•

Pay down credit card balances.  Where else can you receive a 10 to 20% return
on your money? This is an easy way to turn your tax savings into interest expense
 savings as well.

•

Pay down student loans.  Gone are the days of easy access to low interest student
loans.  Saving on interest expense north of 6% on your student debt puts that money
back into your pocket.

•

Build your emergency fund.  Experts suggest you have anywhere from 3 to 9 months
of liquid monetary reserves in case of financial surprise.  Are you properly funded?

•

Save for something.  Consider saving for your retirement, or a child's college, or a
future wedding. Paying for future expenses with your own funds versus taking out loans
is like paying yourself the loan interest expense you would have paid the bank.

•

Invest in yourself.  Investing in yourself often provides the best return money can buy. 
Perhaps it is a class to build your skills or learn something new.  Anything that can make
you more desirable to a current or future employer means more money in your pocket
throughout your career.

•

Consider a balanced approach.  Donate some, save some, and spend some on
something fun.  This way the extra money makes you feel good on multiple levels.