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.
Tidying Up Your Finances
Tidying Up Your Home Clutter
You’ve probably seen or at least heard about the show “Tidying Up with Marie Kondo” which aims to help people clear the clutter from their homes. Hmmm, could we picture tidying up your finances?
Marie asks participants to assess each item and determine whether it “sparks joy” for them anymore. If it doesn’t, it goes to a charity shop or to the trash. By clearing the clutter in one’s life, Marie says it not only creates a better home environment, but it has beneficial effects on one’s mood, thought processes, and abilities.
Can You De-Clutter Your Finances?
The same exercise can be applied to your finances. Is your spending out of control? Do you have little to no idea how much you spend on food, clothes, or entertainment per year? Do you hate looking at your account balance because you’re afraid of what you’ll see? Then you may want to tidy up your finances.
Here are a few ways to help you get started:
• Create a budget. Start by adding up all the monthly expenses you MUST pay for – rent/mortgage, utilities, gas/transportation, groceries, credit card bills, out-of-pocket health expenses, insurance. Deduct that from your monthly take-home pay. What’s left is what you can either save or spend on non-essentials. Nerdwallet has an online budget sheet you can use to make these calculations. There are also many free apps, like Everydollar.com and Mint.com, to help you stay on budget.
• Get rid of credit cards with high interest rates. Their huge interest charges make them harder to pay off. For instance, say you bought a coat for $400 (on sale!) on a credit card with 16.99% interest. If you only pay $25 each month, that coat will end up costing you $456 because of the interest. The more expenses you put on that card, the higher your interest charges will go. Apply for credit cards with low interest and transfer the balances on these high-interest cards to the low-interest cards. Pay more than the minimum or the entire amount whenever possible.
Mid Oregon Credit Union has lower interest Visa Cards with no balance transfer fees. See our Visa Credit Card Webpage for details.
Spending and Saving Discipline
• Control impulsive shopping. Yes, that new (fill in your latest obsession) may “spark joy” at this moment, but is it really worth the financial stress it may create? Postpone the purchase for 24 hours and see if you still must have it.
• Save for big-ticket items. Instead of using credit cards for expensive items, plan ahead and save for them. Getting into a savings habit will help you live within your means and avoid the stress of deepening debt.
Mid Oregon has savings options to suit every purpose and amount. Visit our Savings web page for the choices.
Financial Advice for New Graduates
Are you a recent college graduate, or going to get your diploma this Spring? Or, do you have a new college graduate in your family or as a close friend. If so, this financial advice for new graduates my be important for you or those who are close to you…
For the Graduate…
You did it! You finally got your degree! You’re probably going to start handling all your own finances too (if you haven’t already started). Here is some financial advice to help you get a good start.
Student Loan Repayment
In about 6 to 9 months after graduation, you’ll have to start paying back your loans. Lenders give you that grace period so you can find your new job before you begin making payments. It’s important to know the total amount you owe and how much you’ll need to pay each month. There’s a repayment estimator online at the Federal Student Aid website. . If you have multiple loans, you may want to consider consolidating them so you only have one monthly payment.
Another good resource that answers the most common student loan questions is the Department of Education Federal Student Loan repayment page.
Savings
Create an Emergency Fund for unexpected expenses — things like a car or laptop repair. Even if you’re paying off student loans, try to put at least $10 into a savings account each time you deposit a paycheck. Creating a cushion will help you avoid overusing your credit cards and getting into more debt. Mid Oregon Credit Union has several savings options which will do the trick!
Credit
Credit cards tend to have high interest rates, so try to use them sparingly. If you do use them, be sure to pay your monthly bill on time. Ideally, pay off the entire balance each month, but if that isn’t possible, then pay more than the minimum payment. Potentially, a Mid Oregon Visa Credit Card may carry a lower rate, and be a better choice.
Insurance
Stay on your parents’ health insurance policy until 26, if possible. If you’ve moved into your own apartment, get renters’ insurance. It’s not too expensive and it will reimburse you in case your apartment gets robbed, or your possessions are damaged by fire, severe weather, or vandalism.
Keep the electronic files of all your legal documents and contracts, but also keep a paper copy as back-ups and put them in a small filing cabinet or box. Also consider getting a fire-safe lock box to keep important documents like your passport, social security card, title for your car, and sentimental items.
Free Document Shredding on April 20th!
Safely Dispose of Old Tax Records
Mid Oregon Credit Union and Secure Shred, a division of Bend Garbage & Recycling, have teamed up to help Central Oregonians stay protected from fraud and identity theft. We are offering safe disposal of sensitive documents to our community with free document shredding on Free Shred Day, Saturday April 20, at four Mid Oregon Credit Union locations:
Four locations, Two Times
Saturday, April 20—12:00 p.m. to 2:00 p.m.
- Redmond Branch – 2625 SW 17th Place (next to Bi-Mart)
- Prineville Branch – 305 NE Hickey Farms Road (in front of Bi-Mart)
https://www.facebook.com/events/571708216669585/
Saturday, April 20—9:00 a.m. to 11:00 a.m.
- Madras Branch – 395 SE Fifth Street (at Fifth and “F” Streets)
- Bend Olney Branch – 202 NE Olney Avenue (near Black Bear Diner)
https://www.facebook.com/events/411424902950899/
Personal Shredding
This free event is intended for private residential document shredding only—no commercial or business shredding provided. Shredding is limited to 3 boxes or bags per vehicle. Personal documents with staples and paper clips are accepted.
Benefiting Healthy Beginnings Through Adopt-a-Bear
Although the shredding services are provided at no cost, Mid Oregon will be accepting donations to benefit Healthy Beginnings as part of our annual Adopt-A-Bear fundraiser. Healthy Beginnings offers no-cost health and developmental screenings for preschoolers to ensure local children enter kindergarten ready to learn. Learn more about Healthy Beginnings at www.myhb.org.