Many of us dream of spending our refund on something incredible.  Based on your situation a well earned tropical vacation may be in order. If not here are some ideas.  First off click here to see where your refund is.

1)      Pay Down More Than The Minimum Required on one of your credit cards. By reducing the balance on one of your credit cards you can improve your credit score a few points. If you are paying exorbitant rates, putting an extra $500 on the card will immediately gain you 15 or 20% return on that money. (That’s what you are paying in interest). Look at your recent credit card bill. There is a chart that shows you the savings if you pay more than the minimum.

2)  Energy Audit  Spending some of your refund by getting an energy audit of your house can help you now and over many years by uncovering areas where energy savings can be made. Call your local utility and see the various levels of service they provide. If you make some improvements there are energy tax credits available

3)      Plan for Retirement Consider using your refund to plan for retirement or add to an existing plan. Please see your financial advisor. A little money invested today in a retirement account can yield big returns down the road.

4)      Make a grand Entrance. Did you know that he most valuable improvement you can make( the one that gives the highest  resale value when you sell) is a new main doorway. HouseLogic.com  said a new entry door can do wonders for a home. Not only can it enhance curb appeal and security, but the right door can lower utility costs too. An energy-efficiency exterior door can shave as much as 10% off energy bills. Plus, if you install an eligible door in 2010, you can claim a federal tax credit worth 30% of the cost of the door.

Wood and fiberglass doors are usually the most expensive options, but you can get a steel entry door installed in a couple of hours (assuming no surprises) for about $1,200. As a bonus, Remodeling Magazine estimates that a $1,200 steel entry door project will add $1,400 to the value of your home.

Lastly, Remember…

Nearly 90% of Americans are set to receive refunds this year at an average of $3,036, up 10% from last year. While refunds are great, they mean you’ve been loaning the government your money. And they’re not paying interest!  If you’re getting a large refund, talk to your human resources department at work so you can adjust your tax withholding to a desired level.