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 to Save When You’re Invited
How to Save When You’re Invited to Everyone’s Wedding
Invited to a wedding at Aspen Hall in Shevlin Park this year? Or maybe at Faith, Hope & Charity Vineyards? Or Sunriver? With so many people moving to Central Oregon from the valley or out of state, maybe you’re invited to a wedding on the Coast, or in the wine country, Lake Tahoe, or Seattle. Or several of the above? How can you save when you’re invited to everyone’s wedding?
Wedding Season is Upon Us
Ready or not, wedding season is upon us and soon you may see a few wedding invitations in your mailbox. What do you do when it looks like ALL your friends are getting married this year? Can you afford to get gifts for everyone, as well as pay for clothing and traveling expenses for each event?
If you find yourself invited to multiple weddings this year, first create a budget and estimate how much you can afford for these expenses. It’s better to have a picture of what you can realistically manage rather than spending wildly. Spending without a plan may leave you struggling to pay your own living expenses at the end of each month.
Traveling Expenses Are a Big Part
Next, determine how much travelling you’ll need to do to get to the wedding. Is it an hour’s drive away, across the country, or even in another country? Traveling expenses can take a huge chunk out of your budget, so it’s important to get a good estimate of what you’ll need to pay before you accept the invitation. If the event is within driving distance and your friends are going, consider carpooling.
If the wedding requires an overnight stay, you’ll need to factor in lodging expenses. Check out vacation lodging sites like Airbnb or VRBO. Again, if friends are also going to the wedding, consider sharing a place with them.
Dressing for the Occasion?
Will you need a new outfit? Instead of buying a new dress or suit, check out consignment shops for good deals on formal attire and accessories.
Are you artistically inclined? If so, you may want to make a personal gift instead of buying something, particularly if the couple already has enough plates and toasters. Creating something that shows how well you know the couple can be especially meaningful to them.
Not Busting Your Budget
Lastly, if going to every wedding is going to wreck you financially, or require you to scrimp on all of them, then think about your relationship to each couple – how close are you to them? If you rarely see or talk to them, don’t feel obligated to accept the invitation. Instead, select which weddings you really want to attend and decline the others.
You may not be paying for a wedding, but through proper planning and good decisions, you can keep this year’s wedding season from busting your budget!
Traveling? Use Your Credit, Debit Cards with Confidence
The Northwest coast or the French Riviera? A stay-cation or a safari? A holiday weekend with the in-laws? Wherever your travels take you, you can use your Mid Oregon Credit Union debit and credit cards with confidence. We’re watching out for our members in the fight against fraud.
We recommend that consumers follow these security safety tips provided by Northwest credit unions:
• First, take advantage of your credit union’s account monitoring systems that allow you to track your spending. Check daily, and report any suspicious activity immediately.
• EMV chip cards provide an extra layer of security when you use them on site (not online). Not all merchants have caught up with this technology trend. If the merchant’s chip system isn’t operating yet, you can still use your card, but continue to monitor your transactions daily.
• If you enter a pin number, use your other hand to shield the number from anyone who may be watching.
• Be sure your card is returned following each purchase and that it is indeed your card.
• Wait for the receipt. Never leave it at the checkout counter; and keep receipts with you, not in your shopping bags.
• Keep a list of your card account numbers and telephone numbers to call if your cards are lost or stolen. Keep that list in a secure place—not in your wallet.
• Know that your PIN can be stolen in other ways. There is a heat signature left on non-metal keypads for several minutes after you use it. Infrared cameras installed on smartphones can be used to measure this heat signature and obtain your PIN. Stop this fraud by resting your fingers on other keys while typing in your PIN.
• Unfortunately, thieves can place “skimming” devices on ATMs to steal your card and PIN numbers, so they can make fake cards and steal your money. Look for anything unusual near the speakers and beside the screen. Pull or twist on the device where you insert your card to make sure it’s secure. If you find a skimming device has been attached don’t use the ATM, and call the police immediately.
• Finally, let your Mid Oregon know that you will be traveling, and the destination. Credit union employees are looking out for you, and they pay attention to your spending patterns so they freeze your card and alert you if there is unusual spending. Letting the credit union know that you are traveling will allow you to continue to use your cards conveniently.
Contact us at info@midoregon.com, call (541) 382-1795, or download and complete our Travel Notification for Debit/Credit Card form.
Mid Oregon also offers CardNav℠ , a free smart phone app which controls your debit card use, transaction thresholds and provides real-time alerts. Learn more about CardNav℠ by CO-OP, or visit MidOregon.com
And relax, and have a great time!
