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.
New Year’s Resolution: See Your Credit Union
A Fresh Start With Mid Oregon
We all want a fresh start in 2016, and many of us make resolutions about changes we want to make. If any of yours involve money, make an appointment next week to see Mid Oregon Credit Union.
If you haven’t yet joined a CU, do so now. You will start the year right, and enjoy the benefits of not-for-profit, member-owned community banking for a lifetime.
Significant Financial Benefit
The Credit Union National Association (CUNA) estimates that Oregon credit unions provided over $115 million in direct benefits to the state’s over 1.5 million members during the 12 months ending September 2015. Read the report.
These benefits are equivalent to $74 per member or $141 per member household.
As an example, financing a $25,000 new automobile for 60 months at an Oregon credit union will save members an averge of $151 per year in interest expense compared to what they would pay at a banking institution in the state.
Already a Member?
If you are already a Mid Oregon member, now is the time to sit across a table with someone who can turn your financial resolutions into actionable plans.
Remember, plans become more real when you share them with someone else. A professional at your CU will look over your spending and saving records from 2015, and help you find ways to make improvements.
You know you need a savings plan, with a set target for saving each month. Put that plan together now, before the craziness of life takes over — and suddenly it’s summertime.
A Good Plan
There’s no real magic to building financial security, and eventually, wealth. All it takes is a bit of discipline, and a good plan well followed. Over time, you’ll see the magic of compounding interest at work. Your money will literally be working for you.
So, make that appointment to see your credit union this week, before 2016 starts getting old. Contact us at (541) 382-1795, email to beheard@midoregon.com or visit one of our 6 Central Oregon offices.
Holiday Spending Is Getting Smarter, But You Can Be Smarter Still
Smarter Holiday Spending?
The average American will have spent nearly $900 on holiday presents this year. If you have two adults in your household, that’s almost $1,800. In looking at the sales numbers from the Black Friday-Cyber Monday weekend, Americans are getting smarter about how they spend that money. Brick and mortar stores suffered about a billion-dollar decrease in sales from 2014. Instead, consumers pushed online purchases to a record high.
In addition to this, sales numbers indicate earlier spending, more diversified spending and shopping carts that were more full at fewer locations. All of this points to people purchasing items they had selected before the big sales, then spending less time browsing and far less time in the harsh winter conditions.
Yes, we’re getting smarter about how we spend on the holidays. But let’s set up a plan today to be in an even better position at the beginning of the next holiday shopping season.
Step One: How much did you spend this year?
Consider how much you’ve spent this year. You can use your receipts, or you can estimate what you bought or just use the $900 per person national average.
Next, add to that how much you’ll spend in interest on credit cards while you pay off the balances. If you’d like to avoid the math, you can estimate that the total cost is $1,000, because that’s a nice round number for this exercise. (If you’d like to be more exact, use our loan calculatorr)
Step Two: Putting away that money for next year.
To use this money as intelligently as possible, it’s a good idea to save as much as possible ahead of time. That way, compound interest is in your favor instead of working against you. Start with one of our savings plans. A great option is our Savers’ Club, which you can find here, which offers good interest along with easy automatic deposits.
Step Three: Paying off this Christmas.
It’s time to get those credit card payments down so we can move into the new year with a clean ledger. If you’ve got the extra income, pay them down with that, but we also know times are a little tighter for many of us. Luckily, we have a variety of solutions for paying down credit card debt:
- Home equity loans are great for high balances, because they turn high interest credit card debt into low interest home equity debt. A home equity loan reduces the interest you pay, so you can pay off your loan more quickly. Details can be found here.
- If you don’t want a home equity loan, your credit card debt isn’t that high, or you don’t own a home, you could also consider one of our fantastic VISA credit card offerings. We offer great rates, so you can transfer your higher interest balances onto a lower interest card, which will let you pay off the debt more quickly.
Step Four: What will you do with your money?
After you’ve paid off holiday 2015, and by the time holiday 2016 rolls around, you’ll have saved more money than you need since you saved enough for this year. Interest has worked in your favor, and suddenly your next December is one in which your pockets will be full. That gives you 11 months to decide what to do with your money. Build up an emergency fund. Save for your next vacation. Get your car maintenance done on time. You have choices!
Sources:
http://www.statista.com/statistics/319562/us-consumer-spending-by-seasonal-event/
Getting Started: Account Switch Kit
Account Switch Kit
Part 1 of our series highlighting the newest and best features of our recently upgraded website, Account Switch Kit, is the final of our “Website Wednesday” posts.
A Lifetime of Difference
No one really enjoys the process of setting up accounts at a new banking institution, but the differences enjoyed with Mid Oregon as the primary financial institution makes it all worthwhile. According to the September 2015 CUNA (Credit Union National Association) Membership Benefits Report for the State of Oregon, “Oregon Credit Unions provided $115,071,182 in direct financial benefits to the state’s 1.549,712 members during the 12 months ending September 2015. These benefits are equivalent to $74 per member or $141 per member household.” While many Mid Oregon members know they save money by joining and using a local credit union, they often mention friendliness, safety, security and us being very helpful as top reasons they enjoy their relationship.
With the many great ways we benefit members, we are determined to make the process of setting up accounts as easy as possible . Our new Mid Oregon website has a tool that makes the process easier and more straightforward than before.
Three Simple Steps to Switch
Joining Mid Oregon Credit Union is not a difficult process, although members have to qualify (Generally those who live, work, worship or go to school in Deschutes, Jefferson or Crook Counties are eligible, read here for more details). Loans (Once approved) and savings or “share” accounts are generally fairly quick. Checking accounts are usually more complex and this is where the “Switch Kit” is the most helpful. Three steps are outlined:
- Open a New Membership Account. As we shared above, for Central Oregon residents this is very straightforward.
- Fill out, print and mail the forms available on the page. This is the most complex part of the process given our commitment to your security and privacy, but the downloadable Checklist keeps things straight and references the other forms available.
- Close your account at your old financial institution.
Our branch staff can walk you through the process, and our Contact Center can answer question via the phone- (541) 382-1795 or email (info@midoregon.com). But for the do-it-yourselfer, the Account Switch Kit webpage is a comprehensive guide.
Website Wednesday- Ten Mid Oregon Website Features:
- Account Switch Kit
- Easy, Safe &Secure-Online Services
- Employment: “I love the people I work with.”
- Preventing Fraud: CardNav by CO-OP
- Convenience and Accessibility: ATM Locations
- Protect Yourself: Security and Fraud Center
- Helping you find the right car at the right price-AutoSmart
- Financial Calculators