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.
Teach It: Studies Show Financial Education Pays Off
By Chris O’Shea* The results are in: Giving kids early financial education pays off in smart money decisions down the line. In one study, from the National Endowment for Financial Education, kids who participated in financial education courses made better choices when it came to paying for college.
The study found that students who took financial literacy courses from an early age were more likely to apply for low-cost loans and grants to help pay for college. They also were less likely to use private loans or carry high-interest credit cards. As MSNBC reports, this finding is important for a couple reasons. First, the report shows financial education can help young people avoid crushing student loan debt. The study is also important because other studies have shown that when students are aware of higher education payment options, they’re more likely to attend college.
The connection between financial education and smart money moves isn’t limited to paying for college. In one study, kids who were taught financial courses had higher credit scores. In another report, a positive correlation was found between teenage financial literacy and net worth.
Adults aren’t off the hook either. Multiple reports have found that the more financial literacy adults have, the better money moves they make. Adults with high financial literacy are more likely to make timely loan payments and less likely to have high amounts of debt. Clearly, there is little downside to teaching and focusing more on financial education.
*This guest article is from the “Your Money Blog” in ‘Mid Oregon’s Digital Banking Credit Savvy. resource’. It is made possible by Savvy Money. “Teach It: Studies show financial education pays off” by Chris O’Shea was published in April 2021.
Your Current Home = Your Dream Home with an Equity Line of Credit!
With an Equity Line of Credit from Mid Oregon Credit Union, your dream home might be closer than you think!
You’ve probably spent plenty of time in your home in the last year, and you may have left you wishing it was more—more spacious, more functional, or more updated.
Home values on the rise
With the tight housing market, prices rising, and so many people looking to move to our area, finding your “forever” home might be a real challenge. Consider growing where you’re already planted. You may have more equity than you realize to make big changes to the home you’re in now. No moving van needed!
Update with a Home Equity Line of Credit
Whether you’re adding square footage, or simply improving functionality, Mid Oregon can help with a Home Equity Line of Credit.
- Rates as low as 4.250% APR* based on your credit qualifications and the amount of equity you have in your home.
- Advance what you need for your project, as you need it.
- Borrow up to 90% of your home’s available equity.
- Local service and fast approvals, in person or online.
Get started now with our easy, secure online loan application at midoregon.com. Or, save time by logging into your account on Digital Banking and clicking the Quick Apply widget.
If you’re looking to re-finance your current home loan, want to purchase bare land, or managed to find your dream home after all, we can help you there too! Check out our blog on home loan refis and visit our Home Loans page to see the latest rates and apply. Or ask to speak to the Home Loans team when you stop by or call.
*Rate shown is Annual Percentage Rate and is subject to change without notice. Range of rates 4.250%-4.750% based on credit qualifications, loan amount, real estate type, and lien position. Closing Costs for Home Equity Lines of Credit—Other third party costs may apply, please ask for details and disclosures. The estimated costs will generally total between $240.00 and $1,395.00, depending on the amount of your loan or credit limit, and the placement of the Lien. Typical closing cost is about $400. Equal Housing Lender.
The Grocery Store Can Have a Big Impact on Your Budget
by Chris O’Shea* Believe it or not, the grocery store can be a destroyer of budgets. Yes, the seemingly small choices you make at your local spot can have a big impact on your finances. Especially now. According to a study of grocery shopping habits during the pandemic, 31 percent of respondents said they “almost always overspend.” Here are some simple ways to reduce your grocery expenses so your budget stays on track.
Keep it Simple
You don’t have to include complex meals in your weekly grocery trip. The simpler the meals, the less you’ll spend on ingredients — so feel free to not spend hours cooking your dinners. Speaking of ingredients, go light on meat and dairy, as they can be expensive.
Go Whole
Stay away from prepackaged snacks and foods. You’ll be paying a hefty premium for the convenience. Instead, opt for whole foods and bulk snacks.
Staples are Your Friend
Purchase staples like pasta, beans, rice and breads. These few items last forever and can be used to create a wide variety of meals. As The New York Times reports, think of it this way: If you buy cake mix, you’re making a cake. However, if you buy flour, sugar and baking soda, you can make a bunch of different things. When purchasing these staples, opt for the generic (or store label) as they’re less expensive than national brands.
Keep The Fun
Don’t deprive yourself of items that truly make you happy. Times are tough, you deserve that bag of king size Snickers. Or at least the miniature ones.
* This guest article is from the “Your Money Blog” in ‘Mid Oregon’s Digital Banking Credit Savvy resource’. It is made possible by Savvy Money. “The Grocery Store Can Have a Big Impact on Your Budget” by Chris O’Shea was published in April 2021.