With tax season officially behind us, many people are noticing a little extra in their bank accounts thanks to refunds. While it might be tempting to splurge on something shiny and new, financial expert Barry Bigelow says now is the perfect time to pause and plan.

“It’s not all just free spending money, even though we might want it to be,” Bigelow said on Money Matters Monday. “You want to be strategic. The recurring theme here is being intentional.”

His first piece of advice? Pay off high-interest credit card debt.

“Credit card debt is like death by a thousand paper cuts,” he said. “It takes a little bit from everything else you could be doing.”

Next, Bigelow recommends building an emergency fund to cover three to six months of living expenses.

“That feeling of relief when you know you made the decision to save—it completely changes how you feel about money throughout the year.”

For those ready to take another step, he pointed out that the stock market is currently down, offering potential for long-term gains. “If you’ve handled your debt and built some savings, this could be a good time to invest in your future,” he said.

Still, he understands the urge to spend, “A year is a long time to go without a reward,” Bigelow said. “Instead of blowing it all at once, set short-term goals and enjoy your money in small, meaningful ways.”

Bigelow encouraged viewers to invest in themselves, “Whether it’s a course, a conference, or learning a new skill—when you invest in yourself, you win,” he said. “Even if it’s not life-changing, networking and growth always pay off.”

Bigelow left us with, “Be intentional with where your money goes. That way, you won’t look back in a month wondering where it all went.” If you have financial questions for Barry make sure to send us an email!