Don’t blink! Another year has come and gone. Now might be the perfect time to review your financial goals with an eye on improving your financial health for 2025. Many of us will set resolutions around our financial lives, such as saving money, reducing debt, improving credit scores, or funding a large purchase. At Mid Oregon you have access to all the tools you need to manage your finances no matter your situation.
Take Advantage of the Free Financial Checkup
Mid Oregon recently introduced a powerful resource for getting a handle on your finances—Financial Checkup in Digital Banking—an empowering new addition to our My Credit Score family.
Financial Checkup takes you through an anonymous, 15-minute questionnaire to organize your information on income, debt, and expenses. Simply answer a few questions about your income and current debts. In just minutes, you will receive a thorough analysis of your financial situation, including tips by leading financial experts to help manage your debt and build a budget.
Your Credit Score with Credit Savvy
Many of us don’t keep track of our credit scores. But having a good credit score, and knowing what you can do to improve it, is the key to achieving many of your financial goals. Mid Oregon has a free, secure option that can help you take charge of your credit.
When you enroll in Credit Savvy, you receive anytime, anywhere access to your credit score—check it daily if you want! Plus, you’ll be able to use these helpful tools:
- Goals Tool. What if you had a coach helping you figure out what steps you should take to improve your credit score—and helped you stick to it? The Goals tool helps you create a target score, decide how fast you want to achieve it, and then receive updates on how you’re doing. Improving your credit score has never been simpler!
- Credit Simulator Tool. Do you know what a new loan or a higher credit limit might do to your score? Try different what-if scenarios to see how they’ll affect your score—before you make a change!
With access to articles and information about your credit score you will be able to make informed decisions about your financial goals.
Free Credit Monitoring
In today’s uncertain landscape, worrying about fraud can keep you up at night. With Credit Savvy you can also sign up for Free Credit Monitoring that will send you alerts when a new account or inquires on your credit repot show up.
Better Interest Rates
Additionally, Credit Savvy will list special offers tailored to your good credit that will save you money with reduced interest rates.
Creating a Budget
Having a budget allows you to better control your money. But many feel daunted by the idea of creating a budget for themselves. Writing down your expenses not only helps you to track your spending patterns, it can identify ways for you to avoid unnecessary spending. For most, once you’ve created a budget, you begin to feel more in control of your financial future.
Begin by writing it all down; your daily coffee, subscriptions, utilities, etc… Even those expenses that seem insignificant to you. Identify the necessary expenses, then prioritize the rest. Try applying the following basic percentage rules:
- The 80/20: One of the simpler rules your can use starts with using 80% of your budget for needs and wants, then save the other 20%. Rather than having a variety of categories, you simply divide you expenses and savings into these two buckets.
- The 70/20/10: This rule starts out by allocating 70% of your monthly bills and daily spending, 20% for saving and 10% for debt payments.
- The 50/30/20: This rule divides your income, allocating 50% to needs (housing, transportation, utilities, groceries), 30% toward wants (eating out, streaming services, hobbies or entertainment), and 20% toward savings.
- The 30/30/30/10: This rule is another popular method that breaks your budget down into 30% for housing, 30% for expenses, 30% debt/savings, and 10% for entertainment/fun.
Using the Financial Checkup feature with Mid Oregon’s digital banking takes about 10-15 minutes and gives you a 360-degree view of your spending. You can continue to monitor your spending throughout the year. With the charts and graphs that show you where you are spending money month to month you can track how you are doing with your budget.
Make Savings a Priority
You’ve heard it before, “pay yourself first”. It may sound cliché but it’s true. Setting aside 20% of your paycheck before you even see it is a great way to begin. In addition to adding automatic transfers to savings, Mid Oregon offers a variety of savings options and strategies to cater to your unique needs:
- Share Certificates—Enjoy higher returns on your investments and keep your money safe and local. We have amazing rates right now so take advantage of our latest special.
- High Yield Savings Accounts—Savings account with a variable dividend rate that increases as the balance increases (minimum balance $1,000).
- IRA Accounts—Build your future and your nest egg faster with attractive rates of return and choices to fit every budget and savings goal.
- Saver’s Club Certificate—Set your goal and the amount you want to save every month. It’s ideal for saving for something special or not being caught short during the holidays.
Create a Savings Goal
Perhaps 2024 is the time to focus on building your nest egg for emergencies, retirement, or simply peace of mind. If you see a tax refund in your future, use part of that money to give yourself a head start. Use a savings goal calculator, such as Mid Oregon’s Savings Goals tool in Digital Banking, to see how much you’d have to save each month. Or, explore the variety of savings options Mid Oregon offers (see below). Whatever you want to save for, set a goal and then work toward reaching it.
Work on Minimizing Debt
If reducing debt is on your agenda for the year, Mid Oregon can also assist you in navigating this challenging journey. We offer a variety of loan options designed to help you consolidate your debts and manage them more efficiently. Consider applying for a home equity line of credit (HELOC) to consolidate debt or build an ADU for extra income. How about transferring your high-interest rate credit card balance and take advantage of our no balance transfer fees?
