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.
4 Things You Can Do With Money
The Best Ways to Use a Few Hundred Dollars
So, you have some money coming in for which you didn’t plan. Maybe you’re getting a tax refund? Or you finally had that garage sale? Possibly you received a bonus at work? From whatever the source, you have a decision to make. To be productive, you have 4 things you can do with money!
Sometimes it can feel like you need thousands of dollars to move the needle on your finances even a little bit. So if you find yourself with a few hundred dollars, the temptation to spend it can be great. After all, how much difference can $500 make? But used wisely, even a few hundred dollars can put you on the road to a more financially secure future. Here are 4 (Productive) Things Can You Do With Money.
Spend It
The first of 4 things you can do with money is to spend it. Spending can be a positive, or a negative. Blowing it on one big splurge might feel good temporarily, but it might also give you a hangover. Putting it into checking can give you some breathing room, but ultimately you will spend it- and probably won’t know where it went.
Perhaps now is the time to fix that leaky faucet, get the new set of tires, buy the paint for the spring project, or something else you have been putting off. Spending it could be your best choice. But what about the other three productive things you can do with your money?
Save It
Start an emergency fund. Ideally you want six months of living expenses stashed to cover unforeseen expenses, but $500 is a good start. And once you have a good start, it can spur you to keep contributing. The second of 4 things you can do with money is setting it aside for future use.
Save for a bigger-ticket expense. If you foresee a need from a few months to a few years in the future, start saving now, so you can pay cash when you need it. This could include a down-payment on a vehicle, or major repairs on your vehicle or home. It might be for a dream vacation. The key is to use some form of savings account to put your money aside, where it can earn dividends (interest). Whenever you have a little extra money come in, set it aside as well. You could end up with a gift the whole family will cherish for years.
There are a few different choices for savings. Basic savings accounts pay small amounts of dividends, but you can get your money at anytime. Share Certificates (CDs) require a specific deposit (often $1000 or more) and that it be stay untouched for a period of time, but pay higher dividend rates. Some special savings accounts pay more based on the amount on deposit, and the funds are accessible. Mid Oregon has several saving account options which may fit this need, including our Savers Club.
Invest It
If your big ticket expense is further out, like retirement, a home purchase or college tuition, investments might be a better choice. Typically when the need is more than 4 or 5 years down the road, investing provides a potential higher rate of return, and the risk factor can be smoothed out over time. Investing is the third thing you can do with money to be productive.
For retirement, you can fund or add to your IRA (Individual Retirement Account), which can have tax benefits in addition to investment increases. For this and other purposes, finding a trusted advisor to help you invest is critical. Mid Oregon has a financial advisor in house, Mid Oregon Financial Services. Mid Oregon Financial Services provides retirement planning, financial guidance, Long Term Care Insurance, 401(k) Planning, and Life Insurance Planning.
Give It Away
Donate to charity. If you itemize deductions on your tax return, consider helping an organization whose works you admire. Not only can you deduct the gift, but it might ultimately mean more to you than spending the money on yourself. Mid Oregon Credit Union often provides its members opportunities to pool donations with other members to support local organizations. The fourth of 4 things you can do with money, giving it away, is the one people most often forget.
Adopt-a-Bear, in April, supports Healthy Beginnings. The Great Drake Park Duck Race provides tens of thousand of dollars every year to each of 6-8 local organizations. Supplies 4 Schools in August gets needed school supplies to Central Oregon students through the Family Access Network (FAN). During the holiday season, several local agencies benefit from Mid Oregon’s “Holiday Dough” effort. There is no shortage of opportunities to help in Central Oregon.
Considering the best use of your “found money”, you can find the best ways to make it work for you.
#60 for 60–Sixty reasons it could be our best year yet!
In November of 1957, a handful of Prineville educators pooled their savings in a shoebox to provide loans for each other in times of need. That very humble beginning 60 years ago has grown to an institution serving more than 29,000 members, employing 100-plus teammates in seven branches, who have loaned more than $1 billion dollars since our inception. Think of all the dreams we’ve achieved together since then!
Sure, we’ve accomplished a lot in our 60 years of serving local families like yours, but we’d prefer not to rest on our laurels. There’s too much we still want to do to help you reach your financial goals.
We’re using our milestone birthday as a challenge to keep growing and evolving to meet your financial needs. We want to be the one you rely on—not just now, but 60 years from now.
