April showers bring…tax refunds! Well, if you are owed one, that is. With the IRS federal tax filing deadline falling on April 18 this year, we know that many of you who’ve filed recently will be expecting those tax refunds to hit your bank accounts any day now.^* Plus, those of you who filed early might have already gotten your refund money. Wondering what to do with that extra cash? We’ve got advice for three smart ways to use your tax refund that’ll work for just about anybody.

1. Pay down debt.

If you don’t need the money for immediate bills and essentials, consider using it to pay down debt. Maybe that’s credit card debt, student loans, an auto loan or any other type of debt. Whatever the case may be for your situation, it’s never a bad idea to knock those balances down. We recommend tackling the highest-interest balances first for maximum impact. Want to learn about debt consolidation? Learn more about balance transfers.

2. Save, save, save.

Taking that extra cash and saving it is always a smart move. First, everyone needs to save an emergency fund that can cover 3-6 months of expenses in case you ever need it. Next, prioritize saving for your future, including retirement. It’s important to remember that the biggest ally you have when it comes to both investing and saving for retirement is time. Why? Time allows your money to grow with compound interest working its magic. Learn more about the value of compound interest.

3. Invest in yourself.

Before you think we’re boring, we aren’t saying you can’t have any fun with your tax refund. You can totally spend your tax refund however you want to, but if you’re asking us how to spend it wisely, we say: invest in yourself. We’re talking about things like career development or education. Maybe there’s a certification available in your field to take your career to the next level, or maybe there’s a new skill you’ve always wanted to learn. There is no time like the present to focus on your growth. We’d also suggest thinking about much-needed self-care that you may have been putting off. You know the saying, “You can’t pour from an empty cup.” So if you have the bandwidth to spend some of your tax refund, we think that you are your own best investment.

^*For answers to frequently asked questions about tax refunds, including when you will get your refund, visit IRS.gov.

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