As the Tuesday tax filing deadline approaches, millions of Americans are already seeing their IRS refunds hit their bank accounts. According to the IRS, nearly 68 million refunds have been issued this year, with the average amount totaling just over $3,000.

So what should you do with that money? Jean Chatzky, CEO and founder of HerMoney.com, says it's an opportunity to make a smart financial move.

"You want that money to do its best work for you," Chatzky says.

Her first suggestion is to eliminate high-interest debt. "Pay off the high-interest rate credit card debt. That’s going to put a return into your pocket equal to the interest rate on the debt," she explains.

If you’re thinking about saving instead, Chatzky advises against using a standard savings account, which currently offers interest rates around 0.1%. Instead, she recommends looking at certificate of deposit accounts, or CDs. These accounts provide a fixed interest rate for a set period of time and usually require a minimum deposit. But be mindful, she adds, of early withdrawal penalties.

"The interest rate is seven times that that you’ll get in a plain vanilla account," Chatzky notes.

Another alternative is a high-yield savings account, often offered by online banks or credit unions. These accounts typically have no minimum deposit and offer significantly higher interest rates than traditional savings accounts.

For those willing to take a longer-term approach, investing in the stock market is also an option. "The markets can go up and down and this is money we don’t need in the short term. It’s money that we can afford to let ride for a little longer," Chatzky says.

Her final piece of advice: diversify your investments and stay calm during market downturns.

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Tax Refund Tips: Jean Chatzky Shares Smart Ways to Make Your Money Grow