Patch Picks: What To Do With That Income Tax Refund

My paternal grandfather was fond of saying that it was a privilege to pay taxes to the U.S government.

"Somebody's got to pay the freight," was one of his favorite lines come April 15.

That sentiment is hard, if not impossible, to find in this day and age.

Now that it's mid-March -- April 15 (this year, it's April 18) looms large. It's tax season.

Many of you out there will be finishing up your returns soon, if you haven't done so already. And, whether you use H&R Block, Turbo Tax or a personal accountant, many of you will expect a refund in the mailbox (or via direct deposit).

(Personal disclosure: I've got to pay the freight. Like grandfather, like grandson. But that's another story for another day.)

Well, since I won't enjoy the benefits of a refund this year, I can only make suggestions about what to do with your windfall in this week's edition of Patch Picks:

The List: What To Do With That Income Tax Refund:

●         Pay off debt. A recent Wall Street Journal article notes that the average U.S. family sliced its personal debt to the lowest level in six years. Why not take that income tax refund and pay off some of those high interest credit cards you've got? It's not instant gratifcation, but it will increase your monthly cash flow.

●         Save it. A recent Bloomberg News article stated worker confidence in their ability to retire is at an all-time low, because savings just isn't there. So, take that tax return and put it to some good future use by putting it into a investment vehicle pegged toward your golden years.

●         Spend it.  The last government reading on U.S. consumer spending was less than stellar, so you could opt to help out the economy by taking that tax return and run right to the mall and buy, buy, buy.

●         Take a lavish vacation. Airlines continue to raise fares. Pretty soon, lavish vacations may be a thing of the past. If your refund is big enough, why not splurge on a big vacation before airfares rocket out of sight?

●         Pay for gas and groceries. Everyone feels the and the rising cost of food and other neccesities of life. Why not utilize your refund to take the sting out of paying for gas and groceries?