Reduce Debt - Increase Savings

There is no single approach to allocating your tax refund, though the experts agree that it's wise to knock down debt at every opportunity. Taxpayers need to think of the refund as a raise and treat it as such. Adopting this mindset could be the difference between funding a more robust retirement account and blowing your refund on something frivolous -- such as a $1,000 hand of blackjack.