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 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.
Managing Money As a New Couple
6 Tips For Managing Money as a New Couple
Did you find “the one” and have decided to get married? Congratulations! Here’s a little financial advice to help your marriage start off on a good footing, 6 tips for managing money as a new couple.
Hopefully, you’ve already talked about your respective finances and how you usually handle your money. Does one of you pay your bills on time and the other often get late fees? See where you differ and where you agree.
Finding Compromise Important
Find a compromise you can both agree upon. Incompatible views on how to handle money are a leading cause of discord among couples, so to avoid trouble in your future, have these discussions now.
The following tips should also help you and your spouse stay on solid ground financially:
1. Write down your goals. Write down your lists separately and then compare them. See where you can compromise and work toward common goals.
Discuss The Types of Accounts
2. Decide whether to open a joint account. Some couples like to share one account, others like having their own personal account and another account for joint expenses, like rent, utilities, etc. Discuss which way you and your spouse want to handle your finances.
3. Divide financial responsibilities. Which of you is better at paying bills on time? How much should each of you pay for your joint expenses? Make sure each of you is clear on what you’re responsible for and how much you must pay.
Saving-For Emergencies and Retirement
4. Create an emergency fund. This should be a non-negotiable subject. Everyone should have an emergency fund to deal with unexpected expenses. Cars break down, laptops die, or one of you could lose your job. Relying on credit cards to cover the unexpected will only put you into more debt, so start an emergency fund now. Feed it a little each month until you have enough to cover at least 3 months of household expenses.
5. Save for retirement. If both of you have a 401(k), then pat yourselves on the back. If you don’t, then look into starting some kind of retirement fund, like an IRA. The younger you are when you start a retirement fund, the more you’ll earn through compound interest. Your credit union can help you find a product that works best for you.
Communicate, Communicate, Communicate
6. Have regular meetings to discuss finances. Check in with each other on a weekly or monthly basis to go over expenses and discuss how you’re doing with your financial goals.
Of course, Mid Oregon Credit Union can help you decide what types of accounts might work best for you. We have several savings vehicles to match your goals and circumstances. We have an in-house financial advisor to provide perspective and advice. And we have the digital banking tools to work best with your communications.
Contact us by email, call us at (541) 382-1795 or visit one of our 7 Central Oregon branches to get started!