The end of April means the end of Spring season, which also means that most people will be rushing to finish their tax filing to meet the April 30 deadline. After the rush, some people will be happy to find out that they’re entitled to a tax refund. This can be a good time to purchase a few things that you’ve been trying to save up for, but its can also be better spent on good investments that can pay off in the long run.

For example, one quick way to build up your credit rating and ease your liabilities is to pay off your non deductible debt like your credit card bills. This is quick and easy, and the benefits will be felt for many months to come. For those that don’t have a lot of debt, they can put it in a savings account which are specifically tax- free. Better yet, start saving up for your retirement by putting the money into a Registered Retirement Savings Plan.

Alternatively, you can pool the money for your children by investing it in a Registered Education Savings Plan. This puts the money in special bonds that will pay off with deductions when your child enters into higher education institutions.

Of course, it’s your money so you’re entitled to spend it however you want it. Just be sure that you won’t regret your short term happiness when compared to potential long term gains.