Consumers urged to spend tax refunds wisely

As taxpayers receive their refunds, experts advise on how to spend that money wisely. Financial expert Beth Blaisdell recommends prioritizing paying off high-interest debt, building an emergency fund, and considering future expenses when deciding how to allocate tax refunds. Investing in options like high-yield savings accounts or retirement accounts is also encouraged, especially for those without debt. Randy Hux, a licensed fiduciary, emphasizes that even small amounts can grow significantly over time through consistent investments. While splurging is acceptable to some extent, both experts warn against overspending and highlight the importance of making thoughtful financial choices. With average refunds increasing, understanding how to utilize this money can lead to better long-term financial health.