You know doctor, a new plasma TV maybe nice, but maybe you should considerother options for your tax refund. Sockingaway your tax refund or applying it towardclearing your debt may not seem like themost fun way to use it, but you'll likely beglad you did in the long run. With the averagerefund in 2005 estimated at $2614,there are many financially effective ways toapply it. Try banking your refund check intoa savings account for a rainy day expense,such as emergency automotive repairs, amajor home appliance burning out, etc.Another great option is paying off yourcredit card debt, or at least putting a dentin it. Also, eliminating a card with a highinterest rate is always a good idea, and itwill save you hundreds of dollars that canbe invested elsewhere. If you have children,you can apply your refund to a 529 collegesavings account. By applying most or all ofyour tax refund to your child's college fundevery year, you'll be in good financial shapeby the time they're 18.