Take Advantage of Lower Auto Loan Interest Rates
Recently Mid Oregon has lowered our Auto Loan interest rates and it might be a great time to refinance a higher interest Auto Loan.
Here are 5 reasons credit unions offer the best auto loans, and it makes more sense to get your loan through us:
- We provide personalized service. Because they are non-profit organizations and work to provide members with high-quality customer service, policy decisions are made by a group of volunteer board members rather than a corporate office. You can openly discuss your concerns about your loan, talk about flexible repayment options, and review your financial situation with a professional lending officer. This can alleviate some of the pressure of applying and securing financing for your vehicle and you can be more confident that the credit union is working with your best interests in mind.
- We offer educational resources. Many credit unions will provide information such as financing options and how to make the best decisions when assessing the value of your car purchase. If you’re a first-time car buyer and apprehensive about the loan process, you can turn to a credit union for unbiased answers.
- We offer a non-sales approach. Unlike some other financial institutions, which often give their lenders bonuses or some type of compensation for the loans they get approved, credit unions, as not-for-profit financial institutions, work for their members and do not try to sell you something you don’t need.
- Getting Approved. With us, you have a better chance of getting your loan approved. Even though the loan application process is the same and the underwriting process is similar, the credit union may make some adjustments that a commercial bank would not. Many credit unions are also more inclined to listen to its members’ needs and unique situations—sometimes adjusting terms of a loan accordingly.
- We have lower rates. A five-year term is the most common loan term for a new or used car, and rates at a credit union are typically much lower than the average rate at a competitor bank. The savings in interest alone is a major reason to consider this financing.
Mid Oregon has an online Loan Calculator that provides you with a great way to see if you will save money on interest rates before you start the process.
By working with our knowledgeable loan officers, you can develop a customized plan to tackle your debts strategically, potentially saving you money and reducing your financial stress.
The Most Important Number, Your Credit Score
Improving your credit score is another crucial aspect of financial wellness, and Mid Oregon can help you navigate this process. Many of us don’t keep track of our credit scores, but having a good score influences the type of financial options available to you—including interest rates on loans.
Mid Oregon has a free, secure option that can help you take charge of your credit. Credit Savvy (My Credit Score) on our Digital Banking platform can help you improve your score, and monitor for potential fraud. When you enroll, you receive anytime, anywhere access to your credit score. Plus, you’ll receive simple, straightforward tips that you can use to improve your score. In addition, you’ll enjoy these other features:
- Articles on ways to improve your score.
- Information on how your score compares to other consumers in your area.
- Credit Simulator Tool. Try different what-if scenarios to see how they’ll affect your score—before you make a change!
- Free credit monitoring. Sign up to receive alerts on new accounts or inquiries on your credit report.
- Special offers tailored to your good credit that can reduce your interest rates and save you money!
For those who are interested in building or repairing their credit, we off resources such as secured credit cards and credit builder loans, designed to assist in creating a positive credit profile and boosting your creditworthiness.
Do You Really Need It?!
It’s easy to lose track of how much money you spend on items you do not need. It might be on sale or “fit perfectly on the table corner.” Keep in mind that these unnecessary purchases can affect your bottom line. Get disciplined by identifying your needs vs wants. Do you need the newest smartphone or do you merely want it? Think about giving yourself a 24-hour cooling-off period between the time you see an item and when you make the purchase. If you’re shopping online, consider putting the item in your shopping cart and then walking away until you’ve had more time to think it over. In some cases, you might even get a coupon code when the retailer notices you abandoned the items in your cart. Turning down something you want now may be difficult, but the reward will be greater savings later.
Automating Routine Banking Tasks
- Digital Banking to ease financial tasks, saving you time and increasing your efficiency.
- Automatic overdraft protection. In a few easy steps, you can link your savings account to your checking to have a little added cushion in the event your expenses get a bit tight.
- Automatic loan payments. Your monthly loan payment will automatically be deducted from a linked checking or savings account.
- Setting up auto pay. This is a great way to save you time, hassle and offer peace of mind knowing your bills are paid promptly every month.
- Automate your savings: Direct deposit your paycheck into multiple accounts, including one for each of your savings goals.
As we embark on another new year, it’s essential to remember that achieving your financial goals requires dedication, discipline, and sometimes, a helping hand. Mid Oregon is committed to being that helping hand for you, providing the resources, expertise, and support needed to make positive changes in your financial well-being. So, take advantage of our offerings, and let this year be the one where you turn your financial resolutions into accomplishments.
Regardless of your financial situation, your Mid Oregon team is here to help you every step of the way—please stop by, call, or visit us online at midoregon.com. We also encourage you to stay tuned to future member newsletters, blogs, and workshops for more financial fitness topics.