Whatever\nyou decide, we encourage you to go ahead - splurge, indulge and treat yourself -\nbut the important thing is to set limits. Budget a portion of your refund\nand reward yourself with some short-term gratification. Then take the rest\n(ideally, the majority) of that refund and put it to good, long-term use.\n\n\n\nHere\nare some tips to ensure that your hard-earned refund goes the extra mile.\n\n\n\nInvest the money. This is\none of the most effective ways to start an investment portfolio. Seek\nprofessional financial advice about which portfolio or investment plan suits\nyour future needs or lifestyle. You could also invest the money towards a\nspecific long-term goal, such as your children\u2019s education.Top up your mortgage. Depending\non the size of the refund, consider paying off part of your mortgage, which\nwill lower your monthly payments.Pay off credit cards and debt. Using\nyour tax refund to pay off credit cards or other debt may be one of the most\nproductive moves you can make. Debt is an obstacle to your financial security\nand it\u2019s so easy to get caught up in the spiral of debt. One of the ways to\navoid this spiral is to clear at least part of that debt, and what better way\nto do so than with your tax refund? Remember that the interest rate payable on\ndebt is usually higher than the interest earned on savings.Boost retirement savings. If you\nare in the very fortunate position of being debt-free, you can use your refund\nto boost your retirement savings \u2013 which will have further tax benefits!\n If you do not already have a retirement annuity, now might be the best\ntime 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.\n\n\n\nEnjoy the benefits of your hard-earned cash responsibly and you\u2019ll never\nhave a \u201cwhat on Earth was I thinking when I bought that\u201d moment.\n\n\n\nIf you\ndo happen to purchase that (much-needed) fridge, or treat yourself to the\nlatest espresso machine, don\u2019t forget to increase the insured value on\nyour home\ncontents insurance policy so you can continue to live your\nway no matter what happens!\n\n\n\nMiWay is a\nlicensed insurer & FSP 33970. Ts & Cs apply.