Consider these ways to spend your refund check.

Almost 90% of Americans are expected to receive a tax refund this year at an average of $3,036, up 10% from last year! That’s a lot of money in your pocket. While it’s tempting to treat yourself to a vacation or shopping spree, consider using your refund check for your long-term benefit. Here are six suggestions on how to put that money to good use:

Pay Down Your Credit Card Debt. Lenders are increasing fees and interest rates, making credit card debt more expensive than ever. If you have large credit card debts, the bulk of your refund should go toward paying it down.

Add Money to Your Emergency Fund. Everyone should have a liquid savings account for emergencies. You should have liquid funds to cover four to six months of expenses, and even more if you are worried about unemployment.

Pay Down Other Debt. Look to paying down your auto loans, home mortgage and home equity debt. It is always nice to head into retirement without worrying about debt payments.

Save for Retirement. If you are out of debt and already have a substantial emergency fund, you may want to put the money in your retirement fund(s). For options on retirement accounts give us a call.

Buy Something You Need. If you are saving for a new house, a new car, or to replace a broken appliance, spending the money on a planned and necessary purchase is a good choice.

Splurge! … but just a little. While spending all of your refund on a trip or a big-ticket item is not usually a good idea, give yourself permission to spend part of your refund on something fun. But limit the amount (10% of your refund or less is generally a good guideline). That way you’ll feel better about spending the rest of it wisely and not feel like you are depriving yourself.