NEW YORK (CNNMoney.com) - More than two-thirds of consumers expect to receive a tax refund this year and they are eager to put those dollars to work, according to the National Retail Federation.

A survey by the industry group found that only one in seven consumers plans to wait until April to file this year in anticipation of the highly coveted tax refund, which will average $2,423 this year, according to the IRS.

Paying down debt remains a high priority for most. Nearly half, or 47 percent, of those who expect a tax refund plan to use the check towards debt. More than one-third, or 35 percent, anticipate putting some of the money into savings, while 25 percent will put the money toward everyday expenses, the survey said.

"Many consumers look forward to tax season, when they know that the government will be padding their pockets with a little extra cash," NRF President and CEO Tracy Mullin said in a statement. "Retailers begin to offer special sales and promotions in early April in anticipation of consumers hitting the stores with extra money in their wallets."

It is hard to resist the temptation of spending that hard-earned cash. According to the survey, one in ten consumers will spend at least some of their refund on a big-ticket item or a vacation.

"The average person that gets a refund, thinks 'oh good,' but doesn't think a whole lot about it," Theodore Sadar, a certified financial planner, said. But while blowing those dollars on a trip or TV can be very satisfying, Sadar suggests leaving it in the kitty and planning ahead instead.

You can also follow these tips from the Financial Planners Association to make that money work for your future.

Reduce high-interest debt. Put that refund toward a credit-card balance carrying a 14-percent interest rate and you've guaranteed yourself a 14-percent return on your money -- that's one of the best financial moves you can make.

Establish an emergency fund. Nearly 60 percent of the households in America with children under age 18 live paycheck to paycheck, according to a recent survey by MetLife. A stash of "rainy day" cash to meet emergencies could be a real asset.

Put it into a retirement plan. Boost your contribution to your 401(k) and you might get even more if your employer matches 50 cents for each dollar you contribute up to a certain percentage of your salary. You'll double your contribution if the employer kicks in a $1 match.

No 401(k) plan or other employer-sponsored plan at work? There are always individual retirement accounts, and if you've maxed out contributions to those accounts for the year, consider tax-efficient mutual funds or maybe annuities. The self-employed have even more options, including solo 401(k)s, simplified employee pension plans and Keogh plans.

Put it toward college. Invest in a college account for your children. The younger they are, the more years the refund will have to grow. Consider investing in the tax-free growth of a 529 college savings plan, a Coverdell education savings account or U.S. savings bonds.

Make an extra house payment. Knocking off a chunk of your mortgage principal can save you thousands in interest over the long run. But accelerating mortgage payments isn't always the best move, depending on your current mortgage rate and investment alternatives. You might want to consult a planner before making this use of your refund.

The NRF 2006 Tax Returns Consumer Intentions and Actions Survey, conducted for NRF by BIGresearch, surveyed 7,209 consumers from February 1-8. The consumer poll has a margin of error of plus or minus 1.0 percent.

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