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If you are to receive a substantial amount of money from an income tax refund this year, start making plans now on how to spend it wisely. While you may be tempted to go on a shopping spree and splurge it shamelessly, resist that urge. Instead consider putting it aside in a savings account for something special. If you are unwise with your use of credit cards, use the money to pay off those credit card bills. You will save a lot of money on interest if you do not carry a balance over each month. Or maybe you need to replace a major appliance or use it as a down payment on a newer vehicle. Consider your refund as a bonus and use it to purchase some big ticket item that you cannot afford otherwise. You may want to treat your family to a nice vacation this summer. Consider everything carefully and decide what is the best decision for you. Taking a vacation or going on a shopping spree when your credit cards are maxed out, however, is not the right choice!