Hopefully at this stage of the game, your taxes are done and have been filed with both the federal government and your respective state. Hopefully, you’ll be like millions of other Americans that find themselves owed a refund from the  government. It’s a great feeling; you’ve worked hard all year and its time to enjoy this unexpected amount of money. The real question is, what should you do with your return?

Without a good plan in place, that return will be gone in an instant and you may or may not have that much to show for it. Meanwhile, you’re still a bit behind of your bills, your emergency fund is low (or non-existent), and thanks to this blogger you’ve been reading, you are suddenly a bit worried that you’re behind on saving for your retirement. Here are a couple of practical ideas on how to spend your return:

1) Splurge a little. Yes, I said it, I’m recommending that you go out and enjoy a part of that money. It’s important to remember why we work so hard in life, it’s so that we can enjoy life more! Money doesn’t do you any good if you don’t take some time to actually enjoy it. Go out for a nice dinner (or two), take a trip, revamp your wardrobe, or buy a new toy for yourself. You’ve worked hard to earn that return, so you definitely should enjoy part of it. Plus, spending money is good for the economy! Our government will thank you!

2) Take this time to make sure your emergency fund is where it should be. 3-6 months should be a minimum. How is yours looking? For most young professionals, probably not great, it’s not something we’ve probably given much thought to. You don’t have to use your whole return to get up to 6 months if you don’t have any saved, but at least set a couple hundred dollars aside in a safe place. Emergencies will happen to us, we all will go through rough times. You must be prepared to deal with them.

3) Pay down some debt. Hopefully you’ve already got a good monthly plan in place to pay a fixed amount to your debt. (Hopefully its more than just the minimum!) How awesome would it be to pay an extra couple hundred dollars down on your debt. Boom! It’d feel great.

4) Be forward looking. Take a look at your calendar for the next couple of months. Oh yeah, there’s that wedding you need to fly to, there’s that trip you’ve planned with your friends, your old college computer might finally die any of these days, and renters insurance is due for the year. Why not set some of your return away to take care of some of these upcoming items? Your budget could most likely withstand a hit or two from those things, but why not set some money aside to take care of some of them and take the pressure off your budget that month?

5) Remember those less fortunate. I shouldn’t have to remind you how tough the world is out there. Wars, fighting, famines, people losing their jobs…all around the world and even right in front of you. It could really make a difference if you used some of your new found money to help those in need. There are more than enough charities and more than enough causes out there. Make a difference.

So this year when the check comes in the mail, think for a minute before quickly spending it all away. Being smart with your return can really go a long way in helping the be the year that you break free and achieve financial freedom.