Receiving a tax refund could be the opportunity you've been waiting for. When you get this unexpected lump sum, you may be eager to start spending. However, before you head out on a spree, it's worth taking a step back and considering your options. If you're smart about how you spend this money, you may be able to make it go further.

"It's almost like people sometimes think they're winning the lottery when they get a tax refund," said Cami Powell, University of Phoenix alumna and founder of Powell Accounting Solutions. "But my mindset is, 'That's my money. It's like an interest-free loan to the IRS.' So, when that tax return money comes in, you have to really put a check on what the reality of your situation is and how you can make the best use of that money."

Powell is no stranger to money management, having graduated from University of Phoenix in 2009 with a bachelor's degree in accounting. Soon after, she returned to the University to earn her MBA while also working and holding down additional family obligations. Powell understands what it takes to balance your work, finances and ongoing education. Let's take a look at some of her financial advice. 

Invest in Your Education

While you may have an endless shopping wish list, choosing to invest this money in your future could be a better move. As Powell put it, investing in your education could be one way to get more out of this lump sum. After all, qualifications last a lifetime. 

"Some people get that money, and they want to go out and buy a TV, but if you invest it in education, that could increase your earning potential forever. A TV is going to last a couple years. No one is going to take away your continuing education," said Powell. "As you're going to school, that wage you're making now, that may feel really small and not be able to cover a lot. But that may be temporary."

How much more could you make by gaining additional education? The median annual salary for a professional with a bachelor's degree is $64,896, according to the US Bureau of Labor Statistics (BLS). Compared to the median annual salary of high school graduates, which currently sits at $38,792 (per the BLS)

Create a Realistic Budget 

"If you're going to online school, you already know how to budget your time," Powell said. "If you can budget your time, you can budget your money." As an option, she recommends you follow the 80/20 rule. That means dedicating 80 percent of your tax refund to paying for your ongoing education and saving 20 percent of it for additional costs. 

Don't panic if you don't have the best track record when it comes to managing your finances. There are ways to mitigate this challenge. Powell recommends telling someone what your financial plan is. Having someone there who can hold you accountable could make all the difference. Whenever you're tempted to splurge, reach out to them for some support. 

Set Aside Money for Emergencies

Of course, if you're already facing debt, you may have other plans for your tax refund. Paying off some of your debt could be at the top of your priority list. "I've been in that position," explained Powell. "You're stretched thin, and you get this tax refund. You can use that to eliminate some debt, if possible, so that you reduce the stress of that tight budget."

While ridding yourself of debt is an important step, stressing about finances could hold you back from achieving your career dreams. Powell suggests considering how an education could impact your long-term goals. Aside from that, creating an emergency fund is a clever way to avoid debt mounting in the future. Dealing with a small amount of financial strain now could have a positive impact on your financial future. 

About University of Phoenix

In 1976, Dr. John Sperling started University of Phoenix to provide adults with more options to achieve higher learning. This educator and entrepreneur understood the economy on a deeper level and quickly recognized that it favored those with the advanced training and skills achieved at a university.

Accredited by the Higher Learning Commission,hlcommission.org, the University offers higher education opportunities to help students foster their knowledge and skills while propelling them toward their professional goals. University of Phoenix provides courses that help individuals boost their leadership skills while serving the wider community. 

With 45 years of experience, University of Phoenix focuses on the current needs of adult learners. The University offers flexible schedules, online learning and a variety of courses. Regardless of what your aspirations are, finding the correct course for your professional needs is simple with this university. The University now serves a diverse student population, offering programs across the United States and online.

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