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.
How About a Financial Check-up?
Review Your Financial Situation Regularly
To stay in good physical health, most people get a medical check-up on a regular basis. To keep your finances manageable, they need a regular financial check-up as well. It’s particularly important to review your finances if there have been changes to your life in the past year. Things like changes in income, marital status, any medical emergencies, or if you’ve had a baby.
You might have certain goals, like saving for a down payment on a house or planning to retire early. If so, it’s absolutely essential to review your financial situation multiple times throughout the year.
What should you be looking at specifically?
Are your expenses exceeding your monthly income?
Create a budget and track your monthly expenses. Are you spending more than you bring in? Are you using credit cards to support your lifestyle? If your expenses are getting out of control, use the budget to determine where you need to rein in your spending. Consider using cash or your debit card for your entertainment expenses or luxuries instead of a credit card.
On March 12th, Mid Oregon Credit Union is presenting a free workshop in Bend, entitled “Build a Basic Budget: The Five-Step Spending Plan”. Workshop Details: Wondering where your money goes? You’re not alone. Join Mid Oregon’s Catherine Christie as she helps you to develop a personal spending plan—not just a budget— that you can live with. Regain control and achieve your financial goals! Click HERE to learn more and RSVP.
Credit Card debt
Ideally, you should pay off the balance in full each month. If you cannot, try to keep your balance less than 30% of your total credit amount. To control your credit card expenses, give yourself a 24-hour rule: If you see something you want to buy, give yourself 24 hours before purchasing it and see if you still need it.
If you need help with credit card debt, our Mid Oregon loan officers can help. They would discuss your current situation, and share available options to lower the cost of your debt.
Insurance
If you’re a renter, do you have renter’s insurance? In the unfortunate scenario where your building were to have a fire or your apartment is broken into, this coverage will be well-worth the expense. If you don’t have health insurance through your work, consider purchasing a fixed benefit indemnity plan or a short-term medical plan. These will cover medical expenses in the event of a serious illness or injury.
Doing an insurance check-up is one of the easiest ways to learn money-saving options as well as ensure you are well covered for your situation. Mid Oregon partner Cascade Insurance Center is a local insurance broker who can help you evaluate your needs.
Emergency fund
Do you have one? If not, consider starting one, depositing a specific amount into that account with each paycheck. Start by putting at least 1% of each paycheck into an emergency fund. Aim to save enough to cover 3 to 6 months of household expenses. This will provide you with peace of mind in the event of a sudden loss of income or a major repair bill.
The Mid Oregon Credit Union Saver’s Club is perfect for starting your emergency fund. Saver’s Clubs can also help build more quickly the one you already have. You may be familiar with Christmas Club accounts? While similar the Saver’s Club has more flexibility and can be used for other purposes as well! Just visit Mid Oregon’s Savings Accounts page, and click on the “Certificates” tab to see the details.
So get your financial check-up done soon, and move forward on your way to better financial health!
Six Signs It Is A Scam
Presentation at Mid Oregon’s Annual Meeting
On Saturday, February 9th, Mid Oregon Credit Union held its 62nd Annual Meeting at The Riverhouse on the Deschutes Convention Center. Almost 200 people braved blizzard-like conditions to attend, and they were treated to a very informative presentation.
Billie McNeely, State Elder Financial Exploitation Specialist with the State of Oregon Adult Protective Services, engaged the audience with “Six Signs It Is A Scam”. Below, we are sharing the main points of her presention.
1. Scammers Contact You “Out Of The Blue”
It could be a knock on the door, a phone call, or a piece of mail you weren’t expecting. For example, you didn’t think you owed the IRS or a debt collection agency money, but they called claiming you could be in trouble if you don’t pay.
2. Scammers Claim There Is An “Emergency”
A scam might warn that if you don’t respond immediately your prize winnings will be lost, or that a relative or friend is in trouble in a foreign country. If something prompts immediate action, be cautious.
3. Scammers Ask For Your Personal Information
Scammers often pose as banks, healthcare providers and government officials asking for identifying personal or financial information. Anytime someone asks you for this information, be suspicious!
4. Scammers Want You To Wire Money
You may be asked to wire money or purchase pre-paid debit cards. This is the easiest way for scam artists to get their hands on your money, and it’s almost impossible to get it back once it has been sent. Don’t do it!
5. Scammers Tell You To Keep It “Secret”
By asking you to keep a transaction secret, scammers know you won’t have to respond to questions from family and friends who might see through the scam. Check with someone you trust before acting.
6. Scammers Make It Sound Too Good To Be True
If it seems too good to be true, it probably is! Above all, use this simple mantra to help you detect and avoid scams. It’s always better to be cautious than to be a victim.
Mid Oregon is very concerned about our members and the communities of Central Oregon. For additional resources and information, visit our Security and Fraud Center, and stay up-to-date with Stickley on Security.
For more information on scams, or to file a complaint, contact the Oregon Department of Justice online at www.oregonconsumer.gov or call 1-877-877-9392.
2018—A year of growth and strength
We predicted that 2018 might be our best year yet, and we weren’t disappointed! Our team stayed very focused, funding a record number of member loans and exceeding even our own high expectations. We also attracted new members to our institution at rates that far exceed our region’s population growth. This demonstrates that a growing number of Central Oregonians are looking to bring their financial business to a local provider, and we welcome them to Mid Oregon to receive the best value for their money.
Our brisk lending demand, coupled with a rising rate environment, enabled us to re-vamp our deposit offerings to help you boost your returns and ensure that our institution is poised for continued healthy lending levels over the long term. We’ve rolled out special Share Certificate offers, and introduced our enhanced Premium Interest Checking and High Yield accounts. These accounts will help you get the best return on your deposits, and hopefully encourage you to consider keeping more of your deposit dollars local.
Relationships are about more than loans and deposits, and our commitment to giving back to the community hasn’t wavered. Last fall, we celebrated the opening of the first student-run branch in Central Oregon—located at La Pine High School. This tiny branch is a mighty one—providing critical school-to-career experiences for high school students, while offering opportunities for the entire student body to gain needed financial literacy skills that they’ll need when they head out into the “real world.”
Lastly, 2018 ended on a challenging note for many of our members affected by the partial federal government shutdown. Mid Oregon responded quickly by offering no- or low-interest temporary loans, waived fees on skipped loan payments, and other resources to support local federal employees in our community who are experiencing work furloughs. We’ll be here as long as they need our help.
We wish you the very best in 2019, and thank you for being a part of Mid Oregon Credit Union!
Bill Anderson
CEO, Mid Oregon Credit Union