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Nearly 63 million people have already gotten federal tax refunds averaging over $3,500. Millions more are waiting for their cash.

What should you do with this windfall? With a sum that size, it’s worth thinking through how to maximize its impact.

For a gut check, an Experian survey last month revealed saving is the top priority again this year, with a third of consumers planning to stash their refund away. Another 20% said they’d use the money to pay down debt, 17% would cover necessary expenses, and 10% would invest it. Only 6% said they’ll splurge with it.

Of course, your own strategy will depend on your financial situation, but whatever you choose, you’ll never regret giving your future self a leg up.

Here are five ways to make the most of your refund. You may even decide to kickstart more than one project.

1. Pay down (or eliminate) your credit card balance. There may be no better use for a refund than eliminating costly credit card debt. Carrying a balance from month to month is expensive, especially if you’re only paying the minimum required each month. And it can get out of hand quickly because the interest compounds daily. Once you’ve paid your balance off, try creating a budget to help avoid digging a new hole.

2. Build a financial buffer. If your savings wouldn’t cover at least three months of your living expenses (ideally six months’ worth,) use your refund to shore it up. This will help prepare you for the unexpected – providing a critical safety net if you lose your job, have a medical emergency, or suddenly need a home repair. And if you put it in a high-yield savings account like SoFi’s, you’ll be capitalizing on interest rates too.

Note: Generally you’re better off prioritizing your debt over your savings. But you should build enough savings to cover at least one month’s worth of expenses before you start paying off your credit cards.

3. Jumpstart your retirement, health, or college savings accounts. Investing in your future is a great way to leverage the potential earning power of your money. And it’s more rewarding when there are tax advantages.

Put your refund into a traditional IRA to lower your tax burden. Invest it in a Roth IRA or 529 college plan so that your investment earnings and qualified withdrawals can be tax-free. Or, stash it in a health savings account. The money won’t be taxed at all as long as you use it for eligible healthcare.

4. Pay extra on other debts, like student loans. If you don’t have high interest debt from credit cards or personal loans, consider getting ahead on your student loans, car loans or mortgage payments. You’ll lower your interest burden and be debt-free faster. (There’s no prepayment penalty for paying down federal or private student loans, but check with your lender on other types of loans.)

5. Live a little. (But just a little.) Occasional rewards can keep you motivated, and even improve your chances of achieving your financial goals. If you’re tempted to splurge with your entire refund because it’s been a while since you’ve treated yourself, try borrowing from a popular budgeting rule by using 30% of your refund for wants (tickets to that concert, maybe?) and putting the rest toward something with staying power. Savor the experience knowing that you’re having fun and making your money count.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

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