Tax time: that interesting time of year when ordinarily smart people begin to make really dumb financial decisions. Isn't it amazing to watch what a little extra cash (well, for some, maybe a lot of extra cash) lining the pockets can do?

Sixty-two percent of taxpayers expect that they'll receive some sort of refund on their 2017 tax return. While there are many dumb ways to spend it, here are my top five:

ACT LIKE IT'S FREE MONEY

The operative word in the term "tax refund" is "refund"! Common synonyms for refund are "repayment," "reimbursement" and "return of overpayment." This means that tax refunds are not free money. The government is not giving you a bonus every year just to thank you for being such a swell person. This is money that you've allowed it to borrow from you all year long. And now, unlike most of your friends or family members, it is actually paying you back.

Smart Move: If you routinely get a big tax refund, change your withholding. Your goal is to neither owe nor be owed at the end of the year. If you can come within $100 of that goal, you're good.

PAY DOWN DEBT

Before you do that — noble as it may be — you need an emergency fund. If you are not able to fund your own future emergencies, you'll never get out of debt because you will keep running back to the credit cards for a bailout.

Smart Move: Keep making your regular debt payments, and use the refund to establish your Contingency Fund. Then, keep adding to it until you reach your goal (enough to live for at least three months without a paycheck, or $10,000). Then you'll be in a beautiful position to rapidly pay down your debt as you have been, and still keep going when life happens.

MAKE A DOWN PAYMENT

I'm talking about a down payment on a car, television, furniture or any other thing that will turn into new monthly payments, also known as debt.

The burning sensation and feeling of prosperity strong-arms people into putting money down on a new car, boat, Disney vacation or what have you. Here's the thing to remember: After that down payment, you're still responsible for the pesky monthly payments that stick around much longer.

Even though you're feeling good right now, remember that April 15 comes but once a year. The joy of getting back your tax overpayment can quickly turn into a nightmare if you're not careful.

Smart Move: Use the refund to abolish your bills, not create new ones. Never create ongoing debt with one-time funds.

INDULGE IN A LITTLE RETAIL THERAPY

There's no doubt that shopping for new clothes, shoes, electronics or other cool stuff is a great anti-depressant, but it's dumb. Once that shopper's high wears off, you'll be right back where you were — broke but with more stuff.

Smart Move: Go for a brisk walk. Spend time with your kids, friends and family doing things that won't cost money. Most every city has a big museum or zoo that's free on one day each month. Or go on a picnic; take a bike ride; explore your own city by Googling the name of your city plus the word "tourist." Go to Free-Attractions.com to find all kinds of things to do for free. You'll be amazed. And you'll feel a lot better, too.

CRAM IT UNDER THE MATTRESS

It's an idea but not a very good one. Money under the mattress is not earning any interest, and it's vulnerable to theft and fire. But most of all, it's vulnerable to you in a weak moment.

Smart Move: Open an online savings account on SmartyPig.com or Ally.com. Deposit your tax refund, and then sit back and know it's safe from you while growing at the same time.

If you do lose your job or have a true financial emergency, you'll be plenty glad you got smart with this year's tax refund.

Mary invites questions, comments and tips at mary@everydaycheapskate.com, or c/o Everyday Cheapskate, 12340 Seal Beach Blvd., Suite B-416, Seal Beach, CA 90740. This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of www.DebtProofLiving.com, a personal finance member website and the author of "Debt-Proof Living," released in 2014. To find out more about Mary and read her past columns, please visit the Creators Syndicate webpage at www.creators.com.