The Bottom Line
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Science Agrees: It’s Tough to Save
We can teach our kids to save—and maybe start a new habit for ourselves—during Credit Union Youth Month.
The Science of Saving
Saving your money isn’t always easy, especially when you don’t have a lot to spare. After paying all your usual expenses, there may be very little “fun” money at the end of the month. When we do find ourselves with some extra cash, like a tax refund, many of us rush out to buy those shoes or that electronic gadget we’ve had our eye on for months instead of putting it into our savings. It’s tough to save!
Why do we do that? Why do we spend the money we planned on using for our future?
We can blame it on our brains. Behavioral science has shown that humans are hard-wired to act on impulse and that it takes conscious thought to delay gratification. It’s also much easier to focus on the present than our future.
Focus on your future self to spark savings urge
To help you save for your future, behavioral science suggests visualizing yourself as you might look when you’re older. For instance, if you want to save for retirement, imagine yourself at age 67, living comfortably, maybe travelling the country, or having the time and the means to do something you’ve always wanted to do.
According to a study done in 2014, this technique works. The researchers took photos of 50 college students and digitally altered each person’s photo to make them look 70 years old. The participants were instructed to study the photos. Then they were told to imagine receiving $1,000 and were asked how they’d like to use the money: buy something now for a special person or for an extravagant night out, or put that money into a retirement fund. After seeing a photo of themselves at 70 years old, the majority allocated more of the money to their retirement fund than to the other options.
Replace bad habits with good ones
Another way to help you save for your future is by making it a habit. Start with small goals. For instance, commit to putting a certain amount, say $10, into a savings account every week. If you have direct deposit, you might want to consider setting up an automatic transfer of $10 into your savings account every time your paycheck is deposited. Over time, you can gradually increase the amount by a dollar or two.
Teach your kids to save
Okay, so we’re not perfect. But we can help our kids to do better, and start them off with some healthy financial habits. To help your children get into the savings routine, start by having them cut out pictures of something they’d like to have someday and post the images where they’ll see them often. Then help them open a savings account if they haven’t already.
At Mid Oregon, your child can open account with as little as $5—and we’ll waive the membership fee for kids 17 and under. Encourage your child to make regular small deposits each week or month. Tell them their money will earn interest while it’s in their account. If they keep this routine going, they’ll quickly see their savings grow. You can even use our savings calculator to help them see how fast their savings will grow!
This April, we’re celebrating Credit Union Youth Month. When you open a Mid Oregon savings account for your child or grandchild, they’ll receive a free Moonjar® moneybox to help them manage their money. The Moonjar moneybox is a three-piece savings bank that encourages children to plan how they Spend, Share and Save. The Moonjars are available while supplies last, so stop by soon and help your kiddo learn the science of saving!
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Adopt-A-Bear Gives Local Kids a Healthy Start
Catching Issues Early Helps Children Thrive
When a child has an unaddressed health or developmental concern, it can affect many areas of his or her life—especially when it’s time to start school. Research shows that nearly 40% of children enter kindergarten with some sort of barrier to success. “Often they act out because they don’t know how to ask for help,” says Diane Murray-Fleck, Executive Director of Healthy Beginnings, a local non-profit providing free pre-kindergarten health screenings to Central Oregon kids. “If we can catch those things before kindergarten, it can have a huge impact on their success.”
Healthy Beginnings provides a multi-station health and developmental assessment for children ages 5 and younger. The assessments check everything from overall physical and dental health, vision, motor skills, behavior, hearing, concepts, and speech. Local practitioners with expertise in each discipline use state-of-the-art screening tools to conduct the assessments.
According to Murray-Fleck, this gives parents an opportunity to bring up their concerns, discuss possible next steps, or simply have their worries put to rest. “Parenting is so difficult, and every parent wonders if they’re doing enough,” she says. “Even parents who have a medical home and great support sometimes have questions and need reassurance that their child is developing normally.”
Increasing Access for Local Kids
Mid Oregon’s support of Healthy Beginnings and the Adopt-A-Bear campaign began in 2004, when their work caught the notice of CEO Bill Anderson. He and then-Director Holly Remer decided to team up to help provide additional funding using a branch fundraiser. Their collaboration, starting with a drawing of a teddy bear soon evolved into the familiar bear-shaped paper cutouts that line the walls of Mid Oregon branches every April during our Adopt-A-Bear fundraiser.
Since Adopt-A-Bear began, Mid Oregon members have generously contributed nearly $25,000 in donations to provide health screenings to more Central Oregon children. In total, nearly 1,000 families each year receive a free health assessment from Healthy Beginnings, giving families greater peace of mind and ensuring that local kids get their best chance to thrive and succeed in school.
Supporting Adopt-A-Bear
We’re inviting the whole community to stop by or call to support Healthy Beginnings through our Adopt-A-Bear fundraiser. Mid Oregon can accept your donations at any local branch, or by phone at 541-382-1795. You can also donate at our Free Shred events happening at four Central Oregon locations on April 14, 2018.
Adopt-A-Bear to help Central Oregon children start school healthy and ready to learn!
Shred Your Documents for Free!
Mid Oregon Credit Union has teamed up with Secure Shred, a division of Bend Garbage & Recycling, to help Central Oregonians stay protected from fraud and identity theft. Shred your documents for free!
We are offering a safe disposal of sensitive documents on Free Shred Day, April 14, 2018, at four Mid Oregon Credit Union locations:
9:00 a.m. to 11:00 a.m.
Bend Olney Branch – 202 NE Olney Avenue (near Black Bear Diner)
Madras Branch – 395 SE Fifth Street (at Fifth and “F” Streets)
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)
Free Shred is intended for private residential document shredding only, no commercial or business shredding provided. Personal documents with staples and paper clips are okay.
Shred Your Documents for Free!
“It’s a great opportunity to go through important paperwork such as old bills, tax documents or anything containing your account numbers, signatures or Social Security numbers, and bring the materials down for secure disposal,” said Kyle Frick, Mid Oregon VP Marketing. “It’s a great way to protect against identity theft, it’s open to the public and it’s free.”
Mid Oregon is asking event participants to consider bringing a donation to benefit Healthy Beginnings . A representative will be onsite at event locations to answer questions about their no cost health and developmental screenings for local preschool children.