Self-Efficacy is Biggest Factor in Financial Well-Being
From the National Endowment for Financial Education® (NEFE®), May 21, 2018
New Findings Issued from Decade-Long Research
Financial self-efficacy* is a better predictor of financial well-being more than race, gender and socioeconomic background, according to a landmark 10-year study.
The Arizona Pathways to Life Success for University Students (APLUS) project has followed the same group of young adults from their first year in college through adulthood to measure how financial capability relates to happiness. The latest wave marks the fifth time APLUS participants have been surveyed since they started college as freshmen in 2008.
Now approaching age 30, APLUS participants show few differences in their achievement of adult milestones such as completing education, finding work and leaving the parental home. However, some groups are thriving more than others. Financial self-efficacy (e.g., confidence in one’s ability to perform financial tasks, such as paying bills) is a stronger indicator of positive well-being over race, gender, socioeconomic level or first-generation college status, according to the study funded by the National Endowment for Financial Education® (NEFE®).
∗ Wikipedia defines Self-efficacy as… an individual’s belief in his or her innate ability to achieve goals.
Parents’ Role in Financial Self-Efficacy
Although many APLUS participants continue to rely on their parents for financial knowledge and support, the study finds that receiving financial assistance from family is linked to lower well-being, even in participants from higher socioeconomic backgrounds.
“Self-efficacy isn’t defined as just having knowledge and skills, but believing in success as long as you try,” says Ted Beck, NEFE president and CEO. “That confidence develops from performing financial tasks on your own—not relying on your parents to do it for you.”
Self-assessed financial efficacy dropped for everyone in this wave of data collection, however men continued to rate themselves higher than women, a trend seen throughout the study.
“Perhaps as they face more complex financial decisions about housing, retirement and health insurance, young adults’ confidence wavers,” Beck says. “It’s important for parents to focus more on sharing information and less on sharing money during these key transitions to adulthood.”
Gender Differences in Self-Efficacy
Men and women tend to consult the same types of resources when seeking financial information, but in the opposite order. While men first go to websites, then ask their employers, and only then consult their parents. Women start with their parents, then their employers, and only then turn to the internet. Men also tend to check more sources.
Overall, men seem to be doing slightly better:
• Men show slightly higher objective financial knowledge in this wave, despite being equal with women earlier in the study.
• Men’s self-assessed knowledge of retirement accounts was 19 percent higher than women’s.
• Although men and women are equally employed, men earn significantly more—45 percent of men in the study earned $60,000 annually compared to only 27 percent of women.
• Women are more likely to have a second job.
• Women are more likely to receive financial help from family.
“Women seem to be more relationship oriented as they seek information, while men are more likely to investigate on their own. This could be a key factor in higher confidence among men,” adds Beck, who is retiring from NEFE after 13 years.
“In addition to offering timely and relevant information around milestones like home buying and workplace benefits, the financial education field must use data to shape experiences for multiple learning styles, and scale these through online learning environments,” says Billy Hensley, Ph.D., newly-named president and CEO of NEFE. Hensley has served as senior director of education with NEFE for the past eight years.
Perception vs. Reality
Self-efficacy requires belief in your own abilities, but unfortunately some groups don’t see themselves accurately:
• First-generation college students performed better than their peers in objective financial knowledge, yet they reported feeling less confident and capable.
• Actual knowledge for all socioeconomic groups remained similar, but lower socioeconomic groups ranked their self-assessed knowledge much lower.
• Hispanics’ self-assessed knowledge dropped significantly in this wave.
“Data is crucial, not just for educators and policymakers, but for individuals. Seeing the raw numbers would show some groups are doing better than they think,” Beck says. “Accurate assessment of one’s progress can be a confidence booster.”
“Learners will shape the educational world of the future through data, and individuals will be able to use their own personal information to improve themselves,” Hensley says. “Self-efficacy begins by seeing clearly where you are and actively participating in your financial life.”
For complete findings of the research, click here.
Study Details
The landmark study, Arizona Pathways to Life Success for University Students (APLUS), launched in the spring of 2008 with 2,098 University of Arizona freshmen. Researchers followed and surveyed the participants five times from 2008-2016. The principal investigators are Joyce Serido, Ph.D., University of Minnesota, and Soyeon Shim, Ph.D., University of Wisconsin-Madison. Detailed reports on findings from each wave are available at https://www.aplushappiness.org.
About the National Endowment for Financial Education (NEFE)
NEFE is a nonprofit foundation that inspires empowered financial decision making for individuals and families through every stage of life. For more information, visit www.nefe.org.