Sixty Reasons: #60for60
We’re counting the reasons our 60th might be our best year yet. We’ll be sharing some key milestones, fun events—and, hopefully—a few inspiring member stories. Watch the Mid Oregon View, our Facebook page, or follow us on Instagram to stay up to date. And look for the #60for60 seal and hashtag on our photos, stories, and posts to see some of the things that made the cut.
And since this is your credit union, we may call upon you to offer up a few of your own! Keep an eye out for the occasional poll or survey to see what you think makes our 60th year a special event for Central Oregon and our awesome members.
Mid Oregon’s #60for60
- Mid Oregon grows to $200 million in loans, as members continue to choose a member-owned, local option to finance their dreams.
- Another great year of welcoming local families for our January and February 2018 Free Family Saturday events at the High Desert Museum.
- Since November 2017, members have earned more than $1,500 in gift cards by referring their friends and neighbors to Mid Oregon using our Tell-A-Friend Program!
- Mid Oregon crosses the threshold to 29,000 members—and still counting!
- As a member-owned financial cooperative, we invite our member-owners to join us every year for our Annual Membership Meeting—you’ll know how we’re doing, and what’s in store!
Dreaming of your next outdoor adventure?
The Boat & RV Show at the Central Oregon Sportsmen’s Show
If our latest wave of winter weather is making you antsy to head outside, why wait another minute? Start planning now for your next outdoor family adventure at the Central Oregon Sportsmen’s Show. It’s happening March 1-4 at the Deschutes County Expo Center. In conjunction, you can enjoy the Boat & RV show at the Expo Center.
Several Boat & RV Dealers will be exhibiting at the show, including locals All Seasons RV & Marine, Beaver Coach Sales and Service, Big Country RV, Blue Dog RV of Oregon, Central Lakes Marine, Culver Marine, Madras Marine, Mid State Power Sports, Pro Caliber Motor Sports, Trailer World of Bend, Trailers Unlimited and Tumalo Creek Kayak & Canoe.
Do your homework before you look for that RV or boat!
Before you shop, you should understand the type of RV which fits your needs, and the price range you can afford. It takes research and planning, and should you need financing, getting pre-approved for the right loan.
For many, that trailer, 5th wheel, motor home or boat will be one of the largest purchases you will make. Are you seriously interested in one of these vehicles or water craft? You should do your homework before you shop.
Get pre-approved now for your dream RV, boat or toy!
Get an early start on shopping for the boat, RV, or other toy you’ve been dreaming about. Just call, click or stop by a Mid Oregon location to start your pre-approved RV loan. With your pre-approval in hand, you’ll know exactly how much you can afford, and how much your payment will be, so you can negotiate with confidence. What a great way to get your best deal!
Knowing financing in advance allows you to focus on vehicles in your price range. Saving a lot of time and hassle, it will help eliminate the stress on how you will get approved during your purchase experience. Don’t find what you want at the show? You will still be able to use your Mid Oregon approval to shop with dealers and private parties afterward.
Plus, you don’t even have to shovel the driveway to get started–just apply online right from your easy chair using our easy, secure online loan application.
What Fits Your Needs?
There are many resources to help you find the right vehicle or water craft. On the internet, you can search manufacturer and dealer’s websites. You can look at industry reviews. You can talk to current RV or boat owners to learn the good, the bad and the ugly. And you can start by asking yourselves some key questions (the following is derived from “The Only Guide You Need to Buy an RV“, by Melissa Popp, TripSavvy, 11/26/17:
- Why are you buying an RV? There are motorhomes and towables, and do you want a new or used RV.
- Where do you plan to travel with the RV? First, do you own a towing vehicle, and are you comfortable with driving while towing? Pop up campers, truck campers and small travel trailers are often the best way to ease into the RVing lifestyle.
- What features do you need? If the RV is brand new you can choose the features or customizations at the dealer, but it might be expensive. Know what is important to you.
- What features do you want? Because it’s important to narrow down exactly what you need as opposed to what you want before you buy an RV. One of the biggest benefits of owning an RV is that you can customize and add features to it down the line, you might wait to invest in projects for the future.
We hope you enjoy the Sportsmen’s Show & RV/Boat Show this Thursday through Sunday. Let Mid Oregon help you enjoy it more to make your dream become a reality!