The Bottom Line

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.

Make FAFSA Easy

Make FAFSA Easy

The worst part of being a college student, besides dining hall food and always being broke, is finding financial aid. There’s nothing that will get you down in the dumps more than coming up with thousands of dollars for your education. Nothing seems to make FAFSA easy.

What’s slightly less painful is filing the free application for federal student aid, or FAFSA, each year. You can make FAFSA easy with a few key steps.

The hardest part about filing your FAFSA is usually convincing your parents to file their taxes right away. The actual application itself is not that difficult, and once you’ve done it for the first time, it’s a piece of cake.

Students whose parents are on an even salary have a pretty good idea about how much aid they’ll get the next year. Students who work or have parents who own their own business may have income that fluctuates a great deal every year. Regardless, these FAFSA facts will blow you away!

First, file as soon as you can.

It’s not just some myth that financial aid is first come, first served. There’s an option to estimate your household income based on last year’s taxes, so do that LITERALLY RIGHT NOW so you can make sure you get it taken care of right away. Then, once you and your parents file, remember to file a correction. While you’re at it, set a reminder for January 1 of next year.

Use that handy IRS Data Retrieval tool.

The data retrieval tool makes it easier for the IRS to confirm your income information, meaning you’re less likely to be sent verification forms. If you’ve never received a verification form, it’s a painful and lengthy application to prove your income.

It’s also a good idea to research your state’s filing deadlines.

There’s really no excuse to miss out on thousands of dollars because you don’t want to file your FAFSA before your state’s filing deadline. You can easily locate this information on the FAFSA website, FAFSA.gov.

While we’re on the topic of websites, don’t fall for a fake FAFSA website.

There are plenty of fake FAFSA sites out there ready to steal your identity, which frankly can be a bigger problem than having no money for college. The only legitimate FAFSA website out there is FAFSA.gov. That’s it. There’s no FAFSA.com or .net. The .gov, secure mark and ://https by the URL signifies that the website is safe and okay to input your personal information.

Last and easiest piece of advice: Don’t wait to apply for a pin number.

When you have the pin number, write it down and keep it somewhere safe. It can take weeks to get a pin during peak application season, but only a matter of minutes during the off-season. This is quite possibly the simplest part of the entire process, so hop to it!

Now, all you need is your 1040 (or other tax return document), bank statements detailing your family’s net worth, and you’re ready to file. Getting to this point is the hardest part. If you’re struggling, check to see if your college or local credit union offers free filing counseling. This could give you peace of mind before filling out such an important document.

Additional Resources

Learn more about financial aid and research resources and information on the U.S. Department of Education Federal Student Age webpage Financial Aid Tookit. There you can learn about types of aid, student eligibility, the FAFSA® (Free Application for Federal Student Aid), and loan repayment. You can also filter resources by file type, audience, topic, and the time of year the resource is most relevant.

Tips for Getting Financially Fit in 2017

Tips for Getting Financially Fit in 2017

1 in 3 Say Financial Life is Worse Than They Expect It To Be

Losing weight and quitting cigarettes may make way at the top of resolution lists this year. An annual survey from the National Endowment for Financial Education® (NEFE®) finds more than two thirds (68 percent) of U.S. adults will make a financial New Year’s resolution, to be financially fit in 2017, a sign that the majority of Americans remain focused on their financial health as much as their physical health. But regretfully the survey also finds that one in three (31 percent) rate the current quality of their financial life as worse than they expect it to be. The survey was conducted online in December 2016 by Harris Poll on behalf of NEFE, among more than 2,000 U.S. adults. They

Americans cited the most significant financial setbacks they experienced in 2016 as transportation issues (23 percent), housing repairs/maintenance (20 percent), and medical care for an injury/illness (18 percent). If faced with a major unexpected expense, over one third say they would pay for it with credit cards or an emergency savings—both at 35 percent—followed by cash at 32 percent.

“We have to stop looking at unexpected events as not if they will happen, but when they will happen. Everyone should have an emergency savings and it should be used for its intended purpose,” says Paul Golden, spokesperson for NEFE. “Ideally you want to build up to the benchmark of six to nine months of your annual salary in savings, but for many this amount seems unrealistic. Start with a small, achievable goal like $500 dollars, then set the bar higher.”

