We wanted to get our readers some information and ideas on what you can do with your tax refunds.

1. Set up an emergency fund. At a minimum, you need 2-3 months of living expenses set aside as a base-level start to a good financial plan. Ideally, you'd have six months, but if you don't have 2-3 months, this would be the first place I'd suggest you save your money.

2. Contribute more to your employer-sponsored retirement plan. If you're not getting your employer's full match in your 401k, put your refund in here to be sure you get it. It's hard to beat a 50% or 100% return on your money (which is what you get when the money is matched.)

3. Invest for retirement in an IRA. In particular, a Roth IRA. And if you have enough to get your entire 401k match made, fully fund a Roth IRA and still have some savings left over, then finish out the 401k until it's maxed out. Then you can move on to the next option.

4. Invest for your child's education. Ideally, you have enough cushion to do all of these, but if not, I'm certainly in favor of funding retirement before college costs. That said, it's likely that you will eventually need to pay for part of your kids' college costs, so there's no better time to start saving than now.

5. OK, have a little fun! Its alright to pamper yourself or family and adds to the quality of your life.

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