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Tips to keep your grocery budget lean
Have you ever been surprised by your grocery bill after checking out? Whether it’s inflation, that buy-one-get-one-half-off deal, or the bright, shiny packaging displayed so cleverly— it’s easy to let our grocery bill get too big if we’re not careful.
According to the Bureau of Economic Analysis, Oregon’s yearly average per-capita grocery expenditure is $4,104. This translates to $342 per month/per person (or $1,368 for a family of four) depending on your appetites and where in the state you live. This can be a significant amount of money for many households already struggling to make ends meet.
Spending money on food is non-negotiable—we have to eat, but there are ways to keep that expense under control.
Figure out how much you can reasonably spend on food
Financial advisors suggest spending no more than 10% of your income after taxes on food. That includes the supermarket as well as restaurants. If you want actual figures worked out for you, check out the USDA’s website for food plans based on averages for four levels: thrifty, low-cost, moderate, and liberal plans.
Make a shopping list
There are many grocery shopping apps available. Find one that fits your needs. These help you create digital shopping lists, including some that offer digital coupons. If you prefer going old school, make your list with a pen and paper and post the list on a board in your kitchen. As you run low on items, put them on your list. Then, when it’s time to shop, stick to that list and try to avoid impulse buying.
Use reward programs
If you use a major retailer, the store will likely have a store reward program. Make sure you sign up for it to get store discounts and coupons. The store may even have its own shopping app.
Use your Mid Oregon VISA Rewards points
With the Mid Oregon Everyday Rewards VISA you receive a point for every $1 and double points for gas and groceries: $1,000 gas/groceries = 2,000 points; $500 miscellaneous purchases = 500 points. Total of 2,500 points = $25 in prepaid gift cards or cash!
Consider ordering online
Not only does it save you a trip inside a store, it also keeps a running total of your expenses before you check out. If you go over your shopping limit, you simply take certain items off your list to bring down your total. Ordering online can also lessen impulse buying.
Track your food spending habits
Keeping tabs on your purchases can help keep you on budget. Mid Oregon offers a Financial Wellness widget in Digital Banking providing an accurate snapshot of your finances. Your transactions are automatically categorized allowing you to stay on top of your spending and budget. See how much and where you spend, giving you control of your finances and access at a glance.
Buy only what you need
Avoid buying anything simply because you have a coupon or because the store offers a bulk discount. If you can’t eat 2 bags of salad greens in a week, a “buy one get one 50% off” offer will simply fill your garbage can with wasted food. Another rule of thumb is not to go to the store on an empty stomach—even that canned cheeseburger (yes, it’s a thing) looks good when you’re hungry.
By following the tips above and making smart decisions, you can reduce your food spending. Keeping your food expenses under control is easy with a little planning. The digital tools available makes this even easier. The hardest part will be controlling your impulse to reach for a sweet treat before checking out, and for that, you’re on your own.
Why Is Estate Planning Important?
Introduction to The Right Estate Plan for You
Before you can make the right estate plan for your family and situation, you have to know some basics about the subject. Mid Oregon has hosted Estate Planning Workshops for years, we understand how crucial this is to financial well-being. We want to help you answer the question, why is Estate Planning Important?
When a person dies owning property, that property has to go to somebody, somehow. Any competent adult can arrange his or her affairs to choose “who gets what.” The process of making those decisions is a minimal definition of estate planning. A good estate plan provides a legal and practical mechanism to dispose of your property after death in a way that fulfills your wishes and the needs of your survivors, while minimizing taxes.
Why Is Estate Planning Important?
There is an unfortunate, widespread misconception that this is a subject of interest only to the wealthy. If you don’t decide who’s going to be in charge and what’s supposed to happen and then arrange things accordingly a combination of luck and state law will control your property upon your death. Whether it involves a fortune or a modest sum, there is no way for anyone to enforce your intentions if you have not given them legal effect in the ways we will look at here. Maybe everything will work out fine without a bit of planning. But bear in mind that families can be torn apart in jockeying for legal authority, small sums of money, or even minor household items.
What not to think
If you want your wishes to be fulfilled at your death without starting World War III, avoid the following age-old invitations to disaster:
- “Everybody already knows who’s supposed to get what.”
- “In my desk drawer is a list of my possessions and the persons to whom they should be given.”
- “I don’t have much. The kids can just come in and divide it among themselves however they decide.”
- “Last year I put all my money in a joint account with my oldest daughter. After I die, she’ll split it three ways with her brothers.”
- “All I have is life insurance (or ‘All I have is an IRA.’) My son is the only beneficiary listed on the form, but I want him to share it with his sister.”
