The Massachusetts Society of Certified Public Accountants says people should use their tax refunds to pay down debt or sock it away for the future.
The MSCPA came out with a series of savings tips to coincide with America Saves Week, which is between Feb. 24 and March 2. America Saves is a national campaign involving nonprofit groups, government agencies and businesses.
According to the MSCPA, paying off credit cards, student loans and any other debts should be the top priority for anyone receiving a tax refund. After that, the society recommends saving for the future, saving for retirement and creating an emergency account. Finally, the society says folks who do not have any high-interest debt, and follow a regular savings plan can spend their refunds.
However, the MSCPA says people should consider spending on good investments, like home improvements.
