1.     Build Your Emergency Fund
 

Unexpected expenses are a part of life. Having an emergency fund can help you avoid going into debt. If you don't have an emergency fund but do have a lot of high interest debt, start by saving $500 or $1,000 in an emergency fund and use the rest of your refund to pay down some of your debt.

2.     Pay Off High Interest Debt
 

Use your refund to pay down on any high interest loans, such as credit cards and student loans. This will lower the amount of interest you pay each month and more quickly reduce your debt.

3.     Invest
 

Put your refund to work for your future. Add to your retirement fund, set-up a college savings account, or consider opening a Family Development Account, which, if you are eligible, can match your savings.

4.     Service Your Car
 

If you've been putting off costly repairs, or simply an oil change and tune-up, now is the time. Maybe a new set of tires are in order. A well-maintained car with properly inflated tires burns less gas and saves you money in the long run.

5.     Adjust Your Withholding
 

If you received a significant refund, consider adjusting your withholding so you don't end up giving the government an interest-free loan during the upcoming year.

For more tips on managing your money, visit the FAME Financial Education Page.