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.
College Student Tax Refunds- The 4 Best Uses
For many of us who have recently graduated school or are still in school, tax season can be a happy time financially. Many people will get a tax refund from the IRS, and more will squander that money before it has a chance to make it through one statement. We have compiled a list of the college student tax refunds- the 4 best uses.
Here are some ways to spend it responsibly and feel good about it.
1. Let it grow
Consider putting all of that money or part of it into a high-yield savings account. Instead of just holding on to it, why not let it grow while it’s sitting in your savings? Talk to the friendly folks at your local credit union about the right fit for your financial situation.
Mid Oregon has a variety of savings options to help you decide. This could be the down payment on that new (for you) automobile purchase you have been considering, or the vacation fund which keeps you from charging your trip on that high interest credit card.
2. Invest
If you’ve been waiting on an injection of extra cash to take the first step, consider this your investment window. Finding the right investment opportunity for you and your financial outlook is much easier to do if you’ve got the cash on hand. Talk to your credit union to see what advice they offer for starting your portfolio.
Our Mid Oregon Financial Services can help with long-term financial strategies. It’s never too early to begin planning for the future, even if it seems far away right now.
3. Pay it off
This one ties in closely to suggestion No. 1. If you’ve got a credit card or loan accruing more interest monthly than you would gain in a CD or similar account, consider paying that off. Take a look at your obligations and see if one of them can be knocked out all at once with a portion of that tax refund.
If you can’t pay off all of your debt, consider talking to a Mid Oregon loan officer about interest saving options, such as a lower interest Mid Oregon Visa Card (with no balance transfer fees@) or a refinancing of your higher interest car loan.
4. Give yourself a small treat
It’s all right to spend a little on yourself. You work hard on your budget, and, hopefully, figured out a financially responsible way to spend a major portion that refund money. Take what’s left and buy yourself something fun.
Happy tax-refund season! Spend responsibly. And if you can’t find a way to use your tax refund money at this time, there are plenty of worthy Central Oregon non-profits that could put your extra refund money to good use, and help you invest in a different kind of way…and feel good about it!
Campaign for Common-Sense Regulation
A letter to Mid Oregon Credit Union members, from: Bill Anderson, CEO
Out-of-control regulations hurting credit union members
Dear Mid Oregon Credit Union member,
I’m writing to you about an urgent problem in Washington that directly affects Mid Oregon Credit Union members, and I’m asking you to make your voice heard in Congress to fix it.
Big Brother regulations that favor the Wall Street banks are hurting millions of middle-class credit union members like you, by:
• Costing members an average of $71 per year due to excessive regulations sucking up more credit union resources. (Total cost for all members $1,846,000. based on Mid Oregon membership.)
• Leading to longer wait times and costs for mortgages and loans.
• Limiting your options and making it harder for credit unions to provide the services and products our members need.
You can learn more about the problem by visiting the Campaign for Common-Sense Regulation website.
If you agree that it’s time for Congress to overhaul Washington’s excessive regulation of credit unions, please make your voice heard now. Tell Congress we need common-sense regulations that allow local institutions like Mid Oregon Credit Union to decide what’s best for its members and communities, as we always have.
Let your U.S. Senators and Representatives know today that you want them to make fixing costly regulations on credit unions a top priority.
Thank you for your consideration,
Bill Anderson, CEO
P.S. You can post on your Facebook page or send your Representatives or Senators a tweet on fixing regulations by clicking here.
How to Strike a Deal on a Used Car
You’ve found the car of your dreams, and it’s time to strike the deal. Dealers and some private sellers have a lot of experience negotiating, but you may not. Prepare yourself, and learn how to strike a deal on a used car!
Before you negotiate:
1. Determine what a fair price for the vehicle might be: Look at used-car pricing guides such as CUDL Autosmart, Edmunds.com, Kelley Blue Book (kbb.com), and NADA (National Automobile Dealers Association) Appraisal Guides (nadaguides.com).
2. Have sufficient cash or make financing arrangements with your credit union ahead of time.
3. Calculate how much you can afford based on your budget. Decide to walk out if the seller exceeds your limit.
4. Have an expert check out the car, even if you have to pay for an inspection. Organize your notes from:
* The expert
* Your test-drive
* The car’s history and maintenance.
5. Ask an experienced car owner to go with you. Agree that if this person says you should leave, you leave.
What else?
* Only agree to negotiate with a person with whom you feel comfortable;
* Look at it as a business transaction;
* Be prepared to spend at least an hour negotiating.
Don’t meet with the seller if you’re tired or hungry; that will only make it easier for the seller to get more money from you. Your endurance and a willingness to walk away from the deal are essential to getting the best price.
Are you ready? Let the negotiations begin!