But for most taxpayers, that's real money. It's about two weeks' pay for the typical emergency room nurse and high school teacher, or three weeks' salary for an insurance agent or entry-level accountant, according to . It's also one month's wages for a chauffeur, motel manager or rookie reporter.

Too often, taxpayers put a sizable refund in their checking accounts and end up spending it, said ily Firm in Bethesda.

"The inclination is, 'I always deserved that cruise. Why don't I do that? I would really like to get my spouse something really nice. Why don't I do that?' " she said. "You're selling out your future for current satisfaction by doing that."

She suggests that taxpayers use the refund to produce greater long-term benefits, such as funding retirement or a college education. "We're not hoarders and we ought to cultivate that like a fine wine - the wonderfulness of hoarding," she said.

Pay off credit-card debt. Consumers can save hundreds or thousands of dollars by getting rid of high-interest card debt, one reason why this should be the first place to apply a refund, financial experts said.

For instance, if you have a $2,000 balance on a card with a 14 percent interest rate, it would take a little over 16 years to wipe out that debt by making the minimum payment, and you would have paid $2,100 in interest, said Gerri Detweiler, author of the Ultimate Credit Handbook. "So you could save yourself the amount of the refund by paying it off right away," Detweiler said.

While some experts suggest homeowners are better off investing money for retirement than paying off a low-interest mortgage loan early, Worley said people rarely do this

Build an emergency fund. The rule of thumb is salting away up to six months' worth of living expenses that can be tapped for emergencies.