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The Best Ways to Use a Few Hundred Dollars
Sometimes it can feel like you need thousands of dollars to move the needle even a little bit on your finances. But what if you had less than that. What are the best ways to use a few hundred dollars?
So if you find yourself with a few hundred dollars–say from a tax refund or an unexpected windfall–the temptation to spend it can be great. After all, how much difference can $500 make? But used wisely, even a few hundred dollars can put you on the road to a more financially secure future.
Ways To Use a Few Hundred Dollars
Here are some ways to make even a small amount of money count.
Start an emergency fund. Ideally you want six months of living expenses stashed to cover unforeseen expenses, but $500 is a good start. And once you have a good start, it can spur you to keep contributing.
Take advantage of compound growth. Before spending that money, consider putting it into your IRA (individual retirement account). Not only will compounding potentially double or triple it over time, but increasing your pretax contributions can cut your tax bill.
Save For Big Expenses
Save for a bigger-ticket expense. Whether it’s for a major house renovation or a dream vacation, put the money in a credit union savings account; whenever you have a little extra money over the coming year, set it aside also. You could end up with a gift the whole family will cherish for years to come.
Donate to charity. If you itemize deductions on your tax return, consider helping an organization whose works you admire. Not only can you deduct the gift, but it might ultimately mean more to you than spending the money on yourself.
NWCUA Oregon Advocate of the Year Jan Uffelman
A surprised Jan Uffelman, accepted the Oregon Credit Union Advocate of the Year Award during the 2014 Northwest Credit Union Association Directors’ Conference in June. Jan is currently the Chair of the Mid Oregon Credit Union volunteer Board of Directors.
This award celebrates credit union directors who have made significant contributions and an impact in the credit unions and communities they serve, as well as in the legislative arena.
The Advocate of the Year is a recognized credit union board director who has met high benchmarks for legislative and regulatory grassroots participation over the past year.
Congratulations Jan!
Pay it Forward: Camp Courage
July’s Pay it Forward winner, Eileen Grover, received $500 for Camp Courage, a program that gives youth an opportunity to grieve in a safe, welcoming environment. Vivian O’Conner, a volunteer at Camp Courage who nominated Eileen, delivered the $500, courtesy of Mid Oregon Credit Union and Co Energy Propane. As Bob Shaw explains in the KTVZ Pay it Forward video, “Through the work of the counselors, and their sharing with other campers, these young people find new friendships and the lifetime tools to better deal with loss.”
KTVZ Pay It Forward information
KTVZ Pay It Forward Nominating Form
To see more Pay It Forward stories, click here.