We're halfway through the year, which means this is the perfect time to reassess how much you're withholding from your paycheck each month. Did you get a big tax refund last year? If so, shame on you! Wouldn't you have rather had that cash in YOUR pocket instead of giving Uncle Sam an interest-free loan?

If you aren't getting a tax refund this year, congrats—you successfully avoided giving the government an interest-free loan.

On the other hand, if you happen to be one of the millions entitled to a big fat refund check, then you're probably already thinking about what you'll do when the cash hits your bank account. Here are a few suggestions to help you put your refund to good use.

First, set aside a small amount to treat yourself or the family to something fun. Life needs to be more than just saving and paying the bills.

Holiday cards from friends and family probably filled your mailbox in December. Unfortunately, something a lot less enjoyable and amusing to read may take their spot in January—the dreaded post-holiday bills.

However, if you entered this holiday season with a realistic budget and the determination to partake of the festivities while still living within your means, there should be room to squeeze one more bill at the top of the stack. That bill, the most important one of all, will be paid directly to yourself.

If you didn't qualify before, your chances just got much better. The first-time homebuyers tax credit, which was scheduled to lapse on December 1, will now live on until at least June 30, 2010. And the good news is that President Obama not only signed an extension of the law, but also expanded the rules to include more eligible homebuyers.