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Coming into a windfall is rare. But for some, it happens every year — in the form of a tax refund. The IRS issued more than 100 million refunds last year, averaging a little less than $3,000 apiece. Yes, the average check may be somewhat smaller this year, but it's still a relatively nice chunk of change considering that even an unexpected $1,000 expense, such as an emergency room visit or car repair, would push many Americans into debt. A refund offers a rare opportunity to improve your financial standing, according to Corey Carlisle, executive director of the American Bankers Association Foundation. "Prioritizing your tax refund to create an emergency fund and pay off debts first will help position you for financial comfort the rest of the year," Carlisle said.

"As those who have been affected by the federal government shutdown this year can attest, financial challenges can arise quickly and it's critical to have money set aside for those unexpected hardships," Carlisle added. To put this money to good use, the ABA offers the following tips: • Save for emergencies. About 40 percent of adults said that if faced with a $400 unexpected expense, they would either not be able to pay it or would do so by selling something or borrowing money, according to the Federal Reserve. You can better prepare by opening or adding to a savings account that serves as an emergency fund. Ideally, it should hold about three to six months' worth of living expenses in case of sudden financial hardships such as losing your job or having to replace your car, but even one month is a start, Carlisle said.

It's critical to have money set aside for those unexpected hardships. Corey Carlisle executive director of the ABA Foundation