BEND, Ore. - The prospect of setting money aside is worse than a Halloween nightmare for people who already are living paycheck to paycheck.

However, the Oregon Individual Development Account (IDA) Initiative helps those who are saving for a purpose - from small business needs to a home or an education - with a combination of financial counseling and goals.

A new evaluation of the program found almost 4,000 Oregonians with limited income and net worth opened IDA accounts from 2008 through 2011. Researcher Diane Yatchmenoff, associate director of the Regional Research Institute at Portland State University, says most mention two critical factors in their financial makeovers.

"Being made to use a budget, kind of being forced to figure out how to use a budget; getting in the habit of savings and realizing that classic phrase, they can 'pay themselves first.' But the other thing they talk about is the support and encouragement they got from the IDA program providers."

If people meet their financial goals during the time they're in the program, the amount is matched, up to 3-to-1. About 65 percent of them manage to do that.

Photographer Forest James signed up for the IDA Initiative in Bend to save money to expand his business and buy new equipment. He says by working with a financial counselor, he soon found out that he didn't need all those energy drinks.

"That represented much more than just cutting back on energy drinks, of course. It represented monitoring what I'm actually spending, and had me take a closer look at everything I was spending on. So, I was able to cut back a decent amount - just showing me that you don't have to make a lot of money to actually start saving."

Over time, James and his wife turned monthly savings of $166 into almost $10,000. The evaluation report says about 55 percent of participants still are budgeting and saving a year after completing the program.

Yatchmenoff says the other part of the survey that is harder to quantify than the dollar amounts - but just as important - is what having savings does for the IDA participants.

"A sort of increase in self-esteem, and sense of confidence and competence that they acquire. We see this over and over again in the kinds of quotes that people send in with their surveys, and when we talk to people. It's a very empowering experience for folks."

There's a network of IDA Initiative providers across the state. Find them online at OregonIDAinitiative.org.


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Wisconsin lawmakers recently debated reforms for payday loans. Efforts to protect consumers come amid new research about financial pain associated with cash advances offered through smartphone apps. The Center for Responsible Lending is out with findings that detail how "earned wage advances" from digital platforms come with extra costs disguised as things like tips. Traditional payday lenders are often criticized for charging excessive interest rates on loans that are usually around $500.

Lucia Constantine, a researcher with the Center for Responsible Lending, said customers are usually seeking smaller amounts from the apps, but she warns they can be just as costly.

"They are trapping consumers in a cycle of borrowing that is similar to that of a payday loan, " she said.

The report said after using these financial products, customers are seeing overdrafts on their checking accounts increase by 56% on average. Industry leaders deny they're barraging consumers with hidden fees, stressing that features such as suggested tips are optional. More broadly, a bipartisan payday loan reform bill in the Wisconsin Legislature failed to advance this month.

Constantine said like longstanding payday lenders, these cash advance apps can be hard to regulate. Meanwhile, she urged those in a bind to explore other options.

"[They should] try talking to their friends and family as a first source. The other option which I would recommend is reaching out to their credit union or banking institution to see if they can get some sort of small-dollar loan," she said.

She noted places such as credit unions typically provide more transparency on loan costs. According to the report, three-quarters of consumers took out at least one advance on the same day or day after a re-payment was posted.


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Food prices remain high, in Montana and across the country.

A new report by the Federal Trade Commission says the country's largest grocery companies are gouging consumers, by keeping prices artificially high.

Many grocers, retailers and wholesalers have consolidated to cut costs. Grocers continue to blame supply chain problems, even though regulators have said most of those issues have been resolved.

President of the advocacy group Farm Action, Angela Huffman, said retailers were doing more than making up for lost revenue during the pandemic-era supply chain disruptions - and the FTC report says they continue to do so.

"In 2021, the retailer revenues, they rose to more than 6% higher than their total costs, and that those profits are still going up," said Huffman. "So, in the first nine months of 2023, the profits increased to 7%."

At nearly 6.5%, Montana had the nation's ninth-highest grocery price increase in 2023.

The FTC data show Amazon, Kroger and WalMart each gained market share during and after the pandemic - while profits continued to rise.

Other large retailers and wholesalers have consolidated, which they say gives them more buying power and the ability to pass those savings on to customers.

Huffman said that isn't what's happening, and calls on regulators to fine the grocers, or more.

"This would be kind of the farthest extent of what they could do, but go so far as breaking them up," said Huffman. "In years past, they broke up the telephone companies and the railroads and, you know, that would be the ideal outcome for us, is to take away their excessive power."

Huffman also points to a 150% increase in egg prices in 2023, which producers blamed on the avian flu. The FTC says the disease did not justify the drastic price hike.

April is Financial Literacy Month, when the focus is on learning smart money habits but also how to protect yourself from fraud.

One problem on the rise in the Southeast is the "impostor" scam, when scammers represent themselves as fake government agents or bogus businesses. They are really on the prowl for your cash and personal info, costing victims in North Carolina almost $190 million last year alone.

Natalya Rice, Southeast Regional attorney for the Federal Trade Commission, listed some key red flags to look out for.

"Utilizing a payment app, sometimes even cryptocurrency, things like that," Rice noted. "Anyone who contacts you from what seems like it could be a legitimate company or business, if they're asking you to send them money or some type of payment through one of these type of payment methods, that is a red flag that you're dealing with a scammer."

Other warning signs include requests to transfer your funds or even demands for a verification code to access an account. If you have concerns, Rice advised it is best to stop communication and contact the actual company directly. Still other scams big in the Southeast include online shopping, investments and job offers.

Nationwide, a record $10 billion was lost to scams in 2023.

More than 25,000 North Carolina residents reported possible identity theft last year. Rice recommends acting promptly when you realize or suspect you have been scammed. The first step is to contact your financial institution and report the incident to its fraud department. She added it is crucial to notify federal and state agencies for further investigation.

"You can go to reportfraud.ftc.gov and fill out a report there and let us know what happened," Rice noted. "In the state of North Carolina, there's also another place you'll want to report it to, and that's the North Carolina Attorney General's Office."

If you suspect your identity has been compromised, Rice stressed the FTC can assist you in developing a recovery plan. She added getting your money back is never guaranteed but the sooner a scam is reported, the sooner it can be investigated and other people can be warned.


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