Putting your tax refund to work: how to get the best returns from what Uncle Sam gives back.

After the April 15 madness--rushing to file your taxes--is over, there's nothing more refreshing than knowing you can expect a refund check in your mailbox when summer rolls around. Even getting as little as $100 back from Uncle Sam puts a smile on the face of most folks.

If you are among the 115 million taxpayers rejoicing in their good fortune, you're probably also wondering what to do with that money. The sensible thing, right.

Hey, the cruise to Aruba you've been craving isn't necessarily out of the question. After all, you worked hard all year and paid your taxes. So, why not enjoy that long-due reward for your labor?

But before booking those travel arrangements, you might want to get your financial house in order first. Consider using your tax refund to get rid of the debt that's eating up your household cash flow.

If, like most people, you're bogged down by credit cards, pay them off right away. Let's say you're toting $2,000 in plastic debt at 18%. You could save $360 a year in interest.

Just as foresightedly, check out your cache of cash. Remember, the ideal is to have anywhere from three to six months' living expenses saved up.

What if you have already reduced your debt and built up an emergency fund? Then there are plenty of places to put your money.

These days, you should look for investments that offer some growth, says Walter L. Clark, vice president and investment officer with Wheat First Securities Inc. in Washington, D.C. And with an inflated domestic stock market, says Clark, your best route is to go abroad via global mutual funds.

He particularly favors funds that invest in such hot spots as Brazil, Mexico, Germany, Turkey and Indonesia. Clark's top two picks:

Templeton Developing Markets (800-292-9293), up 74.5%, this fairly new fund requires an initial investment of only $100. The catch: It has a gnawing 5.75% sales load. G.T. Global Emerging Markets A (800-824-1580) has rewarded investors with a 67.84% return; $500 gets you into this fund.

What if you have $1,000 extra in your pocket and time on your hands to wait out market cycles? Well, you can take your your pick of equity mutual funds right at home.

Two best buys from Norman Fosback, editor of the Ft. Lauderdale, Fla.-based Mutual Fund Forecaster: Twentieth Century Ultra Investors (800-345-2021). This aggressively managed small-cap fund is up 21%. Oakmark (800-476-9625) returned investors 30.5% last year. The three-year-old fund knows value; it snatches up shares sold at a major discount to the market.

Investments of $500 and $1,000 help build financial muscle; bigger heft comes with investments of $2,500 or more. With that much money in hand, buy some stock. But be sure to spread your investments and do your corporate homework.

Gail Perry-Mason, vice president of Prudential Securities in Detroit, notes a major value play is United American Healthcare ($22; NYSE: UAH), the African-American owned managed-care company. Other picks: The Home Shopping Network ($13; NYSE:HSN) and Boeing ($47; NYSE:BA).