The survey also finds that nearly half (48 percent) of Americans admit that they are living paycheck to paycheck. The main reasons people believe they are living paycheck to paycheck are due to credit card debt (24 percent), employment struggles (22 percent), and mortgage/rent payments (18 percent). Compounding the uneasiness, over three quarters (78 percent) say something causes them financial stress. Saving money (53 percent) tops the list, followed by managing debt (44 percent).

Help Staying Accountable

As with any resolution, unrealistic and unreasonable goals are soon forgotten before January comes to an end. With financial resolutions, a buddy can help. A past NEFE study found 85 percent believe having someone who understands their financial goals and can assist in holding them accountable would be helpful.

“Your financial buddy can be anyone: a spouse, a trusted friend, a family member or a co-worker, and it doesn’t have to be someone with whom you share all of your financial information,” says Golden. “The greatest characteristics of a financial buddy will be someone who shares the same values and vision and someone who can bring perspective to the financial highs and lows that you experience.”

4 Tips for Financial Success in 2017:

  1. Get debt under control. Take a hard look at what you owe. If there’s a clear warning sign of too much debt, take action. Set a goal to reduce your debt load next year by 5 to 10 percent. That might mean reducing impulse shopping. Six in 10 people admit they purchase on impulse and 80 percent of those regret purchases afterwards. When you face temptation, walk away for at least 30 minutes and see if you still want it and it’s a good idea.
  2. Start saving now and do so often. We don’t yet know what an alternative to the health care system would look like. But what’s certain is that costs continue to climb, premiums are more expensive and copay’s are rising. Assume medical emergencies are not a question of if they will happen, but when. Emergency savings can offset unexpected costs. Common advice tells us we should have six to nine months of income set aside. Again, set a goal—start with as little as $500. Of course more is better, but by starting small you gain a sense of security, a sense of goal achievement, and you reduce stress. And we know the rules of retirement have changed. Review your long-term savings and ensure they are appropriate and on target.
  3. Shop for better services. Where can you come up with $500 for an emergency fund? Make a game out of shopping providers to find the best value in the services you use. How long has it been since you shopped your insurance policies? Any chance you can save money on your cell phone plan, internet or utilities? Go to your current providers and ask “what’s the best deal?” Also, be sure to understand your policy and services so that you are comparing apples to apples.
  4. Understand what’s behind your financial decisions. Ever wonder why you feel good about spending money on vacations, but avoid saving for retirement? Why you buy new golf clubs, but procrastinate when it comes to giving your kids an allowance? The answer may lie in your unique LifeValues and how they influence your financial decision making. Take the LifeValues Quiz.

For help with setting goals and getting finances in order in 2017, visit www.smartaboutmoney.org for resources, tips and self-directed courses.

Survey Methodology

The survey was conducted online within the U.S. by Harris Poll on behalf of the National Endowment for Financial Education from December 16-20, 2016, among 2,088 U.S. adults aged 18 and older. Data were weighted using propensity score weighting to be representative of the total U.S. adult population on the basis of region, age within gender, education, household income, race/ethnicity, and propensity to be online. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, contact pdg@nefe.org.

About the National Endowment for Financial Education

NEFE is an independent nonprofit organization committed to educating Americans about personal finance and empowering them to make positive and sound decisions to reach financial goals. For more information, visit www.nefe.org.

Simple Tips For Secure Mobile Banking

Simple Tips For Secure Mobile Banking

Simple Tips For Secure Mobile Banking

Many of us are vulnerable to having our personal information stolen. Therefore believe being informed and utilizing best practices can make the difference between information safety and being exposed. Because of this, Mid Oregon Credit Union is concerned about helping you protect your identity and your financial information.

Consequently, Mid Oregon has partnered with “Stickley on Security” to make information and resources available. We want to help our members and our community practice safe habits financially. Please visit our Security and Fraud Alert page for a variety of useful tips and information.

Video: How to Protect Your Security While Using Mobile Devices

Most of all, we think one great way to kick off 2017 right is to practice safe mobile banking. So watch the following video, which has some exceptional practical information.*

Criminals have started targeting mobile devices to steal your confidential information. In this video you will learn some of the tricks that criminals are using to attack your mobile device and what you can do to protect yourself.

* To play the video, click on the drop down menu at the top of the frame and select “Security Education Videos”. Clicking on the “Simple Tips For Secure Mobile Banking” should start the video.

 

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