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.
Seven Ways to Use Your Tax Refund
Seven Ways to Use Your Tax Refund
If you’re expecting a tax refund this year, now is a best time to start planning how you’ll use that extra money. The best uses are to pare down debt and bulk up your savings. Here are seven ways to use your tax refund. For instance, you can:
- Open an emergency fund or add to your existing one. Aim to save enough to cover three to six months of expenses for those unexpected emergencies, like your car breaks down, your refrigerator dies, or you lose your job. Put your tax refund into a savings account opened specifically for these emergencies. Three to six months is a big hurdle if you are just beginning. Aim for at least $1,000 if that is all you can do.
- Fund your IRA. You can make up to a $5,500 contribution ($6,500 if you’re 50 or older) to a Roth or a traditional individual retirement account (IRA) for tax year 2018. Mid Oregon has both kinds of IRA accounts- learn more by visiting our Deposit Account webpage, and click on the IRA/HSA tab.
- Open a 529 plan. If you save for your child’s college education in a 529 plan, you may get a tax deduction for your efforts. Visit SavingforCollege to find out more. Mid Oregon Financial Services has 529 options for you, visit their webpage for more details.
- HSA Accounts. If you are have a high-deductable health plan, starting or building your Health Savings Account (HSA) is a great option. HSA accounts let you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in an (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you can lower your overall health care costs. HSA funds roll over year to year if you don’t spend them. An HSA may earn interest, which is not taxable. Mid Oregon has a great HSA Account, with a debit card and no monthly fees. To learn more about HSAs, visit HealthCare.gov, and to learn about Mid Oregon’s account, visit our Deposit Account webpage, and click on the IRA/HSA tab.
- Take a class to improve your career prospects. If you think you lack certain skills to get ahead in your career, use the refund to purchase classes to learn those skills. You may be able to deduct those expenses from your taxes using the Lifetime Learning Credit. Central Oregon Community College (COCC) is a great place to start for adult career development.
- Pay off debt. Use your refund to pay off any high-interest-rate credit card debt you may have. Try to pay off the debt in full so you can stop getting interest charges added to your balance every month.
- Start a Savers Club account. This account lets you save for holiday spending year-round so you don’t have to rely on credit cards in December. It is also flexible enough to use for vacation savings, property taxes, and many more expenses. If your employer offers direct deposit, make saving even easier by having a set amount automatically deposited to this account. To learn about Mid Oregon’s Savers Club account, visit our Deposit Account web page, and click on the Certificates tab.
Free Family Days at the High Desert Museum
Community Invited to Free Family Saturdays
Mid Oregon Credit Union invites the community to enjoy free admission to the High Desert Museum on January 26 and February 23, 2019. The “Free Family Saturday” complimentary admission program supports the community with the opportunity to explore art, wildlife and living history right in Central Oregon’s backyard. The museum is located five minutes south from Bend on Highway 97. The Museum is open from 10 a.m. to 4 p.m., with Rimrock Café open from 11 a.m. to 3 p.m. and Silver Sage Trading open from 11 a.m. to 4 p.m.
Great Exhibits Await Visitors
“Mid Oregon Credit Union’s generous support of two Free Family Saturdays invites the community to experience the Museum,” says High Desert Museum Executive Director Dana Whitelaw, Ph.D. “The well-known Spirit of the West and By Hand Through Memory exhibitions are open for families as well as temporary exhibitions – John Simpkins’ Desert Mystic is still on display and Rick Bartow’s Things You Know But Cannot Explain makes its debut on the first Free Family Day this year.”
Who do you know that would benefit from a free day in this quality educational and fun environment? Other family members? Co-workers or neighbors? Young families and others who might have a difficult time with admission fees? Would you share this opportunities with anyone and everyone you know?
“Free Family Saturdays is one of our signature community events every year,” says Kyle Frick, Mid Oregon Credit Union’s VP of Marketing. “Our team can’t wait to open the doors and welcome local families to the museum to explore. No matter the weather, Free Family Saturdays bring young and old alike to spend the day together enjoying this one-of-kind Central Oregon destination.”
High Desert Museum is Top Rated Opportunity
The High Desert Museum is consistently rated one of the top Central Oregon attraction by Trip Advisor. With 135 acres and more than 100,000 square feet of exhibit space, it’s a “must see” for anyone in Central Oregon. Get a close-up view of native wildlife, such as river otters, bobcat, porcupine and badger. Talk with historic characters who share tales of early Oregon explorers and settlers. Visit an authentic homestead and sawmill from 1904.
The Museum is offering a 10 percent discount on all memberships purchased on Free Family Saturdays at the Museum, giving families the opportunity to save on future visits. For more information about exhibits, wildlife encounters, living history, and events, visit the Museum’s website at www.highdesertmuseum.org.
How to Eat Healthy on a Budget
Exercise and Diet
Many people have become more health conscious in recent years. By exercising and eating a healthy diet, we know we’ll live happier and longer lives. Unfortunately, processed foods tend to be cheaper than lean meats and fresh fruits and vegetables. That’s due in part by government subsidies to farmers growing corn, soybean, and wheat, the main ingredients in processed foods, which keep those prices down.
You’re Busy, So How Do You Do it?
When you’re on a tight budget and always in a rush, it’s sometimes easier to hit a fast food restaurant or just microwave a frozen dinner– meals full of sodium, sugar, and saturated fat. So how can you eat more healthfully? Here are a few tips:
- Slow down. Eating healthy requires a little time and attention. Many people rush through their days, wolfing down their meals mindlessly, so they can hurry to the next appointment. Give yourself a little time to shop mindfully, prepare your food, and fully savor your meal.
- Buy produce in season and freeze it. Fruits and vegetables cost more when they have to be shipped from far-away sunny lands that can still grow produce in November. Buy these items locally, in season, and freeze them for use in the winter.
- Start your own vegetable garden. You can easily grow lettuce and tomatoes in small planters on a balcony or, if you have a yard, stake out a few feet to grow even more. With Central Oregon’s climate, choosing the right vegetables and growing situation is very important. To learn more, read this Oregon State University (OSU) Extension Service publication. Once you’ve decided, you’ll even get a little exercise while you do it.
- Buy in bulk. Many grocery stores offer dry goods in bulk, saving you the usual packaging costs. You can also save on meat by buying in larger quantities and rewrapping in smaller, meal-sized portions. Freeze those portions to use for weeks to come.
- Check your dining-out habit. If you eat at restaurants often, the habit is taking a big bite out of your wallet. On average, a restaurant meal costs almost 5 times more than a home-made meal. Save dining out for special occasions.