So, you did your taxes. Good! And you probably got a refund, which you’ve given a nickname… something like, “The IRS is going to direct deposit my new Wii Fit this week!” or “My new Blu-ray player is coming by check, actually.”

Cut that silliness out right now, buster! You’re going to want to throw that refund check straight in a savings account, because it’s one of the easiest things to save ever. Just get in the habit of always saving your refund check (the years that you get one). It really is the easiest way to beef up your savings without having to think about it.

Sure, everyone around you may be spending their refund checks, but you can buy yourself a piece of your financial future with that check. Of course, I don’t believe in saving blindly, I always think savings should have a purpose. Here are my top 5 savings ideas for your refund check:

Getting Established Fund

Someday, you’re going to graduate (hopefully). Even if you don’t, you won’t be in college forever (even Van Wilder eventually left school), and then there will be this weird transitional period where you’re looking for jobs, trying to get together cash for security deposits on apartments, maybe even trying to move your stuff across country.

Trust me, because this is where I am right now. I know you will need a little money for the few months right after you graduate. Save for it now.

Knock Out Credit Card Debt

Ok, not “savings” in the strictest sense, but if you’re carrying a balance, throw your refund check at it, and then some. And cut that credit card into little tiny pieces – for now, anyway.

Emergency Fund

I just think everyone should have an emergency fund, even college students.

Roth IRA (Individual Retirement Account)

Ok, you’re totally not thinking about retirement right now, because you’re not even (really) working yet. I get that. But you should be thinking about it, because compound interest is on your side. Check it out:

If your refund is $300, and you put it in a Roth IRA that grows at 8% per year, and you retire at 65 (say you’re 20 now), that $300 refund turns into $9,576.13 when you retire. Even factoring in 3% inflation, that’s still $2,695.50 in today’s dollars.

Extra bonus: you can still contribute to a 2008 IRA if you do it before April 15th, 2009, so you can still contribute up to $5,000 for your 2009 IRA. (I’ll talk more about IRAs in the future. If you’re not sure about them yet, just dump your refund in a savings account for now, and decide later when you’ve got more info.)

[Insert Big Ticket Item Here]

The best savings goal is something that means a lot to you. Maybe you plan to get married in the next 5-10 years – that’s something worth savings up for. Or maybe you’re driving a junker and you know you’ll want to replace it after college. Or you want to go traveling after school. Your goals are your goals, so work toward them!

P.S. Go ahead and spend some percentage of your refund on whatever you want. I’m not a savings Nazi – have some fun! Just consider keeping that percentage small (10% sounds good to me).

Just a quick reminder that applications for Upromise scholarships are due this Saturday, February 28th. You must be a Upromise member, or the child of a Upromise member to apply, but Upromise is free and easy to sign up for, so do it!

What? Have I developed a severe case of multiple personality syndrome? Didn’t I just say that you should get a credit card and start establishing a credit history? Yes, yes I did.

But,

And yes, this is a big “but,” credit cards can get you into trouble. They certain got me into trouble a few years ago, and it took me more than two years to pay the debt off. Now, I’m a shining example of what the credit card companies call a “deadbeat:” someone who pays her bill completely, in full, every month. (They call me a deadbeat because they can’t charge me interest anymore – boohoo for them!)

So, back to the “but.” If you start to get into trouble with your credit card, cut it up. Don’t try to justify it like I did, saying things like “Oh, but I have to buy textbooks and art supplies for school! And feed my film crew. And buy these pants.” If you start carrying a balance, you’re in trouble.

1. Recognize that you’re in trouble. Even if you’re paying for “necessary things.” Actually, especially if you’re paying for necessary things.
2. Cut up the card. By having the card, you’ve done your part to start to establish a credit history. Cutting it up won’t end that (but canceling it will – so just cut it up and don’t use it!)
3. Pay off the balance. Do whatever it takes. You probably won’t have to take as drastic of actions as I did (i.e. dropping out of school), so don’t feel bad. Just work to pay it off. (Here’s 5 tricks I used to pay off my credit card debt.)
4. Maybe, when you’re done, order a new one. Once the balance is paid off, if you think you can handle your card again, call up your credit card company and tell them that your card was damaged, and you’d like a new one. (You can leave out the part where you damaged it yourself with a pair of scissors.) But, if you do order a new one, be careful with it.

And really, don’t feel bad if you “can’t handle a credit card.” There’s some evidence that credit cards can cause some people to spend more. They just affect your brain in a different way than cash does. And that’s okay… as long as you’re aware of it.

The most important thing is to know yourself, not to try and do everything perfectly as suggested by a personal finance book or some crazy girl on the internet… but to do the things that really work for you.

This tip is so important… I simply can’t stress it enough. It centers around my biggest pet peeve: college students who don’t know how much they’re borrowing in student loans.

Sound like you? I’m not entirely surprised, because it’s true of most college students with loans. It simply doesn’t feel like something very important. I mean, you’ll worry about it when you graduate, right?

Wrong. That’s how I thought, until one day, early in my junior year, I actually dug up my student-loan-dirt, and calculated how much I owed. And holy-moley, the number was so bad, I dropped out of school. Not even kidding.

That doesn’t have to happen to you. This tip is deceptively short and sweet because… I’m just repeating myself. I’ve already written about this:

Keeping Your Student Loans on a Short Leash

Read it. Do it. That’s your money tip for this week. If you have loans, this tip is so much more important than all the rest. In fact, if you do this tip, and none of the others, consider yourself having earned an A- in my class. Because you’re way above average… just by getting a handle on what you owe.