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.
Save to Win Program Announced by Mid Oregon Credit Union
Mid Oregon Credit Union rewards members for saving more of their hard-earned money with a new program called Save to Win. The Save to Win program is a prize-linked savings vehicle that rewards members for contributing to their own savings account. With monthly and quarterly prizes ranging from $25 to $5,000, members save money, gain interest and have a chance at great cash prizes.
Chances to Win Cash Prizes
In addition to gaining regular interest on their savings, each additional deposit of $25 gives them more chances to win. Members can earn up to 10 entries per month, so the more they save, the more chances they have to win. Find out more at www.midoregon.com
Since 2009, the Save to Win program has helped credit union members save more than $100 million nationwide. In addition to savings, more than $1.7 million in prizes have been given away to participating members nationwide.
Growing Nationally in Popularity
Save to Win, which has been featured in the Wall Street Journal, the New York Times, and on PBS and NPR, was developed by the Doorways to Dreams Fund, the Filene Research Institute and the Michigan Credit Union league. Michigan was the first state to offer the Save to Win program in 2009. Since then, several other states joined this prize-linked savings program, which include Connecticut, Indiana, Illinois, Nebraska, New York, North Carolina, Oregon, Virginia and Washington. To learn more about Save to Win visit www.savetowin.org
“Mid Oregon is proud to be among the first few credit unions implementing this program in Oregon”, said Mid Oregon’s CEO Bill Anderson. “We recognize the value of providing exciting new products that reach out and help both our current and potential new members who are working hard to establish themselves financially. Save to Win gives them the opportunity and incentive to start saving and establish a habit that will benefit them throughout their lifetime.”
Support For the Financially Vulnerable
According to the 2014 program report by the Doorways to Dreams Fund, 78%-91% of members who were surveyed were classified as being financially vulnerable. More than three quarters of the program’s participants are low-to-moderate income, have no regular savings plan and/or have no assets, outside of home equity. Save to Win was designed to appeal to credit union members who are not in the habit of saving and can help those who are financially vulnerable, by giving them a fun, engaging tool through which they can develop a better financial future.
5 Things to Consider When Moving Out on Your Own
Graduating college is a huge milestone, but moving out on your own, away from dorms and comfortable college-town apartments can be an even bigger step.
If you’ve recently graduated, here are five things to consider before moving out on your own, making the big move.
1. Cities are expensive.
Buying a house is expensive, but so are apartments–especially in big cities. Crunch the numbers to see what makes sense. The cost to move into some apartments can practically equal that of putting 4% down on a home! Mid Oregon Credit Union has some great solutions for first time home buyers. So when you’re starting out, you might find living with roommates still makes the most sense.
2. If you decide to live at home, make paying off debt and saving a priority.
If you decide to move home with the parents after school, make paying off as much debt as possible a priority, and get a sizeable nest egg under your belt before you move out (Pro-tip: Pay for a bill or two — and offer to do it. Your parents might love you even more.)
3. Make sure your roommates are reliable.
The process of finding a place with two roommates can be stressful to say. Coordinating schedules and making sure everyone feels like they have a say is challenging, and it’s only the beginning. If your roommates are constantly in between jobs or bad with money, it’s best to walk away before it’s too late and you’re stuck paying for their share.
4. Get renters insurance.
Renter’s insurance is smart because it covers all kind of situations, from stolen property to accidental damages. You can also pay for exactly the coverage you need; nothing more and nothing less. Mid Oregon’s Strategic Insurance partner, Cascade Insurance Center, can discuss the best renters insurance for you.
5. Don’t lose those frugal habits.
Just because you’re on your own own doesn’t mean you should live less responsibly. Quite the opposite! In the end, money impacts your ability to really live your life. Set a budget and stick to it, and you’ll be amazed at how disciplined you become in no time.
Digital Skills to Find Best Car Deals
Young Adults Use Digital Skills to Find Best Car Deals
According to the research firm J.D. Power and Associates, the average age of new car owners fell in 2015 from 49 to 48, spurred in part by a growing number of Gen Y buyers. The generation of young adults often thought of by analysts as Uber-obsessed and debt-averse, now comprise 28% of sales–up from 17% in 2010.
Record Number of Auto Sales
Bloomberg View argues that people across all age groups are spending less of their income on cars today than they did in the ‘80s and that the record number of sales is driven by a recovering economy and population growth–pointing out that the U.S. population increased 29% between 1989 and 2014–rather than a sustainable trend.
Regardless, it’s clear more young adults are buying cars today than in the recent past. If you’re a young adult shopping for your first car, you have some advantages.
Here are three things to consider:
1.Know what you want–to a point.
J.D. Power found that young adults spend twice as much time doing online research before buying a car than older generations. You should know how much cars are worth, what the ongoing maintenance cost is likely to be, and what features are important to you. For instance, J.D. Power found that Internet connectivity and modern technology drive new cars sales among young adults.
But don’t do so much online research that you think you know what car you want without first going on a few test drives. You may not know what you truly like until you’ve driven a few different options, and a car isn’t a shirt you can easily return if you get it home and decide it’s not a good fit.
2. Use your tech-savvy to your advantage
With apps from Edmunds, Kelley Blue Book and Consumer Reports, you can continue your research live at the dealer with your smartphone, enabling you to quickly check to see if the offer the salesperson made you is a good one. Apps like TrueCar and the website MakeMyDeal also can help buyers firm up pricing before even stepping on the lot.
3. Get preapproved for a car loan
Getting preapproved at a financial institution like a Mid Oregon Credit Union–which as a not-for-profit financial cooperative generally has better rates–lets you know exactly how much you can afford, your interest rate, and what your monthly payment will be. This gives you more buying power. Email us, call us at (541) 382-1795 or visit one of our 7 Central Oregon branches to learn more.