Get some breathing room
Are you ready to start a new monthly budget? Get off the credit card merry-go-round and use this infusion of cash to build a “cushion” into your checking account. Subtract your cushion amount from your check register or budget tracking software. Use this new amount as your working checking balance. Then, you’ll never have to rely on courtesy pay or your line of credit if you accidentally overdraw your account. Resolve to pay cash for necessities, and you’ll find your financial picture will improve dramatically!
Extra step: Register for our free “Build a Basic Budget: The Five Step Spending Plan” workshop, scheduled for February 27 at Mid Oregon’s East Bend Branch. Call 541-382-1795 or email us to reserve your seat!
Jump-start your dreams
Goals are just dreams with a deadline. Make your financial dreams closer to becoming reality by taking the first step right now! Use your tax refund as the initial deposit on your new Saver’s Club Certificate or Save to Win account. Add a small amount each month after that, and voilà—you just started your very own emergency fund, vacation account, or down payment for your first home!
Need more ideas?
One of the benefits of being a member-owned financial cooperative is that when our members do better, so do we. So we want to help you get financially fit! If you need more ideas, just give us a call at 541-382-1795, stop by your nearest branch, or browse the website.