Save or Spend

Save or Spend: 5 Ways to Make Your Refund Count This Tax Season

According to the Internal Revenue Service, the nation’s taxpayers received an average tax refund of nearly $3,000 in 2015. This year, with more than 70 percent of taxpayers receiving a refund, the American Bankers Association is highlighting five tips to help them make the most out of their windfall.

“Tax season is a great time for consumers to reassess how they allocate extra cash,” said Corey Carlisle, executive director of the ABA Foundation. “It’s wise to take steps toward securing your financial well-being like storing your refund for rainy days or using it to get a jumpstart on saving for retirement.”

To help consumers make the most out of their money, ABA has highlighted the following tips:

  • Save for emergencies. Open or add to a high-yield savings account that serves as an “emergency fund.” Ideally, it should hold about three-to-six months of living expenses in case of sudden financial hardships like losing your job or having to replace your car.
  • Pay off debt. Pay down existing balances either by chipping away at loans with the highest interest rates or eliminating smaller debt first.
  • Save for retirement. Open or increase contributions to a tax-deferred savings plan like a 401(k) or an IRA. Where can you get one? Your bank can help set up an IRA, while a 401(k) is employer-sponsored.
  • Put it toward a down payment. The biggest challenge that most first-time home buyers face is coming up with enough money for a down payment. If you intend to buy a new home in the near future, putting your tax refund toward the down payment is a smart move.
  • Invest in your current home. Use your refund to invest in home improvements that will pay you back in the long run by increasing the value of your home. This can include small, cost-effective upgrades like energy-efficient appliances that will pay off in both the short and long term. If you have more substantial renovations in mind, your bank can help with a home equity line of credit.
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Branch Locations

Main Bank

104 South 5th Street
Seward, NE 68434
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Phone: (402) 643-3636
Fax: (402) 643-3099

Lobby Hours:
Mon - Fri: 8:00 a.m. to 4:00 p.m.
Saturday: 8:00 a.m. to 12:00 p.m.

Motor Bank

405 North 5th Street
Seward, NE 68434
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Phone: (402) 643-4545

Lobby/Drive Thru Hours:
Mon - Fri: 7:30 a.m. to 5:30 p.m.
Saturday: 7:30 a.m. to 12:00 p.m.

Fallbrook Branch

6550 Merchant Drive
Lincoln, NE 68521

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Phone: (402) 420-7400

Lobby Hours:
Mon - Fri: 8:00 a.m. to 5:00 p.m.
Saturday: 8:00 a.m. to 12:00 p.m.

Drive Thru Hours:
Mon - Fri: 7:30 a.m. to 5:30 p.m.
Saturday: 7:30 a.m. to 12:00 p.m.

West A Branch

1550 S Coddington Ave, Suite R
Lincoln, NE 68522
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Phone: (402) 434-7400

Lobby Hours:
Mon - Fri: 8:30 a.m. to 5:00 p.m.
Saturday: 8:30 a.m. to 12:00 p.m.

Drive Thru Hours:
Mon - Fri: 8:00 a.m. to 5:30 p.m.
Saturday: 8:00 a.m. to 12:00 p.m.

Village Gardens Branch

5800 Hidcote Dr, Suite 106
Lincoln, NE 68516
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Phone: (402) 479-7400

Lobby Hours:
Mon - Fri: 8:00 a.m. to 5:00 p.m.

ATM Locations

Seward:

Main Bank

104 South 5th Street
Seward, NE 68434
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Gas-N-Snaks

541 Jackson
Seward, NE 68434
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Concordia University - Campus Center

800 North Columbia
Seward, NE 68434
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Motor Bank

405 North 5th Street
Seward, NE 68434
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Pac 'N' Save

1519 West Hwy. 34
Seward, NE 68434
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Lincoln:

The Coddington Market Complex

1550 S. Coddington Ave.
Lincoln, NE 68522
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Village Gardens

5800 Hidcote Drive, Suite 106
Lincoln, NE 68516
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Fallbrook

6550 Merchant Drive
Lincoln, NE 68521
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