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.
Telling-A-Friend Is Win-Win!
We love rewarding our members when they spread the word about our great checking accounts—that’s why we introduced our Tell-A-Friend program. When your friend opens a Mid Oregon checking account, you’ll both get a reward! We’ll buy back their old debit cards and checks for up to $10, and enter them to win a prize! (Prize through October 9th is an Amazon Blink Two-Camera Package). But Telling-a-Friend is win-win!
What do you get when you refer someone? A $10 gift card! And there is no limit, so you can keep referring. As long as the person you refer provides us with your name and email address, your award will be automatic.
But for a limited time, you are also entered to win an Amazon Blink Two-Camera Security Package! Details are below.
Many Ways To Refer
There are three easy ways to refer your friends:
Win an Amazon Blink Two-Camera Package
And now through October 30, 2020, you’ll also be entered into a free drawing for an Amazon Blink Two-Camera Package.
The Blink XT2 Outdoor/Indoor Smart Security 2 camera kit comes with cloud storage included, 2-way audio, 2-year battery life. You’ll get Extended battery life, on two AA lithium batteries with a combination of two-way talk, live view, and motion recording. And it works with Alexa – View live streams, motion clips, arm and disarm your system, and set up smart reorders for batteries through select Alexa-enabled devices.
Just visit refer.midoregon.com to start referring. There’s no limit—you can refer as many friends as you like (and earn as many gift cards as you want). You don’t even need to have a Mid Oregon checking account to Tell-A-Friend and be entered to win. Although why would you miss out on all the savings and convenience by having your checking account anywhere else?
Amazon Blink Two-Camera Package Drawing Rules: No purchase necessary to enter or win a prize. Must be 18 years of age or older. Entries accepted through October 30, 2020. No cash equivalent, substitution or transfer of prize permitted. One entry per person. Other restrictions apply. See a Mid Oregon associate for details.
Say ‘I Do’ Without the Debt
Something old, something new, something borrowed, something blue —a sweet wedding tradition, unless the something borrowed is thousands of dollars to pay for the big day. Is it possible to say ‘I do’ without the Debt?
Money issues are the number 1 cause of marital conflict, so it doesn’t make sense to start married life with enormous debt. Sometimes a financial rough spot is unavoidable, such as when a spouse loses a job. But wedding-related debt is an entirely avoidable hurdle.
Know what you can afford and work with what you have
The average wedding these days costs between $25,000 and $35,000. However, you can make the big day memorable and special without breaking the budget. It just requires the right attitude, a willingness to be flexible, and creativity.
Starting out richer rather than poorer
Those in the wedding business agree that there are countless ways to cut costs without sacrificing the dream. The key is identifying what one or two things are most important to you and your future spouse so you can splurge in those areas and economize in others.
For example, one bride put together a wedding for 150 people at a cost of just $1,500. The trick was to splurge on fresh flowers (her “must have”) and good champagne (her fiancé’s indulgence) and keep everything else simple. They also asked friends and family for help, including borrowing a friend’s wedding dress.
You can achieve elegance and individuality with half the money. Here are other ways to cut costs without sacrificing the dream:
- Don’t wed during peak season. You’ll have more leverage in negotiating prices on everything from catering to the band if you can avoid getting married during the height of wedding season.
- Lower the guest count. A shorter guest list not only keeps costs down, it creates a more intimate and personal affair. Consider inviting only your immediate family and closest friends.
- Consider options for the reception. A brunch buffet usually is less expensive than a sit-down dinner or a served brunch. Serving midafternoon hors d’oeuvres instead of a full meal can also be a good money-saving option.
- Limit the number of attendants. Having many attendants will mean more plates at the rehearsal dinner as well as more bouquets and boutonnieres. And, gifts for the wedding party can be expensive. Allow those closest to you to participate another way.
Talk About Your Budget
It’s important to know what you can comfortably afford before making your plans. Sit down with your future spouse and your parents and create a budget. Determine ahead of time how much you can afford to spend and then stick to your plans. There are many online wedding budget planners to help you. Make sure to include miscellaneous expenses, like tips, the marriage license fee, attendant gifts, and thank you cards.
Here are additional tips to avoid post-wedding money troubles:
- Pay off credit cards as you use them. Using a credit card to pay for deposits can be smart, but make sure to pay your credit card bills each month. If you can’t pay them in full, then pay more than the minimum monthly payment.
- Don’t count on cash gifts to pay for your wedding. Spend only what you can afford to on your own and use any money you receive to help you with your important financial goals.
- Communicate with each other. Talk often and openly about the wedding budget, bills to be paid, and choices to be made.
You can keep your special day uniquely yours, but still within your budget. Start married life on a solid financial footing with as little debt as possible to help ensure you have many happy years together.
Payday Loans Aren’t Worth It
When money is tight and you don’t know if you’ll be able to make your rent or keep the lights on, you start looking for ways to find quick cash. You can sell some personal items or ask family members for a loan, but whatever you do, don’t go to a payday lender. It’s a trap that will hold you captive far too long and cost you many times more than you borrow. Payday loans aren’t worth it.
350% Interest?
These loans are popular because they are extremely easy to get – they don’t require a credit check or collateral. A typical loan is for 14 days and you’re expected to pay it back in full when you receive your next paycheck. However, payday lenders charge a fee of 15% to 20% for every $100 borrowed. For a two-week loan, that works out to an annual interest rate well over 350%. Most payday borrowers can’t pay the loan in full when it becomes due, so they roll it over into another loan and a new finance charge is added to it.
Stuck in Rollovers
For example, say you borrowed $300 with a 15% finance charge for a two-week period. On your next payday, you would have to pay $345 ($300 x .15) to the payday lender. If you can’t pay it when it’s due and roll it over, you get hit with another finance charge, this time on $345. Now you owe $396.75. If you can’t pay that amount and roll it over again for another two weeks—which happens to many people using payday lenders— you will owe $456.26 on a $300.00 loan in just six weeks.
Alternatives?
So, what are your alternatives? Start by asking your family and friends for help. Some may be able to lend you money until you get back on your feet financially. Make it clear to them that you will pay it, perhaps by drawing up terms stating a date you will pay it back in full, or whether you will pay a percentage back on each payday. If they don’t have money to lend, they may be able to help by driving you to work or even letting you move in with them temporarily.
Talk to Us
If you are in good standing with Mid Oregon Credit Union and have good to excellent credit, you may qualify for an unsecured personal loan. The interest rate will be far better than a payday lender. Even if you don’t have an excellent credit score, talk to one of our loan officers. Visit www.midoregon.com, email us, or stop by one of our seven Central Oregon branches. We may be able to find a workable solution for you.
Know that when you are hit with a financial emergency, there are better options for you than a payday loan. Mid Oregon is committed to helping its members throughout their lives, through the good times and the bad. If you need a loan, talk to us to discuss how we can help you get through a rough patch safely.