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A tax refund is a great opportunity to set yourself up for the future. If you're expecting a windfall from the IRS this year, one or more of these 7 smart options for investing your tax refund could be the perfect fit for you.

1. Pay off high-interest debt

Has a high-interest credit card balance been a thorn in your side? Resist temptation to book a vacation with your refund and tackle that debt instead. Start with debts with the highest interest rates; eliminating these will save you the most money in the long run. If you don't have any credit card debt, use your tax refund to reduce your car or student loan debt.

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