Whatever you decide, we encourage you to go ahead - splurge, indulge and treat yourself - but the important thing is to set limits. Budget a portion of your refund and reward yourself with some short-term gratification. Then take the rest (ideally, the majority) of that refund and put it to good, long-term use. Here are some tips to ensure that your hard-earned refund goes the extra mile. Invest the money. This is one of the most effective ways to start an investment portfolio. Seek professional financial advice about which portfolio or investment plan suits your future needs or lifestyle. You could also invest the money towards a specific long-term goal, such as your children\u2019s education.Top up your mortgage. Depending on the size of the refund, consider paying off part of your mortgage, which will lower your monthly payments.Pay off credit cards and debt. Using your tax refund to pay off credit cards or other debt may be one of the most productive moves you can make. Debt is an obstacle to your financial security and it\u2019s so easy to get caught up in the spiral of debt. One of the ways to avoid this spiral is to clear at least part of that debt, and what better way to do so than with your tax refund? Remember that the interest rate payable on debt is usually higher than the interest earned on savings.Boost retirement savings. If you are in the very fortunate position of being debt-free, you can use your refund to boost your retirement savings \u2013 which will have further tax benefits! If you do not already have a retirement annuity, now might be the best time to kick-start one with your additional funds.Emergencies and large expenses.\u00a0Look ahead and think about any large expenses that you might incur - for example, your car\u2019s annual service fee, a fridge to replace the one that\u2019s on its last legs, etc. You can also start an emergency savings account for life\u2019s unplanned events \u2013 the general rule of thumb is to have three to six months\u2019 worth of your salary saved. Enjoy the benefits of your hard-earned cash responsibly and you\u2019ll never have a \u201cwhat on Earth was I thinking when I bought that\u201d moment. If you do happen to purchase that (much-needed) fridge, or treat yourself to the latest espresso machine, don\u2019t forget to increase the insured value on your home contents insurance policy so you can continue to live your way no matter what happens! MiWay is a licensed insurer & FSP 33970. Ts & Cs apply.