NEW YORK (CNN/Money) - Never mind that you worked hard for it. There's something about a tax refund that feels like Christmas or a birthday. After all, you've suddenly got money to spend.

According to the Internal Revenue Service, refund amounts this year are averaging $2,367. That's almost 10 percent more than the typical $2,161 refund filers got back last year.

Before you blow those bucks at the track, though, consider your options. If financial goals like retirement or college savings loom large, you might want to put your refund check toward them. Saving may lack the instant gratification of $300 designer shoes, but its long-term payoffs will be well worth the sacrifice.

On the other hand, if you can boast a solid savings and investing record, take that refund check (or some of it, anyway) and splurge on a well-deserved treat. You only live once -- and keeping your spirits up can be just as important as socking those dollars away.

If you're like most people, you're probably saving toward two to three financial goals at once. That might include debt repayment, college savings and retirement. Where, then, should any extra dollars -- in the form of your refund check -- be applied?

Traditionally, financial pros urged individuals to knock out high-interest debt first. But that advice comes with a caveat.

TAX REFUND SAVINGS CALCULATOR   Refund amount:  $  Interest rate:    % Number of years:       RESULT: Your refund will grow to: $

"What happens is people forego other goals like retirement while they try to pay debt off," said Denise Gustin-Piazza, a Certified Financial Planner and co-author of J.K. Lasser's Winning Financial Strategies for Women. "But the most important ally you have in saving for retirement is time. So I'd take a little of the refund and fund a Roth IRA, too."

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And what about that splurge you wanted? Assuming there's enough left over after taking care of business, be our guest.

"You've got to reward yourself a little," said Gustin-Piazza. "It's like a diet. If you don't give yourself a treat, you'll blow it. So, yes, take a little bit and do something nice for yourself, too."

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