Expecting a substantial income tax refund this year? If so, here are a few suggestions on how to get the most value out of your cash:
Pay down high interest loans and lines of credit. The average credit card rate is 24%. It makes sense to pay down your debt, consolidate your debt into a personal or Home Equity Loan and/or consider getting a lower APR card like our credit cards.
Fund your retirement. About 32 % of all working Americans have no money invested for their retirement. Get started or make sure you are on the path to success with a consultation from Northern Financial Services, our investment and insurance partner.
Invest it. Instead of just working for money, let money work for you. Of course, do your research first before making any investment decisions and talk to Northern Financial Services.
Open an emergency account. Most people don't have money set aside for financial emergencies. Experts recommend you should have between three to six months’ worth of expenses in a savings account.
Pay for repairs. Maintenance now will result in dollars saved tomorrow. For example, use the money to repair that leaky roof before it develops into a bigger problem.
Make an extra home mortgage payment (or two). Though you won't feel the benefit immediately, doubling up on a mortgage payment now can save you months of mortgage payments later.
Open a College Savings Plan for your child. A four-year college education can cost upwards of $100,000. Start saving for your child's college education now!
While the preceding ideas are all excellent uses for a lump-sum amount of cash, in some instances, it may be more beneficial to just breakeven. A tax refund represents an interest-free loan to the government. If you have been getting a refund back each year, you might want to consider changing your withholding exemptions so less tax is withheld from each paycheck with more money going for more worthwhile purposes. I suggest you consult an accountant or financial advisor for the best advice for your situation.
If you expect to receive a refund and plan to deposit it into your Northern Credit Union account, please remember to do the following:
• Use Northern Credit Union’s Routing Number 221380936 and your 10 digit account number. It can be found on the account summary page in Online Banking, on your statement, or on your membership card.
• Specify savings or checking, depending on which account you wish to have your funds deposited into.
• To receive funds into an account, your name must be listed on both the tax return and the account. Spouses filing jointly must both be listed as account holders.
Over the course of time, I have received numerous inquiries regarding employee turnover in our branches. While there are a number of reasons for this, I am pleased to share that your Credit Union’s commitment to supporting the career aspirations of our internal owners (employees) through earned promotions or transfers to other departments is the primary reason! Here is what two of them have to say:
“Helping people achieve financial success has always been a passion of mine. During my time at Northern, I have enjoyed helping our members achieve financial success. Northern has given me the privilege of taking this passion to a whole new level by leading fellow owners in a shared vision of financial success through lending solutions. Understanding what it takes to help our members achieve financial success from a hands-on standpoint has given me great perspective on how to lead others in facilitating our shared vision in my new role.”
– Daniel Estal, Assistant Vice President of Lending
“Northern has given me a great opportunity to move into a role I am extremely passionate about, the IT field. My experiences’ as a part of the Member Solutions team have taught me a great deal of knowledge which helps tremendously in my new position. Knowing the ins and outs of the day to day operations, our technology, programs and membership needs, helps to better understand the importance and urgency of matters. I look forward to providing great service for all of our members for years to come!”
– Justin Deem, Information Technology Specialist
As your CEO of 14 years, as a lifelong member of several credit unions from Iowa, Maine and New York, and as the spouse of a woman who is very sensitive to doing her transaction business with a familiar, trusting face, I can certainly understand and relate to the confusion and disappointment you feel whenever an internal owner that you’ve built a strong relationship with, suddenly departs.
At Northern, we aspire to strike the ideal balance of meeting our member’s service expectations with affording career opportunities to our motivated and talented internal owners. Filling branch vacancies with individuals that reside in your community and possess a strong desire for working in a home-town branch environment is a primary objective that Northern diligently strives to achieve.
As always, I will look forward to receiving feedback on this, or any other topic you are most passionate about. For the quickest response, please email me at firstname.lastname@example.org.
Promotions & Anniversaries
Congratulations to the following owners on their service to your Credit Union!