World News: The Daily Money: Getting a tax refund? These are the best ways to use it

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Sunday, March 6

It's Sunday, which means time for another special tax season edition of The Daily Money. I'm Brett Molina here to help you navigate those fun tax returns.

Probably the only reason tax season rules is when you get a big fat check (or direct deposit) from the United States Treasury representing your refund.

But now comes the big question: What should I do with this money?

Since 2007, the National Retail Federation has conducted a "Tax Return Study" to determine how Americans plan to use their refund.

Of the group surveyed between Feb.1-8, 51% said they will save their refunds. Another 33% plan to use them to pay down debt, while another 26% will tap the money for everyday expenses.

If you have any high-interest credit card debt, paying that down should be a top priority, said Will Rogers, a financial advisor with Ameriprise Financial.

"If the credit card is charging you 12%, 15%, 18% interest, that's a guaranteed 12%, 15%, 18% return on that money by paying that credit card debt down," he said.

Stashing that money away in savings is a good choice, too. Rogers suggested Americans build enough savings to cover at least three to six months' worth of expenses.

But even if you're saving for a big purchase, such as a car or a trip, make sure you add a little extra to account for inflation, he said.

"Whatever that next car purchase will be," he said, you can bet that it "is probably going to be more" than you think. And if you're traveling, set up a fund so you don't get hit "by the big expenses."

But look, it's ok to have a little bit of fun, too. In the words of one Tom Haverford: "Treat yo' self."

Your weekend tax break

Love Star Wars? Then the new Star Wars: Galactic Starcruiser attraction at Disney World might be your next dream destination. Not only do we break down what you get for that hefty price tag, but also what you get to eat. It's no Mos Eisley Cantina, but it'll do.

Until next Sunday, Daily Money subscribers. Thanks for reading.

Follow Brett Molina on Twitter: @brettmolina23.