NEW YORK (MainStreet) — Aimee Bennett and her husband are committed to never carrying a credit card balance and maintaining an emergency fund.

“We are fortunate in that we have all the financial basics covered,” the Castle Rock, Colo. business communications firm owner told MainStreet.

Although the couple anticipates receiving a small tax refund this year, neither is planning to splurge on a vacation. “That would be fun, but I guess we'll be responsible first and apply it to my HSA contribution for the year,” Bennett said.

Health Savings Accounts (HSAs) are emergency funds devoted to health care costs. The Bennett family is among the 33% of Americans who plan to save or invest their windfall, according to a new Bankrate study.

“A tax refund is such a great opportunity to really make a significant difference in someone’s entire financial situation,” said Kathryn Bossler, financial counselor with GreenPath Debt Solutions in Detroit. “It could be a way to make a major dent in credit card debt or a way to be able to build some emergency savings that many struggle to build throughout the year with just a paycheck.”

And it seems Americans are getting the message that it’s better to save than splurge in the long run. The Bankrate report found that only 3% will splurge on a vacation or shopping spree, down from 7% in 2010. This year, 26% who will spend their tax refund on necessities, such as food and utilities.

“There is nothing necessarily wrong with using your tax refund to take a vacation but the question you would want to ask yourself is whether a vacation is the best way to use your refund,” Bossler told Mainstreet. “A vacation falls in the 'wants' category of expenses, not the 'needs' category.”

Like Bennett, many Americans are tempted to pay for a vacation with tax refund money but only if it doesn’t lead to a financial setback later in the year.

“It’s important to have fun in life,” said Kevin Gallegos, vice president with Freedom Financial Network in Phoenix. “But you won’t be having fun, relaxing and lowering stress if that vacation puts or keeps you in greater debt.”

With the average refund expected to increase from $3,116 in 2014 to $3,295 this year, according to the IRS, affording both may be possible in some cases.

“Your tax refund spending doesn’t have to be all or nothing,” said Glinda Bridgforth, a financial advisor and board member with Green Dot Bank. “If you can’t afford a trip to Hawaii, perhaps a weekend road trip is a better fit.”

The likelihood of receiving a tax refund, however, decreases with age. Only 35% of people age 50 and older anticipate getting money back from the government. 

“Anytime someone comes into a financial windfall, it’s important they have a thoughtful discussion on how to best allocate it,” said Michael Luftman, a financial services representative with MetLife in New York.

Beyond saving and investing or curbing the instinct to splurge, a large number of Americans plan to be responsible out of necessity; some 34% will pay down their debt, according to Bankrate, yielding rich rewards throughout the remaining year.

“Paying off credit card debt at typical interest rates effectively makes an investment that returns 20% or more per year,” Gallegos told MainStreet.

--Written for MainStreet by Juliette Fairley