In all the often-heard statements above, people think they have their affairs in order, but they really have no estate plan. These well-intentioned folks are asking for family squabbles and other problems.
For many people, too, an important part of estate planning is seeing to it that their wishes for children or grandchildren are implemented. This includes the choice of a guardian for minor children, as well as guidance as to how the kids should be cared for and how funds destined for their benefit should be managed and distributed. Even many people with adult children are likewise concerned about money management.
Important people to appoint
Do you care who your personal representative will be? Somebody must be given responsibility and the necessary authority to “wrap up” your affairs, pay debts, as well as preserve, gather and distribute your assets in accordance with your wishes. This person is called an executor if you have a will, or a trustee if you have a trust. Your personal representative should be a trustworthy person (or bank) with common sense, good judgment and the fairness of a referee. The personal representative may hire lawyers, accountants and other professionals with estate funds for assistance, but fees and other costs can be saved if the personal representative and/or family members are able to do some of the “legwork” themselves.
If you don’t appoint someone
Without an estate plan, your “wrapper-upper” will be chosen by the court, and might not be the person you would have wanted. Sometimes, family bickering develops over who should be appointed by the judge. Often, a neutral lawyer is appointed, and must be paid with funds you leave behind.
Doing it yourself
Before examining the tools of estate planning, a word about “doing-it-yourself” is in order. A great deal of self-help is possible by the lay person who takes time to educate him or herself. But people do need attorneys in most estate planning, probate and other legal situations at least for a consultation, or to answer some questions.
Of course, not all “do-it-yourselfers” are doomed to failure, but they take a substantial risk of overlooking a potential “complication” that would be obvious to an attorney.
Yes, will-preparation software and online services can produce adequate results in simple situations. Often, however, these approaches don’t fully deal with the particular details, contingencies and very specific issues that are likely to be critically important to your family. Some clients use software programs just to learn a little and “get something on paper” before consulting a lawyer. This is a fine idea.
Recorded Estate Planning Webinar Available
Mid Oregon Credit Union has asked Estate Planning Attorney Jeff Patterson and his Estate Planning Essentials seminar to Central Oregon in a seminar on June 6th, You can register here to attend this free workshop, Jeff, who is with Lynch Murphy McLane LLP in Bend, also has a past presentation available for free viewing on our Mid Oregon YouTube channel. Jeff covers some key estate planning concerns, while answering questions from the live attendees. You can also watch it below.
Creative Ideas for Budget-Conscious Travelers
After a long hiatus from traveling during the pandemic, many Americans are once again pulling their suitcases out of storage. While the impulse to go crazy with plans may be strong, you probably don’t want a vacation-debt hangover that lasts for months after your trip. Here are a few creative ideas for budget-conscious travelers.
Review Anticipated Expenses
Before you hit the road—or the air—tally up anticipated expenses so you know what to expect. Once you get a fairly accurate picture of what your vacation will cost, then start manipulating the numbers to make it more affordable. Here are a few ways you can save:
- Search online for cheaper accommodations and flights. Aggregator websites like Google.com/travel/ and HotelsCombined.com will look through online travel agencies and hotel sites to find the best deals. Go to Orbitz.com, Travelocity.com, and Expedia.com for deals on flights, but don’t stop there. Go directly to the airlines’ websites to see if they offer even lower prices with fewer fees.
- Look for package deals. Some packages even include meals, a big expense for large families. If you’re traveling to a family reunion or meeting up with multiple families, check out group-booking sites such as Groople.com.
Ideas for Budget-Conscious Travelers
- Consider swapping homes. Trade homes with people who live where you want to spend your vacation and save hundreds or even thousands of dollars on hotel costs for a two-week vacation. Do a Google search for “home swap” or “home exchange.”
- Plan ahead to save on meals and snacks. Stay at hotels that include continental breakfast for guests. If your room has a minifridge, buy your favorite drinks and snacks and store them in it.
- Look for two-for-one coupons and other discounts. Check in the hotel lobby, area newspapers, and on the web for money-saving coupons for area attractions, tours and restaurant meals. Deals are out there for those who look for them.
How Will You Pay?
Finally, figure out now how you’re going to pay for the vacation. A word of advice: Don’t let vacation debt linger for several months after you get back home. Ideas for budget-conscious travelers should inclPlan to pay off credit-card debt in full when the bill arrives by using savings in combination with money from a home equity line of credit or small closed-end loan from the credit union. Loans and lines of credit likely have lower interest rates than most credit cards, so you can pay down that debt much faster.