About seven in every 10 Americans will receive a tax refund.

So the odds are pretty good that you'll be getting one if you haven't gotten it already -- possibly a good-sized one. According to the Internal Revenue Service, the average federal refund will be $2,366, about 3.3% more than last year.

But before you start scanning the sales flyers for big-screen TVs or cruises to Mexico, why not think about putting that money to work for you?

We asked some of the best financial advisers we know what they'd do with a tax refund, and they came up with eight smart, money-saving moves that will make your check from the Treasury even more valuable.

Smart move 1. Put the money in a retirement account.

Deposit your check in an Individual Retirement Account or boost your contribution to the 401(k) plan at work and use the refund to offset the lost take-home pay.

You'll make even more money if your employer matches all or part of your contributions, and those retirement plans come with all sorts of tax advantages.

"It's a great way to take money from your left pocket, put it in your right pocket and have the IRS pay you for doing so," says Ron Santini, a Plantation, Fla.-based CPA, tax consultant and financial planner. "I call it getting even with the IRS."

Smart move 2. Pay off high-interest credit card debt.

Smart move 3. Establish an emergency fund.

A Consumer Federation of America survey taken last year found that only 40% of adults have any money set aside to cope with losing their job or a major accident. That number drops to 19% for young adults 18 to 24.

At a minimum, you'd want a savings account or money market fund with enough money to cover at least three months' worth of expenses -- six would be even better.

We're not talking about every expense you have right now. You're basically looking for a number that would keep a roof over your head, food on the table, the utilities turned on, your car running (if you have one) and your insurance premiums paid up.

Smart move 4. Buy disability insurance.

Most people know they need life, homeowner's and auto insurance, but they don't protect their biggest asset, which is their ability to earn an income. If you can't get disability insurance through work, or if you want coverage that won't go away if you change jobs, ask your insurance agent about an individual policy. Make sure it's guaranteed renewable, noncancelable and specific to your line of work.

Smart move 5. Reduce your energy bills.

Unfortunately, many of the federal tax credits for making homes more energy efficient expired Dec. 31. But with gas and electric rates going up across the country, using your refund to save on heating and cooling bills remains a good idea.

Homeowners can still get federal tax credits for up to 30% for solar panels, solar water heaters and fuel-cell power systems.

State tax credits or other incentives are still available to offset the cost of new insulation, windows, furnaces and air conditioners.

Smart move 6. Save water.

This is an especially important option if you live in a state still feeling the effects of last year's drought.

Exchanging older toilets for new high-efficiency ones could save a family of four more than $90 a year on their water bill and cut annual usage by 14,000 to 25,000 gallons.

Replacing an aging clothes washer with a new Energy Star model could slash your water use 35% to 50% per load (and use 50% less energy as well).

Installing rain barrels to capture the runoff from your roof is an easy and effective way to collect water for your lawn and garden.

Many local water utilities now offer incentives for water-saving home improvements, so be sure to check with yours.

Smart move 7. Invest in good health.

If you've been putting off a trip to the doctor or dentist because of money, now's a good time to make that appointment. Or stash your refund into a Health Savings Account to cover future medical bills if you have high-deductible medical insurance.

Has your New Year's resolution to exercise more already faltered? Join a nearby gym or buy a home treadmill to get back on track.

Smart move 8. Treat yourself.

You worked hard in 2007 and you'll be much more inclined to save if you allow yourself a small splurge. Maybe you get tickets to a concert or a ball game, pick up a season pass to the theater or a local theme park, spend a day at a spa or playing golf, or take a romantic weekend trip.

"While it's true money won't buy you happiness, constant sacrifice won't get you there either," says Michael Rubin, a Portsmouth, N.H., CPA, certified financial planner and author of the book "Beyond Paycheck to Paycheck." "Life is about balance. You need to spend some of it on things that make you happy, whatever that might be."

By Tracy Needham

Interest.com Contributing Editor

Have a question about your finances? Ask us at editors@interest.com