The IRS has just graced your bank account with a tax refund in the quadruple digits and you’re already planning your beachy vacation. Not so fast. There are many ways to spend your tax refund, but there are certainly ways that are best for the wellbeing of your finances. These top ways of spending will give you the same, if not more, mental health and happiness as a weekend getaway. Around 70% of taxpayers get a refund – will you be one that spends it wisely?

Spend Your Tax Refund Smarter

Credit Card Debt

Credit card debt is the most common and also the worst to carry due to the amount we pay in interest. The average U.S. household owed over $15,000 in credit card debt in 2015. Ouch. Instead of letting it pile up, use your tax refund to pay off these debts – the money saved on interest is probably more than you’d expect.

Emergency Fund

If you have no alarming debts to pay off, a smart idea is to stash away an emergency fund. Cars break down, injuries happen, and financial strains seem to come out of nowhere. You’ll want to have an account to turn to when you go through rough patches or a family member needs a helping hand.

High-Yield Savings Account

Putting money in a high-yield savings account will pay off, quite literally. These types of accounts have higher interest rates than your traditional brick-and-mortar savings accounts, hence higher yield. The best of their kind have no monthly fees or minimum balances. This is an especially attractive option for your tax refund if you have a big ticket item on the horizon, like a car.

Invest in the Stock Market

It might not be the most attractive time to invest in the stock market, but the market’s dips never last, and losses and generally minimal. What better way to put your tax refund to good use than to invest in something that could have a greater return, and start or diversify a portfolio?

Spend Your Tax Refund—Only if It’s Right for You.

Take the financial high ground and put your tax return towards something that will reap more rewards. Whether it’s erasing debt or compounding your savings, these options will always put you in an even better place than a faraway island.