Many Americans have the right idea: Just 11% say they plan to use their refund to fund a vacation or a splurge, according to a recent survey from Bankrate. The largest proportion of respondents — 28% — said they planned to put their refund into savings, and another 19% said they’d use the cash to pay down debt.

In fact, the two most common responses are the exact order of operations recommended by Erika Kullberg, an attorney, personal finance expert and founder of Erika.com, where she offers advice on saving, investing and managing money.