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.
Financial Tips for New Parents
Are you starting a family or maybe just thinking about it? As a new parent, you want to make sure you can provide your children with a safe, secure home. In addition to getting baby gates and corner bumpers, it’s important to get your finances in good order and keep them there. Here are some great financial tips for new parents.
Have An Extra $230 Thousand…?
Raising children is not cheap. The USDA estimates that it costs over $230,000 to raise a child until they’re 17 years old – and that doesn’t include college tuition. As a new parent, you’ll want to enjoy these years raising your new daughter or son, and worry as little as possible about bills. To minimize the financial stress of raising a child, we offer you these tips:
Update Your Insurance
- Add your child to your health insurance. Your provider does not automatically add your child to your plan, so make sure you tell them. Most require that you add your baby 30-60 days after you deliver. If your employer offers a Flexible Spending Account (FSA), consider signing on. The funds are automatically deducted from your paycheck to be used for out-of-pocket health care costs. An added benefit is that these funds are deducted with pre-tax dollars, so that helps lower your taxable income.
- Buy life insurance. Term life insurance is very affordable, and it will ensure that your child has some financial protection just in case you die before he or she reaches adulthood.
Update Your Budget
- Create a budget. There are quite a few free apps, like Mint.com and Everydollar.com, to help you build a budget. This will enable you to see where your money goes and how to save for emergencies. Which leads us to…
- Start an emergency fund. Again, you’re protecting your family for the “just in case scenario.” An emergency fund will help you keep your family afloat if you lose your job. Try to save a little each month and put it in an account separate from your checking account. Aim to save enough to cover 6 months of household expenses.
Don’t Forget the IRS
- Use the tax breaks. Currently, the Child Tax Credit will let you claim a $2,000 credit per child on your taxes. To learn about all the family credits you may be eligible for, go to the IRS website at https://www.irs.gov/credits-deductions-for-individuals.
- Save for your retirement. If you haven’t started, begin now. The earlier you begin, the more you’ll earn in compound interest. This fund will ensure that your child won’t have to support you when you retire.
Budgeting for College Expenses
Are you planning for college? Getting a college degree is great investment, but it does come at a significant cost. In addition to tuition, there are a few other expenses you’ll have to plan for. While it may seem daunting, don’t let the cost prevent you from getting a degree. By planning ahead and putting money into an education savings account as soon as you can, you’ll put yourself in a better position to handle your college expenses. Budgeting for college expenses will make it even easier.
Already a College Student?
If you are already in college, you might know the biggest college expense items. Or, you may be moving out on your own for the first time, or into a different living situation. You may need to reduce your expenses to make it work.
Five Expenses Items to Budget
So, what are the major college expenses? There are five for which to budget:
- Room and board: Colleges offer a variety of dorm room options and meal plans for students who live on campus. If you’re planning to live off campus, you’ll have to budget for rent and your own food. View for COCC and OSU Cascades.
- Books and supplies: These expenses just keep going up. Books and supplies can cost between $1,200- $1,500 per year at a 4-year public college. To reduce expenses, buy used copies or see if they’re available to rent on Amazon or Chegg .
- Appliances and Equipment: You’ll need to get a laptop, but probably not a printer. Ask your college if they have printers available to students. If you’re living in a dorm room, you’ll need lamps, sheets, towels, a vacuum, a microwave, and a small refrigerator. If you’re living in an apartment, you’ll also need a bed, plates, cooking utensils, etc.
- Transportation: Owning a car is generally the most expensive option. You’ll need to pay for gas, maintenance, insurance, and possibly parking. If you can bike or walk to most places and use public transportation, you’ll be able to save here.
- Personal expenses: This includes everything else you’ll buy, like your cell phone service, money for the laundromat, haircuts, entertainment, etc. These expenses can really add up, so look hard at what you can do without, and what you can adjust.
It’s Work, But Worth It
Creating a budget and sticking to it can be a pain, but it will truly make your life in college easier. It’ll keep you on track financially – and when your finances are under control, you have one less stressor in your life.
Plan ahead for these expenses and use a budget to keep expenses under control. You’ll not only come out of your college experience with a degree, but financial skills you’ll take with you for the rest of your life.
Growing Your Own Fruits and Veggies
Save on Groceries by Growing Your Own Fruits and Veggies
As the price of fresh, unprocessed food continues to rise, you’re probably looking for ways to stretch your grocery money. You can save on groceries by growing your own fruits and veggies you love. A small garden, and growing your own fruits and veggies, can provide fresh food for your family and save you hundreds of dollars each year.
Getting Started
If you’ve got a sunny spot in your yard and are willing to put a little muscle into the project, you can grow your own produce. A sunny balcony will also work since a variety of plants grow well in pots and planting boxes.
Let’s break down the cost of starting your own food garden. Seedlings are about $4.00 each. Garden soil costs about $5.00/cubic foot and plant food is about $10.00 for a 6 lb. bag.
Local Resources Specific To Central Oregon
In Central Oregon, not everything will grow equally well. For a list of vegetables, check out the list from Oregon State University Extension Service. The list includes when to plant, and when to harvest.
OSU Extension Service also has a great list of publications on Central Oregon, including fruits and vegetables. A couple are “Selecting Berry Crop Varieties for Central Oregon“, and “Central Oregon climate and how it relates to gardening“.
Savings Vs. Store Bought
Say you plant just one tomato plant. You’ll pay about $7.00 for the materials and yield at least 15 lbs. of tomatoes from one plant during the planting season. If you bought 15 lbs. of tomatoes at a grocery, you’d pay about $2.50/lb., for a total of $38. That’s a savings of $31.
Lettuce is another easy vegetable to grow. A 10 oz. bag in the grocery will cost about $2.50. If you purchase 20 bags during the growing season, you’ll spend $50.00. If you grow your lettuce, not only will you be able to pick it fresh from your garden, but you’ll save about $43.
Raspberries are a great fruit to grow. They require full sun and a little patience – most varieties won’t begin producing fruit until their second year – but the payoff is worth it. It’s a perennial and very prolific, so if you begin with one plant, expect to see at least 5 more plants each year. At a grocery, you’ll pay $5.00 for just a 6 oz. pack of organic raspberries. With your own berry garden, you’ll have pounds of organic fruit that can be eaten fresh off the cane, turned into jam, or canned for the entire year.
Start Small to Save Big
If you’re a beginner gardener, start with a small garden to get used to the work. Plant one or two of each variety and see how you manage with the harvest. If you think you can handle more, plant more next season.
Growing your own vegetable and fruit garden is a fantastic way get healthy, organic food at a fraction of the cost of buying it at a store.