What are some smart ways to use your tax refund?

Heads up, procrastinators: the deadline to file your taxes is fast approaching.

If you didn't wait, your refund is on the way or already in your bank account.

So, what are some smart ways to use your refund? Good Question.

Filing your taxes can be stressful. But daydreaming about how to spend that refund makes it worthwhile.

A vacation. A new car. Front row seats to see your favorite band.

Let's pump the brakes real quick.

"To be honest, a lot of people have jobs where maybe they're not getting a bonus on a regular basis, so a sudden big check can feel like there's no time to plan, there's just time to spend," Nick Foulks, lead advisor with Great Waters Financial, said.

While Foulks wants you to enjoy some of that sudden bonus, discipline is key.

"One of the smartest things that you can do is just first of all assess the major priorities," Foulks said.

For your family, is that top priority eliminating debt? Saving for an emergency? Planning for an upcoming expense, like a home repair or birth of a child?

"Making sure that you have some type of nest egg for those upcoming expenses can be a really smart move as well," Foulks said.

So, which debt should you target with your refund? Think high interest, not high dollar amount.

"Something like your student loan, which maybe has a smaller interest rate on it, or even someting like a car loan that has a smaller interest rate on it is not hitting you as hard as something with 19% or 22% interest rates on it," Foulks said.

Credit card debt fits that category, so make that your focal point before targeting lower-interest loans.

So we've made it clear that impulse spending isn't the route to go. But what are some other mistakes people tend to make with their return?

"I think one of the primary mistakes is that people actually utilize that refund to purchase something that creates another payment in their household," Foulks said.

That could mean a down payment on a car, or buying plane tickets for a trip, but using your credit card to fund the rest of it.

"What you've done is you've just increased the strain on your household income on a monthly basis, so don't utilize your refund to purchase more debt," Foulks said.

All that being said, Foulks does want people to treat themselves or their family with their refund, just in a reasonable manner.

Think of it as the fun slice of your refund pie, with the other pieces focused more on financial stability.

While a large refund can feel helpful, Foulks suggests adjusting the withholdings on your paycheck to increase your monthly income instead.