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.
October is a Great Time to Save
The autumn season brings fall colors and cooler temperatures, and October brings the start of holiday sales. It’s a time when retailers want to move out their remaining summer inventory, as well as discount some new winter items. Here are a few of the best deals you can find in October.
Warm winter clothing – Retailers begin releasing their new winter clothing at sale prices, before demand for these items really kicks in. You can also find good savings on popular back-to-school clothing categories, like jeans, college team apparel and activewear.
Older iPhones – New iPhones are announced in September, so to make room on the shelves, sellers begin marking down older generation models in October.
Outdoor Products Can Be Steals
Camping gear and outdoor furniture– Get good out-of-season deals on tents, sleeping bags, lawn chairs, and grills in October and you’ll be prepared for next summer. This past summer outdoor furniture was more , with a wide range of styles and quality. So inventory may still be high and prices low.
Bicycles – With less demand in colder temps, dealers will start offering their lowest prices on bikes and bike gear.
Fans and air conditioners – Again, as the temperature drops, so do prices for these popular summer items. But know that some dealers will begin storing these items in their warehouses in November for next year, so get them in October while prices are low!
Travel Bargains Abound
Travel packages – If you’ve been thinking of taking a cruise or trip overseas, you’ll find good package deals in October.
Cars – Many dealerships begin transitioning inventory to next year’s models.
What Foods Are Available?
Seasonal produce – Apples, squashes, and sweet potatoes are in abundance and priced to sell. Buy them in bulk, slice them up, and freeze them so they can be enjoyed throughout the winter. And if you love pumpkin….?
And if you have a major sweet tooth: Halloween candy. Late in the month, retailers may want to move overstocks of all Halloween supplies, not just candy.
Errors in Your Credit Report: Now What?
Your Credit Report Matters
Credit reports contain your personal financial information. Incorrect information can affect your ability to get a loan, rent housing, or get a job because businesses often make their decisions based on that data.
Lenders use credit reports to determine the interest rates on loans; the more creditworthy you appear on paper, the lower the rate you pay. Errors may cause you to pay more.
Many people are surprised to learn that a potential employer turned them down for a job because of negative information on their credit report. Federal law, however, requires that the employer get your permission before pulling your report.
To keep your reports accurate:
Order Your Credit Report
* The Fair Credit Reporting Act requires each of the “big three” credit reporting agencies—Experian, Equifax, and TransUnion—to provide you with one free copy of your credit report, at your request, once every 12 months. Visit annualcreditreport.com to order yours. Watch out for so-called deals that you may not need.
* Check the basics first. Check variations in name, Social Security number, and address. Experian lists all variations reported to it to ensure the consumer has a full account of the identifying information reported and can act on it. Often, variations are simply the use of a nickname or a transposed address digit.
* Verify data. Some can get complicated. If a loan is sold, the lender listed may not be the original.
Get Errors Corrected
* Look for errors. A study by the Federal Trade Commission and another by Policy and Economic Research Council (PERC) revealed similar results: one of five consumers reportedly found errors on their credit reports which could negatively impact their credit score.
When counselors at credit counseling agencies review reports with clients, they often find that the unfavorable information is valid. But when it is in error, it’s important to start the correction process right away.
* Dispute errors. Contact the company that has provided the incorrect information and the credit reporting agency in writing and keep copies. Work with both the source of the information and the credit reporting company to resolve the issue quickly.
We Can Help
Talk to your local Mid Oregon Credit Union Loan Officer, or call us at (541) 382-1795. We can provide some general information, and possibly discuss your report. We can only pull your credit report if you are a member, but if you are not a member, you can bring your own and we would be happy to discuss it with you.
Affording Your First Apartment
Getting your first apartment is one of the big milestones in a young adult’s life. It can also be a little frightening since you don’t know exactly how much money you’ll need to get by. You might be concerned with affording your first apartment. Housing costs in Central Oregon are higher than usual right now. You will need to shop to find the one that fits your situation. But if you follow these easy tips, thriving in your apartment will be a breeze.
How Much Can You Afford?
1. Figure out how much rent you can afford. Find an apartment that costs between 25-35% of your gross monthly income (before taxes and deductions). Also, make sure the landlord tells you about any additional costs, like pet fees, parking, etc. Those fees will need to be included in your budget. If you find a place that is a bit more than you can comfortably afford, you’ll need to get a roommate — one you can rely on to pay their portion.
2. Factor in a security deposit. Many buildings require that you put down one month’s rent as a security deposit. The landlord holds that money until you move out. If you leave the place in good shape, you’ll get the money back. But if you don’t…
What About Your Spending Plan?
3. Create a budget. At first, keep it simple. If possible, use the 50/30/20 rule: 50% of your after-tax income should be spent on Needs, like rent, insurance, groceries, utilities; 30% for Wants, like dining out and entertainment; and 20% for savings, including your 401(k) and an emergency fund. Mid Oregon can help you figure out a spending plan. Check our periodic free budget workshops on our website, or come in to talk to one of our branch staff to point you in the right direction.
4. Get furniture and household items. But don’t get it all at once! Start with the basics, like a bed, shower curtain, pots and pans, etc. See what you can find at thrift shops before buying new.
Keeping Costs Down
After you move in, follow some of these tips to keep your living costs down.
• Eat in as often as possible and pack your lunch for work. A typical lunch can cost you between $8-10 dollars. At 7 meals per week, you’ll pay about $70. Per year, that’s $3,640! Eating in will save you serious money!
• Cancel the cable. The average cable bill is $65 per month or $780 per year. That could buy a lot of groceries instead. You can borrow popular cable shows and movies for free from your local library.
• Reduce energy bill. Adjust your thermostat in the winter so it’s 10-15 degrees cooler at night. Also turn off energy-hogging devices, like gaming consoles, when not in use.
Check articles on our Mid Oregon View blog for additional money-saving tips.